Opening a bank account in the US without a residential address within the United States

[Ciro]

Address validation databases can tell the difference between residential and commercial addresses.
Even if it's not a PO box, it will still be labeled as a "commercial" address in the database.

Ciro,
Do you have any friends or relatives in the USA who can receive your bank mail for you?

Alternatively, maybe you don't need to update your address right away?
Probably you can arrange forwarding with US Mail service for several months.

You are right on both counts: yes, you cannot use a mailbox rental store address to sign up for a bank account. The reason is that mailbox rental store addresses are tied to the store at which they are located rather than you, and therefore, banks will flag them as unsuitable for a bank account address and yes, probably I will have several months to update my address.
I went paperless so there is no incoming USPS mail. My concern is that, when I communicate with them throughout time from ARG, I will be flagged as not having a physical US address anymore. And since this will be a permanent situation I would rather find a permanent solution rather than ask for help. I am now looking into FinTech/online banks.

 

[cafeamericano]

You are right on both counts: yes, you cannot use a mailbox rental store address to sign up for a bank account. The reason is that mailbox rental store addresses are tied to the store at which they are located rather than you, and therefore, banks will flag them as unsuitable for a bank account address and yes, probably I will have several months to update my address.
I went paperless so there is no incoming USPS mail. My concern is that, when I communicate with them throughout time from ARG, I will be flagged as not having a physical US address anymore. And since this will be a permanent situation I would rather find a permanent solution rather than ask for help. I am now looking into FinTech/online banks.

If you have any investments that you could move to a Charles Schwab brokerage account, then you can also open a joint “investor checking” account. Schwab is known for being more friendly/accommodating to expats (especially if you tell them it’s a temporary move abroad for work). No guarantee, but they have generally been helpful. I have my parents US address on the account, so no specific experience with your situation. But they are the bank that I think would most likely be willing to work with you.

 

[steveinbsas]

If you have any investments that you could move to a Charles Schwab brokerage account, then you can also open a joint “investor checking” account. Schwab is known for being more friendly/accommodating to expats (especially if you tell them it’s a temporary move abroad for work). No guarantee, but they have generally been helpful. I have my parents US address on the account, so no specific experience with your situation. But they are the bank that I think would most likely be willing to work with you.

If I remember correctly, I opened my Schwab accounts with a deposit to the brokerage accout and then moved it to the checking account, and never made another deposit to the brokerage account. I have lived in Argentina for more than 17 years and only let Schwab know I was "traveling outside" the US when I was using my debit card at Argentine ATM's, The last time I did that was over ten years ago. Now I only use my Schwab debit card to make Western Union trasfers, and they don't know where the money is going.

I have always used my brother's (and now his widow's) home address on the Schwab account, and I have never used the Schwab debit card to pay for anything in Argentina, When my sister in law moved last year, I called Schwab with the new address so they could send deposit slips with the new address to her. As we have the same last name, the package was sent with my name as the recipient without any problem.

She is also the "trusted contact" on my Schwab account and I use her phone number in case Schwab has a reason to call me, which they never do, as there is never any suspicios activity on the card, which she is actually has at her home. She only sends Schwab one check a year to be deposited from the same irrecovable trust account that I used to get temporary residency in 2006. As the trustee, she is the only one who has power to sign the annual checks.

It's 'all been so simple, so far, but I am well aware that it all could change...overnight....

...and I won't be surprised when it does....

...just "happy" to be as "prepared" for that moment as possible...

...and sincerely urge other to seriously consider how prepared they will be when it happens.

 

[steveinbsas]

When my sister in law moved last year, I called Schwab with the new address so they could send deposit slips with the new address to her..

Actually, I changeg my mailing address on line and then called Schwab to request the deposit slips.

 

[lunar]

If you have any investments that you could move to a Charles Schwab brokerage account, then you can also open a joint “investor checking” account.

From first-hand experience, I can assure you that Schwab does require a residential address to open an account.

In general, this is an essential part of KYC requirements, so I seriously doubt that there is any licensed financial institution in the USA that would not ask for a residential address.

They might not check it when you are updating your address. Or maybe they will decide to check it a year later; who knows.

 

[steveinbsas]

From first-hand experience, I can assure you that Schwab does require a residential address to open an account.

In general, this is an essential part of KYC requirements, so I seriously doubt that there is any licensed financial institution in the USA that would not ask for a residential address.

They might not check it when you are updating your address. Or maybe they will decide to check it a year later; who knows.

If I remember one of my own posts correctly, when this issue was raised a number of years ago, It is possible to open a Schwab brokerage accout without a US address, but not possible to alsoopen a Schwab checking account without one.

PS: This information should easy to confirm on the Schwab website.

 

[SinPulgas]

I have a Charles Schwab International Brokerage account (minimum US$25,000). I opened it from Argentina about three years ago, using my Argentina address. No problems.

I believe that because I have this account, I can also open a checking account, but I haven't tried that yet because it was a real hassle during and just after the pandemic (ridiculously long hold times), and it may still be, but I haven't gotten around to it because I already have a bank account in the US (USAA bank).

For that account, I use my brother's address as the mailing address and my Argentina address as my physical address, and that's ok with them. The only problem with USAA is that to get an account you have to be a military service member or family (my father was a navy captain).

If you can maintain the brokerage account minimum, I think you can access your funds directly from an international brokerage account.

 

[SinPulgas]

I just called Schwab to see if I can open a bank account to go along with the brokerage account, and I got transferred to three different people, and none of them knew. They finally told me to call during the week.

 

[gringoexpress]

State Department Federal Credit Union will allow you to open an account with a non-US address.

 

[Big Swifty]

I'll give Schwab a thumbs up as well. I use my brother's address and get everything sent to my email so that he doesn't receive any physical mail. But I opened that account while still in the US just before I became an expat. They've never questioned why all of my debit card transactions were in Peru, why they've had to mail me replacement cards to S. America, or anything else. Told them I travel a lot, my spouse lives here, and they haven't seemed to have any concerns over the last 12 years.

About a year ago I did some research on opening another bank account online while being outside of the US. Never did, but looking in my notes I came across the names Mercury, NOVO, NBKC as potentials. No personal experience with any of them, can't remember what I read about them when I did my research, and so no endorsements on my part, just a few names to potentially check out.

There are services for non-US citizens living outside the US who want to open a US based LLC, and part of the service they offer is obtaining a bank account. If they can do that for non-citizens living outside of the US I'd imagine they might be able to help a US citizen living abroad.