If you're travelling to the USA, working or studying there, or even getting paid in US dollars, having a US bank account can save you a lot of time, money and unnecessary hassle. The good news is that Australians can open bank accounts in the US — in fact, there are multiple options available for anyone who wants to open a US bank account from Australia.
Process of opening a bank account in the US
If you're not a US resident, opening a US bank account can get a little complicated — but it's not impossible. The main barrier for Australians is that the majority of accounts are only available to US citizens and residents. So if you can't provide important documents such as US proof of ID, proof of a US address, or a Social Security Number or Individual Taxpayer Identification Number, you may not qualify for an account.
But even if you're not a US resident, there are other ways you can open a US bank account as an Australian. The right option for you will vary depending on your personal circumstances and financial needs, so let's take a closer look at what each has to offer.
US bank account options
There are three main ways to open a US bank account as an Australian.
Open a US bank account at a US bank
Your first option is to open an account with a major US Bank such as Wells Fargo, Chase or US Bank. But if you're an Australian citizen, you'll need to prove that you reside in the US by providing proof of address and often a Social Security Number. You may also need to visit a branch in person to apply. As a result, this is not a viable option for many Australians.
An alternative worth considering is opening an account with a bank that has an international presence, such as HSBC, Citibank or Charles Schwab. These international banks are more likely to offer accounts to foreigners, but the exact eligibility requirements vary between banks. International bank accounts also typically require large minimum deposits and have high monthly fees, so they won't be a realistic option for everyone.
Open a US bank account at an online bank
If you're willing to look beyond traditional banks, online banks like Chime and Majority could offer the account you need. Once again, you'll typically need to be a US resident to qualify for an account, but depending on the provider you choose, you may not need to supply a Social Security Number or Individual Taxpayer Identification Number.
These online banks offer features such as money management apps, low fees, linked debit cards and even low-fee international calls, so it's worth shopping around to find out what's available.
Open a multi-currency account at an alternative non-bank
The third option is to consider opening an account with an alternative provider that allows you to hold funds in USD. One example is an account with personal finance provider Revolut, which lets you send and receive money in over 25 currencies including USD. The standard plan is free, but you'll need to upgrade to a paid plan to access higher currency exchange limits and other features.
But perhaps the best-known option is a Wise Multi-currency Account. This account lets you spend and send money in 40 currencies, and you get local bank account details in 9 different currencies, including USD. This means you have your own American account details to send and receive transfers in US dollars.
You don't need to be a US resident to sign up, there's no monthly fee, and Wise also offers the mid-market rate when you exchange one currency for another.
Documents needed to open a bank account
The documents you need to open a US bank account vary between banks and whether or not you're a US resident. However, you may be asked to provide:
Your name and contact details
Proof of ID
Your US Social Security Number
Your Individual Taxpayer Identification Number
In some cases, you may also be required to provide proof of your US address.
How to send money to a US bank account
There are a few ways you can send money to a US bank account:
Bank transfer. The most convenient way to send money to the USA is to send an international transfer directly from your bank account. You can initiate the transfer via online or mobile banking or by visiting a branch, and you won't need to open a new account or go through any sort of sign-up process. The downside is that banks have high exchange rate markups and fees, so the transaction will end up costing more.
Specialist money transfer service. You'll get a much better exchange rate than your bank offers if you use a money transfer company. With lower exchange rate markups and low or no fees, these providers offer better value for money on international transfers and can send funds directly to your recipient's bank account. Compare international money transfer services to find the best deal for your transaction.
Cheque or money order. The third option is to send a cheque or money order to be deposited into a US bank account. This is obviously a slow transfer method, while fees also apply and you won't get the best exchange rate, so you're generally better off considering other options.
Finder survey: What do Australians think is the cheapest way to transfer money overseas?
Response
75+ yrs
65-74 yrs
55-64 yrs
45-54 yrs
35-44 yrs
25-34 yrs
18-24 yrs
I do not send money overseas
44.83%
54.29%
49.42%
46.63%
34.52%
31.65%
30.93%
Bank transfer
36.21%
30.29%
27.33%
27.46%
28.93%
30.28%
39.18%
International money transfer
12.07%
11.43%
18.6%
17.1%
23.86%
27.98%
17.53%
Mobile wallet
6.9%
2.86%
3.49%
6.22%
8.12%
6.42%
3.09%
Cash pickup
0.57%
1.55%
3.05%
1.83%
8.25%
Money order
0.57%
1.16%
1.04%
1.52%
1.83%
1.03%
Source: Finder survey by Pure Profile of 1110 Australians, December 2023
FAQs
Most US banks will require you to have a US address in order to open an account, but there are other options available. One method is to choose a bank that has an international presence, such as HSBC or Citibank, and offer international bank accounts without requiring you to have a US address. Another option is to open an account with a digital bank like Revolut or Wise, which also allows you to send and receive USD.
The best US business bank account for you depends on your needs. If you're searching for a business chequing account, for example, you'll want to find an account that supports the type of transactions you need to do with a low or no monthly fee. If you're searching for a business savings account, you'll need to look for the account with the highest interest rate and watch out for hidden fees.
ANZ, CommBank and NAB all have branches in the US, but they're not designed to meet the banking needs of everyday Australians. Instead they are focused on corporate and institutional banking for Australian businesses that operate in the US, as well as US businesses operating in Australia.
Citibank has branches in Australia, but it's worth noting that the Citi consumer banking business in Australia was acquired by NAB in 2022. Other banks such as Bank of America and J.P. Morgan also have a presence in Australia, but they deal with institutional and corporate clients rather than everyday banking needs.
Tim Falk is a writer for Finder, writing across a diverse range of topics. Over the course of his 15-year writing career, Tim has reported on everything from travel and personal finance to pets and TV soap operas. When he’s not staring at his computer, you can usually find him exploring the great outdoors.
What are the best options for sending or receiving a large amount of money overseas? Read this $50,000 case study with exchange rates and fees comparison.
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