New tools added: Updated comparison for opening accounts at 7 US banks.

Covers ITIN/credit card scenarios. Some info not double-checked, for reference only. https://t.co/b6SvaHZrGk https://t.co/7O25ebdV7i

US Bank Account Comparison | Guide for Chinese/NRIs/ITIN Holders 2026

Source: https://tools.upthos.com/us-bank/ UPTHOSTools (https://tools.upthos.com/)All Tools (https://tools.upthos.com/)## US Bank Account Comparison

A side-by-side comparison of 7 major banks/institutions, covering scenarios like no SSN, ITIN holder, and non-resident. All information is based on actual account opening experience + official sources.

Updated May 2026Covers 7 banks/institutionsNon-resident / ITIN perspective

Wise (https://wise.com/invite/ihp/zurihuikan2)

Pros

• Mid-market rate, zero markup; fees 0.33%–0.6% (major currencies)
• Supports 40+ currencies, provides US/UK/EU local bank details
• Personal + business accounts available, just a passport needed
• Wise card for global spending (physical card $9 one-time fee)
• Can opt-in for FDIC pass-through insurance (USD balance)

Cons

• Not a traditional bank; some US services may not accept it
• Not suitable for large deposits
• No credit products
• Fees for exotic currencies can reach ~2%

ITIN holders: Wise accepts ITIN in place of SSN. Non-US residents don’t even need ITIN; a passport is enough to open an account. ITIN holders have full access to all features (transfers, Wise card, USD account, etc.).

Best for: Freelancers, remote workers, and e-commerce professionals who frequently make cross-border payments.

Capital One (https://www.capitalone.com/)

Pros

• Quicksilver Secured card explicitly accepts ITIN; can apply with zero credit history
• $200 deposit = credit line; 1.5% cash back on all purchases; no foreign transaction fees
• Reports to all three credit bureaus; can upgrade to unsecured card and get deposit back after 6–18 months of on-time payments
• Apply online; select “I don’t have an SSN” in the SSN field and enter ITIN
• 360 Checking / Spark business accounts are fully functional (checking requires US citizenship or Green Card)

Cons

• 360 Checking requires US citizenship or Green Card; cannot open with ITIN alone
• Secured card requires a $200 deposit first
• Physical branches are concentrated in certain cities
• Cross-border transfers are not as cheap as Wise

ITIN holders: Capital One’s Quicksilver Secured card explicitly accepts ITIN. It’s one of the best starter cards for non-residents with zero credit history to build US credit—apply online, select “I don’t have an SSN” in the SSN field, and enter your ITIN. Note: Their 360 Checking still requires US citizenship or Green Card; ITIN-only users cannot open a checking account but can get this secured credit card.

Best for: Non-residents who want to build US credit using an ITIN (secured card as entry); new immigrants with a Green Card/SSN can also open 360 Checking.

Fidelity (https://www.fidelity.com/)

Pros

• Cash Management Account (CMA) accepts ITIN; fully online setup
• Funds are held at Citibank under the hood, with FDIC insurance
• Can open an investment account on the same platform to directly buy US stocks and bonds
• ACH deposits are fast and free; global ATM fee reimbursement
• No monthly fees, no minimum balance

Cons

• It’s an investment company, not a bank (CMA via Citibank provides FDIC)
• Requires a US address and phone number; not for pure non-residents
• Debit card must be requested manually; not automatically sent
• Credit cards and other products require SSN and credit history

ITIN holders: Fidelity is an investment company; its CMA accepts ITIN. Funds are held at Citibank with FDIC insurance. You can open an account online with ITIN, US address, and US phone number. The same platform allows opening an investment account to buy US stocks. The debit card must be requested manually under “Account Features” (shipped in about 4 business days).

Best for: Users in the US who want a cash management account that accepts ITIN, allows ACH deposits, and enables direct US stock investments.

SoFi (https://www.sofi.com/)

Pros

• Checking + savings: no monthly fees, no minimum balance
• Deposit accounts accept ITIN in place of SSN (requires US address); fully online
• High APY on savings with direct deposit setup, plus welcome bonus
• 55,000+ Allpoint free ATMs; FDIC insurance up to $2M (via partner bank network)
• Same app includes credit cards, investments, loans, etc.

Cons

• Requires a US address and phone number; not for pure non-residents (no US address)
• Credit cards/loans still require SSN and credit history
• No physical branches (online only)
• Highest APY and welcome bonus require direct deposit

ITIN holders: SoFi checking/savings accounts accept ITIN in place of SSN; fully online, but requires a US address and phone number. Best for ITIN holders living in the US (non-residents without a US address are not eligible). Credit cards and loans still need SSN and credit history.

Best for: Users in the US with SSN or ITIN and a US address, who want a fee-free, high-yield primary online account with a welcome bonus.

