What Can You Do with an ITIN? 8 Things ITIN Unlocks
With an ITIN, you can open a US bank account with ITIN, get a mortgage, file federal tax returns, build a US credit history, claim tax treaty benefits, obtain a driver's license in certain states, invest in US real estate, and run a US business. An ITIN is far more than a tax number. It is your key to participating in the US financial system when you do not have a Social Security Number.
1. Open a US Bank Account
One of the most valuable things an ITIN unlocks is access to the US banking system. Federal regulations require banks to collect a taxpayer identification number when opening an account, but they do not require it to be an SSN. An ITIN bank account works exactly like any other checking or savings account: you can receive direct deposits, make transfers, pay bills online, and use a debit card.
Major banks that accept ITINs include Bank of America, Chase, Wells Fargo, Citibank, and US Bank. Many credit unions and community banks are also ITIN-friendly, often with lower fees and minimum balance requirements. Online-first platforms like Mercury, Wise, and Relay accept ITINs as well, which is particularly useful if you are managing finances from outside the US.
To open an account, bring your ITIN CP565 notice (the letter from the IRS confirming your ITIN), a valid passport, and proof of a US address if required. Some banks also accept a foreign driver's license or national ID as secondary identification. The process typically takes 30 to 60 minutes at a branch, or you can apply online with select institutions.
For a full list of ITIN-friendly banks, required documents, and tips for a smooth application, read our guide on how to open a US bank account with ITIN.
2. Get a US Mortgage
Homeownership is not limited to SSN holders. A growing number of lenders offer mortgage programs designed specifically for ITIN holders. These ITIN mortgages make it possible to buy a primary residence, a vacation home, or an investment property in the United States without a Social Security Number.
ITIN mortgage requirements are stricter than conventional loans but still very accessible. Most lenders require a down payment of 15% to 25% of the purchase price, at least two years of US tax returns filed with your ITIN, a credit score of 620 or higher (some lenders accept alternative credit history), and proof of stable income through pay stubs, bank statements, or tax transcripts.
Interest rates on ITIN mortgages are typically 1% to 2% higher than conventional rates, but they have been trending downward as more lenders enter this market. Community banks, credit unions, and specialized ITIN lenders are your best options. National lenders rarely offer ITIN mortgage products, so working with a local institution or a broker who specializes in this area is important.
Our comprehensive resource on how to get a US mortgage with ITIN covers lender options, qualification steps, and application tips.
3. File US Tax Returns
This is the primary purpose the IRS created ITINs for. With an ITIN, you can file Form 1040 (if you are a resident alien) or Form 1040-NR (if you are a non-resident alien) to report your US income to the IRS. Filing a tax return allows you to claim deductions that reduce your taxable income, request refunds for overpaid taxes or excess withholding, report income from multiple US sources on a single return, and comply with federal law, which requires all individuals with a filing obligation to report their income.
If you are a spouse filing jointly with a US citizen or resident alien, your ITIN allows the couple to take advantage of the higher standard deduction and wider tax brackets available to married couples filing jointly. This can result in significant tax savings compared to the “married filing separately” status.
For guidance on preparing and filing your return, see our resource on how to file US taxes with ITIN.
4. Build a US Credit History
Building credit in the United States is one of the most impactful things you can do with an ITIN. Your credit history determines whether you qualify for loans, what interest rates you receive, and even whether a landlord approves your rental application. ITIN holders can build credit the same way SSN holders do: by using credit products responsibly and making on-time payments.
The typical path starts with a secured credit card. You put down a refundable deposit (usually $200 to $500), and the bank issues a card with a credit limit equal to your deposit. Every on-time payment gets reported to the three major credit bureaus: Experian, Equifax, and TransUnion. After 6 to 12 months of consistent payments, you will have a credit score that opens doors to unsecured credit cards, auto loans, and eventually mortgage eligibility.
Some credit card issuers that work with ITIN holders include Capital One, Deserve, and several credit unions. Discover and other major issuers have also been expanding ITIN acceptance. The key is to keep your credit utilization below 30% (meaning if your limit is $500, keep your balance below $150) and never miss a payment.
Learn which cards accept ITINs and how to build your score quickly in our guide on how to build US credit with ITIN.
5. Claim Tax Treaty Benefits
The United States has income tax treaties with more than 60 countries. These treaties can significantly reduce or eliminate US tax on certain types of income, including dividends, interest, royalties, pensions, and scholarship or fellowship income. Without an ITIN, you cannot claim these benefits, and payers must withhold US tax at the full statutory rate of 30%.
