The best thing to do to help yourself financially if you have just arrived in the country is to open a savings account with a bank. This will give you the necessary financial confidence to take things forward. The rules for opening a savings account are, of course, different for foreigners. For one, you will require more identification records than an American customer. Whether you are an American or not, ID is a must to open an account with a bank. You would need to show proof of your name, your date of birth and your physical address, at the least. But if you are a foreigner, you would also need to show a photo ID that confirms a numeric identity. This could be a passport that is valid or any other ID issued by the government in the nation you are from. It could also include the alien identification number on a green card, a work visa or a student ID. All of these should be original documents and not photocopies. While it is not mandatory, a Social Security number is an added advantage. If it is not available, your account will come under more scrutiny than others. For individuals who meet certain requirements, and who are not able to get a Social Security number, a W-7 form can be filed with the IRS. This will give you a taxpayer identification number which will be accepted by the bank. Every bank has a different set of requirements for a foreigner who wants to open a savings account with them. The documents could differ or the process could differ. So it is necessary for you to check ahead about what is necessary before you approach a bank with the intention of opening a savings account. Even if you apply for an online savings account, it would be necessary for you to appear in person at one of the branches to complete the process. After 2001, security has been tightened in banks and online applications by foreigners are largely discouraged in order to keep a reign on money laundering by terrorists. Online applications are tricky because the documentation cannot be verified. A minimum deposit is required of every bank. It could vary anywhere from $1 to $100 on an average for a regular savings account. If you open an account with large cash deposits, you will have to show documents that verify proof of funds. The definition of a large cash deposit could vary from bank to bank. In short, for a foreign national to open a savings account, the process will be more detailed, more stressful and more work than for an American citizen. It is more so for individuals who do not have a resident alien status. One of the best things to do to reduce your work will be to research on multinational banks before you leave from your country and open an account with them in any of their branches there. This could help you structure a business relationship with the bank of your choice and will simplify the account opening process once you move to the States.