Mercury (https://mercury.com/)

Pros

• Only needs EIN + LLC documents + passport; no SSN/ITIN required
• Fully online account opening; no need to come to the US
• Free USD international wire transfers (optional $15 OUR fee to waive intermediary fees for recipient)
• API integration, connects with Stripe/Shopify
• FDIC insurance up to $5M (via partner banks)

Cons

• Only business accounts (personal accounts require SSN + $240/year)
• No physical branches or ATMs
• Non-USD wire transfers have a 1% currency conversion fee
• Stricter compliance; occasional account closure reports

ITIN holders: Business accounts do not require ITIN (passport + EIN is enough). Mercury personal accounts ($240/year) require SSN and do not accept ITIN.

Best for: LLC founders, SaaS/cross-border e-commerce companies, and teams that need Stripe payments.

Bank of America (https://www.bankofamerica.com/)

Pros

• Most ITIN/non-resident friendly major bank
• Accepts FTIN (Foreign Taxpayer Identification Number); even no US tax ID can be attempted
• Most branches nationwide; some with Chinese-language customer service
• Zelle transfers are instant
• Preferred Rewards + Merrill Lynch investment integration

Cons

• Opening accounts with ITIN requires visiting a branch (cannot be done online)
• Monthly fees $4.95 (SafeBalance) or $12 (Advantage Plus)
• Very low interest on checking/savings
• Online experience is average

ITIN holders: BOA is the most ITIN-friendly major bank. Bring ITIN + passport + two forms of ID to a branch to open accounts (savings, checking, credit cards can all be applied for). Does not require US citizenship or Green Card; non-residents can also open accounts. Drawback: must go to a physical branch.

Best for: Chinese residents holding ITIN, and new immigrants who need in-person service and Chinese-language support.

American Express (https://www.americanexpress.com/)

Pros

• MR points have high value; 21 transfer partners (airlines/hotels)
• Premium cards include airport lounge access and hotel benefits
• Accepts ITIN; both personal and business cards can be applied for
• Customer service is top-tier in the industry
• Amex Offer merchant discounts

Cons

• Must have SSN or ITIN (no longer exempted after 2023)
• Platinum annual fee $895 (2025 price increase)
• Some merchants don’t accept AMEX
• Strict approval for new credit history

ITIN holders: AMEX accepts ITIN in place of SSN for all card types (personal + business). When applying online, simply enter ITIN in the SSN field. Business cards require both EIN and personal ITIN. Recommend starting with a no-annual-fee card (e.g., Blue Cash Everyday) to build a credit relationship.

Best for: Business travelers with some credit history who value points and premium travel benefits.

Three Must-Haves Before Opening Accounts or Applying for Cards

Without going to the US or having an SSN, you can open US bank accounts and credit cards remotely with just an ITIN. Before applying, prepare these three basics to significantly improve your approval odds.

1 ITIN (Tax ID) – Core

Foreigners use ITIN instead of SSN to open accounts. You can mail Form W-7 with passport certification (7–11 weeks) or use an IRS-registered CAA agent for online passport verification and submission (about one month, higher success rate). After receiving ITIN, wait 3–4 weeks for data sync before opening accounts.

2 US Residential Address – Key

Banks mail physical cards to a US address, and it must be a residential address marked as non-commercial (CMRA=N) by USPS – regular commercial virtual mailboxes will be flagged. Keep the address format exactly the same across all applications. Use our residential address lookup tool (https://tools.upthos.com/address) to find USPS-verified residential addresses.

3 US Phone Number – Essential

Bank verification may send SMS or call. You need a US physical number (e.g., Ultra Mobile, Red Pocket). Google Voice and most virtual numbers won’t pass verification. Your phone must support Wi-Fi Calling.

Account Opening Guide for ITIN Holders

If you’re a Chinese resident holding an ITIN (without SSN or Green Card), here’s an overview of how friendly each bank is to you:

Wise – Highly Recommended Accepts ITIN; also accepts just a passport. 100% online, no identity restrictions. Personal and business accounts available. Lowest cross-border transfer fees.

Bank of America – Recommended Most ITIN-friendly traditional major bank. Does not require citizenship/Green Card. Must visit a branch with ITIN + passport + address proof. Savings, checking, and credit cards can all be applied for.

Mercury – Business account possible Business accounts don’t need ITIN (EIN + passport is enough). Personal accounts require SSN, not ITIN. Best for LLC founders.

American Express – Credit card possible All card types (personal + business) accept ITIN; apply online. Business cards need EIN + ITIN. Recommend starting with a no-annual-fee card to build relationship.

Capital One – Secured card possible 360 Checking requires citizenship/Green Card; ITIN-only can’t open it. But Quicksilver Secured credit card explicitly accepts ITIN – ideal for zero-credit entry.

SoFi – Checking/savings possible Checking/savings accounts accept ITIN in place of SSN; fully online, needs US address and phone. For ITIN holders living in the US; credit cards still need SSN.

