What Is the Real-Time Payments (RTP) Network?

The Real-Time Payments (RTP) network is an advanced financial infrastructure designed to enable instant money transfers in real time. Introduced by The Clearing House in 2017, the RTP network enables immediate fund transfers between participating financial institutions. This system operates 24 hours a day, 365 days a year, ensuring transactions can happen anytime, including weekends and holidays.

Key features of the RTP network include:

• Immediate Fund Availability: Funds are available to the recipient within seconds of initiating the transaction.
• Enhanced Communication: The RTP system supports detailed messaging, letting senders and recipients exchange information about the payment.
• Greater Security: Advanced encryption and authentication measures help protect transactions against fraud.

Key Features of the RTP Network

• Speed: Transactions complete in seconds, providing immediate fund availability to the recipient.
• Security: The RTP network uses advanced encryption and authentication protocols to ensure transaction security.
• Transparency: Real-time updates and confirmations let both parties track their payment status instantly.
• Interoperability: The RTP network is designed to work seamlessly with various financial institutions, enabling broad compatibility and adoption.

The RTP network is designed to support a variety of payment types, including person-to-person (P2P), business-to-business (B2B), and business-to-consumer (B2C) payments, making it a versatile tool for modern financial operations.

How Do Real-Time Payments Work?

Real-time payments revolutionize the traditional banking experience by enabling instant money transfers. This efficiency is made possible by advanced technology and secure communication protocols. Here's a detailed look at how real-time payments work.

The Real-Time Payments Process

The mechanics of real-time payments involve several key steps, ensuring both speed and security:

Payment Initiation

• The sender initiates a payment service through their bank's online platform or a mobile app.
• Essential details are entered, like the recipient's account information, the amount, and the purpose of the payment.

Validation and Authentication

• The sender's bank validates the payment details and authenticates the sender's identity.
• Verification includes checking there are sufficient funds in the sender's account to cover the transaction.

Payment Transmission

• Once validated, the payment is transmitted through the RTP network.
• The RTP network facilitates real-time data exchange between the sender's and recipient's banks.

Receiving Bank Processing

• The receiving bank gets the payment instructions and verifies their authenticity.
• The receiving bank then credits the recipient's account with the specified amount.

Real-Time Confirmation

• Both sender and recipient receive real-time notifications confirming the successful transaction.
• This transparency ensures both parties are immediately aware of the payment's status.

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The Technical Infrastructure Behind Real-Time Payments

The smooth operation of real-time payments depends on robust technical infrastructure. Key components include:

• Payment Gateways: Facilitate the transfer of payment data between banks and the RTP network.
• APIs (Application Programming Interfaces): Let banks integrate their systems with the RTP network, ensuring seamless communication and transaction processing.
• Encryption Protocols: Protect transaction data during transmission, preventing unauthorized access.
• Fraud Detection Systems: Advanced algorithms and machine learning models monitor transactions in real time to detect and prevent fraudulent activity.

Security Measures in Real-Time Payments

Ensuring the security of real-time payments is fundamental. Several layers of security are implemented to protect transactions:

• Multi-Factor Authentication (MFA): Users are required to verify their identity through various authentication methods, like passwords, biometric data, or one-time codes.
• Encryption: All transaction data is encrypted during transmission to prevent interception and unauthorized access.
• Tokenization: Sensitive information, like account numbers, is replaced with unique tokens that can only be interpreted by authorized parties.
• Continuous Monitoring: Transactions are continuously monitored in real time to detect any unusual patterns that might indicate fraudulent activity.

Examples of Real-Time Payment Use Cases

Real-time payments are used in various scenarios, improving the efficiency of financial transactions across different sectors:

• Person-to-Person (P2P) Transfers: Friends and family can send each other money instantly, regardless of which bank they use.
• Business-to-Business (B2B) Payments: Businesses can pay suppliers and partners immediately, improving cash flow management and business operations.
• Business-to-Consumer (B2C) Payments: Businesses can pay employees, contractors, or service providers instantly, ensuring timely compensation.
• E-Commerce Transactions: Online retailers can receive payments instantly, enabling faster order processing and shipping.

Advantages of Real-Time Payments

The benefits of real-time payments are multifaceted and offer significant advantages over traditional payment methods:

• Speed: Instant transactions eliminate waiting periods for funds to become available.
• Convenience: Transactions can be made anytime, from anywhere, without the restrictions of banking hours.
• Efficiency: Simplifies financial operations for both individuals and businesses, reducing the time and effort needed to process payments.
• Transparency: Immediate notifications and confirmations keep all parties informed in real time.

Real-time payments represent a significant advance in the financial industry, offering a smooth, secure, and efficient way to transfer funds. As adoption of real-time payment systems continues to grow, the benefits will become increasingly widespread, transforming how we handle financial transactions.

RTP vs. Other Payment Types

Real-time payments (RTP) offer a distinct advantage over traditional payment methods by providing immediate transaction processing and fund availability. To fully understand RTP's benefits, it's helpful to compare them with other common payment types: Automated Clearing House (ACH) transfers and Instant Payments.

RTP vs. ACH

Automated Clearing House (ACH) transfers have been a mainstay in financial transactions for decades. However, RTP offers several improvements that make it a superior option in many scenarios. Here's a comparison:

• Speed:
• RTP: Transactions process instantly, with funds available to the recipient within seconds.
• ACH: Transactions generally take one to three business days to settle, since they're processed in batches.
• Availability:
• RTP: Operates 24 hours a day, 365 days a year, allowing transactions anytime, including weekends and holidays.
• ACH: Limited to business days and hours, with no processing on weekends or holidays.
• Cost:
• RTP: While costs can vary, RTP transactions typically have competitive fees, which can be lower than expedited ACH services.
• ACH: Generally lower cost for standard transactions, but expedited ACH transfers can carry higher fees.
• Transparency:
• RTP: Provides real-time transaction confirmations and detailed messaging capabilities, improving transparency.
• ACH: Notifications are often delayed, and detailed transaction messaging isn't as robust.
• Use Cases:
• RTP: Ideal for urgent payments, person-to-person (P2P) transfers, and business transactions requiring immediate fund availability.
• ACH: Suited for regular payroll, bill payments, and bulk transactions where immediate availability isn't critical.

