An ITIN is required to have a U.S. bank Account.
Wise (formerly TransferWise) has become a popular choice for international transfers and holding multi-currency balances. But for non-residents, Wise isn’t always the perfect solution. Extra verification, restricted features, or higher fees can make it tricky. The good news? There are alternatives — and if you’re planning to open a U.S. bank account, an ITIN (Individual Taxpayer Identification Number) can be your key.
Why an ITIN Matters
Most U.S. banks and financial platforms require a taxpayer identification number to comply with federal rules. For non-residents who can’t get a Social Security Number, an ITIN provides that official recognition.
With an ITIN, you can:
- Open personal or business U.S. bank accounts.
- Receive rental income, royalties, or freelance payments without 30% withholding.
- Access credit cards or loans with certain banks over time.
- Build a financial footprint in the U.S.
Beyond Wise: What to Look for in Alternatives
When comparing U.S. banking or fintech services as a non-resident, consider these factors:
- Ease of sign-up & verification – Do they accept non-resident documents plus an ITIN?
- Multi-currency support – Can you hold USD alongside other currencies?
- Local bank details – Will they issue U.S. account and routing numbers for payments?
- Fees & transparency – Are the transfer fees and exchange rates clear?
- Usability – Is the app reliable, and does customer support work well cross-border?
Options Non-Residents Explore
Some services often considered alongside or instead of Wise include:
- Payoneer – Helpful for freelancers or small businesses receiving U.S. and international payments.
- Revolut (in certain countries) – Offers multi-currency accounts, though residency rules vary.
- U.S. Bank Accounts via ITIN – Traditional banks (and some online-only banks) allow accounts to be opened by non-residents with an ITIN, passport, and proof of address.
Pros and Cons of These Alternatives
- Pros: Lower fees in some cases, acceptance of non-resident documents, flexibility with multi-currency use.
- Cons: Restrictions on certain countries, higher foreign exchange costs in some cases, and features limited by residency rules.
Practical Tips Before You Apply
- Always check documentation requirements in advance — an ITIN plus a passport are often needed.
- Compare total costs (fees + exchange rates), not just the advertised transfer fee.
- Consider setting up more than one account or service in case of restrictions.
- Stay aware of your home country’s rules for foreign transfers and tax reporting.
- Please ensure the due diligence check for online reviews before opening these online accounts to avoid any scams or ID theft.
Final Thoughts:
Wise is an excellent tool — but it’s not always enough for non-residents who want more robust banking solutions. By securing an ITIN and exploring alternatives like Payoneer, Revolut, or even direct U.S. bank accounts, you’ll have more options, better flexibility, and smoother access to your funds. Here is the link to more such questions on the US Bank account blog. Whether you need an EIN for your business or an ITIN for personal tax filings, ensuring you apply correctly will help avoid complications with the IRS.
Our team specialises in both EIN and ITIN applications, assisting clients with U.S. tax compliance and document preparation. Contact us for expert support.
If you need assistance with ITIN Renewal/US 1040 filing for refund claim/FATCA Compliance work/FBAR FINCEN114 Filing, ITIN/ Form W7 Application/E.I.N./Form W8BENE or Certified Acceptance Agents [C.A.A.] services/1040NR U.S. tax filing for refund claim of excess 1042S / 8288A/ 8805/ W2/ 1099. We are happy to assist our clients in a timely, efficient, and cost-effective way.
