As I mentioned in the post on how to start collecting in USD, the next step after using Payoneer is to open a bank account in the United States. This is based on my opinion, and as I already established, it is not necessary but very useful for our peace of mind.
Main benefits of an account in the USA
* Debit card with no transaction costs when using, payoneer charges 1% each transaction.
* Free incoming transfers (costs the employer less or nothing)
* Transfers to other accounts for free
* INSURANCE up to $250,000 in case the bank is founded, it gives us peace of mind to save all or a large part of our savings
* Most of them have no cost (meeting certain requirements)
* Possibility of taking out a credit card.
* Possibility of generating interest
What are the requirements to open an account in the United States.
The main requirement for the banks that I am going to mention is to physically travel to the USA.
This procedure is done in person. So, if we are Argentines, or from any other Latin American country (except Chile, with ESTA) we will need a tourist visa. In my case, I already had it, and it's a matter of traveling. The reality is that one could go anywhere in the United States to open the account, but due to proximity, language and cultural similarity, it is best to go to Miami.
Another requirement is to have Roaming activated. Bank accounts today confirm the login through SMS, so for everything important they will send you an SMS and it is important to be able to receive it. Don't fool around and buy a chip in the USA, because then you have to keep that number to be able to receive SMS. I'm clear and I left with roaming activated and it was a pleasure.
Finally, in addition to your Passport, which is mandatory to travel, bring your DNI or other document that identifies you.
Frequently asked questions
In 2021 I set out on a journey, not knowing much about how to do this, but determined to open an account. The questions I had back then were:
* Will I be able to open the account?
*How much time do I need to do it?
* How much does it cost?
* Which bank is best for you?
* How is it done? I fall straight, what do I say?
I really needed an ELI5 (explain like I'm five) but there is no guide. If we search on the internet how to open an account in the USA without being a citizen, many things jump out at us, here I give you first-hand experience.
Will I be able to open the account?
Yes, you will be able to. The reality is that if you are physically in the USA, with your passport and your DNI (you need two documents, as they say 2 forms of ID) you can open it
How much time do I need?
For some banks you can leave with an open account and debit card in 1 day, for others you need two days.
How much does it cost?
Nothing, most banks just leave a balance, or average, rebates the cost. The amount to have varies depending on the bank.
Which bank is best for you?
It depends, I have data on 3 banks and I can tell you about those first hand. But there are surely many options. We will expand on this point later.
How to do it, do I fall straight? What do I say?
You can make an appointment online on the page of the bank you want to go to, or you can drop in directly and be assisted if there are account executives available or they will give you an appointment for another day. Some banks ask for a phone number to make an appointment, as well as an email. You make up a number and that's it.
What banks can I recommend?
I went in person, I took a turn at about 5 banks because I didn't know which one they were going to let me open. I went to the big boys first, Wells Fargo and Bank Of America. In both they told me that they did not open accounts for non-residents. In this last one they told me to cross over, they will open for you yes or yes. The bank across the street, Regions Bank.
Regions Bank
Regions Bank is headquartered in Birmingham, Alabama, United States. His net worth or total assets are around $145 billion. The bank operates branches in 15 states in the southeastern and midwestern United States, including Alabama, Florida, Texas, Tennessee, Georgia and Mississippi, among others.
Here, I came in, they attended to me without an appointment. I said that I wanted to open a checking account and that I was Argentine and that I didn't live there. They said yes, at once, they offered me coffee.
The basic Regions checking, having an average balance of $1,500, saves you the account fee of $12 per month.
It can be opened with an Argentine telephone number, only that in the application it appears with a strange format, as if they apply the format of usa (xxx) - xxx - xxxx to the Argentine telephone number. But no problems, it works the same
The phone app is very good, the VISA debit card works well, and the bank has support for PLAID, very useful for example to connect with WISE.
Beyond that, some cons, they ask you for your address to enable transfers, because you need a PIN that they send you by mail. I didn't have any so I didn't ask for it.
