Like most financial apps that don't charge a monthly fee, Común generates revenue mainly through interchange fees (a small fee paid by the merchant, not you, every time you use your debit card) and international remittance fees.

If Común doesn't charge a monthly fee, how does it make money?

Mainly through interchange fees — a small fee the merchant pays (not the user) every time the debit card is used — and international remittance fees, which start at $2.99 per transfer.

Does this mean using Común is "free"?

Using your checking account (no monthly fee, no minimum balance) is at no cost to you. International remittances do have a fee, shown transparently before you confirm each transfer.

Why does it matter to understand how your financial provider makes money?

Understanding the business model helps confirm incentives are aligned — a provider that earns from interchange fees benefits from you using your card, not from charging you hidden fees.

Frequently asked questions

Does Común charge any hidden fees if there's no monthly fee?

No, using the checking account is at no cost; the only visible fee is for international remittances, shown before you confirm.

What's an interchange fee?

It's a small fee the merchant pays to the payment network (Visa) every time a customer uses their debit card — the user doesn't pay it.

Does Común make money from my remittances?

Yes, remittance fees (starting at $2.99) are one revenue source, shown transparently before each transfer.

Why do some banks charge a monthly fee and Común doesn't?

It depends on each institution's business model; Común relies more on interchange and remittance fees than account fees.

Does this affect the safety of my money?

No, your money is FDIC-protected up to $250,000 through Community Federal Savings Bank, regardless of Común's revenue model.

Where can I see exact fees before using them?

The app shows applicable fees (like remittance fees) before you confirm any transaction.

If you’re looking for a feasible way to live and work in the United States, you should know the details of the EB-3 visa, a permit that offers skilled workers, professionals, and other unskilled workers the possibility of accessing various job opportunities in the country.

This visa is the most common route to live and work legally in the U.S. because, unlike the EB-2, it covers a broader range of profiles. It also facilitates obtaining permanent residence.

The application process is often somewhat confusing and slow. Therefore, here we explain what the EB-3 visa is, its requirements, the employer’s role, benefits, processing time, costs, and the step-by-step process to apply.

What is the EB-3 visa and who qualifies?

The EB-3 is a visa category for obtaining a Green Card through authorization granted to foreign workers who have a job offer issued by a U.S. employer.

In turn, this visa is divided into three main categories:

• Skilled workers: individuals with at least 2 years of job experience in a given field.

• Professionals: individuals with a university degree equivalent to a U.S. bachelor’s degree, whose positions require academic training.

• Other (unskilled) workers: roles requiring less than 2 years of experience—generally positions requiring steady labor.

For any of these subcategories, the employer plays a central role by filing the labor certification (PERM) with the Department of Labor to show that no U.S. workers are available to fill the job.

Main EB-3 visa requirements

The EB-3 visa has specific requirements depending on the subcategory. Below is a comparative table.

Regardless of subcategory, a permanent job offer in the United States is always required. The employer must also complete DOL-approved labor certification showing the need to hire a foreign worker for the position.

Next, Form I-140 (Immigrant Petition for Alien Worker) is filed, in which the employer asks USCIS to classify the worker under an EB-3 category.

For example, if a medical practice needs a physician, it files Form I-140 to substantiate the candidate’s experience.

Benefits of meeting EB-3 visa requirements

Obtaining an EB-3 work visa brings several advantages not only for the applicant but also for their family, for example:

• Job stability in the U.S.

An EB-3 visa allows you to secure lawful employment with a U.S. company, helping you achieve financial stability and a better quality of life for your family.

• Pathway to lawful permanent residence.

The EB-3 is also a route for your immediate family to obtain a family-based Green Card, allowing you and your family to live legally in the United States.

• Opportunities for professional and personal growth.

Building a life in the United States brings benefits such as access to higher wages, a broader job market, education for your children, Social Security, and more. This enables long-term financial planning to acquire property and services needed for your family’s well-being.

How to apply for the EB-3 visa step by step

Step 1. Determine eligibility

First determine which of the three categories fits your profile and verify that you meet the requirements based on your education level, work experience, and the type of job you’re applying for.

Step 2. Labor certification (PERM)

The employer must then file the labor certification (PERM) with the Department of Labor (DOL) to show no U.S. workers are available for the position and that the offered wage meets legal standards. This step is essential; without approval the process cannot proceed.

Step 3. File Form I-140

Once PERM is approved, the employer must file the I-140 petition with USCIS to confirm the job relationship and the company’s financial ability to pay the worker’s wage.

Step 4. Adjustment of status or consular processing

After I-140 approval, wait for visa availability in the Visa Bulletin, then proceed accordingly:

• Adjustment of status: if you’re already in the U.S., file Form I-485

• Consular processing: if you’re outside the U.S., file Form DS-260 through the National Visa Center and attend an interview.

Común supports your daily financial life in the U.S.

Here we’ve shown what the EB-3 visa is, the requirements for each subcategory, the benefits, and the application process.

As you start your new life in the U.S., make sure you have an ally who understands you.

Común is a financial platform that helps you manage your everyday needs in the United States. Through the Común mobile app and an intuitive platform, you can create your checking account with a qualifying official identification from your home country. It also makes sending remittances to Latin America, simple and transparent, with clear and competitive fees, up to the applicable limits.

Open your Común account today and start managing your money in the U.S.

Frequently Asked Questions (FAQ)

If you still have questions, see this section.

How long does the EB-3 process take?

The timeline varies with workload, but the full process is estimated at roughly 1 to 3 years.

How much does the EB-3 visa cost in the United States?

• Form I-140: $715

• Form I-485 (adjustment of status): $1,440

• Form DS-260 (consular processing): $325 per applicant

Can I include my family with the EB-3 visa?

You can include your spouse and unmarried children under 21 to apply for residence as derivative beneficiaries and obtain the Green Card at the same time.

Do I need a job offer to apply?

Yes, the EB-3 always requires a job offer, unlike the EB-2 NIW subcategory.

Did you know it is possible to send money without having a bank account? The lack of access to financial services is a problem that negatively affects the quality of life of thousands of immigrant workers in the United States.

For example, according to a recent survey, the rate of the Latino community in the United States without a bank account dropped from 15% to 10% over the last two years. However, it remains high compared to the national average of 4.5%.

While having a bank account facilitates financial transactions such as transfers, in-store payments, and online purchases, there are now alternatives that allow you to access banking services without needing an account.

Below, you will discover how to transfer money from one card to another without an app or bank account, as well as the safest and simplest methods available to you.

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Sending Money Online

Not having a U.S. bank account is not an obstacle to sending money domestically or internationally, as there are methods widely used among immigrant workers who regularly send remittances and conduct other transactions using prepaid cards and cash payments.

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International Money Transfer Providers

This is one of the most popular ways to send money without a bank account due to the accessibility, variety of payment methods, and broad coverage typically offered.

International money transfer providers are companies that specialize in facilitating money transfers from one country to another. The key features of these services include:

• Specialization in international money transfers, unlike traditional banks, which have certain limitations, such as high commissions, unfavorable exchange rates, extensive delivery time, and participation of intermediaries that increase costs.
• More affordable fees.
• Various sending methods.
• Multiple Money Transfers Locations

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How to Send Money Without a Bank Account Through an International Transfer Platform

Comun allows you to send money to your loved ones for a modest transfer fee starting at USD 2.99 up to the applicable limits. It is very simple; just follow these steps:

1. Open your account with Comun; it will only take a few minutes!

2. Choose the most convenient delivery method for your recipient, such as cash pick up at a physical store like Oxxo, Grupo Elektra, 7 Eleven, and more.

