Absolutely, there are sometimes problems related to them not being âreal banksâ, and therefore the account details not integrating fully into the payment system, or being recognised properly by businesses.
There is also the possibility of the card BIN becoming a problem, as discussed above. My Revolut card is a âBritish cardâ because of the BIN, even though I can put lots of different currencies on it. That can cause dynamic currency conversion or issues with foreign merchants in some instances.
We are getting closer to it, but at the moment itâs still not possible to have a truly global account.
Hi guys, I have a Monzo UK bank account and am moving from London to Los Angeles next week. Any chance I can get bumped up the US waiting list? If so, how do I do it?
HSBC in the UK if you have an account can open a US account for you without one. If you donât have Premier or Advance status youâd have to pay the 100 quid fee for it but it could be worthwhile if you need a US account. A proper one, anyway, with all of the local banking features.
Unfortunately, HSBC is dropping regular and Advance tiers in the US at the end of the year, so if youâre going to go this route, do it quick, and understand that if youâre not Premier at home, it wonât be an HSBC account anymore after the end of the year.
Itâs definitly not set in stone that a US bank requires an SSN to open a bank account. Other banks are more flexible. For example, Bank of America opens an account for you if you show them a student visa. (NB: students often donât have the right to work, but the right to work is required to be able to apply for an SSN. So, if all banks were requiring people to have an SSN than most international students could not open a US bank account.)
Most likey Monzo, and other banks, are asking for an SSN because itâs the standard method of KYC in the US. However, itâs technically not the only option and other banks offer more options.
This is correct! My experience a student in the US 3 yrs ago was that only big High St (or should I say Main St) banks could do this and it required an in-person visit with a whole host of documentation. I was keen to get a neobank account but gave up and ended up with Chase. Is an ITIN an option? Usually that is accepted in place of a SSN without questions asked.
Our British version of an ITIN is just the National Insurance Number, usually, so would US big banks accept that?
It doesnât prove anything except that you are registered to pay tax in the U.K., but even then some people with National Insurance numbers wonât be paying tax here anyway (because they have since moved abroad, or something like that).
Because it doesnât prove anything about right of residence or even nationality, itâs generally not usually accepted as a form of identification except concerning tax.
As a work âexperienceâ - I moved from the UK to NYC in 2000
I banked with HSBC in the UK, and visited a HSBC in NYC to open a USD checking account. After an âinterviewâ which included a few phone calls and faxes () my US account was running. It took about an hour. On the back of this, I was able to open an Amex credit account too - that took about a week. No SSN, no ITIN for either.
Things have probably changed in the last 21 years though, especially with the concentrated KYC initiatives we are now subject to.
Sounds like being an existing HSBC customer was what allowed for the initial opening to be (relatively) easy. Then once you have one established account, itâs always easier to get others.
These days, I think that is still possible in most countries where HSBC operate (especially if HSBC Advance or Premier level) but you probably do have to produce documents as well.
For the US specifically, FATCA and the Common Reporting Standard have really increased the level of KYC.
I have just come back from the US, I was there for 3 months and had so many issues with using cards. Had no issues online, it was mainly bricks and mortar stores. I investigated how to get an US account. I was initially stumped by the fact that every bank insisted on an SSN. When I investigated it more it seems that it was possible to get an account with the Passbook app, all I needed was my passport details and a valid I94 immigration record and as I entered the country legally there was one. A valid visa also would work.
The use of an SSN is just a lazy way for banks to KYC (Know Your Customer) as is required in US law.
Since then I have come across the Zenus app which allows you to get a US$ bank account almost anywhere in the world and charge ÂŁ50 to set it up. So again it is possible to not require an SSN. The ÂŁ50 a month charge though is a bit ridiculous for an app.
Also AMEX didnât require an SSN (ordered it from UK site), I have an US$ Amex card which was great for car insurance when I hired a car.
Zenus site link They seem to not charging the ÂŁ50 until next year in the hopes that next year you suddenly realize that ÂŁ50 a month isnât stupidly overpriced
Thatâs exactly what I thought so didnât continue about a month later I got an email from them saying that if I signed up there would be no monthly charge for a year. A product that is that overpriced just isnât worth even trying in my view.
If they donât issue virtual or physical cards in the UK what do you get? There are a few travel benefits to the type of Visa issued but not if you donât have a physical card:
Monzo donât have a bank in the USA though, itâs just an overlay on top of another bankâs systems and accounts. I donât think theyâd be happy with international customers.
It definitely depends on the partner bank. Wise had to add another US partner bank to allow US direct debits for non-US residents, something thatâs probably impractical for Monzo.
Long term, if Monzo ever became a chartered bank in their own right in the USA, I would hope that they would offer their UK account holders the ability to open US accounts too.
It would be a nice differentiator and potentially useful the other way around too, but I donât think itâs likely while they are using a partner bank.
I would greatly appreciate this as a dual citizen. The banks in the US willing to deal with US citizens abroad arenât great and while my banking needs are met, Monzo would be amazing to have both sides of the pond.
) my US account was running. It took about an hour. On the back of this, I was able to open an Amex credit account too - that took about a week. No SSN, no ITIN for either.