I went with the debit card on the spot. In an hour I came out and had everything. Yes or yes you have to make an initial deposit, which can be 20 dollars if you want, but I brought money and put the 1500 in one go.
Citibank
Citibank is a financial institution based in New York, United States. It is part of Citigroup, one of the largest banking corporations in the world. Citibank operates both domestically and internationally, providing a wide range of financial services to individual clients, businesses and corporations. Citibank has headquarters and branches in several states in the United States, including New York, California, Florida, Texas, Illinois and other major states.
For me the best. Without a doubt, it is clear that the bank has a global trajectory. The web application is much better than that of Regions, since from the beginning, unlike it, Citi offers transfers to international or national accounts from its app. SWIFT type transfers abroad or Wires within the USA. It also allows you to associate accounts for recurring transfers via ACH (free cost). It also allows you to enroll with Zelle, with your email from the same platform. Citi allows you to apply for a credit card after being a customer for a while and meeting some extra requirements. You can read this other post. Citi and Regions ask you for an average of $1,500 per month in funds to avoid the maintenance cost of $12. When you open the account they offer you several, but the cheapest is this one, which is the basic one. I don't know why you need something better. This citi gold offers several things, but that is perhaps useful for someone who moves a lot of money monthly, not for a programmer who earns money (compared to people who move 20, to 25 thousand dollars per operation)
I went to Citi with a prior appointment, and they opened my account on the spot. I also arrived and said I wanted to open a checkings. They opened two accounts for me, one checking and one savings. It is practically the same, except that Savings gives a small interest. As here in Argentina, it would be a checking account and a savings account, and the total balance is the consolidated of the two.
They gave me a temporary debit card that lasts a month, and they asked me for an address to send the final debit card, which has to come by mail from where they print the cards. This may take a few days, and they will send it to the hotel. I cried to the executive and told him that I was leaving in two days, and they sent it to me in priority by FedEx. He arrived at the hotel the next morning.
TD bank
TD Bank is a financial institution based in Toronto, Canada. It is part of TD Bank Group, one of the largest banks in Canada and one of the leading banks in North America. TD Bank operates in Canada and the United States, providing a wide range of financial services to individual and business customers.
TD Bank has a network of branches along the east coast of the country. It has a strong presence in states such as Florida, New York, New Jersey, Connecticut, Pennsylvania and Massachusetts, among others.
Finally, TD bank is I think a very good first bank to have. For this you need an address in the USA. The phone app is good, and the positive thing about this bank is that you only need $100 to avoid the maintenance cost, which is also around $12.
Also, in this bank, if we have a phone from the USA (which can be a SIM that you later discard) you can apply for a credit card the same day you open it, the Secure Credit Card, which is a credit card where you leave an amount of money as collateral, and that is your credit limit. After a year of having it you can apply for a real card. The card is there, they send it to the USA address that you entered when you opened it, which must be a real address. If you only want a checking account (checkings) you can enter any address, because you take the debit account immediately, although you should enter an address of a family member or at least a shipping forwarder.
Other banks
July 2023 Update:
Confirmed by other people, not me:
#### PNC
PNC opens an account for you, they send you the debit card to Argentina,
The fee is 7 USD per month, or free if you leave 500 or more.
#### US Bank
They also open an account, the monthly maintenance costs 10, or free if you leave 1500.
Last thoughts
In short, there are several other banks, it is a matter of going and asking if they open accounts. Keep in mind that these banks do not have offices in all states. For example, Regions and TD are only towards the East of the country. If you go to San Francisco you won't be able to open it. I recommend going to Miami, because there are many immigrants who still do not have their papers and you need an account, so they already know how to deal with people who do not have an SSN, who do not have a Yankee telephone number or a Yankee address.
My recommendation is to start with Citi. It is the one with the best support, it is capable of sending you card internationally to your address in Argentina if you lose it. Care is cheap.
I recommend opening two accounts, because if for some reason something happens (which in several years nothing happened) and they close one account, you can transfer all the money from one take to the other one you have.
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> Original article in Spanish: Abrir cuenta bancaria en USA