Fidelity – Cash management possible Cash Management Account (CMA) accepts ITIN; fully online, needs US address and phone. Funds held via Citibank with FDIC; same platform for US stock investing.

Quick Comparison

FAQ

Which US bank accounts can I open without an SSN? Mercury and Wise do not require SSN. Mercury only needs EIN + LLC documents + passport for business accounts, fully online. Wise is more flexible – personal and business accounts can be opened with just a passport, no US tax ID needed. If you have an ITIN, Bank of America and AMEX are also options.

I have an ITIN but no SSN. Which banks and credit cards can I open? Bank accounts: Bank of America is the most ITIN-friendly; no citizenship or Green Card required, but you must visit a branch. Wise also accepts ITIN (or even just a passport). SoFi’s checking/savings accounts accept ITIN (US address required, fully online). Capital One accepts ITIN as a tax ID, but 360 Checking requires citizenship or Green Card. Credit cards: American Express accepts ITIN for all card types, apply online. BOA also accepts ITIN for credit cards (must visit a branch). Recommended path: Open Wise (online cross-border) + BOA (traditional major bank) + AMEX no-annual-fee card (build credit record) simultaneously.

After registering an LLC, which bank should I open first? Mercury is the top choice. It’s designed for startups; just need EIN + LLC documents, fully online, usually approved in 1–3 business days. USD international wires are free. If you have frequent cross-border payment needs, open a Wise Business account as a supplement – use Wise for non-USD international transfers to save on fees.

Which bank is cheapest for cross-border transfers? Wise has the lowest cross-border transfer fees: uses the mid-market rate (zero markup), with fees of 0.33%–0.6% for major currencies. Mercury’s USD international wires are free, but non-USD wires have a 1% currency conversion fee. Traditional banks (like BOA) typically charge $30–45 per international wire with worse exchange rates. If you frequently transfer between USD and RMB, Wise is the most economical.

Zero credit history – which first credit card should I choose? With SSN: Start with a no-annual-fee AMEX card (e.g., Blue Cash Everyday) – wide merchant acceptance, mature rewards system. With blank credit history, you can also use a secured card for 6–12 months before upgrading. With ITIN only: AMEX accepts ITIN for all card types, apply online – best starting point to build US credit history. Also can apply for a credit card at a BOA branch with ITIN. After 6–12 months’ history, apply for higher-tier cards.

What’s the difference between ITIN and SSN? How do I apply for ITIN? SSN (Social Security Number) is for US citizens and those with work authorization. ITIN (Individual Taxpayer Identification Number) is a tax ID issued by the IRS to people who need to file taxes but don’t qualify for an SSN. Format: 9XX-XX-XXXX. Applying for ITIN: Fill out IRS Form W-7, attach your federal tax return and identity documents (passport, etc.), mail to the IRS or use a CAA (Certifying Acceptance Agent). Processing time is typically 7–11 weeks. You can apply for ITIN if you have US investment income, rental income, or need to file US taxes.

What’s the difference between BOA’s Advantage SafeBalance and Advantage Plus? Advantage SafeBalance: Monthly fee $4.95; no overdraft (no overdraft fees). Waived with $500 minimum balance, under 25 years old, or $250+ direct deposit. Good for those who want to control spending. Advantage Plus: Monthly fee $12; offers overdraft protection. Waived with $1,500 minimum daily balance, $250+ direct deposit, or Preferred Rewards membership. More features, suitable as a primary daily account.

Can I apply for US credit cards and accounts remotely with an ITIN without going to the US? A combination with higher remote approval odds: Capital One Quicksilver Secured credit card (build credit), SoFi checking/savings, Fidelity Cash Management Account – all accept ITIN and are fully online. AMEX credit cards also accept ITIN, apply online. Bank of America accepts ITIN but requires a branch visit for cards/accounts. Pre-requisites: ITIN, US residential address, and US phone number.

What do I need to prepare before opening an account or applying for a credit card with an ITIN? Three essentials: 1) ITIN (apply via mail with W-7 or through a CAA agent); 2) US residential address marked as non-commercial by USPS (regular commercial virtual mailboxes will be rejected); 3) US physical phone number (for receiving verification SMS/calls). Also, keep the address format exactly the same across all applications to avoid triggering manual review.

How do I ship physical cards issued in the US back to China? After the card is delivered to your US address, package and mail it back to China. DHL international express takes about 5 days and costs around $50+; they’ll call to schedule delivery with high success rate. USPS regular mail is cheaper but slower and less reliable. Suggest adding your phone number next to the recipient name so the courier can contact you. Many residential address service providers also offer forwarding, photo upload, and activation assistance.

The information above is based on actual account opening experience + official sources, updated May 2026. Bank policies and fees may change at any time; please refer to the latest official website information. Some links on this page may be referral links. Using these links to open accounts will not increase your costs but may earn this site a small commission to support ongoing tool updates.