US Banking Sector and American Bank Accounts

The banking sector of the United States of America

The United States banking sector is the largest and most influential in the world: American banks handle trillions of dollars in domestic and international transactions each year, operating through the most extensive interbank network in the world. The US banking system effectively controls the SWIFT circuit—despite the latter being a Belgian organization—through server mirroring and its role as the primary global adopter. This position makes American banks intermediaries for nearly all incoming and outgoing international transfers in US dollars worldwide.

Its role as an intermediary bank alone highlights the enormous geopolitical and strategic control the US banking system exerts over USD currency exchanges. Opening a bank account in the United States means accessing this system, with all the benefits of efficiency, speed, and security that come with it.

How bank transfers work in the US

The American banking system is distinguished by its high level of operational efficiency. Domestic transfers between American banks are processed via ACH (Automated Clearing House): an automated system that processes transfers without any manual intervention, requiring only the recipient's account number and account type. ACH is the primary mechanism regulating money flows within the United States.

For international transfers—sending or receiving money from abroad—the US banking system uses the SWIFT . The SWIFT code is a unique identifier that identifies a bank, its country code, and the branch where a specific account is registered. Through the SWIFT code, all banks in the world can communicate with each other and process cross-border money transfers.

Nationally, traditional paper checks have been progressively replaced by digital checks , while still maintaining an operational role in the American banking system.

Types of Bank Accounts in the United States

American banks offer two main types of US bank accounts:

• Savings Account — a U.S. bank account designated for savings that earns interest. Interest rates offered by U.S. banks are currently competitive thanks to the Federal Reserve's monetary policy.
• Checking Account — the operating account for managing all your daily transactions: receiving payments, issuing wire transfers, using debit cards, and initiating ACH and SWIFT transfers.

Both types of US bank accounts are available to both individuals (personal accounts) and businesses (corporate or business accounts). Each US bank account has a different opening procedure depending on whether it's a personal account or a business account held by a US LLC or corporation.

For a detailed explanation of how to open a corporate account at a US bank, see our dedicated page on opening US bank accounts .

Opening a personal bank account in the United States

Opening a personal bank account in the US is the most requested banking service among our clients. Opening a personal bank account in the United States is also possible for non-residents, and it's a solution adopted by a growing number of expats, digital nomads, and international entrepreneurs—particularly European and Latin American—who need a US bank account in their own name.

Major American banks allow non-resident foreigners to open personal bank accounts. The account holder must be physically present at the bank branch to sign the documents and verify their identity.

Why open a bank account in the USA?

Having a personal bank account in the United States offers concrete and strategic advantages:

• US dollar account — a hard currency that protects personal assets from inflation and provides high purchasing power, especially when used in countries with weak currencies.
• Receiving payments — Your US bank account allows you to receive payroll (US paychecks), income from online activities, payments from digital platforms, and proceeds from cryptocurrency cash-outs.
• Send money around the world — fast, secure international transfers via SWIFT, with reduced wait times.
• Financial security — Unlike fintech platforms like Wise or Revolut, a US bank account at a regulated institution cannot be closed unilaterally without valid reasons. We're seeing an increasing number of clients having their Wise accounts closed for arbitrary reasons: a real US bank account offers protection that no fintech can guarantee.
• No CRS with Europe — The United States does not adhere to the Common Reporting Standard (CRS), the automatic exchange of financial information system adopted by Italy and the European Union. A U.S. bank account is not subject to automatic reporting to European tax authorities.
• Access Zelle — the American instant payment system, available on any U.S. bank account.

Which American banks should I open an account in?

Nearly all U.S. banks allow non-resident foreigners to open personal accounts. Options range from major national and international banks to credit unions and local banks

Do I need to travel to the US to open a personal bank account?

Yes, to open a personal bank account in the United States—in your name and surname—you must physically visit a U.S. bank branch. This is required to verify the account holder's identity and sign the bank documents.

there's no need to travel to the US if you choose to open a corporate bank account, that is, one registered in the name of a US LLC . In this case, Studio Panama Italia can open the corporate bank account remotely, without the account holder having to leave their home country.

Documents needed to open a US bank account

To open a personal bank account in the United States, you need the following documents:

• Valid passport
• Real physical address in the USA — PO Boxes are not accepted
• US phone number — required for two-factor authentication and banking communications
• ITIN number — required by some American banks (Individual Taxpayer Identification Number, issued by the IRS)

Frequently Asked Questions about Bank Accounts in the USA