The US government requires from the banks to ask customers for proper identification. It is just that simple and nothing magic.
So what is NOT needed?
- You do not need a SSN (Social Security Number). SSNs are assigned by the SSA (Social Security Administration) with it's originally defined purpose to assign a social security account numbers for pensions and other benefits paid by the SSA. The SSN is also used as a TIN (Taxpayer Identification Number) by the IRS for individuals.
- You do not need any other TIN (e.g. ITIN, EIN). ITINs (Individual Taxpayer Identification Numbers) are assigned by the IRS for persons not eligible to get a SSN. As a matter of fact ITINs are widely used by illegal immigrants to file their taxes. But they do not provide any benefits for improving their illegal immigration status in the US. But there are also legitimate and non-illegal persons, that have ITINs!!! EINs (Employer Identication Number) are TINs assigned to self-employed persons, companies, corporations, foundations, and other legal entities.
- You do not need any US ID document (e.g. US passport, US state driver license, US green card, ...)
- You do not need a special visa. Being a regular VWP (Visa Waiver Programme) visitor or a B1/B2 or any student related visa is fully sufficient.
So what is actually needed?
For identification purposes:
- At least one government issued ID. Non government issued IDs will not work! Most preferable is this a valid passport. Considering you are legally in the US, the passport should also have a valid I-94 (white paper form) or I-94W (green paper form) form attached to it. This form shows the bank your legal status in the US and should be convincing to them.
- A second form of ID may be required, which could be a national identity card or a national drivers license.
For tax purposes:
- If you may not provide the bank with a SSN or other TIN, the bank will ask you to fill out a W-8BEN form. This IRS form tells the bank that the account's beneficiary is a NRA (Non Resident Alien). If you will not be asked for this form, then your interest will be taxed and the withheld taxes will be sent to the IRS. You may reclaim any unjustified taxes by filing a tax return. Filing may be very complicated, as you will also need to apply for an ITIN.