3. You may also send money directly to a bank and have it picked up at one of its branches.

4. Track the delivery directly in your Comun mobile application.

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Comun is an excellent option for our community, as it provides Spanish-language service, which is highly appreciated by the immigrant community. Open your account today and start sending money without complications.

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What Information Do You Need to Send Money Without a Bank Account?

To send money without a bank account, you only need the following information about your recipient:

• Full name of the recipient, exactly as it appears on their official ID.
• Recipient’s phone number.
• If the transfer is made to a bank account, you will also need:
  
  • Recipient’s address.
  • Bank account number, depending on the receiving country.

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P2P Services

P2P (peer-to-peer or person-to-person) services allow immediate money transfers between individuals without intermediaries. These options are useful for everyday needs such as paying rent, shared services, splitting transportation costs, and sending money to your relatives in the US or internationally.

How to Send Money Without a Card Using P2P Services

1. Choose a reliable provider, such as Cash App or Venmo.
2. Enter the recipient’s phone number in the mobile app.
3. Confirm the transaction and track it.

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Sending Money by Mail

Other alternatives involve sending a cashier’s check, a certified check, or a money order through the postal service.

Cashier’s Check

This type of check is issued with the bank’s funds. The customer must pay in cash or directly from their account, and the check is made payable to the recipient.

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Certified Check

This check is issued using the customer’s funds. The issuer must have a bank account so that the bank can verify the availability of funds. The recipient may cash the check directly at a bank branch.

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Money Order

Another way to send money without a bank account is by using a money order, which is a type of prepaid payment order. To do so, you will need to:

1. Go to a post office or authorized retailer, such as USPS or Walmart, to purchase a money order.

2. Write the beneficiary’s name in the “pay to the order of” section.

3. Write your name in the “purchaser” section.

4. Sign in the space designated for the purchaser, generally on the front of the document.

5. Keep the receipt with the serial number.

6. Pay the amount to be sent plus applicable service fee.

7. Send the money order via regular or certified mail.

8. Write the recipient’s address in the center of the envelope and the sender’s address in the upper left corner.

9. Purchase a postage stamp at the post office and attach it to the envelope.

10. Drop off the envelope at the post office.

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The recipient may cash the money order at an authorized branch upon presenting valid personal identification.

The downside of this alternative is that it takes longer to arrive, as it relies on a traditional mailing method.

Sending Money With Prepaid Load

There are other options available to send money without a bank account, such as prepaid cards and mobile applications.

Reloadable Prepaid Cards

Reloadable prepaid cards function similarly to debit cards, with the main difference being that they are not linked to a bank account. They also allow you to pay for services and make online purchases.

To send money using a prepaid card, you only need to:

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1. Identify an international money transfer service that supports prepaid cards, such as Western Union or MoneyGram.

2. Select your preferred provider and choose the prepaid card option on their website.

3. Enter the recipient’s information, making sure it is compatible with the selected platform.

4. Confirm the transfer and pay the amount plus the applicable service fee.

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Done! The recipient will receive the money on the prepaid card as if it were a bank transfer.

Mobile Wallets/Applications

Lastly, you may opt for mobile wallets or applications that offer money transfer capabilities. Some examples include Cash App, Venmo, and Remitly, which provide access to an mobile app you can use to send and receive money.

These applications do not require a bank account and are user-friendly. Some also offer physical cards that function similarly to debit cards.

7 Essential Tips for Sending Money Without a Bank Account

1. Verify the Identity and Information of the Recipient

Ensure that the recipient’s information, such as name, account number, or phone number, is entered correctly. Any discrepancies could prevent the recipient from collecting the funds.

2. Compare Fees and Exchange Rates

Each provider has its own rates depending on the receiving country, amount, and exchange rate. Remember, with Comun you do not pay excessive fees, and you ensure your family receives more for less.

3. Know the Sending Limits

Some platforms have sending limits that should be considered before selecting a service. For instance, Western Union has a daily limit of USD 7,499, while Cash App allows up to USD 7,500 per week for verified accounts.

4. Keep All Receipts and Reference Numbers

Even though these methods are secure, it is important to keep receipts and reference numbers in case a clarification or issue arises.

5. Use Reputable and Secure Services

It is essential to ensure that you use a trusted service. Check online reviews and verify that the provider has an official website and/or physical offices.

6. Be Cautious of Scams

Unfortunately, scams are common around financial services. No legitimate institution will request passwords or verification data. Always access official websites. If in doubt, visit an authorized branch.

7. Consider Delivery Time

Most options allow you to complete transfers in minutes, but some may take several days. Consider this before choosing your preferred service.

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Frequently Asked Questions

Is it safe to send money without a bank account?

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Absolutely. Comun is backed by leading financial institutions to protect your funds up to the applicable limits. Additionally, you can track your transfer directly through the Comun mobile app.

How much does it cost to send money without a bank account?

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Comun offers a transfer fee starting at USD 2.99, regardless of the amount you send up to the applicable limits. Your first transfer is commission-free!

How long does it take for the money to arrive?

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Cash is typically available within approximately 1 hour at the selected store or bank branch.

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What documents do I need to send/receive money without an account?

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You need the full name of your recipient, and they must present official identification.

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Person-to-person (P2P) transfer apps let you send and receive money between individuals using just an email or phone number. With Común you can link an external debit card from another U.S. bank to send and receive payments right away.

What are P2P transfer apps?

They're apps that let you send and receive money directly between people, usually by linking a bank account or debit card.

How do I send or receive money from another person with Común?

You can link an external debit card from another U.S. bank (up to 2 cards in your first 60 days) to send and receive payments, even if you don't have funds in your Común balance.

What should I consider when using a P2P app?

Transfer speed, per-transaction limits, and which payment methods it accepts (debit card, credit card, or bank account) vary by app.

Frequently asked questions

Can I send money to someone without having a balance in my Común account?

Yes, if you have a linked external debit card, you can send money even without funds in your Común balance.

What cards can I link to my Común account?

Valid debit cards issued in the U.S., in your name, that allow sending and receiving funds. Credit and prepaid cards aren't accepted.

How many external cards can I add?

Up to 2 debit cards during your first 60 days with the account.

How does Común verify the external card is mine?

By sending a micro-deposit (less than $1.00) to the linked account, which you confirm in the app.

Why was my external card rejected?

Common reasons include the name not matching your account, the card being a credit card, or it not being issued in the U.S.

Is it safe to link an external card to my Común account?

Yes, Común never asks for your bank password or sensitive information during verification.

Managing your bank account efficiently means checking your activity regularly, avoiding unnecessary fees, and using digital tools. With Común there's no monthly fee, no minimum balance, and you can do almost everything from the app.

Managing your bank accounts efficiently involves understanding best practices for handling them, using your bank or credit union’s resources, and making informed financial decisions. This article will explore essential strategies from choosing the right type of bank and balancing your checking account to taking advantage of your bank’s mobile banking app for optimal account management.

