US bank accounts for non-residents

Neither Mercury nor Wise requires an SSN. Mercury opens business accounts for US-registered companies; non-residents apply online with an EIN, company documents and a passport (existing or planned US operations required). Wise is even more flexible: personal and business accounts open with a passport and no US tax ID at all. With an ITIN, Bank of America and Amex are also options.

Bank accounts: Bank of America is the most ITIN-friendly, requires no citizenship or green card, and opens in a branch. Wise also accepts an ITIN (or just a passport). SoFi checking and savings accept an ITIN (US address needed, fully online). Capital One accepts an ITIN as a tax ID, but 360 Checking requires citizenship or a green card. Credit cards: most Amex cards can be applied for online with an ITIN, and BofA accepts ITIN card applications in branch. A good path is Wise (online, cross-border) plus BofA (traditional bank) plus a no-fee Amex card (to build credit), opened together.

Mercury. It is built for startups, needs only an EIN and LLC documents, opens fully online and usually approves in 1-3 business days. USD international wires are free. If you send and receive money across borders often, add Wise Business and use it for non-USD transfers to save on fees.

Wise has the lowest cross-border fees: the mid-market rate with no markup and fees from 0.23%. Mercury's USD international wires are free, but non-USD wires carry a 1% FX fee and non-USD card spend 3%. Traditional banks such as BofA usually charge $30-45 per international wire with a bigger exchange-rate markup. If you move money between USD and CNY often, Wise is the most economical choice.

With an SSN: start with a no-fee Amex card such as Blue Cash Everyday, which is widely accepted and has a mature points program; with no history at all, a secured card for 6-12 months before upgrading also works. With only an ITIN: most Amex cards can be applied for online with an ITIN and are the best place to start building US credit; you can also apply for a card with your ITIN at a BofA branch. Move to premium cards after 6-12 months of history.

An SSN (Social Security Number) is issued only to US citizens and people authorized to work. An ITIN (Individual Taxpayer Identification Number) is issued by the IRS to people who must file taxes but cannot get an SSN; it looks like 9XX-XX-XXXX. To apply, complete IRS Form W-7, attach a federal tax return and identity documents (such as your passport), and mail it to the IRS or go through a Certifying Acceptance Agent (CAA). Processing usually takes 7-11 weeks. You can apply if you have US investment or rental income or otherwise need to file.

Advantage SafeBalance: $4.95 a month, no overdraft (so no overdraft fees); waived with a $500 minimum daily balance, if you are under 25, or at BofA Rewards Preferred Plus tier or above. Good if you want to control spending. Advantage Plus: $12 a month with overdraft protection; waived with a $1,500 minimum daily balance, $250+ in direct deposits, or BofA Rewards membership (check the current fee schedule). More complete, good as an everyday account.

The combination with the best remote success rate is the Capital One Quicksilver Secured card (to build credit), SoFi checking or savings, and the Fidelity Cash Management Account; all three accept an ITIN and open fully online. Amex cards also accept an ITIN online; Bank of America accepts an ITIN but cards and accounts must be opened in a branch. You need an ITIN, a US residential address and a US phone number first.

Three things: an ITIN (mail Form W-7 yourself or apply through a CAA); a US residential address that USPS marks as non-commercial (ordinary commercial virtual mailboxes get rejected); and a real US phone number for verification texts and calls. Also use exactly the same address format on every application to avoid manual review.

Once the card arrives at your US residential address, have it repackaged and shipped to you. DHL international takes about 5 days and costs a little over $50, with a call to arrange delivery and a high success rate; USPS regular mail is cheaper but slow and unreliable. Put your phone number next to the recipient name so the courier can reach you. Many residential address providers also offer mail receipt, scanning and help with activation.