United States (US)
The United States is a federation of 50 states and the District of Columbia spanning six time zones from the Atlantic to the Pacific, plus Alaska and Hawaii.
Banking in United States
Recommended banks, payment culture and credit score basics.
US banking is well-developed and largely digital but carries surprising quirks: paper checks remain common for rent and certain payments, wire transfers cost $20–$40 each, and savings account interest rates at big banks are laughably low (0.01%) compared to online banks (4%+). All deposits at federally insured institutions are FDIC-insured up to $250,000 per depositor per bank. Free checking accounts with no monthly fee are easy to find — most will waive the monthly fee with direct deposit of paychecks. Opening an account usually requires a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), government-issued photo ID, and proof of address. Newly arrived expats without an SSN should start with Chase, HSBC, or Charles Schwab — all accept ITIN or passport-based applications for non-citizens.
Recommended banks
Chase Bank
EnglishMonthly fee: $12/month Total Checking (waived with $500+ direct deposit or $1,500 average balance)
Requirements: SSN or ITIN, government-issued photo ID (passport accepted), proof of US address. Chase accepts passport + ITIN for non-SSN expats.
- + Largest branch network in the US (4,700+ branches)
- + $300 new account bonus with direct deposit (common promotion)
- + Chase Mobile app is excellent
- + Accepts passport + ITIN for non-SSN holders
- + Free Zelle peer-to-peer transfers
- + Robust credit card ecosystem (Sapphire, Freedom, Ink)
- - Foreign ATM fees $5 per withdrawal + 3% FX fee
- - Wire transfers $25–$40 each
- - Savings interest rate ~0.01% — essentially nothing
- - Account frozen without warning if fraud flags triggered — Chase has a reputation for automated account freezes; always notify Chase of international activity or large incoming transfers to avoid disruption
Bank of America
EnglishMonthly fee: $12/month Advantage Plus (waived with $250+ direct deposit or $1,500 balance)
Requirements: SSN or ITIN, government-issued photo ID, proof of address
- + Extensive branch and ATM network nationwide
- + Preferred Rewards programme boosts credit card cashback (10%+ with $100k+ balances)
- + Good mobile banking
- + Global ATM partnership (no fee at Barclays UK, Deutsche Bank Germany, Scotiabank Canada, BNP France)
- - Customer service reviews mixed
- - Foreign ATM fees $5 + 3% FX outside partner network
- - Minimum balance requirements on savings
- - International SWIFT fees: $25–$45 per outbound wire transfer plus 3% FX spread — Wise is dramatically cheaper for regular international remittances; BofA not competitive for cross-border transfers
Wells Fargo
EnglishMonthly fee: $10/month Everyday Checking (waived with $500 direct deposit or $500 balance)
Requirements: SSN or ITIN, photo ID, proof of address
- + Wide branch network especially on West Coast
- + Solid mobile app
- + Spanish-language services widely available
- - Past scandals (fake-account settlement) have damaged reputation
- - Foreign wire fees steep
- - Limited Zelle features for some account types
- - International SWIFT fees: $25–$40 per outbound wire transfer plus FX spread — Wise is considerably cheaper for regular remittances; Wells Fargo not competitive for international transfers
Capital One 360
EnglishMonthly fee: $0 — no monthly fee, no minimum balance
Requirements: SSN required, photo ID, proof of address. Fully online signup.
- + Truly free checking with no hidden fees
- + 360 Performance Savings earns competitive APY (~4% in 2026)
- + Free access to 70,000+ Capital One, MoneyPass, and Allpoint ATMs
- + Physical Capital One Cafés in major cities for in-person support
- + Excellent mobile app
- - Requires SSN — ITIN not sufficient
- - Limited wire transfer functionality
- - No physical branch banking for deposits or complex transactions — Capital One Cafés exist in some cities but are primarily for sales, not full-service banking
- - International SWIFT fees: $25–$40 per outbound wire transfer — Wise is significantly cheaper for regular international transfers; Capital One 360 designed primarily for domestic US banking
Ally Bank
EnglishMonthly fee: $0
Requirements: SSN, photo ID, online signup
- + High-yield savings (~4% APY in 2026)
- + No minimums, no fees
- + ATM fees reimbursed up to $10/month
- + 24/7 customer service by phone and chat
- + Widely considered the best online bank
- - No physical branches — entirely online
- - Cash deposits require more complex workarounds
- - Requires SSN
- - International wire transfers expensive — Ally charges $20 outgoing domestic wire and $30 for international wire plus FX spread; Wise is significantly cheaper for regular international remittances
Chime
EnglishMonthly fee: $0
Requirements: SSN, photo ID, fully online signup via app. Approval within minutes.
- + Popular neobank with 20M+ users
- + Early direct deposit — get your paycheck up to 2 days earlier
- + SpotMe fee-free overdraft up to $200
- + Free ATM access at 60,000+ MoneyPass locations
- + Credit Builder card helps build US credit score
- - Not a bank itself — deposits held at partner banks (Bancorp, Stride). FDIC-insured through partners.
