Can I open a personal bank account with an EIN instead of SSN?
"According to IRS Publication 1635, Understanding your EIN (PDF), under ""What is an EIN?"" on page 2: Caution: An EIN is for use in connection with your business activities only. Do not use your EIN in place of your social security number (SSN). As you say your EIN is for your business as a sole proprietor, I would also refer to Publication 334, Tax Guide for Small Business, under ""Identification Numbers"": Social security number (SSN).   Generally, use your SSN as your taxpayer identification number. You must put this number on each of your individual income tax forms, such as Form 1040 and its schedules.  Employer identification number (EIN).   You must also have an EIN to use as a taxpayer identification number if you do either of the following. Pay wages to one or more employees. File pension or excise tax returns. If you must have an EIN, include it along with your SSN on your Schedule C or C-EZ as instructed.  While I can't point to anything specifically about bank accounts, in general the guidance I see is that your SSN is used for your personal stuff, and you have an EIN for use in your business where needed. You may be able to open a bank account listing the EIN as the taxpayer identification number on the account. I don't believe there's a legal distinction between what makes something a ""business"" account or not, though a bank may have different account offerings for different purposes, and only offer some of them to entities rather than individuals. If you want to have a separate account for your business transactions, you may want them to open it in the name of your business and they may allow you to use your EIN on it. Whether you can do this for one of their ""personal"" account offerings would be up to the bank. I don't see any particular advantages to using your EIN on a bank account for an individual, though, and I could see it causing a bit of confusion with the bank if you're trying to do so in a way that isn't one of their ""normal"" account types for a business. As a sole proprietor, there really isn't any distinction between you and your business. Any interest income is taxable to you in the same way. But I don't think there's anything stopping you legally other than perhaps your particular bank's policy on such things. I would suggest contacting your bank (or trying several banks) to get more information on what account offerings they have available and what would best fit you and your business's needs."
set up a US company (WY is cheap and easy), go south and open a personal and business bank account, ask for the itin form. file for the itin. set up your EIN for the company. get a credit card for both. pay some mail forwarding service with it. file for taxes in the next year using your itin. prepaid cards do not link to your tax id I had to open a bank account in the US without having the right paperwork initially (SSN really).  All the bank asked me to do was fill in a W8 form in lieu (instead) of the social security number. The LLC will not be liable for anything, it is disregarded for tax purposes. If you're doing any work while in the US, or you (or your spouse) are a green card holder or a US citizen - then you (not the LLC) may be liable, may be required to file, pay, etc. Unless you're employing someone, or have more than one member in your LLC, you do not need an EIN. Re the bank - whatever you want. If you want you can open an account in an American bank. If you don't - don't. Who cares? Yes. But once you chose the method (on your first tax return), you cannot change it without the IRS approval. Similarly the fiscal year. For individuals, I can't think of any reason why would accrual basis be better than cash, or why would an individual use a fiscal year other than the calendar year. You definitely do not need human interaction to open an account at Schwab. You just need to provide a social security number and US drivers license. See http://www.schwab.com/public/schwab/investing/accounts_products/accounts/brokerage_account You can do it online or through the mail. They usually have some questions about your level of experience with investing. They are required to ask these questions to ensure that you don't get confused and put your money in inappropriate investments. I like Quicken for personal use, and they have a small business edition if you don't want to move into QuickBooks. That information is the only way to get money wired directly into your account so you don't have a lot of options. You should be reasonably comfortable giving out that information as there checks and balances (as noted above) but more than this the banks tend to err on the side of avoiding a PR nightmare if someone uses routing/account to defraud their customer.  For bank security you should be more concerned about a) your credit card, only use secure https sites and ones you can see are dealing with lots of customers b) your identity, someone with your social security number, a recent bank statement and some basic information about you (like family, birth location etc) can assume your identity c) your bank login, be sure to create a strong password, pref 10 characters or more with numbers, symbols and upper & lower case. A site like http://strongpasswordgenerator.com/ can help here. No.just give your social security number and contact info, that's all that's needed. According to the IRS:  Aliens who are not eligible to apply for a U.S. social security   number, or who do not meet the Social Security Administration's   evidence requirements for an SSN, may apply for an Individual Taxpayer   Identification Numbers (ITIN) from the Internal Revenue Service if   they have a valid tax reason for needing an ITIN, as explained in the   Form W-7 instructions. Seeing as you don't have a valid tax reason for an ITIN, your request will probably be denied by the IRS. I don't know if it's legal but your talking about arbitraging the rates between a personal savings account and a business account. I also don't know those rates but will venture to guess that they are not materially different, after taking into account the cost of setting up and registering an LLC, for it to be worth the time and effort. Do you write checks?  You are giving your bank account and routing number to anybody you have ever given a check to.  Your employer is paying taxes on your behalf, so they need your social security number so they can pay your social security taxes. Account and routing numbers are how deposits are made.  If you are concerned, create a free checking account, collect the direct deposit and each payday go to the bank and withdraw your money to put it where you like. Nothing is deposit only because you will want your money back. Finally, you would be shocked at how little it takes to make a draft on your account in the US.  Certainly not your SSN, Address, or even your name. "Yes, kinda.   Talk to local banks about a business account, and tell them you want to enable certain employees to make deposits but not withdrawals.  They don't need to know you're all the same person.   For instance I have a PayPal account for business.  These allow you to create ""sub accounts"" for your employees with a variety of access privileges.  Of course I control the master account, but I also set up a ""sub account"" for myself.  That is the account I use every day." "Open a personal account to link SQUARE with,  open a savings account with same bank.  Register as ""PERSONAL USE"",  make as many transactions you want for whatever you want $5.00 to $1,000.00 or more, you get paid, square collects a fee. Money is in your ""personal account"" in 24 hrs, transfer it to your savings acct.  2 years now no issue.   I've done the EIN, vendors license, registering business crap, if you work for yourself for private citizens it's none of anyone else's concern." Instead of SSN, foreign person should get a ITIN from the IRS. Instead of W9 a foreigner should fill W8-BEN. Foreigner might also be required to file 1040NR/NR-EZ tax report, and depending on tax treaties also be liable for US taxes. Why do you say we need a national ID?    IMO we're in this mess not because we needed a nation ID, but because it was easier/cheaper to just use an SSN for identification instead of the plethora of other options we already have at the state level.