RTP vs. Instant Payments

Instant payments, like those facilitated by credit card networks or certain digital payment services, also offer fast processing times. Here's how they compare with RTP:

• Processing Time:
• RTP: Transactions settle instantly, providing immediate fund availability.
• Instant Payments: Often processed in seconds or minutes, but settlement times can vary by service provider.
• Cost:
• RTP: Generally more cost-effective, especially for high-value transactions, since fees tend to be lower compared to credit card processing fees.
• Instant Payments: Credit card transactions can carry higher fees due to processing charges and interchange fees.
• Security:
• RTP: Uses advanced encryption, multi-factor authentication, and continuous monitoring for fraud detection.
• Instant Payments: Security measures vary by provider, but generally include encryption and fraud monitoring.
• Usage:
• RTP: Used for a wide range of transactions, including P2P transfers, B2B, and B2C payments.
• Instant Payments: Commonly used for consumer transactions, online purchases, and small business payments.
• Availability:
• RTP: Always available, regardless of time or day.
• Instant Payments: Availability depends on the service provider, but many offer near-instant processing.

Understanding these comparisons makes it clear that RTP brings a level of efficiency, convenience, and security that traditional payment methods can't match. As a result, RTP is gaining popularity for both personal and business financial transactions. Learn more about the different types of bank transfers

Instant Transfer Apps

Beyond traditional banking channels, instant transfer apps have emerged as popular tools for facilitating real-time money transfers. These apps leverage the Real-Time Payments (RTP) network and other real-time payment technologies to give users fast, convenient ways to send and receive funds. Let's explore some of the most widely used instant transfer apps and how they work.

Popular Instant Transfer Apps

• Venmo: A widely used app that lets users send and receive money with friends and family, with a social-media-like interface for added convenience.
• Zelle: Integrated with major banks, Zelle offers direct bank-to-bank transfers, making it convenient for users with accounts at participating financial institutions.
• Común App: Común is a newcomer to the instant transfer app market, gaining attention for its user-friendly interface and its focus on financial services driven by the immigrant community. With Común, users can send money instantly to friends, family, and businesses, while accessing a range of features designed to financially empower communities.

These apps have made instant transfers accessible to a wider audience, simplifying the process of sending and receiving money.

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Conclusion

Real-time money transfers, enabled by the RTP network and instant transfer apps like Venmo, Zelle, and Común, offer unmatched speed, convenience, and security in financial transactions. With immediate fund availability, round-the-clock operation, and user-friendly interfaces, these technologies are transforming how we manage our finances. Embracing real-time transfers opens new possibilities for efficient, inclusive financial interactions, empowering individuals and businesses worldwide.

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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.

How to renew your ITIN: step-by-step guide

Your ITIN may have expired if you have not used it on a federal tax return for three consecutive tax years. To renew it, you must submit Form W-7 to the IRS, which is the same form used to apply for a new ITIN. You do not need to wait until tax season to start the renewal process, and you can submit your renewal before filing a tax return.

When does an ITIN expire?

An ITIN (Individual Taxpayer Identification Number) is a 9-digit tax processing number issued by the IRS. It is designed specifically for individuals who need to report income and file taxes in the United States but are ineligible for a Social Security Number (SSN).

An ITIN expires when it has not been used on a federal tax return for three consecutive tax years. The IRS explains that the expiration takes effect on December 31 of the third year of non-use.

An ITIN does not expire because time has passed, but because it has not been used for federal tax filing. Once expired, the number remains the same and can usually be renewed rather than replaced. An expired ITIN does not erase previous tax filings or financial records associated with it.

How do you know if your ITIN has expired?

One sign that an ITIN may have expired is not having filed a federal tax return with that number for several years. If three consecutive tax years have passed without using the ITIN, the number may no longer be active according to current IRS rules.

The IRS may also send a notice informing you that your ITIN needs to be renewed. Receiving a renewal notice does not mean there is a problem with your record. It simply means the IRS has determined that renewal is required before the number can be used again for tax filing purposes.

Tax software may also indicate that an ITIN has expired when preparing a return. If you are unsure if your ITIN has expired, checking IRS correspondence or reviewing past tax filings can also be a way to confirm status.

What happens if your ITIN expires?

An expired ITIN can delay the processing of a federal tax return. According to the IRS, certain tax credits and benefits associated with a return may not be available until the ITIN has been renewed.

An expired ITIN does not cancel previous tax filings, change your tax history, or create a new tax identity. The IRS maintains records associated with the original number even if that number has expired due to non-use.

An expired ITIN also does not automatically affect financial accounts that were opened using that number. However, an active ITIN may be required when completing future tax-related paperwork or applying for certain financial products and services.

If your ITIN has expired, the most practical step can be to start the renewal process before filing your next federal tax return. Taking action early can help avoid delays and additional paperwork during tax season.

What do you need to renew your ITIN?

To renew an ITIN, you must complete Form W-7 and mark it as a renewal application.

You also need documentation that proves identity and foreign status. The IRS lists acceptable documents in its official instructions, which include: passport, U.S. Citizenship and Immigration Services (USCIS) photo identification, visa issued by the U.S. Department of State, U.S. driver's license, foreign driver's license, foreign military identification card, national identification card (must contain name, photograph, address, date of birth, and expiration date), among others.

If your legal name has changed since your ITIN was issued, supporting documentation such as a marriage certificate or court order may be required.

