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Understanding the intricacies and getting used to a foreign country’s banking system can be daunting. Fortunately, banking in the US is straightforward, especially when it concerns savings accounts. Some financial institutions will even let you open an account online before you arrive.
An expatriate, or expat, is an individual who lives in a country other than that of his or her citizenship, temporarily or permanently, as an immigrant. The word comes from the Latin term ex patria, which literally translates to “out of country/fatherland.”
Expats tend to reside in their host countries temporarily. However, an increasing number of expats now choose to continue living in their host countries because of reasons such as higher standards of living, career opportunities and marital relationships.
As long expats don’t become permanent residents of the US or get US citizenship, they remain, for legal purposes, non-residents.
As an expat or a non-resident you can open different types of bank accounts:
When you’re comparing expat savings accounts, pay attention to these aspects:
Some banks will allow you to fill out an application for a savings account online without a US address. Once the bank opens your account you can transfer funds into it from anywhere in the world. You should get access to online banking, which lets you view your account balance at any time.
You’ll have to complete an identity verification process before you can access funds from your new savings account. You can do this by visiting a branch of the bank you choose, in your country, if it has one there. You may also be able to verify your identity online, through a certified notary or at a US embassy, though not all banks will allow that. For banks without counterparts in your current country of residence, it may be easiest to wait until you get to the US and can verify your identity in person.Back to top
If you’re moving to the US as an expat, you have options for finding the personal banking account that works best for you. Once you find an account you like, take some time to go through its terms and conditions before applying and take notes of any fees. If everything in the contract seems fair, then congratulations on your new account — and welcome the the US.
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