Opening a US Bank Account: Requirements for Indian Residents

The United States is India's single largest export market. Each year, US buyers purchase more than $100 billion of goods and over $40 billion of services from Indian businesses, well over $140 billion combined, and the vast majority of those goods and services are paid for in US dollars. For the companies and professionals earning that money, it is a large sum arriving in a currency their local bank is not built around.

Opening a US bank account in an economy like India’s can be incredibly advantageous: you can give US business partners or contacts an accessible, familiar account to move money; you can more easily accept and manage payments from customers located in the US; and you can cut out many of the foreign transduction fees and processing delays that come with cross-border operations. But opening a US bank account, especially at a traditional bank, is easier said than done: it may require forming a US business entity, an in-person visit to the US, and lots of ongoing maintenance for keeping your business and accounts in good standing.

But there is an alternative for Indian business owners: the Slash Global USD Account.³ Using your business’s Indian registration, you can get US account details, rewards-earning Visa corporate cards, and access to major US payment rails. You can also use the Global USD account to move stablecoins like USDC and USDT, a payment method that can be faster and more cost efficient for international transactions than traditional fiat.⁴ If your business wants to send, collect, and manage dollars more easily without setting up a US entity, read on to see how it works.

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Why Open a US Bank Account from India?

If you earn in dollars but bank in rupees, every payment has to be converted. Without a US account, money from US clients and platforms is often converted into rupees the moment it hits your bank account, at a rate and on a timeline you do not control. Some US payers will only send funds to a US account and routing number (the nine-digit code that identifies a US bank for transfers) to begin with, so a rupee account can leave you relying on workarounds.

A US account, or a USD account with US bank details, solves both problems. It lets US clients pay you through the US payment networks they already use, lets you hold dollars as dollars and convert them when the rate suits you rather than on every invoice, and gives you the US account details that many US services expect before they will pay you directly. Account providers like Slash offer access without the need for a US business entity, too, cutting out much of the upkeep and hassle associated with opening a traditional US bank account.

Eligibility Criteria: What You Need to Know Before Starting

Opening a US bank account from India is possible, but it is more involved than opening one as a US resident. The route you take depends on whether you are opening an account as an individual or for a business. Most traditional US banks expect a US address, a Social Security number (SSN) or employer identification number (EIN), and often an in-person visit, which rules out remote applications for many non-residents. The practical paths tend to be a financial technology provider that serves non-residents, or, for a business, forming a US entity or using a provider built for non-US companies.

Documentation and eligibility considerations

Requirements vary by provider, but a non-resident applicant should generally expect to supply the following:

Proof of identity: A valid passport, and often a second photo ID.
Proof of address: A recent document confirming your Indian address, such as a utility bill or bank statement. Providers running know-your-customer checks may also ask for your Permanent Account Number (PAN).
A tax identification number: US banks key accounts to a tax ID. Non-residents usually cannot get a Social Security number, so the workable options are an Individual Taxpayer Identification Number (ITIN) for a person, or an Employer Identification Number (EIN) if you open the account through a US business entity.
Business documentation, if applicable: For a business account, expect to provide entity formation documents and the EIN, and possibly evidence of what the business does, such as contracts or invoices.

Approval is never guaranteed and rests on each provider's own review, so it is worth confirming a provider's current requirements before you count on a particular route.

Common misconceptions among non-residents

Below are some of the false beliefs that some Indian residents and business owners may have about opening a US account. For each misconception, we’ve given some context around what the reality is:

"It is illegal for an Indian resident to hold a US bank account."It is not. Holding and funding a foreign account is permitted under the Reserve Bank of India's Liberalised Remittance Scheme, within the annual limit and subject to reporting. It is regulated, not banned.
"I have to fly to the US to open an account."Many traditional banks may still expect a US visit, but a number of fintech providers let eligible applicants open remotely.
"I need a US Social Security number."Depending on the provider, this requirement can be worked around. An ITIN, or an EIN for a business, can serve in the place of an SSN; some providers rely on their own identity checks instead.
"Any US bank will open an account for me online."Most large US retail banks will not open an account remotely for a non-resident. The remote options are usually fintechs and business-account providers.
"There is nothing to report back home."Indian residents are generally required to disclose foreign accounts and assets in their income tax return. The rules here are specific, so confirm your position with a tax professional rather than making assumptions.

