Living and working abroad? Remittances might be for you if you want to send money to family members, friends, or other beneficiaries in another country.

Remittance is money transfers from one person to another, usually across borders. They are most commonly sent by immigrants who send a portion of their income to support their families back home. However, remittances can also be personal gifts, financial support, or payments between relatives or friends who maintain social or economic ties despite the distance.

Do you know the difference between a remittance and a bank transfer payment?

Remittances can be money transfers, however what is commonly understood as remittances are voluntary person-to-person transfers, usually between family members. For example: a worker in Texas sending money to their parents in Mexico, a nurse in Florida sending money to her siblings in Honduras, or a student helping their grandparents in Guatemala. Bank transfers on the other hand, can include payments between companies, international trade payments, foreign direct investment, loans between corporations, or government aid.

In summary, remittances are personal, cross-border, person-to-person transfers.

How can you send remittances from the United States to Latin American countries?

Today there are more options than ever to send money to Latin America from the U.S. The process is usually very simple:

#1 Choose a remittance provider

Your remittance service provider can be a financial mobile application, a traditional bank like Wells Fargo, a specialized money transfer service like Western Union or MoneyGram, or a fintech company like Remitly.

#2 Select the destination country and delivery method

Each company offers different delivery options depending on their services and local partnerships. Delivery options vary in cost depending on the provider and the urgency.

#3 Enter the amount and confirm the exchange rate and fee

The amount received by the recipient varies by the exchange rate used by the provider and the service fee they charge. Some companies might charge no fees, but their business model relies on the exchange rate markup.

#4 Pay for the remittance

With so many options available, remittances can be paid with various methods including:

• Bank account (ACH).
• Debit card.
• Credit card (often the most expensive).
• Cash
  
  

#5 The recipient receives the money

It can take minutes to days for the recipient to receive the funds, depending on how the funds are received or by the type of remittance provider used to send the remittance. 

‍

How much does it cost to send remittances from the United States?

The total cost depends on two main factors:

1. Service fees

This is the fee the provider charges to send the remittance. It can range from $0 to over $20 USD per transaction depending on the provider and payment method used.

• Bank account: typically the cheapest.
• Debit card: mid-range cost.
• Credit card: most expensive (fees + potential interest)
  
  

2. Exchange rate costs

Some companies have different  exchange rates, making the remittance more expensive even if the service fee is advertised as “$0.” Sometimes the fee for the service provider is included within the added margins in exchange rates. 

3. Other possible additional costs

These may include cash pickup fees, limits for high transaction amounts, or fees charged by participating banks. It is important to understand the fees in remittance costs to be able to manage your funds in a way that makes sense to you.  

‍

What should you consider before sending money abroad from the United States?

To choose the best option, you can always consider:

1. Total costs (fee + exchange rate). Sometimes comparing only the fixed fee is not enough to fully understand the cost of a remittance or transfer.
   
   
2. Delivery time. If the recipient needs the money the same day, it could be best to choose an quick service.
   
   
3. Delivery method. Cash pickup can be useful if the recipient doesn’t have a bank account. Other options include bank deposit or digital wallets, which can be practical and low-cost.
   
   
4. Convenience for the sender. If you send money frequently, it is recommended to evaluate apps that allow saved recipients, automatic payments, recurring transfers, or exchange-rate alerts or options that adjust and serve your needs.
   
   
5. Limits and requirements. Not all money transfer service providers are the same. Some services require government-issued identification to provide their services, while others require a U.S. bank account and, in some cases, proof of identity (some providers accept foreign passports as proof of identity to send remittances if the sender can prove residency in the United States) for large transfers.
   
   

What Companies Offer Remittance Services from the United States?

In the U.S., there are several types of companies offering remittance services:

Traditional money transfer companies, for example: Western Union, MoneyGram, and Ria Money Transfer. These companies have physical branches in many locations. Fees could be higher than alternatives and the exchange rates can be less competitive.

Traditional banks: However, not all banks provide this service, but institutions like Bank of America and Wells Fargo allow international transfers through online banking or in-branch. However, it is important to consider that the fees can reach up to $60 USD depending on the bank, and transfers can take up to 5 business days. For this option, a bank account with the institution is needed or cash transfers are done directly at a branch.

Digital first companies (apps): Examples include Remitly, Wise, WorldRemit, and Xoom (from PayPal). These companies can offer more competitive pricing and faster transfers. These options are presented as an alternative to traditional banks or Western Union. Comun is one of these platforms, combining a fintech experience with extra benefits like a digital account and an easy-to-use app available in Spanish.

Convenience stores: For example, Walmart offers in-person remittance services. For example companies like Comun can also offer services like cash funding in retails or ATM locations. With a Comun open account you can deposit cash at one of over 90,000 retail locations (Walmart, 7-Eleven, Walgreens, and more)  and then complete the remittances conveniently from your app. 

‍

What do I need to send remittances from the United States to Latin American countries?

Requirements vary by provider and they depend on:

-How the remittance is sent, and
-How the remittance is received.

For example, if sending money for cash pickup, the most important information is the recipient’s full legal name as it appears on their official ID, since they’ll potentially need to present it to pick up the money.

For a bank-to-bank international transfer, the essential information includes the bank details for the receiving account.

Traditional banks and companies like Western Union generally require:

• Recipient’s full name.
• Recipient’s account number.
• SWIFT code.
• Receiving country.
• Amount and currency
  
  

How can you send remittances using Comun? 

Sending a remittance with Comun is very simple. You have two options at the palm of your hand, you can send it through the app or via WhatsApp. Here’s a detailed step by step on how to do it:

Through the Comun App

1. Open your Comun app.
2. Select “Transfer.”
3. Select “International.”
4. Under “How do you want to send your money?”, choose “Through the app.”
5. You’ll see the current exchange rate.
6. Select an existing recipient or add a new one.

*To add a recipient, you’ll need: full name as on their ID, phone number, and—if sending a bank transfer—their bank details.

7. Confirm the recipient’s information.
8. Choose the transfer method (bank deposit or cash pickup; options vary by country).
9. Enter the sender’s ID type and ID number.
10. Confirm transfer details.
11. Enter the amount (the calculator shows the amount the recipient will receive in local currency and the transfer fee).
12. Confirm the transaction.
    And that’s it—your remittance is sent!

Through Comun’s WhatsApp

1. Start from our website (by selecting “Send Money”), which will show the WhatsApp option — or.
2. From the app, select “Transfer.”
3. Select “International.”
4. Choose “Via WhatsApp.”
5. Follow the conversation flow.
6. Choose “Send money.”
7. Confirm the country.
8. Enter the amount.
9. You’ll receive a confirmation message showing the amount to be received in local currency.
10. Choose the delivery method.
11. Provide the recipient’s details: full name, ID type, ID number, and bank account (if applicable).
12. Confirm your remittance.
13. Verify your identity through the verification steps.
    And you’re done—your remittance is sent!

‍

Best Practices for Sending Remittances

To make sure your get the best out of your hard-earned money, it is recommended to keep some good practices in mind:

1. Verify the exchange-rate margin

‍
Ideally, choose a provider that uses an exchange rate as close as possible to the real market rate as this impacts the actual amount your recipient will receive. Understanding transaction costs can help make better financial decisions for your needs. 

2. Look for transparent, fixed fees
Comparing fees can be confusing because many services use variable pricing based on multiple factors. Ideally it is recommended to choose a provider that offers fixed fees and transparent pricing.

3. Consider timing and holidays in both countries

Keep in mind that transfers may be delayed during weekends or holidays in either country, so processing times may be slower than on regular business days.