Understanding Your Account

Explore different types of bank accounts, such as checking accounts, savings accounts, and money market accounts at various financial institutions. Learn about their specific uses, from everyday spending with a debit card to saving money for future goals through a high-yield savings account. Master how to monitor checking account balances and track financial transactions using your bank’s mobile banking app, ensuring effective cash management.

Click here to learn more about your account number

Setting Up Account Alerts

Mobile banking alerts are essential tools in the digital banking era, as they increase your awareness of account activity and help with financial management. Use strong security practices to manage your online account, such as using secure passwords and enabling two-factor authentication. Use your bank’s mobile app security features to protect against unauthorized access and ensure the safety of your financial transactions.

When setting up alerts, you can receive notifications for various events, such as when your balance falls below a certain threshold, which helps prevent overdraft fees. Alerts for large deposits or withdrawals can also help monitor fraudulent transactions, especially important across multiple bank accounts at different financial institutions.

In addition, many banks and credit unions now offer customizable alert options, allowing you to receive updates on account balances at set times or even unusual card activity, further securing your financial transactions and helping maintain good cash flow management.

Budgeting and Tracking Spending

An effective budget is crucial for financial stability, and modern money management tools are designed to meet this need by providing detailed insight into your variable and fixed expenses. These tools sync with your bank accounts to automatically categorize transactions, making it easier to track where your money goes and identify areas for potential savings.

Using direct deposits strategically can automate much of your financial planning, ensuring essential expenses such as monthly bills are covered automatically, while also directing money into separate savings accounts designated for specific goals such as saving for an emergency fund or building up a down payment. This direct deposit setup not only simplifies financial management, but also helps maintain discipline in achieving your financial goals.

Using Automatic Savings Tools

Automatic savings tools are vital for building financial resilience without requiring constant manual intervention. Setting up transfers between your checking account and high-yield savings accounts can significantly improve your savings efforts by taking advantage of the higher interest rates offered by these accounts. These tools can be programmed to transfer a fixed amount or a percentage of your monthly income directly into a savings or investment account, ensuring that saving becomes a continuous part of your financial routine.

In addition, some banks offer features such as “round-up” programs, where everyday transactions are rounded up to the nearest dollar and the difference is transferred into a separate savings account, effectively turning every purchase into a savings opportunity. Discussing these options provides a clear view of how automatic savings tools not only help achieve long-term financial goals, but also more effectively manage day-to-day financial health.

Minimizing Fees

Understanding and minimizing the fees associated with bank accounts is crucial to maintaining your financial health. Monthly service fees, minimum balance requirements, overdraft fees, and other charges can quickly erode your savings if not managed properly. It is important to regularly review the terms and conditions of each bank account, as banks often change their fee structures. One effective strategy is to keep a certain balance in the account that exempts some of these fees.

Also consider using a bank or credit union that offers fee-free checking and savings options. Tools like fee-analysis apps can help identify potential savings by suggesting changes in how you manage your accounts or even recommending a switch to a different financial institution that offers lower fees. This proactive approach ensures that you are always ahead of unnecessary expenses, preserving more of your hard-earned money.

Common Fees:

• Monthly Service Fees: Charged for account maintenance, applicable to many checking and savings accounts.
• Minimum Balance Requirement Fees: Incurred when account balances fall below a specified threshold.
• Overdraft Fees: Charged when transactions exceed the account balance.
• ATM Fees: Applied when using ATMs outside your bank’s network.
• Transaction Fees: Some accounts charge fees for certain types of transactions, such as wire transfers or even excessive withdrawals.

Strategies to Avoid Fees:

• Maintain Minimum Balances: Keep your account above the required minimum to avoid monthly fees.
• Use In-Network ATMs: Withdraw cash from ATMs within your bank’s network to avoid fees.
• Set Up Alerts: Monitor your account balances and receive notifications to prevent overdrafts.
• Choose the Right Account Type: Opt for bank accounts that fit your financial habits, such as accounts with no monthly fees or accounts that offer fee waivers with direct deposit.
• Link Accounts: Link your checking and savings accounts to automatically cover shortfalls and avoid overdraft fees.
• Review Account Terms Regularly: Stay up to date on any changes to your bank’s fee structure and terms of service.
• Negotiate Fees: Some banks may waive fees if you discuss your account options with them, especially if you are a long-time customer with multiple accounts.

By implementing these strategies, you can minimize or even eliminate many of the fees typically associated with managing bank accounts. This proactive approach not only helps save money, but also improves your overall financial health.

You Can Open Your Checking Account at Común with a VISA Card¹ and No Absurd Charges

Open your checking account¹ in just 3 minutes with your country’s ID².

Accepted documents from across LATAM:

• Passport
• ID card
• Driver’s license
• Consular ID
• Visa
• And many more!

Unmatched benefits:

• $0 opening fee
• $0 minimum balance
• $0 monthly fee

Open your account‍

‍Learn more about our services

We explain how to open a checking account in the United States

Regular Review and Reassessment

Consistently reviewing and reassessing your financial goals and bank account setup is key to adapting to changes in your financial situation and market conditions. This should include checking whether savings account interest rates are competitive, evaluating the benefits of having multiple accounts, and assessing whether your current bank meets your needs.

Regular reassessment can help identify opportunities to consolidate accounts, thereby simplifying finances and potentially reducing fees. In addition, consider setting reminders to review all direct deposits and automatic payments annually to ensure they align with your current financial goals and cash flow needs. This regular review helps avoid financial complacency, ensuring your banking arrangements are always optimized for your current financial situation and savings goals.

Linking Accounts for Simplified Management

Linking your various bank accounts, whether at the same financial institution or across multiple ones, can greatly improve your ability to manage finances smoothly. This can make transfers between accounts easier, such as moving funds from a checking account to a savings account, which can be essential for managing monthly cash flow or saving for planned expenses like vacations or holiday spending.

In addition, many financial institutions now offer sophisticated online and mobile tools that provide a unified view of all your accounts, even if they are at different banks. This integration can help you better understand your overall financial picture, making it easier to make informed decisions about where to allocate funds. Also, having a central hub for managing multiple accounts can reduce the time spent logging into several separate accounts and improve the accuracy of your budgeting and financial tracking.

Conclusion

Efficiently managing your bank accounts is not just about protecting your funds, but also about optimizing your financial operations to support your personal and financial goals. Throughout this article, we explored a variety of strategies, from choosing the right type of account to taking advantage of advanced mobile banking tools. These practices are designed to improve your financial understanding, reduce unnecessary fees, and enhance overall cash flow management.

Finally, as we discussed, using alerts, understanding your bank’s fee structure, and employing automatic savings tools are all fundamental aspects of maintaining strong financial health. Regular reviews and strategic account linking further simplify the management process, allowing for a smoother financial journey. By implementing these best practices, you can make your bank accounts work harder for you, turning everyday banking into a powerful tool for achieving long-term stability and success.

How can I manage my bank account more efficiently?

Check your activity often, avoid avoidable fees (like overdrafts), and use your app's digital tools to track your spending.

What fees should I avoid?

Monthly maintenance fees, minimum balance charges, and out-of-network ATM fees. With Común, none of these apply, and you get free withdrawals on the AllPoint+ network.

What Común tools help me manage my money?

Mobile check deposit, cash deposit at over 88,000 locations, and real-time activity notifications from the app.

Frequently asked questions

How do I avoid unnecessary bank fees?