How to renew your ITIN: step by step

1. Complete Form W-7

Fill out Form W-7 and indicate that you are renewing an existing ITIN. Make sure all personal details match your official documents.

2. Gather required documents

Collect identification documents that prove identity and foreign status. The IRS outlines acceptable documents in the Form W-7 instructions.

3. Attach supporting documentation

Include any additional documents required for your situation, such as name change records or prior IRS notices.

4. Submit your application

You can submit Form W-7 by mail, through an IRS-certified Acceptance Agent, or at select IRS Taxpayer Assistance Centers.

5. Wait for IRS processing

The IRS reviews the application and supporting documents before issuing confirmation. Keep copies of everything submitted for reference.

How long does ITIN renewal take?

Processing times vary throughout the year, but the IRS currently advises applicants to allow approximately seven to eleven weeks to receive notification regarding an ITIN application or renewal. Processing may take nine to eleven weeks during peak tax season or when applications are submitted from outside the United States.

Submitting a complete application can help prevent unnecessary delays. Applications that are missing required documents may take longer because the IRS must request additional information before processing can continue.

Can Común help me renew my ITIN?

Yes. Común's ITIN service helps with both new ITIN applications and ITIN renewals.

Común's ITIN service costs $199 and includes guidance throughout the renewal process. The service works with IRS-certified agents who help prepare the required paperwork, explain the requirements, and answer questions in Spanish.

The process can be completed from your phone, making it easier to organize documents and track progress without visiting multiple offices. Común also offers a money-back guarantee if the ITIN application is not approved according to the program terms.

FAQ

Do all ITINs expire?

Not all ITINs expire immediately or at the same time. An ITIN expires if it has not been used on a federal tax return for three consecutive tax years.

Can I renew my ITIN without filing taxes?

In some cases, yes. The IRS allows exceptions where Form W-7 can be submitted without a tax return depending on eligibility.

What form do I use to renew my ITIN?

You use Form W-7 for both new applications and renewals.

How long does it take to renew an ITIN in 2026?

The IRS estimates about seven weeks for processing. Processing may take approximately nine to eleven weeks during tax season or for certain international applications.

Can I still use my Común account if my ITIN expires?

An expired ITIN does not erase your financial history. If you have questions about how an expired ITIN may affect your specific account, contact Común directly for guidance.

What happens to my tax refund if my ITIN expires?

If an ITIN is expired, the IRS may delay processing a return until it is renewed. Certain tax benefits may not be available until the ITIN has been renewed, which can affect the timing of a refund.

Común is a financial technology company and not a bank. Banking services are provided by Community Federal Savings Bank, Member FDIC. The Común Visa® Debit Card is issued by Community Federal Savings Bank.

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If you need to make bank transfers in the United States, it will be useful to know what the ACH network is and understand its importance in the country’s banking system.

ACH (Automated Clearing House) is an Automated Clearing House that handles the processing of electronic transfers between U.S. accounts.

It is highly relevant for receiving direct payroll deposits, also known as ACH credits, and for processing recurring payments, due to several advantages compared to the traditional bank network, such as cost reduction and traceability of operations.

According to official sources, in 2024 the ACH payment network processed around 33.6 billion electronic payments, with a value close to $86.2 trillion, underscoring the importance of this method in the U.S. financial system.

On this occasion, we will explain in detail the advantages of this type of transaction and provide some recommendations so you can get the most out of them.

What is ACH and how does it work?

ACH or Automated Clearing House is a network that allows money to move between banks, credit unions, and other financial institutions in the United States, where the use of cash or checks is not necessary, because everything is processed electronically.

The central part of this system is NACHA (National Automated Clearing House Association), which oversees compliance with the rules and ensures transfers are carried out according to established security standards.

It is very likely that in your daily life you have already used the ACH system without noticing it. For example, for:

• Payroll deposits: every time you receive your salary in your bank account.

• Bill payments: to pay basic services such as electricity and internet automatically.

• Transfers between people: when you make an electronic transfer to a friend or to your own accounts.

Differences between ACH payments and other transfer methods

In the United States, there are different systems for moving money. In addition to the ACH network, you can rely on more traditional networks such as wire transfers and checks.

The main difference with other bank transfer systems is that ACH focuses on electronic, secure, and low-cost payments, which take longer than other options that tend to be more expensive; whereas ACH transfers are more suitable for recurring payments and direct deposits.

Below, we show you a comparative table so you can visualize the fundamental differences between ACH payments and other methods.

Benefits and some recommendations when using ACH payments

One of the main advantages of ACH payments is the security involved in using this system to transfer money. This is because it is regulated by an organization called NACHA, which verifies each transaction based on financial system regulations, thereby reducing the chances of fraud.

Despite the trust that ACH transfers provide, they also present some limitations.

These are the most common benefits and limitations of the ACH system:

Benefits

• It is the lowest-cost method of transferring money, as transactions are free or have minimal fees

• Transactions are protected by NACHA regulations, which guarantees their security

• It is a system well-suited for processing recurring payments and subscriptions

• It is easy to track operations, because all are recorded in the banking system

Limitations

• Transactions take longer to complete. Generally, they are reflected the next day or up to two business days later

• International money transfers cannot be made, only within the United States

• Some banks may set daily limits, so it is not advisable for moving large amounts of money

If you need an alternative for making recurring payments and direct deposits to a bank account within the United States, the ACH network is a popular alternative due to its security standards and accessibility. But if you are looking for other types of financial services, you can consider more comprehensive options.

At Común we make your ACH payments easier

As you can see, ACH payments are a reliable option for making and receiving money transfers, as long as they are scheduled transactions within the United States and within the limits set by banks.

It is very important to have a reliable and transparent partner to move your money and manage your personal finances in a comprehensive and efficient way.

Meet Común, the platform that integrates the ACH network for direct deposits, payments, and transfers, and uses a service that has clear and visible rates in the mobile app.