‍

‍

Have you heard of Zelle? It is a highly popular digital payments platform in the United States. It allows users with accounts at affiliated banks—whether traditional banks, digital banks, or credit unions to easily send and receive money.

In 2024 alone, Zelle reported 151 million enrolled accounts, including individuals and small businesses, reflecting its widespread adoption among U.S. users.

If you need to send money outside the United States easily, for example Mexico, you may be wondering which banks in Mexico support Zelle.

However, this platform does not have agreements with any banks in Mexico, and it is mandatory to have a U.S. banking account to access its services.

Nevertheless, there are other options as efficient as Zelle for sending money to Mexico, such as banking accounts with integrated remittance services and international money transfer applications.

Below, we explain how to receive money through Zelle, the benefits it offers for users in the United States, and the alternatives available for sending money to other countries.

What is Zelle and Is It Possible to Use It in Mexico?

Zelle is a digital payments service that facilitates P2P (peer-to-peer) transfers at certain partner banks within the United States.

It is known for being a fast service, with money transfers reflected within minutes, in addition to being free and having broad coverage throughout the U.S.

It operates through the mobile apps of participating banks, as it is directly integrated with them and only allows money transfers to other Zelle users.

But which bank in Mexico is compatible with Zelle? Unfortunately, it is not possible to send or receive money through this platform in Mexico, as it is not designed for international money transfers and only complies with the technological and regulatory standards of the U.S. financial system.

Which Banks in Mexico Use Zelle? Everything You Need to Know

No bank in Mexico is compatible with Zelle services, meaning that international money transfers cannot be made through this platform.

To use Zelle, you must have a U.S. banking account at one of the affiliated banks.

Here is a list of some of the major banks that support Zelle in the United States:

1. Ally Bank
2. Bank of America
3. BMO Harris Bank
4. Capital One
5. Chase (JPMorgan Chase)
6. Citibank
7. Citizens Bank
8. Discover Bank
9. Fifth Third Bank
10. FirstBank
11. Frost Bank
12. Huntington Bank
13. PNC Bank
14. Regions Bank
15. TD Bank
16. Truist Bank
17. US Bank
18. Wells Fargo

Although Comun is not integrated with Zelle, this does not limit its functionality, as it is a comprehensive personal finance solution that goes beyond just money transfers.

How to Send Money to Mexico with Zelle? Answers and Efficient Alternatives

If you need to send money to Mexico quickly, you will have to choose a different service than Zelle, as it only allows bank transfers between U.S. accounts.

The main reasons Zelle is not available in Mexico are:

• To register with Zelle, you must access the online banking platform of one of the affiliated U.S. banks.
• You also need a U.S. phone number or email address.
• Zelle is not a remittance or international payment platform, so it does not have the capacity to convert currencies or deposit funds in international banks.
• Zelle does not comply with the regulations of financial institutions in Mexico, such as Banxico and the CNBV.

If you have used Zelle to send money within the United States, you are likely looking for a similarly reliable system to make international money transfers.

U.S. Banking Accounts with Integrated Remittance Services

In addition to traditional banks, there are alternatives that offer integrated remittance services to facilitate money transfers to Mexico.

Comun is a platform that meets the needs of many people in the United States, especially the immigrant community, by allowing remittances to be sent to loved ones easily, at very low cost, and through a single mobile application.

International Money Transfer Platforms

Another alternative for making international money transfers is to use platforms specialized in this type of transaction.

Examples include:

• Wise: sends money between accounts using the real time exchange rate.
• Remitly: offers international money transfers with standard or instant delivery.

The advantage of these platforms is that a bank account is not required, and their operation is accessible. However, the money transfer fees vary depending on factors such as the amount to be sent and the exchange rate.

Traditional International Bank Transfers to Mexico

You can also opt to make money transfers through traditional banks, for which you will need the SWIFT code of the receiving institution in Mexico and the recipient’s banking details.

Although it is a secure option, it is also one of the most expensive, due to high fees and intermediaries that increase the cost.

For example, a U.S. bank like Bank of America charges a $45 USD fee plus an average of 1% to 3% exchange rate margin. Therefore, in a money transfer of $1000 USD, the recipient receives approximately 900 pesos MXN less than with specialized international money transfer platforms.

Cash Deposit/Withdrawal Services at Retail Networks

If the recipient does not have access to a banking account, you can choose a service for cash deposit and withdrawal at physical locations.

Some examples include:

• Western Union: global network for bank transfers and cash delivery
• MoneyGram: allows money transfers to banking accounts and in cash
• Comun: also allows quick cash transfers

Beyond Zelle: Comun Simplifies Your Financial Life in the U.S. and Your Money Transfers to Mexico

Although Zelle is a very effective service for sending and receiving money within the United States, it has limitations that prevent international money transfers, making it more suitable for citizens who need to make frequent payments within U.S. territory.

For the immigrant community in the United States, it is important to choose a solution that not only facilitates money transfers but also offers a complete, accessible, and easy-to-use finance platform.

Comun is the platform that will simplify your financial life in the United States, offering the following benefits:

• Open an account easily using your official ID from your country.
• Forget about traditional fees: no opening fee, no monthly maintenance fee, and no minimum balance required.
• No hidden charges for remittances: your first international money transfer is free, and afterward you pay a fee starting at $2.99 USD per transfer, up to the applicable limits.
• Customer support also available in Spanish.
• Integrate your finances and remittance service in a single mobile application, making Comun the most suitable option.
• Obtain a Visa debit card to make purchases in physical stores.
• Access an extensive cash management network and make deposits at thousands of locations near you.

Open your Comun account and access a financial service without complications.

Frequently Asked Questions

Do I need a U.S. account to use Zelle?

Yes, Zelle is only available through the online banking platforms of affiliated U.S. banks.

Can I send money to Mexico via Zelle if I have a U.S. account?

No, no bank in Mexico is compatible with Zelle.

What are the best alternatives to Zelle for sending money to Mexico?

Comun: a fintech platform that provides access to an account and remittance capabilities.

Does Comun offer Zelle for sending money to Mexico?

Comun is not connected to Zelle, but you can send money to Mexico for a fee starting at $2.99 USD per transfer up to the applicable limits.

How do I set Zelle to Spanish?

Since it is a service available through the affiliated bank apps, you must access their settings and select Spanish as the preferred language.

How do I download Zelle?

Go to the Play Store or App Store and search for Zelle. Remember, it is only available in the United States.

‍

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.

If you need to send money to your home country from the United States, it is important to consider how long an international money transfer takes. In general, the processing time for this type of operation is usually 1 to 5 business days.

However, this depends on several factors, such as the payment system, the banks involved, the currency conversion, and the holidays in between.

That is why it is important to know the different types of international money transfers available, the advantages and disadvantages of each one, and, of course, how long they take to deliver the money to its destination.

Below, we offer you a guide to answer those questions so you can send money home as quickly and safely as possible.

What is an international money transfer and how long does it usually take?

First of all, an international transfer is the sending of money to a bank entity located outside the country of the originating account. Unlike domestic transfers, international transfers involve additional banking systems, such as the SWIFT networks, which can increase costs and processing times in many cases.

There are several factors that influence the total time an international money transfer takes, but in general, it takes 1 to 5 business days.

For example, one relevant aspect that influences this is the system used, whether SWIFT or SEPA, which have different conditions and characteristics.

SWIFT Transfers

The SWIFT system is the largest network: it connects thousands of traditional banks worldwide to send money from one country to another through secure mechanisms.

Characteristics of the SWIFT system

• In general, it takes 3 to 5 days to complete money transfers.

• The involvement of intermediary banks is common, which can generate additional fees.

• It is useful for sending money in different currencies, although it implies disadvantages in time and costs.

• To use this system, check the SWIFT code of the receiving bank.