Choose an account with no monthly fee or minimum balance, like Común's, and avoid overdrafts by checking your balance regularly.

How often should I check my bank account?

Ideally every few days, to stay on top of your spending and catch any unexpected charges.

Does Común charge a monthly fee?

No, there's no monthly fee and no minimum balance required.

How do I deposit cash with Común?

Through the network of over 88,000 locations available on the app's map.

Can I withdraw money without paying a fee?

Yes, at AllPoint+ network ATMs you get 3 free withdrawals a month.

What tool helps me track my spending?

Real-time activity notifications inside the app show you every transaction instantly.

If you suspect your account was compromised, act immediately: lock your card from the app, review your recent activity, and contact support. With Común, locking your card is instant and support is available 24/7.

Recognizing the Signs of Identity Theft and a Compromised Account

The first step is recognizing the signs that your bank account may have been compromised. Unusual or suspicious transactions, unexpected changes to your account details, and alerts or notifications from your bank that you didn't trigger are clear indicators. Getting text or email alerts about activity you didn't do can also mean your account has been hacked. Staying alert and regularly reviewing your account activity can help you catch these signs early if your bank account is hacked.

Immediate Actions to Take When You Notice Suspicious Activity

1. Contact Your Bank Immediately. If you suspect your account has been compromised, call your financial institution directly. Most banks have a dedicated fraud department that can freeze your account to prevent further unauthorized transactions. Acting quickly is crucial to protecting your hard-earned money.

2. Change Your Account Passwords. Immediately change your online account passwords and any other online accounts linked to your financial information. Make sure your new passwords are strong, unique, and different from passwords you've used before.

3. Monitor Your Account for Further Activity. Keep a close eye on your account for any additional suspicious activity. Regularly review your bank statement and account activity, and report any discrepancies to your bank. Setting up text and email alerts for transactions can help you stay on top of your account status.

Learn how to monitor your accounts here

4. Report the Fraud. File a report with your bank's fraud department. Also report the incident to the Federal Trade Commission (FTC) and consider filing a police report. This can help protect your credit report and prevent further identity theft.

Additional Precautions: Enable Two-Factor Authentication

[Image: homepage of bank app — keep image as-is]

To Prevent Future Incidents, Take These Additional Security Measures:

1. Secure Your Devices. Make sure your devices are protected with the latest antivirus protection and security updates. Avoid using public Wi-Fi for online banking.

2. Enable Two-Factor Authentication. Turn on two-factor authentication (2FA) for an extra layer of security on your bank accounts and other online accounts. This makes it harder for unauthorized users to access your accounts.

3. Be Careful What You Share. Be careful about the information you share online, and avoid providing sensitive information like your Social Security number through unsecured channels. Watch out for phishing emails and malicious links that can lead to a compromised account.

4. Use Strong, Unique Passwords. Make sure to use strong, unique passwords for all your other accounts. Avoid reusing the same password across multiple accounts, and change your passwords regularly.

5. Set Up Fraud Alerts. Consider setting up fraud alerts with your bank and credit bureaus. This can help you stay informed about any suspicious activity on your accounts.

We'll show you how to open a bank account in the United States

Común's Security Features

At Común, we prioritize the security of our customers' accounts, just like leading financial institutions. Our platform includes advanced security measures like encryption and real-time monitoring to protect your financial information. If you ever suspect fraudulent activity, our customer service team is available to help you right away. Just send us a message through the Común app, and we'll walk you through the steps needed to secure your account.

Open your bank account¹ in 3 minutes with your country's ID²

• No minimum balance fees
• Get paid up to 2 days early³
• Send money to your home country safely
• And much more!

Open your account!

Conclusion

Quick action is crucial when it comes to a compromised bank account. By recognizing the signs, taking immediate action, and using strong security features, you can protect your finances and regain control of your accounts. Stay alert and proactive to keep your bank account secure. Remember, responding quickly can prevent further losses and ensure your money stays in your hands.

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What are the signs my account was compromised?

Transactions you don't recognize, unexpected changes to your account details, or alerts about activity you didn't start.

What should I do right away if my account was compromised?

Lock your card instantly from the app, review your recent activity, and contact support to report the suspicious activity.

How do I contact Común support in an emergency?

Through in-app chat, email, phone, or WhatsApp, available 24/7.

Frequently asked questions

How do I know if my account was hacked?

Common signs include transactions you don't recognize, changes to your contact details, or alerts about activity you didn't start.

Can I lock my Común card myself if I suspect fraud?

Yes, you can lock it instantly from the app without needing to call support first.

What should I check first if I think my account was compromised?

Review your recent activity in the app to identify any transaction you don't recognize.

How do I report suspicious activity on my Común account?

Contact support through chat, email, phone, or WhatsApp, available 24/7.

Am I responsible for fraudulent transactions if I report them quickly?

Reporting right away reduces your liability; exact protections depend on the circumstances.

How do I protect my account going forward?

Turn on app notifications, review your activity regularly, and never share your access codes, even with someone claiming to represent Común.

In this article, we'll walk you through the advantages and requirements of having a debit account in the United States. It's worth noting that the world's financial center is New York, home to the most important payment hubs where the world's top-ranked financial institutions are connected. That's why having an account in the United States is essential if you do business globally.

Why Having a Debit Account in the United States Matters

Here are the advantages of having a debit account in the United States and what it means to have one — among the most notable benefits:

Cost: The cost to open an account in the U.S. is actually minimal, largely thanks to the digital account types available today. This gives you the ability to handle financial transactions smoothly with the people you want to do business with.

Requirements: Requirements are usually basic, as long as you're of legal age and have some form of address documentation. If you're a foreigner, it's possible to open an account in the United States without a long list of requirements or needing to be physically present.

Control: You can track fees, deductions, and payments made through the platform — for that, we recommend reading: How to Manage My Money in a Debit Account.

Ideal for Freelancers: If you do remote work, global companies typically require an account on some payment platform. For that, you'll need a U.S.-based account. That's why it's worth opening one, so you can meet the requirements of that payment platform.

Security: You get the security that comes with U.S. regulation. On top of that, funds are protected by the Federal Deposit Insurance Corporation (FDIC).

Options: There's a wide variety of ways to get a U.S. account, and among the main options is starting with a debit account, which offers alternatives for people who want an account without being a U.S. resident.

General Requirements to Open an Account in the United States

The requirements listed here are for opening a general account — keep in mind that requirements vary by account type. Among the requirements U.S. financial institutions typically ask for:

ID document: Issued by your country of residence's government (passport, national ID, or identity card depending on your country of origin).

Proof of residence: A current utility bill showing your physical address. It must include a zip code.

Email address: So the confirmation email can be sent this way if you open the account through a platform or app.

Mobile device: To authenticate transactions made through the bank's platform.

If you want to open an account in the United States, there are several options and account types available. Just choose the one that fits your needs, requirements, and that you can comfortably and securely meet the requirements for.

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When you open a bank account, you receive a unique identifier known as a bank account number. This number is crucial for ensuring financial transactions like deposits, withdrawals, or transfers are routed to the correct account within the banking system. This article will dig into what your bank account number represents, how it's structured, and its importance in your financial activities.

What Is a Bank Account Number?

A bank account number is a unique sequence of digits assigned to an account holder by a financial institution. It works much like a physical address for your account within the broader network of financial institutions, distinguishing your account from others and ensuring transactions are recorded accurately.