Discover everything Común offers you!

• Open your account with a qualified official ID from your country of origin—we accept more than one hundred of them!

• Get a debit card and make purchases easily

• Deposit cash at hundreds of locations near you

• Make international money transfers for a fee starting at $2.99 USD, up to the available limits

• Be part of a service that speaks your language and understands the needs of immigrants working in the United States

Don’t wait any longer—open your account at Común!

Frequently Asked Questions (FAQ)

If you have questions about what ACH is and what it is for, consult our Frequently Asked Questions section.

How long does an ACH transfer take?

Generally, ACH transfers take 1 to 2 business days. It is also possible they are completed the same day if the bank offers the same-day ACH option.

How much does it cost to send money via ACH?

ACH transfers are usually free up to the applicable limits. Some banks charge a minimal fee, around $3 USD. It is a more economical option than a wire transfer, which can cost more than $50 USD.

Is it safe to use ACH for personal payments?

Yes, ACH transfers are regulated by the NACHA system, so they are easily traceable and protected with anti-fraud security measures.

Can I use ACH if I don’t have a bank account in the U.S.?

No, to send money through the ACH system you need an account number from a U.S. bank or credit union. Otherwise, you can resort to more accessible alternatives such as Venmo, PayPal, and Común.

What is an ACH payment?

An ACH payment is a money transfer processed through the ACH system and managed by NACHA (National Automated Clearinghouse Association).

What is a wire transfer?

A wire transfer is a payment method that allows money to be moved from one bank to another electronically, both nationally and internationally.

Apps like Chime: Best alternatives for 2026

Digital banking apps have changed how many people in the United States manage their money. Instead of visiting physical branches, people can now open accounts, receive direct deposits, send payments, and manage spending directly from their phones.

Among these apps, Chime has become one of the most recognized names in digital banking. However, for many immigrants in the United States, traditional fintech apps may not fully meet everyday financial needs. Some people may need an app that supports ITIN-based onboarding, offers easier ways to send money to Latin America, or provides customer support in both English and Spanish.

What is Chime and why look for alternatives?

Chime is a financial technology company that offers mobile-first banking services through partner banks. Its features include early direct deposit, debit cards, fee-friendly banking options, and automatic savings tools. Some users may look for alternatives because they want: international remittance options, ITIN or passport-based onboarding, bilingual customer support, or cash transfer flexibility.

Comparison of apps like Chime (2026)

*Terms and conditions apply. Verify current requirements with each provider.

Común — The alternative designed for Latino immigrants

Común is a digital financial platform built specifically for the Latino community in the U.S. Unlike Chime and other digital banking apps, Común accepts more than 100 valid Latin American IDs to open an account, offers 24/7 customer support in Spanish, allows sending remittances to Latin America starting at $2.99, and has an app available fully in Spanish. Visit comun.app to learn more.

Varo

Varo accepts ITINs for account opening, making it more accessible for some immigrants. It offers basic banking features without monthly fees. However, it does not offer international remittances or Spanish-language support.

Current

Current offers digital banking with early direct deposit and P2P transfers. However, it does not accept ITINs for account opening and has no Spanish support or international remittances.

Which is the best Chime alternative for immigrants?

It depends on your specific needs. If you need remittances to Latin America, Spanish-language support, and the ability to open an account without an SSN, Común may be the most complete option.

FAQ

Can I open a Chime account without an SSN?

Chime generally requires an SSN to open an account. For immigrants who do not yet have an SSN, there may be better alternatives like Común.

What is the best banking app for Latino immigrants?

Común is designed specifically for Latino immigrants in the U.S. with Spanish support, account opening with Latin American IDs, and international remittances.

Común is a financial technology company and not a bank. Banking services are provided by Community Federal Savings Bank, Member FDIC.

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One of the main challenges immigrants face in the U.S. is formalizing a lease, since property owners often require a series of documents that can turn the search process into a maze.

Examples might include credit scores, proof of income, background checks, and references that many immigrants do not yet have. However, there are proven strategies that make it easier for newcomers to obtain a lease in the United States.

If this sounds familiar, keep reading—we’ll explain in detail how to prepare to rent safely and avoid the typical obstacles immigrants encounter when establishing themselves in the U.S.

What do you need to rent in the United States?

Before you start searching for your next home, you should keep in mind the key requirements for renting an apartment in the U.S. These help the landlord confirm that the tenant is reliable and has sufficient financial solvency to pay rent on time and in full.

Below are the most requested items to sign a lease:

Personal identification

It’s very important to verify your legal identity. Landlords or real estate agents may ask for one or more of the following documents:

• Valid passport.

• Visa or resident card.

• Driver’s license.

• Social Security Number (SSN) or ITIN.

Financial solvency

To demonstrate you have sufficient solvency to cover the monthly rent, you can provide several documents, such as:

• Proof of income, such as pay stubs, tax returns, or bank statements.

• Employer letter or employment contract.

• It is also common to be asked for a security deposit equal to one month’s rent, which serves as a guarantee in case of damage to the property.

Credit history

Reviewing credit history is a crucial step for landlords and agents because it provides reliable evidence of the applicant’s financial behavior.

If you’ve been in the United States for a short time, you may not have a credit history. This article explains simple ways to start building one.

In that case, you may be asked for a credit report from an official agency or a signed authorization to check your credit score.

Local guarantors

If you lack sufficient evidence of solvency, you may be asked for a guarantor, who serves as a backstop if you cannot meet the lease terms.

Such a guarantor must reside in the United States and provide the following documents:

• Government-issued ID.

• Proof of income.

• Good credit history.

Renting in the United States: Process and leasing options for immigrants

Housing options in the U.S. are broad and adapt to all lifestyles, budgets, and immigration statuses.

Rental options you can find in the United States include:

• Furnished houses or apartments.

• Unfurnished houses or apartments.

• Individual rental.

