[EXPAT LIFE] Opening a Bank Account

Things to consider when opening up a bank account:

  • Decide for a bank. Do you prefer the bank next door? Is it important for you that the bank has branches across the world?
  • Come prepared. E.g. Banks in the US typically require your ID/passport, social security number and proof of residence (phone and/or water bill)
  • Get all the benefits. Banks might have special offers for you if you set up a direct deposit for your salary.
  • Know the difference. Besides your checking account, a savings and brokerage account might be of interest as well. Banks typically offer attractive packages.
  • Don’t feel overwhelmed. You don’t have to fill out all papers during your bank visit. Take them home and read them. Ask questions. Don’t sign anything if you can’t understand it.
  • Get a credit card. E.g. in the US you can get cash back on your spendings, collect points or get special deals on travel.