Structure of a Bank Account Number

The structure of a bank account number varies by financial institution and country, but generally includes several key components:

1. Bank Code/Institution Number: Identifies the specific financial institution. This code is nationally recognized and crucial for routing related banking transactions.
2. Branch Code/Sort Code: This digit sequence identifies the exact bank branch where your account was established, essential for internal fund routing and operational clarity.
3. Account Number: This is the unique identifier for your personal account within the bank. It's critical for distinguishing your account among millions of others within the same bank.
4. Check Digits: Often included in account numbers to provide error-checking capabilities, these help ensure numbers are entered correctly and transactions are routed accurately.

Importance of Your Bank Account Number

• Transaction Accuracy: Your account number is vital for accuracy in financial transactions, ensuring money is sent or received correctly, whether you're setting up direct deposits, managing bill payments, or executing other bank-related financial transactions.
• Security: The uniqueness of your account number adds a significant layer of security, protecting against fraud and ensuring funds aren't misdirected.
• Financial Management: Understanding and managing your bank account numbers, whether for checking, savings, or other account types, helps with efficient financial management and security measures like preventing identity theft.
• International Transactions: For transactions beyond domestic borders, the international bank account number (IBAN) and bank identification code (BIC) are used alongside your account number to facilitate international payments and identify relevant financial institutions globally.

Managing Your Bank Account Number

While a bank account number is a powerful tool for managing financial transactions, it also requires careful handling:

• Keep It Confidential: Treat your bank account number with the same level of security as sensitive data like your Social Security number. Avoid sharing it publicly or through unsecured channels.
• Monitor Your Accounts: Regularly review your bank statement and transaction history through online banking platforms to catch any unauthorized activity early.
• Use Secure Networks: Make sure any online banking is done over secure, encrypted connections. Public Wi-Fi is vulnerable and can expose your banking information to theft.
• Familiarize Yourself With Your Bank's Protocols: Knowing your financial institution's security protocols is crucial. This includes everything from routing numbers for paper checks to using multi-factor ID to grant access to online accounts.

Your bank account number is more than just a sequence of digits — it's a crucial part of your financial identity, essential for directing and protecting the flow of your money. By understanding how your account number works and implementing robust security measures, you can secure your financial health and keep your funds safe. Whether you're receiving a paper check, setting up a direct deposit, or making online transactions, the integrity of your bank account number is paramount.

Things to Know: Bank Account Number vs. Routing Number

Bank account numbers and routing numbers are both critical components of the banking system, but they serve different purposes and have distinct characteristics. Understanding the difference between these two numbers is important for handling financial transactions effectively. Here's how they differ:

A bank account number uniquely identifies an individual's personal account within a bank. It specifies where funds should be deposited or withdrawn.

• Every Number Is Different: Each bank account number is unique to the account holder within a particular bank. No two accounts at the same bank share the same account number.
• Length and Structure: The length and structure can vary by bank and country, typically ranging from 8 to 12 digits in most countries. Some countries may use longer formats.

A routing number (also known as a sort code in some countries) identifies the bank itself, and sometimes the branch where the account is held. It's used to route money transfers like direct deposits and bill payments to the correct bank.

• Consistency: A routing number is consistent across all customers of a bank branch, or even the entire bank, depending on the institution's size and the country's banking system.
• Length and Structure: In the United States, for example, routing numbers are 9-digit codes established by the American Bankers Association. In the UK, similar numbers called sort codes are 6 digits long and formatted in three pairs.

Additionally, the geographic validity of these numbers varies. A bank account number is valid across the entire bank and doesn't change even if the account holder moves to another branch, unless the banking system specifies otherwise. A routing number, on the other hand, is often specific to a region or branch, particularly in larger banking systems like those in the United States. This specificity helps manage and route payments accurately within the complex network of branches and banks.

When setting up processes like automatic bill payments or direct deposits, both numbers are generally required. The routing number first guides the payment to the correct bank or branch, ensuring the institution is properly identified. The bank account number is then used to route the funds to the individual's specific account. Together, these numbers work to streamline financial transactions, making them secure and efficient across the banking network.

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Conclusion

In conclusion, understanding the purpose of your bank account number is crucial. This also comes with understanding its distinction from a routing number to effectively manage your finances and ensure the security and accuracy of your transactions. A bank account number serves as a unique identifier for your specific account within a financial institution, playing a vital role in correctly directing funds, whether for deposits, withdrawals, or automatic bill payments. A routing number, on the other hand, identifies the financial institution and sometimes the specific branch, essential for routing transactions to the correct bank.

The geographic validity of these numbers — where the bank account number stays constant across branches while the routing number can vary by region or branch — highlights the complexity and structured approach banks use to manage and route payments. Both numbers are indispensable in modern banking, from setting up direct deposits to processing paper checks and making secure online transactions.

By maintaining a solid understanding of how these numbers work and applying rigorous security measures, like keeping your information confidential and monitoring account activity, you can protect your financial health and ensure your banking interactions are both smooth and secure. This knowledge not only empowers you to manage your accounts more effectively, but also protects you from potential fraud and errors in an increasingly digital world.

Knowing how to receive money from the United States is essential, as remittances have become a key part of the economy for thousands of immigrant households. According to estimates, by 2030, migrant workers will send a total of $5 billion to their country of origin.

The growing need to send and receive money from abroad has encouraged the creation of new methods specifically designed for countries like Latin America. Below, we present the fastest, easiest, and safest options for receiving your money without complications.

You will learn everything about receiving money from the United States and Latin America: key aspects such as costs and security, requirements to open an account, and different applications for sending money from the United States. By the end of this article, you will know exactly which option is best suited to your needs.

5 Key Aspects to Consider When Receiving Money from the United States

Thanks to technological advances and financial openness, sending and receiving money through digital means is increasingly simple and accessible.

However, immigrant families still face various obstacles, such as high transfer fees, bank-imposed restrictions, and weak security measures.

Undoubtedly, this is not a decision to be taken lightly. Before accepting the terms and conditions of any provider, pay attention to the following key aspects:

Transfer Speed

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Access to cash quickly is a fundamental need for users receiving money from the United States. The reception time varies depending on the sender and other important factors:

• Type of bank: If the transaction is carried out through a traditional bank, it may take up to 5 business days. It is therefore advisable to opt for a company specialized in international transfers.

• Holidays or non-business days: These can also affect the speed of money reception.

• Receiving bank conditions: Each financial institution sets its own rules for receiving remittances, so it is advisable to consult your bank's specific conditions.

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Cost/Fees

A fundamental aspect to consider when receiving money from the United States is the fees, which can exceed 10% of the total amount and significantly reduce household support.

Consider an option that offers affordable costs and a favorable exchange rate.

Security and Reliability

The theft of personal data, commonly known as phishing, is the primary risk in international money transfers. To avoid becoming a victim of such fraud, make sure to use a reliable service through an official website or mobile app. Additionally, do not share passwords or sensitive information with third parties.

Ease of Use

According to the study Remittances to Latin America and the Caribbean 2024, 60% of migrant workers in the United States send money to their mothers. It is important to choose a provider that understands your needs and offers reliable, secure, and easy-to-use platforms.