4 Steps to Open a US Bank Account from India

How the process looks depends a lot on the financial provider you choose. Traditional US banks tend to be the hardest route for a non-resident applicant, while fintechs that take applications and run their checks online are usually more approachable. Here is the typical path for a non-resident, with the India-specific points to watch at each step:

Step 1: Research US banks offering services to non-residents

Start by narrowing the field to providers that actually serve non-residents, because most do not. Traditional US retail banks rarely open accounts remotely for someone without US residency, so the realistic shortlist is usually fintech providers that onboard international applicants and business-account platforms built for non-US companies. Look at who they accept (individuals, businesses, or both), whether they require a US entity, what the account can do (receive payments, hold USD, send wires), and how they handle support across time zones.

Step 2: Understand the requirements

Once you have a shortlist, read each provider's eligibility rules closely before you apply. Confirm which tax identification they need (an ITIN, an EIN, or their own checks), whether a US business entity is required, and what identity and address documents they expect from an Indian applicant. Requirements differ enough between providers that an application which sails through at one can be declined at another, so matching your situation to the provider's rules upfront saves a wasted application.

Step 3: Prepare the necessary documents

Gather your documents before starting the application so you are not stalled halfway through. For most applicants that means a valid passport, Indian proof of address, and your PAN. If you are opening the account through a US business entity, have the formation documents and EIN confirmation ready, along with anything that shows what the business does. Clean, current documents that match the name and details on your application reduce the back-and-forth that slows approvals.

Step 4: Choose the right type of account

Match the account to what you actually need. An individual account suits someone receiving personal income or holding dollars, while a business account fits a company invoicing US clients and managing larger flows. Check whether the account gives you a US account and routing number (which is what lets US payers send you money directly), what it costs to maintain, which transfer methods it supports, and how it converts between dollars and rupees when you need to move money home. The cheapest account is not always the right one if it lacks the payment methods your clients use.

Transferring Money from India to a US Bank Account: What to Know

Moving rupees from India into a US account is regulated by the Reserve Bank of India, unlike a transfer between two domestic accounts: there is an annual cap on how much an individual can send abroad, the money can go only for permitted purposes, it must move through an authorized bank, and large amounts can attract tax. Knowing the rules and associated costs before you send funds into your new US account can help you avoid surprises or unnecessary taxes. Here's what you should know:

Transfer rules for consumer accounts

For resident individuals, transfers abroad run through the Reserve Bank of India's Liberalised Remittance Scheme (LRS), which allows up to USD $250,000 per person per financial year (April to March) for permitted purposes. Remittances flow through an authorized dealer bank, and a PAN is mandatory for every LRS transaction. You can send funds by international wire through your Indian bank over the SWIFT network, or through an online remittance or forex provider, each with its own mix of fees and exchange rates.

Transfer rules for business accounts

Businesses are a separate case. The LRS limit applies only to individual consumers; company remittances fall under different rules for current and capital account transactions, so a business moving money abroad should confirm the correct route and documentation with its bank or a chartered accountant. As a general practice, compare the total landed cost across providers rather than the headline fee, keep the purpose codes and paperwork your bank requires, and plan larger transfers around the annual limit and the tax thresholds described below.

Costs associated with international transfers

International money movement can be expensive. Besides foreign exchange fees, which refer specifically to the markup you get when converting from one currency to another, there’s also other add-ons to think about: bank processing fees, taxes, platform transfer fees:

Transfer fees: A flat or percentage charge from the bank or provider, with GST applied on top of the fee. This normally covers processing and conversion, and is either a flat fee or percentage depending on the provider.
Exchange-rate markup: Banks usually won’t let you convert between rupees and dollars at the mid-market exchange rate. They add a markup spread, which can be the largest per-transaction cost and the least visible, since it is often built into the rate rather than shown as a separate fee.
Tax Collected at Source (TCS): For resident individuals sending money under LRS, TCS applies only on the amount above ₹10 lakh in a financial year. That threshold was raised from ₹7 lakh effective April 1, 2025, and the rate depends on the purpose of the remittance. Funding your own overseas account generally counts as an investment-type remittance, where the rate above the threshold has been 20%. Rates and thresholds vary by purpose, so confirm the current figures with your bank or a tax advisor before a large transfer.
Intermediary bank fees: A SWIFT wire can pass through one or more correspondent banks that each deduct a charge, so the amount that arrives can be less than the amount sent.