SEPA Transfer

On the other hand, the SEPA system is focused on international money transfers within the European Union.

Characteristics of the SEPA system

• International money transfers are usually completed in 1 business day.

• Fees are more affordable compared to the SWIFT system.

• This system works exclusively in the SEPA area, and for transactions in euros.

As you can see, both the SWIFT and SEPA systems are useful for making international money transfers safely. Although for those living in the United States, the latter is not recommended due to its geographic limitations.

Here is a comparison table:

Factors that influence the time of an international money transfer

The time an international money transfer takes is not fixed. It varies according to the type of transfer and other elements involved in the operation.

Here is what you need to know to estimate how long it will take for your money to reach your loved ones.

Payment system

So far, we have presented the SWIFT system, which takes 3 to 5 business days, and SEPA, which is generally reflected the next business day.

In addition, there are ACH (Automated Clearing House) transfers, which are a more common system in the U.S., characterized by being a more economical option, although the process usually takes 2 to 3 business days.

Intermediary banks

There are cases in which the financial institutions participating in an international money transfer do not have a direct relationship with each other, so they need to involve intermediary banks. This, in addition to increasing costs, lengthens transfer times, because it makes the operation take longer than usual.

Cut-off times and business days

Another essential aspect is the cut-off time banks have for executing transactions. If you send money after this time, the operation is processed the next business day.

Also, do not forget to take into account the holidays of both the sending country and the receiving country, which also extend the waiting time.

Currency conversion and destination country

When sending money from the United States to your home country in Latin America, the bank will need to make the corresponding currency exchange and apply an exchange rate. This also usually adds time to the international money transfer process.

Security verifications and compliance controls

Banks often carry out security checks to prevent money laundering and fraud, especially when large amounts are involved.

What information do you need to make an international money transfer?

You are almost ready to start sending money abroad. But first, it is very important that you make sure you have the necessary information to process this type of transfer. Otherwise, the transfer could be rejected or take longer than usual.

Sender’s information

You will need to provide your basic personal information: full name, bank account, official address, and phone number.

Beneficiary’s information

It is also essential to provide the details of the person who will receive the money: full name, recipient’s account number, address, and country of origin.

Bank codes

• IBAN: for transfers within the European Union.

• SWIFT/BIC code: for transfers in most of the world, including the United States.

Amount and currency

Indicate the amount of the transfer and the currency in which it will be received.

Purpose or payment reference

Finally, indicate the purpose of the transfer. It may be: maintenance payment, family support, family savings, etc.

How can you speed up an international money transfer?

We know that sending money to your family and loved ones is very important, which is why it is vital that you avoid mistakes and bad practices that could delay your transfers even more.

• Verify that the beneficiary’s details are complete and correct: check that your recipient’s details are written as they appear on their official identification.

• Make the transfer before the bank’s cut-off time: remember that doing it after this time causes the transfer to be processed the next business day.

• Avoid sending money on weekends or holidays: try to send money on business days to avoid delays.

• Consider using specialized remittance services with faster processes: there are alternative services that offer better conditions than traditional banks.

Make your international money transfers quickly and safely with Común

This time, we learned that international transfers are money transfers made from one country to another, and there are several factors involved in the time they take to be completed.

Are you looking for a way to send money home without complications?

Discover Común, the digital platform that connects you with your family through a service that understands your needs.

Make your first international money transfer, forget about hidden fees, and get transparent rate so your loved ones receive more for less.

Frequently Asked Questions (FAQ)

If you still have questions, check our FAQ.

What is the average time of an international money transfer?

Approximately 1 to 5 business days.

Why do some transfers take longer than usual?

It depends on the system used, the involvement of intermediaries, the currency exchange, and other factors. That is why you should make sure to check the estimated time before sending your money, to see if it fits your timing and needs.

Can I send money on weekends?

Yes, but it will be processed the next business day in most cases.

For immigrants in the United States, having a banking account has become a basic necessity to carry out all types of daily tasks, such as shopping in physical and online stores, receiving wages, sending transfers and remittances, opening a savings account, among other things.

Despite the importance that a banking account has for immigrants and U.S. citizens, there are still factors that hinder the immigrant community’s access to banking, such as high fees and required documentation.

According to FDIC data, among vulnerable groups without banking accounts (unbanked), Hispanics make up 9.5%. This shows a gap that disadvantages a significant portion of the population.

Access to financial services is an increasingly attainable right for immigrants in the U.S. In this article, we will explain step by step what is required to open an account at a bank and on digital platforms, as well as the advantages of these solutions.

4 Requirements to Open a Banking Account in the United States

It is true that financial services make users’ lives easier and, in some way, improve their quality of life. But, what is needed to open a banking account in the United States?

Opening a bank account, whether a checking account or another type, requires meeting a series of requirements and presenting documentation, which may vary depending on the financial institution.

Some of the difficulties immigrants face when opening a banking account are not having an SSN (Social Security Number) or tax documentation, as well as the lack of information in Spanish.

Fortunately, beyond traditional banks, there are currently alternative solutions such as Común, a financial platform dedicated to meeting the needs of people who seek accessible and efficient services.

In general, these are the most common required documents to access a banking account in the United States.

Social Security Number (SSN)

This is the most common requirement for opening an account. It is an identifier for people who reside and work legally in the United States, and it is required for banks to carry out the identity verification process.

Individual Taxpayer Identification Number (ITIN)

The ITIN is an alternative for people who do not qualify for the SSN, since some financial institutions accept it instead.

Identity Document

For this requirement, it is possible to present a passport, a driver’s license, a government-issued ID, or a consular ID card. Any of these documents must be valid and show both name and photograph.

Proof of Address

To prove your residence in the United States, you can present utility bills, such as electricity, or even a digital account statement.

Step by Step: How to Open a Banking Account in the U.S. with Foreign Identification

The number of requirements requested by traditional institutions tends to make access to banking difficult, especially for immigrants without the previously listed documentation.

If you are looking for a practical and simpler solution than traditional banking services, you can turn to options like Común, the platform that streamlines processes and offers fair financial services for everyone.

Access to these services is possible with official, qualified foreign documentation, which helps reduce the gap in access to banking for immigrants.

Choose a Secure Platform that Accepts Foreign Identifications

In general, traditional banks request the SSN or ITIN, so a convenient option is to choose a digital platform with more flexible requirements but with the same quality and seriousness in their processes.

Común is a platform that makes immigrants’ lives easier in the United States, as it allows you to open an account with official, qualified documentation from your country of origin and simplifies the sign-up process without complicated paperwork.

Download the Mobile App and Set Up Your Account available in Spanish

You only need a mobile device compatible with Android or iOS to download the application, where you will create your profile and enter your information.

Verify your identity with an official ID from your country

Then, carry out the identity verification with your official ID from your country of origin. To do this, you will need to take a picture of it and possibly take a selfie.

Activate Your Card and Start Using Your Account

Once you provide the necessary documentation, you will have access to a debit card to make purchases at various establishments and will be able to make transfers and receive payments.

Use Additional Features Such as Sending Remittances or Deposits at Stores

For immigrants, it is essential to have services that allow them to send remittances to their countries of origin, so you can also use this benefit, in addition to making direct deposits in physical stores near you.

Which Bank in the U.S. Allows Opening an Account with a Passport? More Accessible Alternatives

There are alternatives with more flexible account opening options, such as Bank of America, which accepts the ITIN in case you do not have an SSN. However, the processes tend to be longer and slower compared to other digital platforms, which facilitate the sign-up process by offering greater feasibility in their requirements.

Bank of America

Bank of America supports the opening of banking accounts in the United States for immigrants, because it allows opening an account with a valid passport or ITIN. However, it is necessary to go in person to a branch to complete the process.

