The 5 Best US Banks for Migrants, Expats & Non-residents

Living in a new country takes a long adjustment period, which includes getting used to a different financial system. Sure, there may be many of the same products and services you can buy at home, but paying for them can be challenging without a trusted bank to help you manage your money. This is why knowing the 5 best US banks for migrants is helpful information.

The available banks depend on where you’re traveling, as some countries have more options than others. These banks have a good reputation for serving customers across the globe and make it easy to send money internationally.

1. Capital One 360: Best for US Expats

Capital One 360 is a completely online bank that offers many mobile conveniences, such as mobile check deposits and simple account transfers. This makes it one of the best U.S. banks for expats. 

Accounts are only available to citizens of the U.S., making it a good option for those leaving the States to live somewhere else. Customers benefit from competitive interest rates and no monthly maintenance fees, so cash can sit safely in the bank while you travel.

Accounts also have no foreign transaction or ATM fees, so using your money abroad may be more affordable than when using other banks.

However, Capital One 360 does not allow foreign checks to be deposited via mobile deposit. While Capital One allows wire transfers and ACH deposits, the processing times for each can be multiple business days before the money is available to spend.

2. Majority: Best for Migrants to the US

Since many banks require a U.S. Social Security Number (SSN) to open an account, it can leave migrants and temporary visitors to the U.S. without options. Majority seeks to solve this problem, offering accounts to those even without an SSN. New customers can use their international IDs and passports to open accounts, subject to additional verification.

Majority’s audience is clearly those entering the U.S. to work, live, and visit family members, and new bank accounts include free calls to over 20 countries, including Mexico, Canada, Australia, and Puerto Rico. (You can call other countries for a low fee.)

The downside to this bank account is the monthly membership fee of $5.99, which applies even if you don’t use any of the services in a month. However, it does give customers a debit card with some cashback benefits, and the app tries to make money transfers and data/calling top-ups a seamless process. There are no foreign transaction fees for shopping within the U.S., and Majority offers its own bill-splitting feature so that multiple Majority members can come together to pay the rent, for example. Majority also supports Zelle, Cash App, and Venmo.

Majority offers a 30-day free trial for users to see if it suits their needs as one of the best U.S. banks for non-residents. 

3. Wells Fargo: Best for Spanish-Speaking Customers

Wells Fargo offers a blend of in-person branch services and online account conveniences, making it an ideal choice for those who don’t want to give up human interaction entirely. It’s also notable for offering robust services for those who speak Spanish, even updating Fargo (the AI-based chatbot) to speak Spanish to customers when asked.

The bank offers a variety of services to both U.S. and foreign-born customers, but not all accounts are available to non-citizens. Everyday Checking and Clear Access Banking are two accounts that accept applications from those with a foreign ID or passport, as well as some documentation of a U.S.-based address. Further verification may be required, depending on the situation.

Wells Fargo supports Zelle transfers and doesn’t charge extra for this convenience. It also supports currency exchange, including home deliveries for foreign currencies ordered through the mobile app (limit of $3,000 value) for customers only.

The bank has created multiple support pages, as well as an app experience just for Spanish-speaking customers, making it a top pick for those from Hispanic countries doing business in the States.

4. Hope Credit Union: Best banking for immigrants

Credit unions have unique advantages you may not find at larger banks, such as competitive rates and access to other services like discounted insurance. Hope Credit Union offers a good mix of services for customers in Alabama, Arkansas, Louisiana, Missouri, and Tennessee and requires the following documentation to open an account:

Two forms of ID (one must be an official government photo ID), including:

• Driver’s license
• Passport
• Consular registration card
• SSN or ITIN card
• Proof of residential address

Those in Little Rock, Arkansas, can use their city of Little Rock ID card to open an account at the Little Rock branches only.

Members just need to pay the $10 membership fee and have $15 to open the basic savings account. Then, they get access to services at the credit union.

Hope has earned designation as a Juntos Avanzamos credit union, which means it specializes in supporting the Hispanic and migrant communities. In addition to being more accessible to these groups born outside of the U.S., it provides a wide range of credit services to help members get loans for cars, homes, and business needs. It also provides resources for undocumented and DACA members, including links for assistance with living and working in the U.S.. The resources include updated legal and financial support organizations, too, making it one of thee best banks for immigrants in the U.S. 

5. US Bank: Best in the Midwest

For those in the middle states, such as Nebraska, Iowa, and the Dakotas, U.S. Bank has many opportunities. While fees can be higher ($6.95 per month for basic checking), they get waived with at least two monthly direct deposits, something easily accomplished with two paychecks a month.

U.S. Bank has multiple branches, making it a great option for those seeking face-to-face account solutions, and the ATM network is large. The bank is also very friendly to those from Latin American countries. For example, new customers can open an account with their Mexican Matricula Consular and another form of ID. 

Send Money to and from Your US Bank Account

Getting a bank account is often just the first step to being able to send and receive funds, and many banks offer money transfer services for foreign transactions. However, fees range and the time to complete the transfer can vary from one business day to a few business days (or more).

A service like Ria Money Transfer pairs well with a new bank account from our list of banks for non-U.S. citizens. It puts the power to send cash to loved ones in the palm of your hand. The Ria app lets you fund money transfers with your new U.S. bank account, a credit card, a debit card, or even cash from your wallet. The receiver can choose to have the money sent directly into their bank account or, in some countries, as a digital wallet payment. If they live close to a Ria Money Transfer retail location, they can also opt to pick up their funds as cash in person.

Ria money transfer can happen in as little as 15 minutes. So you don’t have to wait the days required to fund bank accounts with a mobile check deposit, money order, or international wire transfer through a third party.

Get Started With Ria Money Transfer Services

Can undocumented immigrants open a bank account? The answer is yes! If you’re ready to make one of these best U.S. banks for migrants even better, pair it with Ria. 

Just download the free Ria app and see exchange rates plus fees for the country you’re sending to. Transparent pricing means you’ll always know what you’ll pay (and what your loved one receives) before the money leaves your account. Send funds to hundreds of countries in just a few taps.

FAQs

Can immigrants open a bank account? 

Yes! While the banking needs of Migrants may vary somewhat from those of U.S. expats, they can still access many of the banking services available to citizens of the U.S., including savings and checking accounts.

To make the process easier, search out an institution that offers bank accounts for non-U.S. residents or citizens. Then, have all the proper identification available, such as an Individual Taxpayer Identification Number ITIN, mail showing a current U.S. address, and proof of employment or other income.

What can I use as proof of address for opening a bank account?

Each bank has its own policies, but generally, you can use the following to demonstrate residency in the U.S.:

• Utility bills, such as electric, gas, or cell phone service
• Lease agreements and rental contracts
• Current driver’s license or state/city-issued ID
  

What are the benefits of a US bank account?

A bank account can be a useful tool for establishing financing stability, giving you a safe place to store funds and get access to FDIC insurance coverage, too. Cash is less likely to be lost or stolen, and bank accounts give you access to digital tools like money transfers, currency exchanges, and basic budgeting tools.

Banks make it more convenient to pay family and friends, especially when paired with the services of Ria Money Transfer. By moving money between your bank account and your friend or family member abroad, you save time and reduce risk, too. (International money orders can get lost in the mail and take a long time to arrive.)

Having a U.S. bank account also gives you access to a debit card, which makes purchasing items in-store or online much more convenient. You can often get access to credit products and loans after being a bank customer for some time. For those hoping to build credit, a U.S. bank account is an essential tool.

Finally, it’s much easier to get paid from your place of work with a bank account to deposit into; it’s more convenient than trying to cash paper checks.