Interested in opening a bank account in the United States? Learn the benefits of opening an American bank account, and the challenges faced by many Expats moving to the USA.
Expatriates moving to the USA may encounter some financial surprises. Banking in the U.S. differs from banking abroad. Banks in the U.S. have stricter regulations than most other countries. Many institutions often require high balances to secure a checking account, issue a bank card, or have high interest rates for credit cards.
Expats may think their global bank is sufficient, however there are many benefits to opening a new account in the United States.
It is very important for relocating Expatriates to create an identity in the United States. Having a U.S. bank account allows Expats certain conveniences, such as, online banking and bill pay. It also allows foreigners to establish a local credit history and receive income in U.S. dollars to avoid higher rates on currency exchanges. These types of resources are vital to help Foreign Nationals and Expats build a U.S. credit history.
- U.S. banks may require high balances for Expats.
- Expats face stricter guidelines than citizens.
- A U.S. bank account allows expats to use online banking and bill pay.
- A U.S. bank account enables Expats to receive their income in U.S. Dollars.
- Opening a credit card with a U.S. bank allows Expats to build a local credit history.