Común

Común is a digital platform that allows opening an account with more than 100 foreign IDs or with a valid passport, which makes it easier to obtain an account for immigrants and send remittances to Latin America for an affordable fee; in addition to making cash deposits at more than 100 stores.

Wells Fargo

Wells Fargo also accepts a passport as the main ID, but may request an additional identification, such as a credit card or student ID.

Wise

Wise is a fintech that offers digital accounts in different currencies. It is possible to access its services with a passport, ITIN, or SSN.

Revolut

Revolut is another alternative for non-citizens in the United States, since it accepts a passport as identification; among other options, such as a driver’s license or national ID.

Why Común is Ideal for Opening Your Account in the U.S.?

Although the requirements to open an account may make it seem like an inaccessible process for many immigrants in the U.S., fortunately, there are also more accessible options.

If you are looking for a clear, reliable alternative available in Spanish, it is time to change your relationship with finances through Común: a service that truly understands your needs.

Why is Común Your Ally?

Forget about minimum deposits or monthly charges

Access a mobile app available in Spanish with a user-friendly interface

Send money to your home country for a fee starting at $2.99, up to the applicable limits

Deposit cash at a network of establishments near you

It has 24/7 customer support available in Spanish

Remember that Común offers you a service available in Spanish with simple processes. Open your account today and start using a service designed for you!

Choosing the right remittance service provider for you

Every year, people all over the United States send remittances to support their family and friends back home. These transfers are more than just simple transactions, these are the economic lifeline for them. This is why choosing the right service provider for your remittances based on your needs is key to ensuring you and your loved ones have the support you need. 

What is a remittance? 

Simply put remittances are money transfers made by people who live and work in one country to family members, friends, or other beneficiaries who are residing in another country.

How do remittances work in the U.S.?

Sending a remittance from the U.S. follows a fairly standard process, these are the steps regardless of who is the remittance service provider:

1. Initiate the transfer
   The sender chooses a remittance service provider, then choose the payout method that is right for the recipient (such as: cash pickup, bank deposit, transfer, etc.), input the amount to send, and provides the recipient’s details.
   
   
2. Fund the transfer
   Transfers typically be funded via debit card, bank account, cash (in-store), or sometimes with credit card. Fees vary widely across different remittance providers.
   
   
3. Exchange rate
   This is where many senders lose money without realizing it. Some remittance providers convert USD to the recipient’s local currency using an exchange rate that may include a hidden markup over the mid-market rate. Some remittance service providers don’t charge commissions on the transfer as their business gains come strictly from exchange rates conversion. Understanding the exchange rate’s fees is also important when preparing to send remittances.
   
   
4. Settlement and payout
   The money is delivered to the receiver through a partner bank, local agent, cash pickup or digital wallet. Depending on the provider, this can take from minutes to  days.
   
   

The combination of fees + exchange rate markup is what ultimately determines the real cost of the remittances transfer. Many remittance providers advertise low fees when their business gains are achieved by offering a much weaker exchange rate, which results in reducing the amount your recipient actually receives. 

Types of Remittance service providers in the U.S.

The U.S. remittance service provider market is diverse, and providers generally fall into the following categories:

1. Cash-to-Cash Money Transfer Operators (MTOs)

These are the traditional remittance companies with physical locations for in-person payments and cash pickups.

Examples: MoneyGram, Western Union, Walmart (MoneyGram at Walmart).
Pros: Physical accessibility, ideal for people without bank accounts.
Cons: Often higher service fees, a slower process, and often has exchange-rate markups.

2. Traditional Banks and Credit Unions

Some financial institutions offer international wire transfers through SWIFT processes for remittance programs.

Pros:  Physical locations, direct bank-to-bank transfers.
Cons: Requires a bank account, usually the most expensive option (as SWIFT processes tend to have costly fees and exchange rates) and it could require longer processing times.

3. Digital-first Transfer Services

These companies operate entirely online or through mobile apps. They can be faster and more transparent.

Examples: Remitly, Felix, Comun, etc.
Pros: Convenience, speed, competitive fees, trackable transfers.
Cons: Limited cash pickup options in some regions.

‍

Key things to look out for when selecting a remittance service provider 

Choosing the right remittance service provider can have a significant impact on how much money actually reaches your loved ones. Between varying fees, differences in the exchange rate, documentation requirements, and the growing list of additional services, not all remittance providers offer the same services nor require the same things. Whether you send money home occasionally or on a weekly basis, it is important to choose a remittance provider that maximizes the value of what your loved ones receive. 
‍

‍
1. Fees: What you pay up front (and what you don’t see)

Every remittance provider has some form of fees for providing their services, however not all fees are presented the same way (this is why it's important to fully understand the costs associated with your remittance). 

What types of fees can potentially exist? 

• Transfer fee: A flat or percentage-based amount charged per transaction. 
• Payment method fees: Extra charges for using a credit card instead of a bank account.
• Payout method fees: Some providers charge more for cash pick-ups vs. bank deposits.

What could be an unexpected fee?

• For example, exchange rates can differ: Often the exchange rate you find while doing an online search is not the same exchange rate that will be charged by your chosen remittance service provider.
  
  

What to look for?

• A tool or calculator showing the final amount the recipient gets before you make the transfer. 
• Transparent fee displays before you confirm the transaction. 
• Providers that consistently keep both transfer fees and FX markups low.
  
  

In many cases, the cheapest provider isn’t the one with the lowest visible fee. It could be the one offering the most competitive exchange rate or a fixed fee that makes sense with your transfer activity. The best service provider will always be one that serves the specific needs you have. 

 2. Exchange Rates: Why does the exchange rate could play a key role when selecting a remittance service provider? 

The exchange rate (or tipo de cambio) used by the provider determines how many pesos, quetzales, soles, or other currency your recipient will receive. When sending money abroad, senders can sometimes focus only on the visible fee (for example, a charge of $3.99 per transfer). But in many cases, the biggest cost can come in the exchange rate. If two companies offer the same fee but one has a weaker exchange rate, your family may receive less money.

For example: A difference of choosing an exchange rate with just 1 mexican peso less per USD could mean that the recipient would get $100 mexican pesos less on a $100 USD remittance. 

Understanding the real costs of your remittance  is essential to choosing the best remittance provider.

What questions can I ask myself before choosing the right remittances service provider?

• Do they use the mid-market exchange rate or do they add a margin?
• Is the rate fixed at the time you send the money? 
• Do they offer promotional rates only for first-time customers?

What could be something to look out for?

• A low fee paired with a weak exchange rate.
• Big differences between their advertised rate and the actual payout amount.
• Exchange rates that fluctuate during the transfer.
  
  

Even a small difference in the exchange rate can significantly reduce the final amount your family or friends receive if you send a lot.

3. Documentation and requirements: Keep it simple and secure

Each remittance provider must comply with U.S. financial regulations, but their onboarding requirements vary from service provider to service provider. 

What are some common documentation steps or documents needed?

• ID verification (e.g., driver’s license, passport, or state ID).
• Personal information such as date of birth and address.
• Recipient details (full name, destination country, payout method)
• In some cases, proof of funds or additional verification for large amounts

What to look for?

If a provider asks for excessive documentation or makes the process confusing, consider choosing one with smoother compliance systems. For example, some remittance services accept documentation without a United States passport when the sender can demonstrate residency in the United States. 

4. Speed and reliability: How fast does the money arrive?

While some people prioritize low cost, others prioritize speed. This is completely impacted by the recipient's needs back home. 

Transfer speeds vary by:

• Payment method (debit card vs. bank transfer vs. cash).
• Receiving method (bank deposit vs. mobile wallet vs. cash pickup)
• Provider’s infrastructure and local partnerships.
  