• Shared rental.

Regardless of the type of property you’re looking for, we recommend following these steps to rent a house or apartment.

1. Explore and select the property

Take the time to review all property details and alternatives in different neighborhoods and cities. We recommend searching trusted sites such as Zillow, Realtor, or Apartments.com. Also ask friends or acquaintances who have gone through the process for referrals.

2. Evaluate the offer conditions

Carefully analyze the lease terms, such as price, property description, requirements, and restrictions.

3. Submit your rental application

When you find a home that meets your expectations, submit a rental application with your personal information, references, and authorization to check your credit history.

4. Visit the property

Before signing any contract or paying a deposit, it is essential to visit the property to ensure it matches the listing and is free from maintenance-related deterioration.

5. Submit the required documentation

If after the visit you are still interested in renting the property, the next step is to provide the previously mentioned documents, such as proof of income and government ID.

6. Review and sign the lease

The landlord will review your application and verify your documents. If approved, the final step is agreeing to and signing the lease terms, which set the rental conditions such as duration, cost, rules, and conditions for refunding the security deposit, among others.

Three key tips for a safe, hassle-free first rental

Finding your first rental in the U.S. can be a major challenge due to the number of requirements involved.

Below are some useful tips to help your search pay off as soon as possible.

Research the housing market

Use rental websites to research which areas are more affordable or best fit your lifestyle, ensuring you can cover not only rent but also day-to-day expenses.

Use multiple search methods

Don’t limit yourself to a single method. Alternate among websites, mobile applications, classifieds, and even the help of a real estate agent.

Avoid scams

It’s essential to stay alert to potential scams. Apply these tips and stay safe:

• Make sure the agent or brokerage is registered and has reliable references.

• Do not make any payment before personally visiting the property and having a contract formalized before a notary.

• Use only recognized platforms and portals.

• Be wary of last-minute offers or listings that seem “too good to be true.”

• Avoid using cash when finalizing the rental.

• Review each clause of the contract in detail before signing.

Considerations before choosing a home

Before choosing a house or apartment to rent, it’s important to consider several factors, for example:

• Location:

Location is one of the most relevant aspects when choosing a home. Beyond the city, consider the distance to your workplace and other frequent destinations.

• Neighborhood:

Research the type of neighborhood, safety, infrastructure, recreational areas, community profile, and any other information you consider significant for making a decision.

• Rental cost:

Make sure the rent fits within your means. Create a budget that includes your monthly income and expenses.

Below are tenants’ rights and obligations in the United States.

Payments and deposits

The tenant must pay the monthly rent and the agreed deposit on time. Both payments can be made by bank transfer, bank deposit, or check.

Maintenance and repairs

The landlord must ensure the property is in optimal condition and has all utilities. In turn, the tenant agrees to take care of the premises, keep them clean, and report any defects requiring maintenance.

Tenant legal protections

Tenants are protected by U.S. law against unfair practices, such as:

Refund of the security deposit if conditions are met.

Protection against unjustified or no-notice eviction.

Make your rent payments online safely and conveniently with Común

Renting your first home in the United States doesn’t have to be overwhelming. Take time to learn the most common requirements and consider alternative solutions like those in this article. This way, you’ll see it is possible to open the door to decent housing.

With the right preparation and tools, the rental process becomes much simpler and more accessible.

Rely on Común, a financial platform that addresses day-to-day needs in the United States, with an intuitive mobile app, so opening an account is quick and easy using qualifying official identification from your country of origin. It also makes it simple to send remittances up to the applicable limits to LATAM countries, so your family receives more, with competitive fees.

Discover Común, an excellent option dedicated to serving immigrant communities in the United States, with support available in Spanish.

Open your checking account today with a partner that understands your needs as an immigrant!

Frequently Asked Questions

If you still have questions, check our FAQs.

How much does rent cost in the United States?

The national average for rental housing is around $2,100 USD.

Where is it cheaper to live in the United States?

Cities such as Laredo, Texas, and Toledo, Ohio report the most affordable living costs.

Similarities Between Alza and Común

Sending money to Latin America: Both Alza and Común offer remittance services, letting users send money to friends and family in Latin America quickly and efficiently.

Debit card and checking account: Users on both platforms get a debit card linked to a checking account; Común offers a Visa card, allowing worldwide transactions and access to funds.

Virtual Visa debit card: Común provides a checking account connected to a physical and virtual Visa debit card, emphasizing the importance of this offering for the financial stability and inclusion of Latino families.

Flexible application process: Both platforms let users apply for an account using various forms of ID, like an international passport, consular card, SSN, or ITIN.

ATM fee reimbursement: Alza users could withdraw cash from any ATM worldwide with full fee reimbursement. Común also supports ATM withdrawals, ensuring convenient access to cash.

Advantages of Switching to Común: Modern Banking Solutions

One of Común's standout features is its commitment to transparency and cost-effectiveness. Unlike traditional banks and even Alza, Común doesn't charge opening fees, monthly maintenance fees, and has no minimum balance requirements. This makes it an ideal option for those looking to avoid unnecessary banking fees and keep more of their hard-earned money. Here are a few more standout features of a Común account:

Financial inclusion: Común is dedicated to promoting financial inclusion by providing modern banking solutions tailored to the unique needs of Latino families. They address the challenges Latinos face in accessing traditional financial services and emphasize the importance of financial education. This commitment ensures the Latino community has access to an inclusive, supportive banking experience.

Broader ID acceptance:

• Común: Accepts any official government-issued ID, not just passports or consular cards. This makes it easier for a wider range of people to open an account.
• Alza: Limited to specific forms of ID, which could be restrictive for some users.

Simplified address verification:

• Común: Applicants can verify their home address using their phone's geolocation. This feature is particularly beneficial for immigrants who may not have traditional proof-of-address documents.
• Alza: Required physical proof of address, which could be a challenge for those in non-permanent housing or living with relatives.

