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Can you open a savings account in US banks from Colombia?  – Personal Finance – Economics

Can you open a savings account in US banks from Colombia? – Personal Finance – Economics

Some Colombians want to open a savings account in a bank in the United States, Since in this way they do not need to change from Colombian peso to dollar to make online purchases, they may think of leaving the country and doing this procedure will help them speed up the process a little or because they simply want to save their savings there.

Start the process of opening a US bank account from ColombianIt is possible through Colombian banks that have branches in that country. Moreover, it is important to note that the possibility of opening these accounts is limited to certain persons or companies, which must meet specific requirements related to the nature of their activities.

Another option to consider instead of traditional bank accounts is digital platforms like PayPal or Payonee. These platforms provide an online account opening process with minimum requirements.

(Be sure to read: Bancolombia details the four plans for users opening accounts for the first time.)

But if your goal is a savings account In a bank, you should keep in mind that the opening process may vary depending on the entity, However, these are the steps you generally have to follow, according to the “Global 66” web portal.

In addition, you should check the banks' requirements, as not all of them allow non-residents to open an account.

1. Choose the appropriate bank

There are many banking entities in the United States, including some whose standards are not as strict for non-residents. This is why you should do good research and compare banks to determine which one suits your needs. In terms of prices, services, and simplicity in opening accounts.

2. Collect the necessary documents

Typically you will need these documents:

  1. A valid passport.
  2. Proof of address (can be a utility bill or bank statement from your home country).
  3. Tax identification number (this can be your Social Security number if you have one, or your Individual Taxpayer Identification Number (ITIN) if you don't have one)
  4. Some banks may also require a US email and phone number

3. Open the account

Some banking institutions allow you to open an account online, but others do this only in person.

(You may be interested in: Be careful: with this deception they are trying to steal from those who benefit from the citizen’s income.)

When you open your account, you may need to validate it through a transaction, either by depositing funds or setting up a direct deposit.. It is important to keep in mind that each bank has certain requirements and procedures, so these steps may vary.

In addition, it is important to note that banking laws and regulations may change, so it is always advisable to obtain the latest information directly from the bank.

It is worth noting that opening a bank account in the United States may have tax implications.Therefore, it is recommended to consult a financial or tax advisor before carrying out the aforementioned process.

Daniela Lararet Asaad
Edit the digital range
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