  

What can I focus on to ensure my transfer arrives quickly and safely? 

• Real-time delivery estimates offered by the service provider. 
• Clear differentiation between “instant,” “same-day,” and “next-day”. 
• A track record of reliability, not just advertised promises.

When urgency hits speed matters, but always make sure your money is safe. 

5. Security and trust: Your money must be safe

Choosing a remittance provider also requires confidence in the company’s ability to protect both your information and funds.

What are some key indicators of a trustworthy service provider?

• Licensing as a money transmitter in the U.S. For example, with Comun your funds in the Comun checking account are held at a FDIC insured partner bank.
• Secure encryption for payments.
• Fraud prevention tools and notifications.
• Positive customer reviews and transparent dispute resolution
  
  

To keep your money safe it is important to consider avoiding remittance providers with unclear credentials or repeated complaints about blocked transfers and delayed payouts.

6. Additional Services: Look beyond the transfer

A remittance provider is more than just a money-sending tool. Many now offer value-added features that can save you time or money. 

Common additional services

• Bill payments directly for utilities services overseas
• Mobile top-ups.
• Multi-language customer support. Like Comun that is available in Spanish.
• Transaction histories and downloadable receipts.
• Rate alerts to notify you when the exchange rate is favourable.
  
  

What to look for?

• Tools that simplify your overall financial support for your family and friends. 
• Support available that is adapted to your needs.
  
  

Extra services should add convenience not complexity. For example, at Comun you can either use your own debit card to fund the remittance, or open a Comun checking account if you don’t have a debit card.  

‍

Choose the right remittance service provider for your needs!

There’s no one-size-fits-all for a remittance service provider. Some people value speed, others care about the costs, while others need in-person services or cash pickup locations. To get the most out of your next transfer, focus on what matters to you whether it’s:

• Transparent fees.
• Competitive exchange rates.
• Simple documentation.
• Useful additional services.
• Strong security and customer support.
  
  

Taking a few minutes to compare the options with different service providers can make a significant difference in what your family and friends receive and how you optimize your finances according to your needs. 

Comun offers remittances services where you can either use your own debit card, or open a checking account with Comun if you don’t have a debit card. With Comun there are no annual nor monthly fees. Furthermore, Comun’s services are available in Spanish. Download our app or reach out if you’d like to learn more about Comun. 

‍

‍

Cobrar un Cheque en tu Propio Banco

Cuando se trata de cobrar un cheque, una de las opciones más sencillas es visitar tu propio banco o institución financiera. Aquí tienes un proceso paso a paso para depositar o cobrar un cheque:

1. Endosa el Cheque: Voltea el cheque y firma tu nombre en el reverso en el área designada para el endoso. Asegúrate de que tu firma coincida con la registrada en el banco.
2. Visita tu Banco: Dirígete a la sucursal local del banco donde tienes una cuenta. Lleva una forma válida de identificación, como una licencia de conducir o pasaporte.
3. Acércate a un Cajero: Dependiendo de tu preferencia y de las opciones del banco, puedes presentar el cheque a un cajero para su procesamiento o usar un cajero automático equipado con la funcionalidad de depósito de cheques para obtener tu dinero.
4. Proporciona Información Necesaria: Si estás tratando con un cajero, es posible que necesites proporcionar información adicional de la cuenta, como tu número de cuenta, banco emisor y el monto del cheque. Para depósitos en cajeros automáticos, sigue las indicaciones en pantalla para ingresar los detalles relevantes.
5. Confirma el Depósito o Recibe el Dinero: Después del procesamiento, recibirás una confirmación del depósito en tu cuenta o el efectivo en mano si optaste por cobrar el cheque.

'Cobrar' un Cheque Electrónicamente

Además de los métodos tradicionales en persona, muchos bancos ofrecen opciones electrónicas para depositar cheques. Este enfoque conveniente te permite depositar cheques sin visitar ubicaciones físicas o incluso cobrar cheques sin identificación. Así es como funciona:

• Depósito Móvil: La mayoría de los bancos proporcionan una aplicación móvil que te permite depositar cheques usando tu smartphone o tableta. Simplemente endosa el cheque, toma fotos del frente y reverso, y envíalas a través de la aplicación.
• Banca en Línea: Algunos bancos ofrecen portales de banca en línea donde puedes escanear y cargar imágenes de cheques para su depósito. Este método generalmente sigue pasos similares al depósito móvil y es accesible a través de un navegador web.
• Transferencia Electrónica de Fondos: En algunos casos, puedes tener la opción de transferir electrónicamente los fondos de un cheque directamente a tu cuenta sin necesidad de procesamiento físico.

Pros y Contras de las Cuentas de Cheques

Las cuentas de cheques sirven como el centro para muchas transacciones financieras, ofreciendo tanto beneficios como desventajas. Comprender estos pros y contras es crucial para gestionar efectivamente tus recursos.

Ventajas de Tener una Cuenta de Cheques

• Conveniencia: Las cuentas de cheques proporcionan una forma conveniente de acceder y gestionar tus fondos para gastos diarios, como pagar facturas y hacer compras con una tarjeta de débito.
• Escritura de Cheques: Con una cuenta de cheques, puedes emitir cheques a personas o negocios, ofreciendo un método de pago seguro y rastreable.
• Depósito Directo: Muchos empleadores ofrecen depósito directo, permitiendo que tus cheques de pago se depositen automáticamente en tu cuenta de cheques, proporcionando acceso rápido al dinero.
• Banca en Línea: La mayoría de los bancos ofrecen servicios de banca en línea para cuentas de cheques, lo que te permite monitorear la actividad de tu cuenta, transferir dinero y pagar facturas desde la comodidad de tu hogar o en movimiento.
• Protección Contra Sobregiros: Algunas cuentas de cheques vienen con opciones de protección contra sobregiros, que pueden ayudar a prevenir transacciones rechazadas y tarifas en caso de fondos insuficientes.

Desventajas o Limitaciones de las Cuentas de Cheques

• Tarifas: Algunas cuentas de cheques y del mercado monetario pueden tener tarifas de mantenimiento mensual, tarifas por sobregiros, retiros limitados o tarifas en cajeros automáticos, que pueden reducir tu saldo si no se gestionan cuidadosamente.
• Requisitos de Saldo Mínimo: Ciertas cuentas de cheques requieren que mantengas un saldo mínimo para evitar tarifas, lo cual puede ser un desafío para quienes viven de cheque en cheque.
• Intereses Limitados: Aunque algunas cuentas de cheques ofrecen intereses sobre los saldos, las tasas son típicamente más bajas en comparación con las cuentas de ahorro, resultando en ganancias mínimas sobre tus depósitos.
• Riesgo de Fraude: Emitir cheques o usar una tarjeta de débito vinculada a tu cuenta de cheques te expone al riesgo de fraude o transacciones no autorizadas, lo que requiere vigilancia y reporte rápido de cualquier actividad sospechosa.

Al sopesar cuidadosamente las ventajas y desventajas de las cuentas de cheques y considerar factores clave al seleccionar la cuenta adecuada, puedes gestionar efectivamente tus finanzas y aprovechar al máximo tu experiencia bancaria.

Dónde Cobrar un Cheque

Cuando se trata de cobrar un cheque, tienes varias opciones disponibles, que van desde un banco tradicional hasta una tienda minorista. Sin embargo, no todos los lugares son iguales, y es esencial sopesar los pros y los contras de cada opción antes de tomar una decisión.