Extensive cash deposit network:

• Común: Offers access to the largest cash deposit network in the U.S., with more than 90,000 locations, including popular retailers like Walgreens, Walmart, and Dollar General.
• Alza: Didn't specify as extensive a cash deposit network, limiting convenience for cash deposits.

24/7 customer service:

• Común: Provides customer service around the clock, ensuring help is available anytime, any day of the week.
• Alza: Customer service availability wasn't highlighted as a 24/7 feature.

With Común, you'll never feel alone managing your finances. They offer top-tier customer service available seven days a week via chat, email, or phone. That means you can get help whenever you need it, making your banking experience smooth and worry-free.

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

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

Open your account!

Making the Switch to Común: Financial Inclusion

Switching from Alza to Común is simple and hassle-free. As a trusted financial partner, Común understands Latino families' unique needs. You can apply for a Común account online in minutes using a variety of ID documents like a passport, consular card, or ITIN. Once your account is set up, you can easily transfer your funds to Común. The fastest way would be to withdraw cash from your Alza account and then deposit it at any cash deposit location Común offers using the barcode option in Común's cash deposit feature.

The transition from Alza to Común is designed to be smooth and straightforward, helping you achieve financial freedom. Here's how you can make the switch:

Open a Común account: Visit the Común website or download the Común app to start your application. Use any government-issued ID and your phone's geolocation to verify your address.

Transfer your funds: To transfer your funds to your Común account, we recommend first withdrawing cash from your Alza account. Then, you can go to any cash deposit location Común offers and deposit your cash using the barcode option. This option doesn't require your physical card, so you can deposit cash from your Alza account immediately after being approved for a Común account.

Another quick option that doesn't require your Común card is transferring your Alza funds directly from your Alza account to your Común account using your account number and routing number. You can find this information under Account Information in Settings.

Set up direct deposits: Update your direct deposit information with your employer or any other income source to ensure uninterrupted access to your funds.

Current Común Offerings

One of Común's founding principles is inclusivity. As a customer-focused digital bank, Común doesn't require a Social Security Number (SSN) to open an account. Unlike many traditional banks, this feature is particularly beneficial for immigrants and people who may not have access to traditional forms of ID. Común focuses on providing secure banking solutions for everyone, regardless of immigration status. Común also aims to be a financial hub for Latino immigrants, offering a comprehensive banking solution with expanded resources tailored to their needs. To welcome former Alza customers, Común has several incentives:

• Hassle-free application: Apply using any government-issued ID and easily verify your address through your smartphone.
• Enhanced customer support: Benefit from 24/7 customer service to assist with any questions or issues during your transition.
• Extensive cash deposit options: Enjoy the convenience of depositing cash at more than 90,000 locations nationwide.

Conclusion: Secure Your Financial Future With Común for Financial Stability

As Alza prepares to close its doors, Común offers a robust, user-friendly alternative that not only matches but goes beyond the services Alza provided. With no fees, an extensive cash deposit network, and unmatched customer support, Común is the ideal banking solution for former Alza customers. Make the switch today and experience the superior banking experience Común has to offer.

Make the switch today and experience the benefits of a banking platform that truly puts you first. Visit the Común website to learn more and start your new banking journey.

For more information and to start your application, visit Común's official website here: https://www.comun.app

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Having a bank account is an essential step for people arriving to work in the United States, since it makes it easier for them to manage their salaries and adapt to the country’s financial system.

This can be a complicated process, since in the United States there is a wide variety of financial institutions, such as traditional banks with hundreds of branches, digital banks, and credit unions.

Among the most well-known are Bank of America, Capital One, and Wells Fargo, which enjoy significant recognition in the country. However, it is not possible to name one as the best: this depends on the specific needs of users.

For example, immigrants in the United States look to prioritize ease of account opening, as well as the ability to send remittances to their loved ones.

In this article, we will explain which are the best banks in the U.S., their features, requirements, and everything you need to know before opening an account.

The 6 Best Banks in the United States in 2025

Below, we present a comparative table of the best banks in the U.S.

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How to Choose the Best Bank to Open an Account

If you are about to start your financial life in the United States, choosing a bank where you open an account is a very important decision. Each has its own requirements and benefits, so you should look for the one that best fits your expectations.

These are the most relevant criteria you should analyze before choosing the best option for you.

Accepted Identification

Many banks request the SSN (Social Security Number) to process a bank account, while others accept alternatives such as the ITIN or a passport.

Support and Availability

Although some banks do offer support in other language, like Spanish, not all of them do. Verify that the institution you choose can clearly answer your questions.

Cash Deposits and Withdrawals

If you frequently receive cash payments, it is important that your bank allows you to make cash deposits at branches near you and without fees.

Transfers and Remittances

Sending remittances is a crucial issue for immigrants, so you should review the fees for international money transfers. These are often more expensive in traditional banks due to intermediaries and exchange rates.

Digital Security

Verify that the bank has security measures in digital banking, as well as backing from official institutions such as the FDIC.

5 Digital Finance Platforms in the United States

Beyond traditional banks, you can also turn to digital alternatives, which tend to be more accessible.

Digital banks or financial platforms are institutions that operate online through mobile apps and websites. They do not depend on physical branches and tend to make processes easier in favor of financial inclusion.

There are financial platforms focused on meeting the needs of immigrants in the United States, as they address gaps and obstacles of traditional banks with flexible account-opening requirements, accessible fees for remittance sending, and ease of depositing cash.

Común

Advantages: focused on the needs of immigrants, support available in Spanish, and has accessible account-opening requirements.

Disadvantages: it does not have physical branches or an ATM network, but you will always be able to access your digital money from the palm of your hand, without time restrictions; you can also withdraw and make cash deposits at thousands of locations in the United States.

Ally

Advantages: 100% digital bank with High Interest Rates (APY) on savings accounts.

