Revolut offers bank accounts for those who don’t have a Social Security number or an ITIN
Revolut is a financial application that has found a space to offer its products not only in the United States, but worldwide. It has more than 30 million customers globally, its services are online only and it is now entering the business of checking accounts for non-US citizens.
Setting up a bank account in the United States may seem like a simple and common thing to do, and it can be if you meet the requirements requested by the banks, otherwise it can become a headache and a financial hindrance. Some people affected are those who do not have a Social Security number, so Revolut can be a gamble: it offers bank account opening without the need to require an SSN or an ITIN.
Revolut is a financial application that has found a space to offer its products not only in the United States, but worldwide. It has more than 30 million customers globally, its services are online only and as of now, it is entering the checking account business for non-US citizens who are residents in the country, and who, for some circumstances, do not have a Social Security Number (SSN) or an ITIN (Individual Taxpayer Identification Number).
This is an interesting opportunity for the more than 2.5 million people living in the U.S. on some type of visa who do not have an SSN or ITIN. According to data researched by Revolut, more than 1 million of this number are students.
“This population has been generally ignored by financial institutions and, as a result, they do not have access to affordable financial services, leaving them with limited options for managing their finances,” explains Revolut in a press release.
One of the basic requirements that most U.S. banks ask for in order to open a checking account is to have an SNN or an ITIN, which is a major obstacle for those who do not have this document.
“In order to change their situation, Revolut offers a hassle-free solution that includes easy account registration and access to many of its products for day-to-day money management. This includes international features such as a global debit card, low cost foreign exchange and international transfers and early access to payslips (up to 2 days),” the company explains via the statement.
“We are delighted to be able to offer Revolut accounts to these non-U.S. citizen communities, which have been overlooked by many traditional banks and fintechs. We are proud to give these customers the ability to sign up for an account, and make their lives easier by having the ability to access a quality financial product. These users will also be able to access our products designed to support their day-to-day needs. As we continue to expand access to our fast, secure and easy financial superapp, we are redefining the way money is managed for all communities within the United States,” said Danil Ovechkin, Revolut’s U.S. growth area leader.