Opciones para Cobrar Cheques, Incluyendo Bancos y Tiendas Minoristas

• Bancos: Tu banco a menudo es la opción más sencilla para cobrar un cheque. Puedes visitar una sucursal o usar un cajero automático equipado con funcionalidad de depósito de cheques. Muchos bancos y cooperativas de crédito también ofrecen opciones de depósito móvil, lo que te permite depositar cheques usando tu smartphone.
• Tiendas Minoristas: Algunas tiendas minoristas, como supermercados, tiendas de conveniencia y minoristas grandes, ofrecen servicios de cobro de cheques por una tarifa. Esta puede ser una opción conveniente si no tienes una cuenta bancaria o necesitas acceso a efectivo fuera del horario bancario.
• Tiendas de Cobro de Cheques: Las tiendas dedicadas al cobro de cheques se especializan en cobrar cheques por una tarifa. Aunque estos establecimientos proporcionan acceso rápido al efectivo, sus tarifas pueden ser más altas en comparación con otras opciones, reduciendo la cantidad que recibes.
• Tarjeta de Débito Prepagada: Ciertas tarjetas de débito prepagadas te permiten cargar cheques en la tarjeta electrónicamente, proporcionando acceso instantáneo a los fondos. Esta puede ser una opción conveniente si usas regularmente tarjetas prepagadas para transacciones financieras.

Dónde Evitar Cobrar un Cheque Debido a Tarifas Potenciales o Limitaciones

• Prestamistas de Pago Diario: Evita cobrar cheques en establecimientos de préstamos de pago diario, ya que a menudo cobran tarifas exorbitantes y pueden involucrarse en prácticas de préstamos depredadores.
• Casas de Empeño: Aunque algunas casas de empeño ofrecen servicios de cobro de cheques, sus tarifas pueden ser altas y pueden requerir garantía o imponer tasas adicionales y más dinero para cubrir transacciones.
• Minoristas con Altas Tarifas: Ten cuidado al cobrar cheques en minoristas que cobran tarifas altas por el servicio, ya que estas tarifas pueden reducir significativamente la cantidad de efectivo que recibes.

Al decidir dónde cobrar un cheque, considera factores como la conveniencia, las tarifas y el acceso al dinero. Opta por un establecimiento y servicio reputados con estructuras de tarifas transparentes para asegurarte de obtener el mayor valor de tu experiencia de cobro de cheques.

Comparación de Cuentas de Cheques y de Ahorros

Entender las diferencias entre las cuentas de cheques y de ahorros es crucial para una gestión financiera efectiva. Aquí tienes una comparación concisa:

Tasas de Interés y Beneficios de las Cuentas de Ahorros

• Tasas de Interés: Una cuenta de ahorros generalmente ofrece tasas de interés más altas en comparación con una cuenta de cheques, lo que la hace ideal para hacer crecer tu dinero con el tiempo.
• Beneficios:
  • Ahorro Orientado a Metas: Las cuentas de ahorros son excelentes para destinar fondos a metas específicas.
  • Red de Seguridad: Proporcionan un colchón financiero para gastos inesperados.
  • Acceso a Fondos: Aunque puede haber un límite en los retiros, las cuentas de ahorros ofrecen un acceso relativamente fácil a tu dinero.

Consideraciones para Tener Ambas Cuentas en el Mismo Banco

• Conveniencia: Gestionar tanto una cuenta de ahorros como una cuenta de cheques en el mismo banco ofrece facilidad en la transferencia de dinero, ver saldos y acceder a ciclos de estado de cuenta y servicios agrupados.
• Beneficios de Relación: Algunos bancos o cooperativas de crédito ofrecen ventajas para los clientes con múltiples cuentas, como tasas de interés más altas o tarifas exoneradas.
• Experiencia Simplificada: Consolidar una cuenta de ahorros y una cuenta de cheques simplifica tareas bancarias como pagos de facturas y transferencias de dinero.
• Diversificación: Sin embargo, tener cuentas en diferentes bancos proporciona diversificación y puede mitigar riesgos asociados con una sola institución financiera.

En última instancia, la decisión de tener una cuenta de ahorros y una cuenta de cheques en el mismo banco o repartirlas en múltiples instituciones financieras depende de tus preferencias, metas financieras y necesidades bancarias.

Cargar un Cheque en una Tarjeta Prepagada

Cargar un cheque en una tarjeta prepagada es una alternativa conveniente a los métodos bancarios tradicionales, ofreciendo flexibilidad y accesibilidad para individuos que pueden no tener o prefieren no usar cuentas tradicionales. Vamos a analizar brevemente el proceso y las consideraciones asociadas con este método.

Tarjetas Prepagadas y su Adecuación

• Tarjetas Prepagadas: Tarjetas de pago recargables no vinculadas a cuentas bancarias tradicionales.
• Carga de Cheques: Los proveedores de tarjetas prepagadas ofrecen opciones de carga de cheques electrónicamente a través de aplicaciones móviles o portales en línea.
• Adecuación: Ideal para quienes no tienen una cuenta bancaria o prefieren servicios financieros alternativos.

Pros y Contras de Usar Tarjetas Prepagadas

Pros:

• Accesibilidad y conveniencia para cargar cheques.
• Control sobre el gasto y características de seguridad.

Contras:

• Tarifas mensuales por varias transacciones.
• Características limitadas en comparación con cuentas bancarias tradicionales.
• Límites de recarga y falta de seguro de la FDIC.

Considera la conveniencia y accesibilidad de las tarjetas prepagadas para las transacciones con cheques, teniendo en cuenta las tarifas y limitaciones asociadas.

Puedes Abrir una cuenta corriente en Común ahora mismo!

Abre tu cuenta corriente¹ en 3 minutos con la ID de tu país²

Abre tu cuenta

Conclusión

Navegar por el panorama de la banca con cheques hoy en día requiere una comprensión equilibrada de las ventajas y desventajas inherentes a este método de pago. Aunque los cheques ofrecen flexibilidad y accesibilidad, también vienen con tarifas potenciales y riesgos de seguridad. Al sopesar los pros y los contras delineados en este artículo y explorar opciones bancarias alternativas, las personas pueden tomar decisiones informadas para optimizar sus estrategias financieras y de gestión de efectivo.

‍

Knowing the cost of living in the United States is essential if you plan to build a life in this country. It includes the amount of money needed to cover basic expenses such as housing, food, health, public transportation, etc.

You’ve surely asked yourself before how much money you need to live well in the U.S. The reality is that this figure is relative, since costs vary considerably from one State to another.

However, in general terms, it is possible to state that the main expense is housing, followed by food and health services.

This time, we will explain how much it costs per month to live in the United States, which is the cheapest State to live in the USA, and the approximate costs you will have to cover so you can consider your monthly budget.

What does the cost of living in the United States mean?

Cost of living refers to the amount of money required to cover the necessary expenses to subsist, which are divided as follows:

• Housing: monthly rent or mortgage.

• Food: purchasing groceries and prepared food.

• Transportation: public transit or your own car.

• Health: health insurance, medical care, medications, treatments, etc.

• Education: tuition, school supplies.

• Basic services: electricity, water, internet.

The average cost of living varies in each State, because each one has a particular lifestyle that may be more or less affluent, depending on the type of services available and the area’s infrastructure.

Knowing which States are the cheapest in the United States is essential to adjust your monthly expenses in a competitive way.

Main expenses in the United States

Starting a new life in the United States entails covering a series of monthly expenses that could affect your finances if they are not planned correctly.

Below, we show you the national average of basic necessities in this country.

Housing: the largest monthly expense

Housing is the largest expense you will have once you arrive in the United States, especially if you plan to live in a city like New York, known for its high costs.

Housing costs also depend on whether it is a mortgage or rent.

In March 2025, the average rent was $1.575 USD for a one-bedroom apartment and $1.835 USD for a two-bedroom apartment.

