Why You Need a US Bank Account
Cash is rarely optimal in the US. A US bank account is required for: receiving your paycheck, paying rent by check or ACH, building a US credit history, filing taxes, and using services like Venmo, Zelle, and most online payments.
What Documents You Need
Requirements vary by bank, but most will ask for:
- Passport (any valid foreign passport is accepted)
- US visa or immigration document (green card, work visa, I-94)
- SSN or ITIN: Most banks require a Social Security Number. If you do not yet have one, some banks accept an Individual Taxpayer Identification Number (ITIN) — see our ITIN guide. A few banks (notably Citibank and some credit unions) will open accounts with just a passport and visa.
- US address: You will need a US mailing address. If you are new and staying temporarily somewhere, that address will work — you can update it later.
- Initial deposit: Varies by bank and account type; many checking accounts have no minimum deposit requirement.
Choosing a Bank
Large national banks (Chase, Bank of America, Wells Fargo, Citibank)
Pros: nationwide ATMs, full-featured apps, wide branch networks
Cons: more fees, less flexible on documentation requirements
Credit unions
Pros: lower fees, member-owned, often more flexible with immigrants
Cons: limited ATM network, membership requirements (often tied to employer or location)
Online banks (Chime, Ally, Discover Bank)
Pros: zero monthly fees, no minimum balance, good mobile apps
Cons: no physical branches, harder to deposit cash
Recommendation for new immigrants: Start with a large bank where you can walk into a branch with your documents and get help in person. Citibank is often cited as the most immigrant-friendly of the major banks. Chase and Bank of America are also straightforward.
Types of Accounts
- Checking account: For everyday spending. Comes with a debit card. Use this for all routine transactions.
- Savings account: For setting money aside. Federal rules once limited withdrawals to 6 per month (this rule was suspended but the spirit remains — it is not for daily use).
Open both. The checking account is your daily workhorse; the savings account starts building your financial profile.
Sending Money to Russia
If you need to send money internationally, compare options carefully. Bank wire transfers are reliable but expensive ($25–50 per transfer). Services like Wise (formerly TransferWise) and Remitly typically offer significantly better exchange rates and lower fees.