Opening a US bank account can cut out some of these cost drivers. With a US account, you can access the Automated Clearing House (ACH) payment network, which is the US’s standard batch payment system. ACH payments usually only have fees of a few cents for a domestic transfer, and the ability to tap into it straight from your account is a huge advantage in saving transfer time and cost.

Cryptocurrency has emerged as a popular alternative for moving money across borders. Stablecoins, which are digital tokens whose value is pegged to a fiat currency like the US dollar, is what many businesses use for outbound payments. Each token is designed to match the value of the dollar; however, because the transfer settles on a blockchain instead of passing through multiple banks, it can clear in seconds rather than days, usually at a fraction of the cost of a wire.

An important note for India: Moving money by stablecoin sits outside the LRS process described above, so confirm how it applies to your situation with a tax advisor before relying on it.

A US Account Built for Indian Businesses

Indian business owners usually run into the same roadblocks when they try to open a US bank account: you have to form a US LLC, find and pay a registered agent, keep up with ongoing filing requirements, and handle US taxes and fees each April. More often than not, business owners settle for less and choose not to deal with US business registration and taxes at all. The Slash Global USD Account changes that.

Global USD works like a US bank account, complete with account and routing numbers, but it is backed by Slash's proprietary USDSL stablecoin infrastructure. What this means is your business can apply using its Indian registration details and, once approved, start using USD balances and corporate cards to collect payments, pay suppliers, and manage its finances.

Here is what the account includes, with no monthly fees or commitment to get started:

Worldwide payment capabilities: Send and receive payments in US dollars via ACH, international wires to 180+ countries, or stablecoin transfers in USDC and USDT. Payouts from your payment processor lands in your account in USD, giving you control over when to convert from dollars to rupees.
Slash Visa Global Card: Issue cards in 100+ countries and make purchases in USD anywhere Visa is accepted. Helpful for making payments for US services and software, sending US remittances via card, or daily spending just like you would with any other card. Eligible purchases can earn up to 2% cash back.⁷
Invoicing: Create and send professional invoices with line items, taxes, and discounts. Your invoice statuses are tracked in real time, and your clients can pay you using embedded payment links for bank transfer, credit card, or stablecoin.
Spend controls and approvals: Manage cards, spending limits, approvals, and team permissions from your dashboard. Easily sync your transaction data to leading accounting software to simplify reconciliation and reporting.

Get paid in dollars, skip the setup. Click below to apply for a Global USD account today.

Frequently Asked Questions

Not necessarily. Non-residents usually cannot obtain a Social Security number, but an Individual Taxpayer Identification Number (ITIN) for a person, or an Employer Identification Number (EIN) for a US business entity, can serve in its place. Some fintech providers also rely on their own identity checks rather than a US tax ID, so the requirement depends on the provider and the type of account.

Can I open a US bank account from India without a visit?

In many cases, yes. Several fintech providers and business-account services let eligible applicants open an account remotely from India, with no US visit required. Most large US retail banks, by contrast, still expect a US address or an in-person visit, so the no-visit route generally runs through providers built for non-residents.

What are the benefits of having a US bank account as an Indian resident?

A US account lets you receive payments from US clients and platforms in dollars using US bank details, which many payers expect before they will pay you directly. It also lets you hold dollars rather than converting every payment to rupees on arrival, so you control when you convert, and it can make receiving money from US sources faster and cheaper than routing everything through a rupee account.

Are there any fees for maintaining a US bank account?

It depends on the provider. Some charge monthly maintenance fees or require a minimum balance, while others have neither, so it is worth comparing the ongoing cost rather than just the opening process. Also look at the per-transaction costs that add up over time, such as wire fees, exchange-rate markups, and any inactivity fees.