Disadvantages: it is not possible to make direct deposits.

Axos

Advantages: offers various types of accounts and attainable options for students and immigrants.

Disadvantages: limited support in Spanish.

Chime

Advantages: offers accounts with no monthly fees, ATM network, and payroll advance.

Disadvantages: difficulty in making cash deposits.

Discover

Advantages: offers credit cards with rewards, checking and savings accounts without monthly fees.

Disadvantages: few cash deposit options, and it is not focused on the needs of immigrant communities.

Común: A financial platform for immigrants in the U.S.

As you can see, there is a variety of financial institutions you can turn to, and access to a full range of services such as cash deposits, transfers, financial management, etc.

That is why you must be clear about what you are looking for in a U.S. bank account and how you could meet your needs.

Most traditional banks tend to have stricter requirements and higher operating costs. For this reason, many immigrants consider digital financial platforms as an alternative, since they are often more accessible and designed with services that address their needs.

Común is a fintech platform that can support you in starting your financial journey in the United States, offering benefits such as:

• Open your account with the qualified official identification from your country of origin

• Forget about hidden fees and minimum balances 

• Send money to your loved ones in Latin America for a fee starting at $2.99 USD (up to the applicable limits)

• Access a network of more than 88,000 locations for cash deposits and withdrawals

• Access Spanish-language support available 24 hours a day

• Get a Visa debit card

• Manage your finances from a comprehensive and easy-to-use mobile app

Open your account today and start sending money through Común’s mobile app.

Frequently Asked Questions

If you have more questions, check our FAQ section.

Which is the safest bank in the U.S.?

FDIC insurance is relevant to determine if a bank is safe. Traditional banks have this backing, as do digital banks like Revolut (through Sutton Bank) and fintech platforms such as Común.

Which bank charges fewer monthly fees for a bank account?

Many digital banks and fintech platforms, including Común, often offer competitive rates. This can be due to lower operating costs, since they do not maintain physical branches. However, fees and account features vary by provider.

Basic requirements to file taxes for the first time in the United States

Although getting a job in the United States brings a series of benefits for the quality of life of immigrants and their families, it also means committing to fulfilling the obligations required by the country's laws.

Filing a tax return is one of the processes everyone who has earned income must complete. This is done by submitting a report of annual income to the Internal Revenue Service (IRS).

Filing a tax return is particularly important for everyone, as it opens the door to access financial services such as mortgage and  personal loans, which in turn help build a financial record especially for immigrants.

Filing taxes is a stressful and often confusing process for most people, especially when it involves understanding the tax institutions of another country.

Below, we show you a step-by-step guide to help you fulfill your tax obligations in the U.S. and access the benefits that come with it, such as receiving refunds and building a financial record in the country.

What documents do you need to file your taxes?

The first thing you should know to file your tax return in the U.S. is the documentation required by the IRS to process your information.

Make sure you have the following documents:

• Tax Identification Number: if you do not have a Social Security Number (SSN), you must apply for an Individual Taxpayer Identification Number (ITIN).

• Qualifying official identification from your home country: valid passport, driver’s license, or any official document that verifies your identity.

• Proof of income: W-2 forms if you are a salaried employee and your employer withholds taxes, and Form 1099 if you are self-employed.

• Proof of address in the United States: utility bill or rental agreement.

• Financial information: checking account and routing number to receive your refund through direct deposit, if any.

Tax preparation: step by step for your first filing

It is important to stay alert during tax season and prepare in advance to meet the deadlines established by law.

Follow these steps to ease the stress of tax obligations.

Step 1. Gather all your documents

The first step is to gather all the necessary documents to file your annual tax return.

• Form W-2: this document details your salary and the amount of taxes already withheld; request it directly from your employer.

• Form 1099: used by people who work independently.

• Benefit or assistance letters: if you receive any government benefit or tax credit, the IRS sends letters to include in your tax return.

Step 2. Choose how to file

Once you have your documentation in order, you must decide how you will file your return: on your own or with professional help.

• Self-prepared tax filing: you can use various IRS-approved tax preparation software such as IRS Free File, TaxSlayer, or TurboTax, which simplify the process by automatically calculating your taxes.

• With the help of a tax preparer, if you have multiple income sources or are self-employed, the best option is to hire an authorized preparer to ensure everything is filed correctly. You can also go to a community organization that offers low-cost assistance.

Step 3. File your tax return in the United States on time

Keep in mind that the deadline to file your tax return is usually April 15 each year. It is essential to submit your tax return within the deadline to avoid penalties and delays in receiving your refund.

How much does it cost to file taxes, and which option is best for you?

As mentioned before, there are different ways to file your tax return, which vary in cost and level of support offered. The best option depends on several factors, such as your income level and how familiar you are with tax topics.

Below is a comparative table of the different ways to file taxes in the United States.

Method

Approximate cost

Level of support

Doing it yourself with IRS-approved software

Free or up to $25

Low. Although the platform guides you step by step, you must enter all the information yourself.

With the support of community organizations

Free or up to $50

Medium. You receive assistance from certified volunteers.

With private preparers or accountants

$150 to $500, depending on complexity

High. The preparer does all the work and answers your questions.

Practical tips to avoid mistakes in your first tax filing

If this is your first time filing taxes in the United States, it may seem like a very complex task. Keep these tips in mind to ease the stress associated with the process.

• Don’t wait until the last minute to file: keep the deadline in mind and prepare several weeks in advance.

• Verify that all forms match your income: remember that the required form depends on your type of work. Make sure your income matches what you report.

• Keep copies of all submitted documents: create both a physical and digital file to have every record handy.

• Check official IRS resources for immigrants: always access official websites ending in .gov.

• Avoid relying on third parties that promise higher refunds: remember that tax preparers or community organizations must be certified by the IRS to ensure your filing is done properly and your personal data remains secure.

