FAQ > What do I do if the ITIN issued by the IRS does not match My International Bank Account?
An ITIN is a nine-digit number assigned by the IRS after a W-7 application has been filed. Although an ITIN is not used to open a bank account, some financial institutions will accept it when presented with other documents to verify your identity. When establishing a bank account, the financial institution will provide you with a number that could be up to eighteen digits or a set of numbers that combines both a routing and an account number. Generally, you can expect your ITIN to be different from your bank account number and you shouldn't be worried.
Why does a bank need my ITIN?
A bank or financial institution is required to report to the IRS interest earned on savings, checks, or certificate of deposit accounts. Your ITIN documents allow you to do so. There are, however, certain ITIN exceptions to information taxes for persons who receive passive income, such as partners in a U.S. or foreign corporation with income generated by U.S. assets.
ITIN exceptions are also available for people with passive income from interest bearing bonds, dividends and rental properties. Other exceptions are made for eligible non-residents who claim a tax benefit on treated as players, students or researchers who will receive it in their tax-exempt or reduced status.
Documents proving ITIN status exceptions:
- Bank statement Associations indicating name and EIN of applicant
- Account statement showing interest income is being reported to the IRS
- Letter or employment contract and IRS Form 8233 demonstrating the tax benefits of the treaties
- Letter or contract from an academic institution demonstrating grants or scholarships
- Statement of eligibility to show a tax-benefit status in treaties
- Declaration of a home mortgage loan or contracts Form 8288 and IRS real estate sales contracts
What do I need to get an ITIN number?
For more information on the application and what is required, our instructions ITIN W-7. Once you have all the documents, you are ready to begin. A member of our support team to request a W-7 ITIN will help guide you through the entire application process.