This is a detailed guide on how to open a USA bank account in Nigeria; I hope it helps you open yours.
Having a USA bank account is very important especially if you are a business owner, you can easily receive an international payment from the USA account and easily transfer it to your Nigerian account.
Many people have given up on opening a USA bank account because they are asked to provide Social Security Number, USA residential address, USA driver’s license, passport, and ID card to open a bank account in the US.
However, you can still open a USA bank account in Nigeria for free without providing all those requirements
The methods I will show you are legal and would allow you to receive money from your US clients fast.
Also read: How To Get A Job In The USA From Nigeria
How to Open USA Bank Account in Nigeria For Free
Although most USA banks only allow residents to open an account, as a non-resident, you can still open a USA bank for free if you find the right US bank account for your needs.
Many banks in the USA request proof of address and a Social Security number to set up an account, as a non-resident, not having these would require you to opt for the alternative options.
To open a bank account as a non-resident, you will need the following documents:
1. Proof of address with contact information and personal details
2. Two forms of ID – Passport and government-issued ID or valid driver’s license
3. Social Security number or Individual Taxpayer Identification Number
Original documents are preferred when opening an account and you must be 18 years or above to open an account. You may also need to provide a minimum deposit.
As a non-resident, you may not have the Social Security number, but there’s an alternative called the Individual Taxpayer Identification Number (ITIN).
With an Individual Taxpayer Identification Number (ITIN) you can set up a USA bank account. To acquire the ITIN, you have to fill out the IRS Form W-7, IRS Application for Individual Taxpayer Identification Number.
There are a few options to open a USA bank account in Nigeria as a non-resident. This article will expatiate every option to give you a clear idea of what it entails to open a USA bank account in Nigeria.
1. Use A Correspondent Bank
To open a USA bank account in Nigeria, you can use a correspondent bank. A correspondent bank is a financial institution associated with a bank in another country.
If you have an account with a bank that has a connection with a US-based bank, you can make inquiries from the bank to know if you can open a USA bank account from Nigeria through the correspondent bank.
2. Open An International Account
You can open an international account to enjoy the same services as the banks in the USA. With the international bank, you can bank with currencies such as sterling, the US or Australian dollars, and the euro.
The bank enables you to manage all your day-to-day banking, savings, investments, loans, and forex.
You do not need to be physically present at the Bank to do anything you want to do, you can carry out any activity from anywhere using the internet and mobile banking services.
3. Open A Wise Multi-Currency Account
Wise is one of the best ways to get US account details for non-residents. It is a fast and low-cost way to send and receive USDollars.
The registration is very fast, you can do it in the comfort of your home. After the registration, you can verify your identity using your government ID to start using the account.
Opening a Wise account will help you handle your money wherever you are. You can get a US routing number and account number that anyone can use to pay you.
Wise helps you convert money at a reasonable exchange rate, especially if you travel often or do business internationally, and to avoid SWIFT network fees.
4. Open A Payoneer Account
Payoneer is an American financial services firm that provides online money transfer, and digital payment services, it also provides customers with working capital.
Payoneer account will help you unlock great opportunities globally. With a Payoneer account, you can make international payments, receive funds, manage your digital business, or access capital.
Payoneer account allows you to transfer money to any part of the world with just a token. You can transfer money from Germany to China, the USA to Brazil, and the UK to Nigeria for only $3.
The good thing about Payoneer is that the receiver receives payment within 2 to 48 hours of you sending it, its services are super fast. Learn how to get a Payoneer MasterCard in Nigeria.
5. Open A PayPal Account
A Paypal account is the simplest account to create and activate with just your email. With just a valid email address and you can set up a Paypal account that can send and receive money worldwide.
PayPal is widely accepted around the world, it allows business owners and their customers to send and receive money across the world at rates better than what most banks would charge.
The good thing about Paypal is that you can make a payment in a few seconds, and can track your transactions in your account activity.
With Paypal, you can send payments to almost anyone in without sharing your financial information with the receiver.
You only use their email address and they will get the payment in a simple, faster, and more secure way.
Types of US bank account
There are two main types of US bank accounts, one focuses on the individual, and the other focuses on businesses. Below are the two main types of US bank accounts.
The personal account focuses on individuals, it caters to all personal financial needs. Individuals can save money in their personal accounts.
However, both checking and savings accounts fall into this category. The checking account is the most familiar bank account, and it is the first one you will want to put up. It is the account for your primary income and expenses.
With the savings account, you can deposit money you are not using immediately for it to gain interest over time.
The corporate account is for businesses. Businesses use corporate accounts to manage and preserve their funds.
However, savings accounts can be used for investing, saving, or for payments.
Banks In The USA
There are numerous banks in the USA but below are a few good ones we have mentioned in case you relocate to the USA and decide to open a bank account there.
1. JPMorgan Chase
JPMorgan Chase & Co. is an American international investment bank and financial services holding company headquartered in New York City and incorporated in Delaware
Chase is one of the biggest banks in the USA, the bank has bank accounts for every need and every customer.
Whether it is a checking account without fees you want, a savings account, or a corporate account for your business, you can always do it in JPMorgan Chase bank.
2. Bank of America
Bank of America is an American multinational investment bank and financial services holding company headquartered in Charlotte, North Carolina.
It is the second-largest financial institution in the United States, after JPMorgan Chase, and the eighth-largest bank in the world.
Its main financial services revolve around commercial banking, wealth management, and investment banking.
Citibank was founded in 1812 as the City Bank of New York and afterward became the First National City Bank of New York.
It is the consumer unit of financial services global Citigroup, it is a good choice if you don’t want to deposit an initial sum of money to start up things.
With Citibank, you do not have to deal with monthly service fees until you arrive at a certain amount of money coming in and going out.
4. Wells Fargo
Wells Fargo & Company is an American international monetary services company with corporate headquarters in San Francisco, California; operational headquarters in Manhattan; and managerial offices throughout the United States and internationally.
Wells Fargo is a favorite option for students and young customers. It has awesome offers for students, such as low to no monthly service fees and minimal initial deposits.