Común, your financial support after filing your taxes

We’ve shown that the tax filing process is not as complicated as it seems. Now you know which steps to take and which method to use based on your situation.

Just as filing taxes helps you organize your financial situation, Común helps you manage your day-to-day finances.

Discover all the benefits of Común!

• Open a checking account with a qualifying official identification from your home country.

• Mobile app available in Spanish and English, specially designed for the immigrant community.

• Ability to receive your tax refund directly into your account.

• Debit card for daily expenses and international money transfers to Latin America.

Discover Común, the option dedicated to serving the needs of immigrant communities in the United States, with support available in Spanish.

Frequently Asked Questions (FAQ)

If you still have questions, check this section.

What happens if I don’t file my taxes in the U.S.?

Not filing your tax return may result in IRS penalties, accumulated interest, and withheld future refunds.

Can I file taxes without a Social Security Number?

If you do not have a Social Security Number, you can apply for an ITIN.

Is it better to file my taxes myself or with a tax preparer?

It depends on your situation: if you have only one source of income, you can use software, but if your income is higher or more complex, the best option is to consult a professional.

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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

Open your account

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

We explain your account number

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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What is the best health insurance in the United States?

Having health coverage is essential to ensure you receive care when you need it. It’s also a way to invest in your future by preventing large out-of-pocket expenses from costly procedures.

There are many health insurance options in the U.S., so there isn’t a single “best” plan—what’s best depends on your needs and budget.

Although access to healthcare is a basic need, enrolling in a plan can be confusing for immigrant communities.

Below you’ll find a comparison of the main health insurance options in the U.S., key evaluation criteria, and answers to frequent questions—so you can choose the best option to protect you and your family.

Factors to consider when choosing health insurance

Before choosing a plan, carefully assess your personal and family needs, as well as benefits, medical terms, and the features of each option.

Key points to keep in mind before signing anything.

• Coverage level. 

Some plans cover only basic services, while others offer comprehensive coverage including hospitalization, specialist visits, and prescription drugs. Review your medical needs (and your family’s) to gauge the right level.

• Monthly premium cost. Coverage level affects the monthly price. Make sure the amount is sustainable for your long-term budget.

• Deductibles and copays. 

You must understand both before enrolling. The deductible is what you pay out of pocket before your plan starts paying; the copay is the fixed amount you pay each time you use a covered service.

• Provider network. 

Check that the plan includes a robust network of hospitals and clinics near your home or work, so you can access care when needed.

• Eligibility requirements. 

As an immigrant in the U.S., note that some plans require certain immigration status, state residency, and/or income qualifications.

• Additional benefits. 

Also review extras such as preventive care, mental health, wellness programs, and maternity coverage.

Remember: a low price doesn’t automatically mean the best option—it must fit your (and your family’s) specific needs.

Health insurance options in the United States

The U.S. health insurance market includes a range of public and private plans.

Here are key options you should know.

• Health insurance via the Marketplace (ACA). 

Plans under the Affordable Care Act (ACA) are offered through federal/state marketplaces. They must include essential health benefits and prescription coverage. Income-based subsidies may lower costs.

• Medicaid. 

A public program for people with low incomes; covers children, pregnant people, people with disabilities, and families. Usually no premium; some services may have small copays.

• Medicare. 

A program for people 65+ (and some with disabilities). It’s divided as follows: 

1. Part A: hospital inpatient. 
2. Part B: medical services. Part C: Medicare Advantage (private insurers) that can bundle extra benefits.

• Private plans and employer-sponsored insurance. 

Private coverage can be purchased directly or provided as an employer benefit. These plans vary in coverage levels and typically include broad provider networks.

Comparison of common health insurance options

Remember: beyond a policy, a health plan is protection for you and your family—take the time to choose well.

Here’s a comparative table of major U.S. health plan types.

Plan type

Who it serves

Approx. costs

Primary coverage

ACA Marketplace

People without employer private insurance.

Costs vary by coverage; income-based subsidies can lower premiums.

Essential benefits: hospitalization, preventive care, prescriptions, emergency care, etc.

Medicaid

People with low incomes.

Generally no premium; small copays for some services.

Broad medical and hospital coverage nationwide.

Medicare

People 65+ and certain disabilities.

• Part A: per-period deductibles. 
• Part B: monthly premium ~$185.

Hospital and medical services coverage

Employer-sponsored private insurance

Workers (and dependents) covered by employers.

Costs include premiums, deductibles, and copays—vary by plan.

Hospital, specialists, prescriptions, emergency services, etc.

Don’t forget: as an immigrant in the U.S., verify eligibility rules related to immigration status.

Manage your finances in the U.S. with Común

In this article, we covered what to consider before enrolling, the different plan types, and how to compare benefits.

There’s no single “best” plan—it depends on your personal and family needs and budget.

Beyond medical costs, immigrants need safe financial services to manage their money.

Común is the financial platform you’ve been looking for—discover the benefits!

• Checking account with clear, competitive fees.

• International money transfers at affordable costs.

• Mobile app available in Spanish that accepts 100+ official IDs for account opening.

• Debit card for everyday purchases and payments.

Open your Común account today and manage U.S. medical bills simply and transparently.

Frequently Asked Questions (FAQ)

If you still have questions, see the section below.

What is the number-one health insurer in the U.S.?

Among the top U.S. health insurers are: 

• Cigna. 
• Aetna. 
• Blue Cross Blue Shield. 
• Ambetter.
•  Anthem.

Is health insurance mandatory in the U.S.?

It isn’t required at the federal level, but some states—like California and New Jersey—mandate coverage or impose penalties.

Where can I officially compare health plans?

Official sources include: HealthCare.gov (federal Marketplace to view/compare/enroll); Finder.Healthcare.gov (to find off-Marketplace plans); Medicare.gov (compare Medicare plans by ZIP code).

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