Receiving Options

If for any reason you cannot receive money through bank transfers, look for an option that offers cash pickup locations near you, such as Oxxo or Walmart.

What Do You Need to Receive Money from the United States?

Regardless of the bank you choose the requirements for receiving money can be summarized as your basic personal information:

• Full name of the beneficiary
• Account number
• Name and address of the receiving bank
• SWIFT/BIC code of the receiving bank
• Address of the beneficiary
• Name of the intermediary bank

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The requested data may vary depending on the receiving country, so you may be asked for more or less information. Remember, no reputable institution will ask for passwords or access information to complete transfers or send money.

3 Methods to Receive Money from the United States Without Complications

If you need to send and receive money from the United States to Mexico, you can choose from the following options:

1. Receiving Money into Your Account

This is a simple way to receive money from the United States, as it allows you to do so from the comfort of your home via a mobile application.

In the case of Mexico, most traditional banks tend to receive transfers from the United States under their own terms and conditions. This means that fees and exchange rates vary by financial institution.

For Banorte and BBVA, the cost for international transfers is $30 plus VAT, regardless of the amount sent.

Receiving money through traditional financial institutions can be expensive; fortunately, there are more affordable alternatives.

2. Receiving Money Through Comun

Comun allows you to send money from the United States to Latin America with no charge on your first transfer and accessible fees thereafter. It is the preferred option among the immigrant community, offering shared language, interests, and goals: bringing families closer together through secure and affordable financial solutions.

Open your account with Comun and start sending money from the United States to your home without complications. Your family can receive it in local bank accounts or collect it physically at partner locations.

3. Receiving Money on Other Platforms

Wise

Wise is another platform that offers international money transfers. It is geared toward independent workers around the world who earn income from the United States.

Although it is a common alternative for receiving money digitally from abroad, it does not offer physical pickup options, which may be a drawback for migrant families.

Western Union

Western Union is one of the most popular options among migrant workers in the United States, as it allows for cash transfers without the need for a bank account, including to rural or hard-to-reach areas.

It is a suitable option in certain circumstances, but be aware that Western Union’s commission fees are typically high, and it uses a lower exchange rate than the market.

The cost of sending money depends on several factors, such as the method used and the destination country. However, the fee can reach up to 6%, not including the exchange rate difference.

MoneyGram

Finally, MoneyGram is an international money transfer service operating in over 200 countries, including Mexico.

Your Family Gets More for Less: Send Money with Comun from the United States. 

As you can see, sending and receiving money from the United States does not have to be complicated. Today, there are financial services that aim to bridge the gaps that hinder communication between businesses and individuals.

Comun is an accessible option for all, offering the best benefits for immigrant families:

• Access to a debit card and mobile app
• Account opening with official ID from your country
• Competitive fees for International money transfers, starting at $2.99 transfer fee
• No opening fees or monthly charges

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Compare and choose the option that best fits your needs. Remember that you have an ally in Comun to receive money from the United States without complications.

Frequently Asked Questions

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How long does it take for money to arrive from the U.S. to Mexico?

With Comun, your money arrives in minutes via bank transfers. Cash pickups at partner locations take as little as 1 hour.

What are the typical fees for receiving money?

Fees usually depend on the amount and destination country. Comun offers a transfer fee starting at $2.99, regardless of the amount sent up to the applicable limits.

Do I need a checking account to receive money?

Comun provides a checking account that includes a debit card and mobile application. However, it is not required, since you can receive money at physical locations.

Is it safe to receive money through digital platforms?

Absolutely. Comun is backed by major financial institutions. Your Comun account funds are insured by the FDIC up to $250,000 per ownership category through Community Federal Savings Bank (CFSB), member of the FDIC, in the event of CFSB’s failure.

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Introduction: What Is the Foreign Exchange Market?

The foreign exchange (FX) market is the backbone of global trade, since it allows one currency to be exchanged for another. Whether you're traveling abroad, buying international products, or investing overseas, FX plays a crucial role in our financial lives. This article aims to demystify two key FX concepts: exchange rates and currency margins, explaining them in simple terms for new banking customers and anyone unfamiliar with these topics. Understanding these concepts is crucial for customers of Community Federal Savings Bank and other financial institutions that offer banking services.

What Is the Exchange Rate?

The exchange rate is the value of one currency in terms of another. For example, if 1 U.S. Dollar (USD) is worth 0.85 Euros (EUR), the exchange rate is 1 USD = 0.85 EUR. Exchange rates fluctuate based on supply and demand in the foreign exchange market. Several factors influence these rates, including:

• Supply and Demand: If a currency is in high demand, its value increases. Conversely, if there's more supply than demand, the currency's value decreases.
• Central Banks and Government Policies: Central banks, like the Federal Reserve in the U.S. or the European Central Bank, can influence exchange rates through interest rates and monetary policy. For example, higher interest rates offer better returns on investments in that currency, increasing demand and value.

How Do Exchange Rates Affect Us?

Exchange rates impact several aspects of our lives:

• International Travel: When you travel abroad, the amount of foreign currency you get for your money depends on the exchange rate. For Común customers, understanding exchange rates⁴ helps keep your money secure while traveling. Examples of fluctuating exchange rates include: 1 USD = 0.85 EUR or 1 USD = 109.75 Japanese Yen (JPY).
• Cost of Imported Products: Products priced in foreign currencies become more or less expensive depending on the exchange rate.
• International Business and Investment: Businesses dealing with international customers and suppliers, or investing abroad, are affected by exchange rate fluctuations, which influence their costs and revenue.

What Is the Currency Margin (FX Spread)?

The currency margin is the difference between the buy price and the sell price of a currency pair. The buy price is what buyers are willing to pay, while the sell price is what sellers are asking. The spread is essentially the cost of trading currencies.

For example, if the buy price for EUR/USD is 0.84 and the sell price is 0.86, the currency margin is 0.02. This margin is crucial because it represents the transaction cost of exchanging currencies, which is a key consideration for banks and financial institutions.

Why Does the Currency Margin Exist?

Several factors contribute to the existence of the currency margin:

• Market Liquidity: Greater liquidity (more buyers and sellers) generally results in a narrower margin. Lower liquidity leads to a wider margin.
• Currency Brokers and Financial Institutions: These intermediaries set the buy and sell prices, factoring in their profit margins.
• Transaction Costs: The costs of executing trades and maintaining currency inventories are also built into the margin.

How Does the Currency Margin Affect Transactions?

The currency margin impacts the cost of exchanging money. A smaller margin means lower costs, while a larger margin increases the cost. Here are some examples:

• Small Margin: If the buy-sell margin is small (for example, 0.01), the transaction cost is low, making it cheaper to exchange currency.
• Large Margin: A larger margin (for example, 0.05) means higher transaction costs.

To minimize the cost of exchanging currency, consider:

• Comparing Rates: Look for the best exchange rates and lowest margins, especially when using Community Federal Savings Bank banking services.
• Timing: Exchange money when market liquidity is high, typically during business hours in major financial centers.

Real-World Examples:

Understanding currency margins can help you make better financial decisions:

• Traveling Abroad: When exchanging money for a trip, the currency margin affects how much foreign currency you receive. Común¹ account holders can keep their money secure by understanding these margins.
• Online Shopping: Buying products on international websites involves currency conversion, where the margin influences the total cost.