On the other hand, in the same month, the average mortgage rose to $2.807 USD, which represents an increase of 5.3%.

Food and basic services

According to the Thrifty Food Plan from the United States Department of Agriculture (USDA), an adult between 20 and 50 years old requires approximately $309.20 USD per month, while a child between 9 and 11 years old spends around $234.20 USD.

Health and health insurance

As for health insurance, the cost depends on several factors, such as the beneficiary’s age, place of residence, and level of coverage.

This is the national average cost by level of coverage for people over 40 years old.

• Bronze: $488 USD

• Silver: $621 USD

• Gold: $676 USD

• Platinum: $913 USD

Transportation: public vs. own car

For its part, the national average cost of public transportation in the United States reaches $975 USD annually or $81 USD monthly, while the cost of maintaining a car exceeds a thousand dollars per month.

Cost of living in the United States by State and city

Remember that the previous figures are a nationwide average, so prices may be lower or higher depending on the city and State where you intend to live.

¹ RentCafe, 2025

² ZipRecruiter, 2025

³ Smart Assets, 2024

⁴ Smart Assets, 2025

⁵ Click2Houston, 2025

As you can see, the cities of New York and San Francisco are among the most expensive nationwide, so it is advisable to choose a more accessible place to live, such as Texas.

Remember that these data are an estimate and your salary could be higher or lower, as could your monthly expenses and the money needed to live.

What is the average salary in the United States?

Another important aspect in determining the cost of living in the United States is the average salary and the minimum wage—concepts that could be confused but are actually very different.

On the one hand, the minimum wage is the amount from which an employer must start to set employees’ pay. It is established by law.

This varies in each State. According to the U.S. government, at the federal level this figure reaches $7.25 USD per hour, although several States set a higher minimum. For example, in California and New York it is $16.50 USD.

The average salary is the average income a worker receives per month. This amount is obtained by adding total wages and dividing by the number of workers.

By contrast, the real amount needed to live comfortably is the sum of the average costs of essential services such as housing, utilities, and food, in addition to other types of expenses such as leisure.

It is very important to be clear about the difference between the average salary and the real cost of living, since it is likely that your salary will not match your needs, especially if you are the head of a large family.

For example, while the average salary in San Francisco, California, is $7,938 USD, the amount needed to live is $9,993. In contrast, it is worth highlighting States such as West Virginia, where the average salary is $5,405 per month and the income needed to live is $6,735 USD. As you can see, the gap is much smaller, which places this State as the most accessible to live in the United States.

Manage your money better in the U.S. with Comun

Having a checking account will make financial control easier so you can stay on top of all your monthly expenses, organize income, and send money home.

That’s what Comun is for! A financial platform designed for day-to-day needs in the United States through an easy-to-use mobile app that is available in English and Spanish. Opening an account is very easy and fast; you can do it with qualifying official identification from your country of origin.

In addition, it makes it easier to send remittances to several countries, up to the applicable limits, without complications, so that your family receives more money for less.

Why choose Comun?

• Get a Visa debit card.

• Send money home with accessible, transparent fees.

• Save money and pay your bills easily.

• Anti-fraud security

And much more!

Open your account with Comun today and manage your financial life in the United States with security and confidence.

Frequently Asked Questions (FAQ)

Which city in the United States is the cheapest?

Within West Virginia, cities such as Huntington, Charleston, or Parkersburg are often among the most affordable in the country.

Which state in the USA is more affordable to live in, according to the cost of living?

West Virginia is considered an affordable State in the country.

How can I calculate the monthly cost according to my lifestyle?

Add up your necessary monthly living expenses, for example:

Monthly cost: Housing+Utilities+Food+Transportation+Other

Some of the best English classes to learn online as an immigrant in the U.S.

Although moving to the United States brings a number of benefits due to the wide range of job opportunities available, it also presents challenges, such as the language barrier, which can limit opportunities for many immigrants who have not had access to formal language education.

While it may seem like a difficult goal to achieve, speaking English can make many aspects of daily life easier — such as getting a job, going to school, or handling important paperwork.

Fortunately, technology allows more people to learn English for free and easily, through platforms and mobile apps that offer lessons from anywhere. Below, we’ll show you some of the best options for immigrants who live or plan to live in the United States to learn English.

5 Reliable Platforms to Learn English from Scratch

For many people, taking in-person English classes isn’t always the best option due to cost, schedules, and transportation challenges. If you face any of these obstacles, you should know about practical alternatives from educational institutions and online platforms — ideal for those who prefer a more academic or progressive learning path.

Below, we present 5 reliable alternatives for learning English online.

British Council

This is one of the most prestigious English teaching institutions worldwide. Its platform offers a variety of courses for beginner, intermediate, and advanced students, segmented by skills: listening comprehension, grammar, writing, and conversation.

It stands out as a very complete option since students can supplement lessons with various materials such as podcasts, videos, and exercises prepared by certified English teachers.

Coursera

Coursera is a platform that offers free English courses in collaboration with prestigious universities, maintaining an academic and professional focus.

This is an excellent option if you’re looking to improve your English to access better job opportunities or refine specific skills to sound more like a native speaker.

BBC Learning English

This platform focuses on teaching English through current content, such as international and cultural news. It’s an ideal alternative for students who want to improve listening comprehension and expand their vocabulary.

USA Learns

This is an official U.S. government platform. It is specifically designed for people who want to acquire basic language skills to handle real-life situations such as visiting the doctor, ordering food, or completing immigration paperwork.

Alison

Alison is another dynamic alternative that offers a variety of free courses across different levels and practical skills. Students can also focus on specific areas, such as business English or preparation for certifications like the TOEFL.

Platform

Type of Course

Level

Main Benefit

British Council 

Courses segmented by skills, general English.

From beginner to advanced.

Structured learning units with rich study materials.

Coursera

Academic and professional English.

From intermediate to advanced.

Courses focused on improving professional communication skills.

BBC Learning English

Everyday English.

From beginner to advanced.

Short lessons based on current topics.

USA Learns

Practical English.

Beginner.

Designed to equip students with the skills needed to communicate in everyday situations.

Alison

Business English and official certification preparation.

From beginner to advanced.

Offers the option to earn official digital certificates.

Mobile Applications to Learn English for Free

In addition to the options above, you can also explore other alternatives known for their flexibility in helping you learn English easily.

Mobile language-learning apps let users study anywhere, anytime, and serve as a fun complement to traditional courses.

Duolingo

Duolingo is the most famous and culturally influential app. It uses gamified lessons that unlock progressively as users acquire new skills. It’s ideal for building vocabulary.

Mondly

Mondly focuses on conversational practice and pronunciation using tools like voice recognition and artificial intelligence to interact with virtual characters.

Busuu

Busuu is one of the most comprehensive language-learning apps. In addition to structured lessons based on the Common European Framework, it allows students to interact with native speakers.

Memrise

Memrise focuses on improving listening comprehension and learning new vocabulary through videos of real-life situations presented by native English speakers.

HelloTalk

HelloTalk makes English practice easier by connecting people around the world interested in cultural and language exchange.

How to Choose the Right English Course for You

As you can see, there are many ways to learn and improve your English. Each has different approaches and benefits, so there’s no single “best option” — it depends on your level and specific needs.

Before deciding which online English course is best for you, consider these recommendations:

• Define your goals: be clear about why you want to learn or improve your English.

• Evaluate your current English level: whether you’re a beginner or already advanced.

• Compare platforms and apps: take time to find the one that best fits your needs.

• Review the course duration and format: make sure to organize your time so you can attend classes consistently and on schedule.

• Complement your study with conversation practice: it’s very important to engage with native speakers in real-life situations and different accents.

