๐ณ Banking & Finance
Before You Start
Banking in New York is straightforward, with a variety of local and national banks, online banks, and credit unions available. To open a personal bank account, you typically need to provide proof of identification (such as a passport), a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), proof of address (lease, utility bill, or official mail), and sometimes an initial deposit. Many banks also allow you to book appointments online for convenience.
Blocked Accounts for Students
The concept of a blocked account for student visa purposes is not common in the United States. Usually, students must present financial proof during the visa application rather than use a blocked account.
Which Bank Should I Choose?
Choose a bank in New York based on your proximity to branches, fee structures, international accessibility, and the availability of online/mobile banking. Expats may find international banks and neobanks more streamlined for initial account opening and global transfers.
Banking Options
Expat-Friendly Banks
Expats in New York will find several banks and fintechs that cater to newcomers and international residents. Some offer special programs for those without a U.S. credit history, SSN, or established address, including non-traditional banks and neobanks.
English-Speaking Banks
All major banks in New York offer services in English, with apps, online banking, and contracts available in English. International banks and digital banks also provide English-language customer support.
Free Bank Accounts
Many U.S. banks offer basic checking accounts with no monthly fees, especially if you maintain a minimum balance, use student accounts, or opt for online-only banks. Always read the fee schedule to check for ATM, overdraft, and maintenance fees.
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