To check the current exchange rate and currency margin, use online currency converters and financial news websites. Financial inclusion matters, and platforms like Común offer tools and support to help Latino immigrants and other users manage their money effectively.

Conclusion: Stay Informed

In summary, the exchange rate determines the value of one currency against another, while the currency margin is the cost of trading currencies. Understanding these concepts is essential for making informed financial decisions, whether you're a new banking customer or new to the world of FX. Stay informed and use this knowledge to navigate the complex world of currency exchange more effectively.

Additional Resources

• FDIC-Insured Banks: Make sure your funds are safe by choosing FDIC-insured banks like Común.
• Support and Security: Común offers customer support and security features to protect your personal information and funds.
• Remittances: For Latino families and immigrants, understanding exchange rates can help send money abroad efficiently.

Understanding exchange rates and currency margins can have a significant impact on your financial transactions. By staying informed, you can make better decisions and optimize your currency exchanges, improving your overall financial health.

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Finding a path that gives you job opportunities in the United States can be hard work, especially if you’re unfamiliar with the different visa types offered by the U.S. government.

The H-1B visa is an option that could open the door to a new life in the U.S. In this guide, we explain what it is, what it’s for, who can apply, when it applies, and its benefits and limitations.

It’s essential to understand this visa’s features—as well as how it differs from other work visas—so you can ensure it fits your professional goals in the country.

With this information, you’ll be able to plan a strategy to obtain the visa and fully establish yourself in the United States.

What is the H-1B visa in the United States?

The H-1B visa is authorization granted to foreign workers to temporarily perform specialty occupations that generally require specialized knowledge and prior experience.

It is a nonimmigrant visa with an initial duration of 3 years and, in most cases, can be extended up to a maximum of 6 years.

There are exceptions, such as when the temporary worker is in the process of obtaining permanent residence, in which case the visa may be extended for a longer period.

4 main requirements to obtain the H-1B visa

Before starting the immigration process, you should know the H-1B requirements and verify that your background aligns with them to determine eligibility.

1. Minimum education level

To obtain an H-1B visa, you must have a higher education degree or its U.S. equivalent. The job offer must also be related to the specialty area of the degree presented.

2. Job offer from a U.S. employer

As with the EB-3 visa, the H-1B also requires a job offer from a U.S. employer, who must file Form I-129 with USCIS.

3. Common professions where it applies

Keep in mind that this visa is used for jobs requiring specialized knowledge, and openings most often arise in the following areas:

• Various branches of engineering.

• Information technology, such as programming, software development, etc.

• Sciences, such as chemistry, biology, and physics.

• Healthcare.

• Finance, economics, and accounting.

• Architecture, mathematics, and technical fields.

4. Annual visa cap and the lottery process.

Another key point is that this visa has an annual issuance cap, divided as follows:

• Regular H-1B: 65,000 per fiscal year.

• Advanced degree exemption: more than 20,000 for U.S. master’s and doctoral degrees.

Because filings often exceed these limits, USCIS established a selection system consisting of electronic registration and a random lottery.

The draw occurs in two phases: first the 65,000 regular slots are selected, and then 20,000 additional slots are drawn for U.S. advanced degree holders.

Between March and April, employers receive notification of the lottery results. If not selected, you may wait for a second round if quotas aren’t filled or, otherwise, apply the following year.

What is the H-1B application process?

Below is how the H-1B application process works.

1. Register in USCIS’s system

First, the U.S. employer must register the candidate on USCIS’s official site during the designated window, generally in March. The registration fee—listed on the same site—must also be paid.

If the candidate is selected, the employer receives a USCIS notice and can proceed to the next stage.

Note that before filing with USCIS, the employer must obtain a certified Labor Condition Application (LCA) from the Department of Labor (DOL).

2. Employer files the petition

After selection, the employer has 90 days to file Form I-129, Petition for a Nonimmigrant Worker, along with required documentation.

At this stage, it’s necessary to show the position is a specialty occupation and that the candidate meets the requirements.

3. USCIS review and approval

USCIS reviews the filing and, if needed, issues a Request for Evidence to seek additional information or clarification.

If everything is in order, the employer receives an approval notice, and the candidate proceeds with consular processing or a change-of-status request.

4. Consular processing or change of status

If the candidate is outside the U.S., they must attend a U.S. consulate, complete Form DS-160, and appear for a consular interview.

If the candidate is already in the U.S. under another status, the employer files the H-1B petition indicating the worker is in the United States.

In both cases, USCIS approval is required before visa issuance can proceed.

Benefits and limitations of the H-1B visa

H-1B holders enjoy several benefits that can improve their lives and those of their families; however, it’s also important to note the limitations.

Benefits

Lawful work in the United States

Although temporary, the H-1B allows you to work legally in the United States in your field of specialty. This can open many doors and strengthen your professional experience.

Potential path to permanent residence

H-1B workers may later pursue permanent residence (a Green Card) and extend benefits to immediate family members such as a spouse and unmarried children under 21.

Limitations

Maximum duration of 6 years

As noted, this visa does not automatically confer permanent residence; it lasts a maximum of 6 years. Still, it can be a first step toward it.

Employer dependency

This visa depends entirely on the employer extending the job offer and completing the filing process.

Annual cap

The visa is numerically capped, and filings typically exceed the annual cap, reducing the likelihood of selection.

To prevent these limits from becoming obstacles, consider planning ahead if you intend to pursue permanent residence. You can also evaluate other work visas, such as EB-2 and EB-3, which may be more suitable for long-term plans in the United States.

Take the next step on your immigration path with Común

Here we covered how to file for the H-1B visa, the requirements, benefits, limitations, and who it’s ideal for.

When you arrive in the United States, you’ll need an ally to help you manage your finances easily. Meet Común!

• Debit card for everyday purchases and payments.

• Fast money transfers to your home country.

• Secure payment options.

Open your Común account today and manage your money in the U.S.

Frequently asked questions

How do I go from H-1B to a Green Card?

Your employer must sponsor permanent residence under an employment-based category, file PERM with the DOL, and then file Form I-140.

How long does the H-1B last?

A maximum of 6 years.

How much does an H-1B visa cost?

Form I-129: from $460 to $780.

An anti-fraud fee may apply.

Bank Accounts

Having a bank account is essential for managing your financial life efficiently and offers numerous practical benefits. One of the main advantages is safe money storage. Unlike keeping cash at home, which can be vulnerable to theft, loss, and damage, money kept in a bank account is safe and protected. Additionally, bank accounts provide great convenience for everyday transactions. You can easily pay bills, receive direct deposits, withdraw cash, and make purchases with a debit card linked to your account. Modern banking also lets you manage your finances from virtually anywhere through online and mobile banking platforms.

Types of Bank Accounts: Checking and Savings

In the world of personal finance, understanding the different types of bank accounts is crucial.

• Checking Accounts: Checking accounts, often called personal checking accounts, are designed for everyday transactions like depositing money and debit card purchases. They frequently come with the option of direct deposits and online bill pay. Understanding the differences between checking and savings accounts is essential, especially when considering banking promotions and bonuses that often feature specific offers for opening new checking and savings accounts, including direct deposit requirements and minimum deposits to qualify for cash bonuses.
• Savings Accounts: Savings accounts, including specialized forms like a Barclays savings account, are meant for storing money over a longer period, often with the goal of building an emergency fund. These accounts may offer a higher interest rate and sometimes require a minimum balance. Combining checking and savings accounts can provide a comprehensive banking solution, offering both the flexibility of everyday transactions and the benefit of earning interest on long-term savings, which is particularly advantageous when banks offer promotions and bonuses for these accounts.
• Money Market and CD (Certificate of Deposit) Accounts: Generally offer higher annual percentage yields than regular savings accounts, locking in funds for a specified period to achieve better returns.

