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What are the best banks and credit unions for immigrants and non-US citizens to open accounts?

5 minutes read

If you have recently moved to the United States and want to open a bank account you may have noticed that most financial institutions ask for a U.S. ID or SSN. Don’t worry, there are many alternatives for foreigners living in the US.

What you need to open an account

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Broadly speaking, banks and credit unions will ask you for the following information to open an account:

  1. Full name and date of birth – To verify your information, financial institutions will ask for official identification such as a consular ID, valid passport, birth certificate or even an international license.
  2. Valid proof of address – Most of the credit unions or banks will ask for a proof of address, you can comply with this requirement by handing a utility bill, leasing contract or even a municipal ID if applicable.
  3. ID number – Normally financial institutions ask for ITIN number or SSN, but in this case you will be able to fulfill this requirement by providing an official identification from your country of origin (passport, license). You can also apply for an ITIN, which is an identifier number for non-citizens and foreigners.

Best banks/ credit unions for foreigners

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Now, when looking to open an account as a foreigner you should aim for institutions or banks that offer specialized services made for you. There are partners such as Upstart that specialize in providing the latino community with personal loans.

Things to consider when choosing

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To make the best decision when it comes to a financial partner, take into consideration the following:

  • Online reviews: reading the experiences of other users will help you determine a perfect fit for you. Use comparison tools like the one we offer to read comments written by financial experts.
  • Bilingual platforms: There are financial institutions that provide services in many languages. When looking for a good start with your finance, aim for institutions that give a whole customer experience in your language.
  • Client understanding: community interaction is extremely important when you leave your finances in the hands of an institution. Look for companies that seek greater interaction with their customers through online features.

Daniel Quiroz

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