U.S. neobanks help many immigrants make a normal life in the U.S. or even have everything ready before they arrive. They can also help people who prefer to work with U.S. dollars, do international business or have their savings in one of the most robust economies in the world. If you want to open an account in the United States, enjoy the following list I have made.
Meru (Including non-residents)
This neobank allows you to open a bank account in the United States, from anywhere in the world and in a very fast way. No SSN or ITIN required. It has a debit card with which you can make cash withdrawals at ATMs or pay at any store. It can also be recharged with money from cryptocurrency wallets, something that makes it a very characteristic neobank. Cash withdrawals can be made from MoneyGram. Upon completing registration, you have access to a dollar account number, along with your routing number, to receive transfers from any bank.
Stellar’s technology is used in this neobank’s virtual wallet when you want to make cross-border transfers using blockchain technology. Currently there are few neobanks that allow compatibility with blockchain networks, so Meru is a pioneer in this technology.
Chime.
It is based on a free mobile application, with which you can do several things. The main one is to have a bank account in a simple way. However, they have other very interesting services, such as the service of charging in advance without interest or tools to improve the credit score, such as “Credit Builder”. Another interesting fact is that they already have more than 20 million customers.
Opening this bank account does not require a minimum deposit and the opening is free of charge. In order to open an account with Chime, you must have a valid SSN number and be of legal age. That is, you must be a legal resident of the United States. If you are not yet a resident, you may be more interested in the next option we will discuss.
Zenus Bank (Including non-residents).
It is the only neobank that really lets you have your own full US bank account, without the need to be a US resident and doing it all online. However, it has a very big disadvantage, which is that you have to pay in advance for the opening of the account. In many cases, this opening has been rejected for various reasons and the applicants have not been able to recover their money. This has caused the company to lose a lot of reputation and negative opinions. So it is a risk that must be calculated. The headquarters of this neobank is in Puerto Rico.
They offer their services since 2019 and are not a scam, but the practice of charging in advance for the opening of the account, is something that displeases many users.
Ally Bank (For Deposits)
Ally Bank is not only a neobank known for its personal banking service. It is also popular among people looking to save or make a return on their savings. It is among the banks with the highest annual percentage of deposits, which makes people from all over the world interested in this company. It allows investing in the stock market, thanks to the possibility of investing in mutual funds, stock market shares and bonds. In addition, they offer the service of automated investments with Robo Advisor systems.
They already have more than 11 million clients, although it is also true that they have been in business for more years than many other companies. For example, Ally Bank has been working since 2009. Many of their customers have also been attracted by their financing solutions, for example to take out mortgages or loans in the United States. One of the specialties offered by Ally Bank, in the financing sector, is refinancing a home or a large valuable asset. This has become increasingly common in the United States.
Varo Money (Good Cashback)
This neobank has wanted to specialize in “Cashback”, that is to say, in making small refunds of the purchases you make in certain stores. Cashback systems are something very appealing to people who like to save and that is why they have reached 7 million users. Quite a considerable figure, when we are talking about a bank that only has a digital presence. They have more than 160 employees, something that compared to traditional banks, may not be enough. However, since its founding in 2015, this bank has not stopped growing and getting good opinions, reaching 99,000 followers on Instagram. With a score of 4.7/5 on Apple Store. This score is very difficult to achieve, so we are talking about one of the neobanks with the best opinions in the United States.
The normal for other companies, is to receive 1% cashback, however, with Varo Money the average is 3% and even 6% on some purchases. In addition to all of the above, they also offer very interesting services, such as receiving tax refunds ahead of time or automated savings.
Payoneer (Including non-residents).
Payoneer’s neobank is especially designed for people who work internationally, such as freelancers. It can also be really useful for foreigners who want to pay by debit card in the United States. You don’t need to be a US citizen to open a Payoneer account and you can receive bank transfers from the USA. However, there is a rather big disadvantage, which is that you do not have your own bank account. You can receive US bank transfers by giving the person or company paying you an account number that Payoneer provides to customers, but this account is not your own as such. It is also possible to send wire transfers to any bank account in the United States.
The following is a screenshot of what a US citizen or company receives when a Payoneer user claims a payment or transfer:
After making the payment, the person who receives the money in Payoneer, can spend it through the card at any merchant in the United States or in most countries of the world. In addition, it can also be withdrawn to another bank account.
This platform offers maximum compatibility with Airbnb, eBay, Wallmart, Fiverr, Udemy, Upwork, Google, etc. When it comes to collecting payments.
Payoneer is available in over 190 countries and offers currency exchanges. This can be quite useful for savers. Since not all countries have a robust currency and one prefers to save in Swiss Francs, US Dollars or Euros. They currently have more than 5 million customers and 2,100 employees. It is one of the longest-lived and pioneering neobanks, founded in 2005.
How to open an account as a tourist in the USA?
Among the easiest banks to do this is Citibank. Face-to-face.
It can be done, although some difficulties may arise. It is advisable to have a residence address, even if it is temporary. Another difficulty that may arise is that you may be asked for a tax identification number ITIN, however in some offices you can open a bank account with just your passport. Remember, this is easier if done physically.
Cards in the USA for non-residents.
There are many companies that provide you with a debit card, so you can buy in any US store or American online commerce.
One of the most popular cards is Majority (Axiom Bank). It is an American neobank, which allows you to get a card in the USA without SSN. This company, since its inception, is designed for foreigners. That is why they also offer international calling services or recharge cell phones of foreign telephone companies. It allows to receive bank transfers, if they are of the ACH type.
How do I save my money if I am an undocumented immigrant?
If you want to keep your savings, living in the USA, but you don’t trust having them in a neobank (which I think is fine), here are some ideas.
- Stable digital currencies: there are Bitcoin-compatible stores and ATMs that allow you to buy digital dollars, such as RLUSD or USDT. For this it is advisable to have an account on sites like Coinbase or Kraken. More advanced users can use physical wallets and take them physically anywhere in the world. It is important to make sure to do all this with reliable companies and not to make mistakes.
- Buying high purity jewelry: buying very simple jewelry that is 24 Carat, such as discreet rings or bracelets, can be a good way to store money without attracting attention. Although this has added manufacturing and design costs, higher than its cost in weight. So there is also the possibility of buying small gold bars or coins. In the case of buying coins or ingots, it is very important that you keep the invoice, as these can be requested at the airport. There are also people who buy original Rolexes, which usually maintain their price or even go up over time. This applies to other cheaper brands, such as Cartier, Omega and Tudor.
- Deposit it in a safe broker: one of the most famous is Interactive Brokers, which has existed since 1993 and has not given any problems. If you do not know how to invest, it is better not to do it. Leaving the money in something very stable, such as fixed income. You can use the data of your country of origin to open the account and put the funds from your country of origin. For example, sending by Western Union the money to a relative who debits your bank in your country or having your own account in Western Union, with which you can debit your bank account in your country of origin.
My personal opinion.
Opening a bank account in the United States can present difficulties. Many of those offered to non-residents are not really a bank account, even though they allow you to have a card or receive transfers. Personally, I would not deposit large amounts of money in neobanks, as these accounts can be frozen. On the other hand, I also see it as a positive thing to have part of your savings in dollars, since it is a currency that is backed by one of the strongest economies in the world.
This article in Spanish: https://javierfinance.com/es/neobancos-usa/