The banking sector of the United States of America

The North American banking sector is a giant, churning out trillions of dollars annually, and operates globally thanks to the densest banking and interbank network in the world. By effectively controlling the SWIFT system through server mirroring, and being the first global adopter (despite the SWIFT system being a Belgian organization), American banks are intermediaries for nearly 100% of any other bank in the world when it comes to processing inbound and outbound international wire transfers. Being an intermediary bank alone speaks to the enormous geopolitical and strategic power the US system wields over global USD currency exchanges. The US banking system enjoys great efficiency when it comes to field operations, while never shying away from traditional checks, which have now effectively become digital checks. Domestic wire transfers are issued via ACH. ACH stands for Automated Clearing House, and as the term itself suggests, these transfers are issued automatically without any third-party or human oversight. All you need is precise information, such as the recipient's account number and type of account. ACH is the primary system for regulating money flows in the United States. When sending or receiving money abroad, the SWIFT system is used. The SWIFT code is a code that identifies a bank, its country code, and the branch where a specific account is registered. All banks around the world can communicate with each other and exchange money using the SWIFT code. As a law firm, we open personal and corporate accounts in San Francisco, California, at Union Square, and in Miami Beach, Florida, at Alton Road. Corporate and personal clients are always welcome to open accounts at the banks we have been working with for years. For more information, read about how to open an account in the United States.

At Studio Panama Italia , we open American bank accounts daily, both personal and corporate. Contact us to open one today.

Banks in the United States of America generally offer two types of accounts

a deposit account where you can earn interest, now more attractive due to the high interest rates involved

a current account, called checking, or the operating account for preparing all transactions and receiving payments.

Bank accounts are available to both individuals and businesses. Each American bank account has a different opening procedure depending on whether it is a personal account or a corporate account. Generally speaking, the requirements that remain the same for both types are a physical address in the United States, a local U.S. telephone number, and the passport of the person opening the account, whether it is a personal account or a corporate account. These are the requirements for all U.S. bank accounts. For a detailed explanation of how to open a corporate account in an American bank, please refer to our specific page on American accounts and opening them here.

Opening a personal bank account in a US bank is the most requested option. Opening a personal bank account in the US is possible and useful for a variety of reasons. We see numerous expats and digital nomads from around the world, especially Europeans and Latin Americans, requesting a personal bank account in the US. Numerous US banks offer personal bank accounts in the US to non-resident foreigners who request them.

A personal bank account, held in your name and surname, in the US is often used to cover personal expenses for yourself and your family when you live outside your home country. Opening a bank account in the US also allows you to open an account in dollars, a strong currency that protects your financial well-being, protects you from inflation, and provides high purchasing power, especially when used in countries with weak currencies. A US account allows you to receive payroll, payroll payments, internet income, cryptocurrency cashouts, or send money anywhere in the world with zero waiting times. A bank account also meets the high personal security needs of digital nomads. Today, we see more and more customers having their Wise accounts closed for countless invented reasons; a real bank account cannot close your account.

Nearly all American banking institutions in the U.S. allow non-resident foreigners to open personal accounts. These include major banks like Bank of America, Chase, Wells Fargo, CitiBank, USBank, and TD Ameritrade, as well as credit unions and local banks. All banks allow foreigners to open personal accounts in the U.S.

Yes, you need to travel to the US in person to open a personal bank account, that is, in your own name and surname, in the US. You don't need to travel to the US if you open a US company, such as an LLC, and decide to open a corporate account, therefore in the company's name. In this case, we can open an account for you remotely.

The documents required to open a personal US bank account are:

• Passport of the account holder
• Real physical address in the USA
• American phone number
• In some cases for some banks, the ITIN number

We at Studio Panama Italia provide all of the above at an additional cost without you having to leave your home. Once you have the kit for opening a personal bank account in the USA, you can open an account wherever you want or wherever we recommend for even faster openings.