- - Customer service is app-only (no branches, limited phone support)
- - No wire transfers
- - International functionality severely limited — Chime is designed exclusively for the US domestic market; no international wire transfers, no foreign currency accounts, and the debit card charges 2–3% FX fees on foreign transactions
SoFi Money / SoFi Checking and Savings
EnglishMonthly fee: $0
Requirements: SSN, photo ID, fully online
- + High APY on savings (~4%+) with direct deposit
- + Integrated brokerage, loans, and credit card in one app
- + ATM fees reimbursed worldwide
- + Up to $2M FDIC insurance via network of partner banks
- + Popular with younger professionals
- - Requires SSN
- - Best rates require direct deposit
- - Phone support limited hours
- - International SWIFT fees: $25 per outbound wire transfer plus FX markup — Wise is considerably cheaper for regular international remittances; SoFi not competitive for cross-border transfers
Charles Schwab Bank (High Yield Investor Checking)
EnglishMonthly fee: $0 — no minimum balance, no monthly fees
Requirements: SSN (non-US citizens can apply with Schwab International account), photo ID, proof of address
- + Unlimited ATM fee rebates worldwide — no foreign ATM or FX fees
- + No foreign transaction fees on debit card — use anywhere globally at Visa exchange rate
- + The gold standard for international travellers and expats with travel between countries
- + Linked Schwab brokerage for investing
- + Great customer service
- - No physical branches (Schwab offices are for investment advice, not retail banking)
- - Must open a Schwab One brokerage account alongside (no minimum, no fees)
- - US address required
- - Savings rate not competitive — Schwab Bank Investor Savings earns very low interest (~0.48% APY in 2026); keep only checking funds at Schwab and use a dedicated HYSA (Ally, SoFi) for savings
Payment culture
Credit and debit cards dominate — Visa, Mastercard, American Express, and Discover are accepted almost universally. Contactless payment and mobile wallets (Apple Pay, Google Pay) have grown substantially since 2020 but lag Europe and Asia in adoption. Paper checks are still used for rent in many markets, for payroll in smaller companies, for contractor payments, and for large one-time transactions where the payer does not want wire fees. Peer-to-peer payments between individuals are split across several apps: Zelle (bank-integrated, instant, free — used for rent, roommates, and larger transfers), Venmo (social, free, has public feed by default), Cash App (popular with younger users), and PayPal (legacy, also for international). Contactless "tap-to-pay" at terminals is now widespread at chain retailers but many small businesses still require chip-and-PIN or swipe. Americans rarely carry cash; $20–$40 is typical.
Cash access
ATMs are everywhere — banks, supermarkets, gas stations, drugstores, bars. In-network ATMs (your own bank or your network — Allpoint, MoneyPass, Star) are free. Out-of-network ATMs charge an ATM operator fee ($2–$5) plus your bank's foreign-ATM fee ($2–$3) for a combined $4–$8 per withdrawal. Standalone ATMs in bars, nightclubs, and corner stores often charge $5–$7 — avoid. Charles Schwab and Fidelity debit cards refund all ATM fees worldwide. Cash-back at supermarket checkout (Kroger, Publix, Walmart, Target) is free and widely available — get up to $300 cash back per transaction with a PIN debit purchase. Cash deposits at non-ATM locations: Chase, BofA, Wells Fargo branch tellers; Chime and neobanks require deposit via Walgreens or Walmart ($1–$5 fee).
FICO Score (300–850) / VantageScore (300–850)
AnnualCreditReport.com for your free full credit reports (the only federally authorised source). Free credit scores via Credit Karma (VantageScore), Experian.com (FICO 8), and most major credit card issuers' apps (Chase Credit Journey, Discover Credit Scorecard, Capital One CreditWise). Your credit score updates weekly.
Free annual check: AnnualCreditReport.com — by federal law, one free credit report from each of the three bureaus (Equifax, Experian, TransUnion) per year. Since 2020, weekly free reports are available at the same site. This is the report, not the score — scores require separate free services.
Credit score ranges: 300–579 Poor, 580–669 Fair, 670–739 Good, 740–799 Very Good, 800–850 Exceptional. Most lenders prefer 700+ for basic loans; 740+ needed for best mortgage rates. New arrivals have NO US credit history — start by getting a secured credit card (Discover It Secured, Capital One Quicksilver Secured, or issuer-specific cards for immigrants like Chase Sapphire for SSN holders with thin files), using it responsibly for 6–12 months, and it will build a score. Key factors: payment history (35%), amounts owed / utilisation (30%), length of history (15%), new credit (10%), credit mix (10%). One late payment can drop your score by 80–100 points. Authorised user on a family member's long-standing US card can jumpstart history.
International transfers
US banks charge $25–$45 per outbound international wire transfer plus an FX spread of 2–4%. For all but emergency transfers, third-party services are dramatically better: Wise offers near-mid-market rates with transparent fees (0.4–0.7% typical); Revolut Premium; OFX for larger transfers ($5,000+); and Remitly for remittances to specific corridors (Mexico, Philippines, India). Western Union and MoneyGram operate ubiquitous cash-pickup networks but rates are poor. Zelle only works for US bank accounts — not international. For crypto-comfortable users, USDC transfers can work cross-border instantly but require recipients to be crypto-savvy. SWIFT wires take 1–5 business days; Wise typically same-day or next-day.