Understanding these options helps align banking services with your financial goals, whether you're considering opening a business checking account or a joint savings account at the same bank or credit union.

Opening Your First New Bank Account

To open an account, particularly a new online bank account, start by choosing the right financial institution — it could be an online-only bank, a traditional bank, or a credit union, depending on your financial needs and preferences. Consider factors like accessibility, customer service, fee structures, and the availability of online and mobile banking features when selecting where to open your account.

The process generally involves making an initial deposit, which can vary but is often a minimum opening deposit. Meeting the minimum deposit is crucial to qualify for account bonuses. Some institutions may require only a few dollars, while others may ask for a larger amount, especially for premium or specialized accounts. During the account-opening phase, you'll need to provide personal information like a Social Security Number or an Individual Taxpayer Identification Number, and a government-issued ID, like a passport or driver's license. This information helps the bank ensure compliance with regulatory requirements, including those related to money laundering.

Many banks offer bank account bonuses or a checking account bonus to new checking account customers, which can be an attractive incentive. Opening a personal checking account in America comes with specific bonuses and rewards, including cash bonuses for meeting certain requirements like a qualifying direct deposit. To qualify for these bonuses, customers often need to meet criteria like a minimum deposit within a certain timeframe and maintaining that balance for a specific period. For example, some financial institutions offer cash bonuses for setting up a qualifying direct deposit. This incentive often requires you to receive a regular payment, like a salary or a government benefit, directly into your new account within a certain period of opening the account. Be sure to understand the terms and conditions associated with these bonuses, like minimum balance requirements and the duration of direct deposits.

Additionally, ask about any potential fees associated with the account, like monthly maintenance fees, ATM usage fees, and overdraft charges. Sometimes, banks offer fee waivers under certain conditions, like maintaining a minimum balance or even by enrolling in direct deposit. It's also worth asking about the bank's overdraft policies. Some banks offer overdraft protection programs, which can keep you from incurring fees if you accidentally overdraw your account. This service can be a lifesaver for new account holders unfamiliar with managing their balance, but it typically comes at an additional cost.

Finally, consider the bank's customer service and support options. Reliable customer support can be invaluable, especially if you run into issues with your account or need guidance on using banking services. By carefully considering these aspects, you can ensure your first banking experience is positive and financially beneficial. Remember, the right bank for someone else might not be the right bank for you, so choose based on your specific circumstances and financial needs.

Común Is a Great Choice for Your Banking Needs in the USA

If you're looking for a reliable, modern banking solution in the United States, Común is the perfect choice for you. Común is a digital bank designed for everyone, especially the immigrant community, offering a hassle-free banking experience, no hidden charges, and Spanish-language tools that make managing your finances easier. With Común, you can open an account in minutes from your phone, get your complimentary debit card, and start enjoying benefits like no-cost transfers, direct deposits, and access to more than 55,000 fee-free ATMs nationwide. Plus, Común cares about your security, implementing advanced measures to protect your money and your data. Don't wait any longer — join the Común community for a banking experience that understands and supports your unique needs.

Open your checking account¹ in 3 minutes with your country's ID²

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More Information About Bank Accounts in the United States

Click here if you want a complete step-by-step guide on how to open a bank account in the United States

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Best practices for managing your account

Effective Account Management

Effectively managing bank accounts goes beyond simply monitoring balances — it involves a comprehensive approach to financial administration. This means understanding and reducing account fees, which can include monthly maintenance, ATM usage, and overdraft charges. One way to minimize these fees is by meeting minimum balance requirements or enrolling in direct deposit, since many banks offer fee waivers under these conditions.

Using online and mobile banking tools is essential for efficient financial management. These platforms allow real-time transaction monitoring, immediate fund transfers, and quick access to statements and banking documents, which can help with budgeting and tax preparation. Setting up automatic bill payments is another crucial feature, ensuring all payments are made on time, avoiding late fees and service interruptions.

For those managing multiple accounts, like a business checking account and a personal checking account, linking these accounts can simplify money management. It allows easier transfers between accounts and a consolidated view of finances, which is particularly beneficial for small business owners who need to keep personal and business expenses separate. Additionally, having multiple bank accounts can offer significant benefits, like separating funds for different purposes — such as everyday expenses, savings, and investments — and meeting individual or joint financial needs, including for international travel or business purposes.

Additionally, mobile banking has revolutionized access to financial services, letting users complete a variety of banking tasks from their devices, like checking balances, depositing checks remotely, and withdrawing cash from ATMs without a physical card. This convenience, however, needs to be balanced with diligent security practices to protect financial data.

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Security and Protection

Account security is critical for protecting financial assets from potential threats like fraud and identity theft. Banks, whether online or traditional, implement robust security measures, including encryption, Secure Sockets Layer (SSL) certificates, and continuous monitoring for suspicious activity. However, responsibility also falls on the account holder to improve their personal security.

Enabling two-factor authentication adds an extra layer of security, significantly reducing the risk of unauthorized access. Using strong, complex passwords and changing them regularly are fundamental practices for securing online banking portals. Account holders should also be alert to phishing scams — fraudulent attempts to obtain sensitive information. Recognizing suspicious emails, links, or phone calls requesting personal banking information is crucial.

Regularly monitoring account activity is another proactive security measure. Many banks offer customizable alerts that immediately notify the account holder of unusual or large transactions, allowing quick action against unauthorized access. It's also advisable to frequently review transaction history to identify any irregularities that might indicate fraudulent activity. Additionally, understanding the latest banking security technologies and using all available tools provided by financial institutions can significantly improve the security of banking operations. These tools include biometric verifications, like fingerprint and facial recognition, which offer a higher level of security than traditional passwords.

By incorporating these advanced management and security practices, people can significantly improve both the efficiency and security of their banking experience, ensuring their financial assets are managed wisely and protected against potential threats.

Conclusion

Navigating the complexities of bank accounts — from choosing the right type to managing and securing them — can significantly impact your financial well-being. Understanding the various account types available, from personal and business checking accounts to savings and CD accounts, lets you make informed decisions that align with your financial goals. Opening your first account is a crucial step that lays the groundwork for building a robust financial future. By selecting the right financial institution, understanding fee structures, and taking advantage of incentives like account bonuses, you position yourself to maximize the benefits of banking.

Effective account management and vigilant security measures are essential to getting the most out of your banking experience. Using online and mobile banking tools not only provides convenience, but also lets you keep close oversight of your financial activities, ensuring your money works for you as efficiently as possible. Additionally, the importance of security can't be overstated — protecting your financial information from fraud and theft is paramount in today's digital age.

Ultimately, carefully managing and protecting your bank accounts is crucial to maintaining financial health and reaching your monetary goals. By adopting the practices outlined in this guide, you can confidently navigate the banking landscape, making informed decisions that strengthen your personal and business finances. Whether you're opening your first account or optimizing existing ones, remember that every step you take is a building block toward greater financial security and freedom.

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