"I need a US bank account" can mean very different things. You might need US account details (routing and account number) so clients or platforms can pay you by ACH. You might just want a place to hold and invest dollars. Or you might need a real US bank account to build a banking relationship. Each goal has a different best tool, and most of them don't need an SSN.
This page compares the main options as of September 2026, lists who each suits, and links to a detailed guide for each. Pay special attention to the country restrictions. Where you live matters more than your nationality.
Quick comparison
| Option | What you get | SSN needed? | US ACH details | Card | Opened from abroad | Mainland China residents |
|---|---|---|---|---|---|---|
| Wise | E-money account with USD details | No | Yes (receive) | Debit card (most countries) | Yes | No USD details |
| Payoneer | Receiving accounts for business income | No | Yes (receive) | Mastercard in some regions | Yes | Supported (business use) |
| Interactive Brokers | Brokerage with multi-currency cash | No (W-8BEN) | No (wires in/out) | Karta Visa for some IBKR LLC clients | Yes | Needs proof of living abroad since Aug 2025 |
| Schwab International | US brokerage, USD cash | No (W-8BEN) | No (wires) | Not the US checking card | Yes | Reportedly still accepted (with address proof) |
| US bank in person | Real checking account (Chase, BofA, Citi…) | Often no, but branch-dependent | Yes | Debit card | No, in person only | Possible, case-by-case |
| Mercury & business banking | Business account for a US LLC | No (EIN + passport) | Yes | Business debit card | Yes | Not on Mercury's prohibited list, reportedly (extra scrutiny) |
Which one fits you?
"Clients or platforms need to pay me in USD"
- Freelancer or creator: start with Wise if your country is supported. Incoming ACH is free.
- Cross-border seller or marketplace payouts (Amazon, etc.), especially from mainland China: Payoneer is widely used and has local withdrawal routes.
- You have a US LLC: open a business account at Mercury / Wise Business / Relay. Platforms like Stripe want the account to be in the company's name.
"I want to hold and invest USD"
- Interactive Brokers: low cost, many currencies, no minimum for cash accounts. Mainland residents must now show proof of living outside the mainland.
- Schwab International: a US-based broker. The old $25,000 minimum has been removed, and mainland residents reportedly can still apply.
- Both are investment accounts. Non-residents holding US stocks face a US estate tax exposure above $60,000. See the IBKR guide.
"I want a real US bank account and, later, US credit"
- Visit a branch in the US: open a US bank account in person. It's the most "native" option, but it depends on the branch and needs a US address.
- HSBC Premier and Citigold customers may be able to open linked US accounts through their bank's international programmes, usually with high balance requirements.
- For credit, see SSN vs ITIN and our credit-card guides.
"I'm in the US now on a visa"
Revolut US lets people lawfully in the US with a valid visa sign up without an SSN or ITIN. Without an SSN you can't get its credit card, investing, savings or paid plans. Traditional banks near your school or employer are also an option.
Region notes (Asia)
| Where you live | Notes |
|---|---|
| Mainland China | Wise gives no USD details or balances. Payoneer works for business income. IBKR needs proof of living outside the mainland. Schwab reportedly accepts applicants with address proof. Personal FX purchases are limited to $50,000 a year and can't be declared for overseas securities. Follow SAFE rules |
| Hong Kong | According to Wise's help centre, Hong Kong residents can hold balances only in business accounts, so check before you rely on a personal account. IBKR, Schwab and Payoneer are available. HSBC and Citi have international programmes |
| Taiwan | Wise supports holding money. Brokers are available. US dividend withholding is typically 30% (no tax treaty in force) |
| Singapore / Japan / Korea | Broad support across Wise, brokers and Payoneer |
| Vietnam, Indonesia, Philippines, Pakistan, Bangladesh | Reportedly on Mercury's 2026 prohibited list. Check each provider |
Common reasons for rejection or account closure
- Address mismatch between your ID, proof of address and the application.
- Using a virtual mailbox as your residential address. See US address.
- Unclear source of funds or a business description that doesn't match the money coming in.
- Logging in from many countries or IPs within a short time, which triggers risk systems. Travel happens, so answer verification requests promptly.
- Receiving third-party money on a personal account (payments for others, "daigou" (buying goods abroad for others), gambling, crypto OTC trading).
- Dormant accounts. Some providers close unused accounts or charge inactivity fees.
Sources
- Wise: Can I get USD account details?, https://wise.com/help/articles/2810318/can-i-get-usd-account-details
- Wise: Where do I need to live to hold money?, https://wise.com/help/articles/2813542/where-do-i-need-to-live-to-hold-money-with-wise
- Payoneer receiving accounts, https://www.payoneer.com/receiving-accounts/
- Interactive Brokers required minimums, https://www.interactivebrokers.com/en/accounts/required-minimums.php
- Schwab International, https://international.schwab.com/open-account-intro
- Mercury: Prohibited countries, https://support.mercury.com/hc/en-us/articles/28771710754580-Prohibited-countries
- Revolut US: Can I sign up without SSN?, https://help.revolut.com/en-US/help/profile-and-plan/profile-plan/verifying-identity/can-i-sign-up-without-ssn/
- IRS: Estate tax for nonresidents, https://www.irs.gov/businesses/small-businesses-self-employed/estate-tax-for-nonresidents-not-citizens-of-the-united-states