For example, the US-India tax treaty reduces withholding on dividends from 30% to 25% (or 15% in some cases). The US-UK treaty reduces dividend withholding to 15%. The US-Canada treaty reduces it to 15% as well. For students from countries like China, India, and South Korea, tax treaties can exempt thousands of dollars in scholarship income from US taxation entirely.
To claim treaty benefits, you provide your ITIN on Form W-8BEN (for income like dividends and interest) or Form 8233 (for personal services income and scholarships). The payer then applies the reduced withholding rate instead of the default 30%. At the end of the year, you file a US tax return to reconcile your tax liability and claim any refund owed.
6. Get a Driver's License in Certain States
Multiple US states allow ITIN holders to obtain a state driver's license or identification card. While a driver's license is not a federal document and requirements vary by state, having one makes daily life in the US dramatically easier. You can drive legally, use it as identification at banks and government offices, and present it when renting an apartment or completing other identity verification steps.
States that currently accept ITINs (or do not require an SSN) for driver's license applications include California, Connecticut, Colorado, Delaware, Hawaii, Illinois, Maryland, Nevada, New Jersey, New Mexico, New York, Oregon, Utah, Vermont, Virginia, Washington, and the District of Columbia. The list continues to expand as more states pass legislation.
To apply, you typically need your ITIN CP565 notice, a valid foreign passport, proof of state residency (such as a utility bill, lease agreement, or bank statement), and in some states, proof of filing a US tax return. Check your state's DMV website for the most current requirements.
7. Invest in US Real Estate
Foreign nationals can purchase US property regardless of their immigration status, and an ITIN is essential for managing the tax side of real estate investment. When you own rental property, you must file a US tax return to report rental income and claim deductions for expenses like mortgage interest, property taxes, insurance, repairs, and depreciation.
When you sell US real estate, the buyer (or their agent) is required to withhold 15% of the gross sale price under FIRPTA (Foreign Investment in Real Property Tax Act) unless you apply for a withholding certificate. To apply for a reduced withholding rate, you need an ITIN. Without one, the full 15% is withheld and you must wait until you file your annual tax return to claim any overpayment as a refund.
An ITIN also lets you apply for an ITIN mortgage (covered in section 2 above), which makes it possible to leverage your investment rather than paying all cash. Many foreign investors find that the combination of rental income, property appreciation, and tax deductions makes US real estate a compelling investment, and the ITIN is the key that makes it all work.
8. Run a US Business
Foreign entrepreneurs use ITINs to start and operate businesses in the United States. The process typically follows this sequence: first, you obtain an ITIN as the individual owner. Then, you use your ITIN as the “responsible party” taxpayer identification number on Form SS-4 to apply for an EIN (Employer Identification Number) for your business entity. With both numbers in hand, you can open a business bank account, register with state tax agencies, and begin operations.
Common business structures for ITIN holders include single-member LLCs (which are taxed as disregarded entities), multi-member LLCs (taxed as partnerships), and C-corporations. Each structure has different tax implications. Single-member LLC income flows through to your personal tax return (filed with your ITIN), while C-corporation income is taxed at the corporate level and again when distributed as dividends.
Many ITIN holders operate e-commerce businesses, consulting firms, freelance agencies, and real estate investment companies. Having a US business entity with an EIN and the owner's ITIN creates a professional structure that US clients, banks, and payment processors recognize and trust.
Beyond tax filing and banking, your ITIN enables you to apply for business credit cards, establish vendor accounts, and build a business credit profile with Dun & Bradstreet. Over time, a strong business credit history can help you secure larger lines of credit and better financing terms for growth.
Watch: What You Can Do with an ITIN
This video walks through the practical benefits of having an ITIN and how it opens doors to banking, credit, homeownership, and more.
What You Can Do with an ITIN Number
Quick Summary: 8 Things You Can Do with an ITIN
1. Open a Bank Account
Checking, savings, and CDs at major US banks
2. Get a Mortgage
Buy a home with ITIN mortgage programs
3. File Tax Returns
Report income, claim deductions, get refunds
4. Build Credit
Secured cards, then unsecured cards and loans
5. Claim Treaty Benefits
Reduce withholding on dividends, royalties, scholarships
6. Get a Driver's License
Available in 17+ states and DC
7. Invest in Real Estate
Buy property, report rental income, manage FIRPTA
8. Run a US Business
Get an EIN, open business accounts, build business credit
Frequently Asked Questions About ITIN Benefits
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