The most important factor in making language study effective is consistency, regardless of which platform you choose.

Practical Tips to Improve Your English Every Day

In addition to the classes on platforms or the interactive resources in apps, it’s important to incorporate strategies that help improve your confidence and fluency when communicating in English.

Here are some practical tips designed to make life easier for immigrants in the United States.

• Listen to English every day: whether on YouTube videos or movies. The goal isn’t to understand 100%, but to start getting used to the language.

• Practice with friends or coworkers: if you have people you trust, don’t hesitate to ask them for help.

• Apply what you’ve learned in your environment: mentally review your surroundings and try to name the things around you in English.

• Use technology to your advantage: rely on AI-powered tutors or platforms that offer automatic corrections.

Learning English and managing your finances with Comun are key steps to achieving your goals in the U.S.

In this article, we explained why learning English is important if you plan to live in the U.S., and showed you various platforms and apps designed to help you build essential language skills.

Fortunately, the immigrant community in the U.S. has allies dedicated to supporting them through their adaptation and growth in the country.

Discover Comun — the digital platform designed to meet the financial needs of immigrants.

At Comun, we believe every new learning step brings you closer to your dreams: learning English and organizing your money with Comun are steps toward achieving your goals in the United States.

Frequently Asked Questions (FAQ)

What is the best free online English course for beginners?

There are several English course options. If you have no prior knowledge, it’s recommended to start with British Council courses and complement with Duolingo.

How long does it take to learn basic English?

It depends on your consistency. If you dedicate even a small amount of time daily, you should notice improvement within three months.

What’s the best free method for adults to learn English?

There isn’t just one method to learn English. Try combining practice across different language skills using interactive platforms.

‍

Cheapest Cities to Live in the United States (2026)

Living in large metropolitan areas such as New York City, Los Angeles, or Miami can be expensive, especially when it comes to housing, transportation, and everyday expenses. For many people, including recent immigrants, young professionals, and families trying to build financial stability, the affordability of a place may play an important role when deciding where to live in the United States.

There are cities across the country where the overall cost of living can be lower while still offering access to jobs, public services, universities, and established communities. Cities such as Cleveland, Detroit, Toledo, Wichita, and Memphis are often recognized among the more affordable cities to live in the United States due to their relatively lower housing costs and cost-of-living indexes.

This guide explores some of the more affordable cities to live in the U.S., the factors that influence affordability, and considerations that may help when choosing a city that fits your budget, lifestyle, and long-term goals.

Factors that influence the cost of living in cities in the U.S.

Housing and rent

Housing is usually one of the largest expenses for households in the U.S. The national median home price ranges from approximately $408,800 to $437,000. In major metropolitan areas, average rents can exceed $2,000/month. In the most affordable cities, median home prices can be as low as $75,000–$150,000, and one-bedroom apartments often rent for $600–$900/month.

Utilities and groceries

Utility costs such as electricity, water, internet, and heating can vary depending on the region and climate. Grocery prices can also differ between cities depending on transportation costs, local agriculture, and overall demand.

Transportation and mobility

In some larger cities, public transportation may reduce the need for a car. In smaller or more spread-out cities, owning a vehicle may be more needed, which can add costs such as gas, insurance, parking, and maintenance.

Job Opportunities and Salaries

A lower cost of living may not always translate into greater affordability if local salaries are significantly lower. According to the U.S. Census Bureau, the national median household income was approximately $83,730 in 2024.

The 10 most affordable cities to live in the United States

1. Cleveland, OH

Cleveland consistently ranks among the most affordable large cities in the United States. Its overall cost of living runs approximately 7–17% below the national average, with housing costs particularly low. Median home prices range from roughly $105,000 to $150,000, a fraction of the national median. The city's economy is anchored in healthcare and advanced manufacturing, with the Cleveland Clinic and University Hospitals serving as two of the region's largest employers. Cleveland is also home to approximately 49,500 Hispanic residents, making it the second-largest Latino community of any city in Ohio, with established Puerto Rican, Mexican, and Central American communities.

2. Detroit, MI

Detroit stands out for its exceptionally low housing purchase prices. Houzeo reports a median sale price of $82,000, while Redfin records a higher median of $104,000 as of March 2026. Significant investment in downtown revitalization, automotive industry jobs, and a growing startup scene have improved its economic outlook.

3. Toledo, OH

Toledo is one of the lower-cost cities in the Midwest. Redfin puts Toledo's median sale price at $111,000 as of February 2026, noting that Toledo's median is 68% lower than the national average. Manufacturing, healthcare, and logistics remain important parts of the local economy, and the city has an established Latino community with access to Spanish-speaking services.

4. Wichita, KS

Wichita's cost of living is 12% lower than the national average, with housing 35% cheaper than the U.S. average. The median household income is $63,072. Redfin reports a median sale price of $235,000 in March 2026. The aerospace and manufacturing industries are major employers.

5. Memphis, TN

Memphis's overall cost of living is 11% lower than the national average. Redfin reports a median sale price of $170,000 in February 2026, noting Memphis's median is 51% lower than the national average. Average rents for a one-bedroom are typically in the $800–$950 range. Memphis is a logistics and distribution hub — FedEx is headquartered there.

6. Tulsa, OK

Tulsa is often viewed as one of the more affordable cities in the South-Central United States, with housing costs remaining below those in many larger U.S. metros. The city gained national attention through the Tulsa Remote program. Energy, healthcare, and finance continue to be important industries in the local economy.

7. Knoxville, TN

Knoxville's cost of living is 14% lower than the national average. The city combines lower overall costs with access to universities, healthcare systems, and outdoor recreation in the Appalachian region. Redfin reports a median sale price of $307,000 in March 2026.

8. Birmingham, AL

Birmingham is frequently recognized as one of the more affordable cities in the Southeast. Healthcare remains one of the city's largest industries, particularly because of the University of Alabama at Birmingham and its medical network. Housing prices and rental costs may remain lower than those found in many larger Southern metropolitan areas.

9. Indianapolis, IN

Indianapolis is often categorized as a lower-cost mid-sized city. The city has continued expanding in sectors such as logistics, healthcare, and technology, while maintaining housing prices that are often lower than those in coastal metropolitan areas. Indianapolis also has a growing Latino community and multiple immigrant support organizations.

10. Brownsville, TX

Brownsville is often highlighted for its affordability and strong connection to Latin American culture. Located within the U.S.-Mexico border, the city has one of the largest Spanish-speaking populations in the country (94% Hispanic), which may make everyday life more accessible for recent immigrants and bilingual families.

Comparison Table: Cost of Living by City (2026)

How to choose the ideal city?

An affordable city may look attractive on paper, but the best option can still vary depending on your personal situation, work opportunities, and long-term goals.

Family budget:

For most households, housing remains the largest monthly expense. Neighborhood-level costs may vary significantly within the same city.

Community and support networks:

For many immigrants, having access to a strong community network can make the transition to a new city easier. Cities with established Latino communities may offer more Spanish-speaking services, cultural organizations, churches, restaurants, and local businesses.

Job availability:

A lower cost of living may not always translate into greater financial stability if local salaries and job opportunities are limited. For remote workers, choosing a lower-cost city may also provide more flexibility.

Access to services and education:

Before moving, it may help to consider commute times, fuel costs, access to public transit, and proximity to schools, grocery stores, and healthcare services.

Manage your finances in the US with Común

Choosing an affordable city is only one part of building a stable life in the United States. Común offers a debit account that can be opened with more than 100 valid Latin American IDs. The app and services are available in Spanish and users can conveniently send money from their phone to 10+ countries in Latin America. Visit comun.app to learn more.

FAQs

What is the cheapest city to live in the US?

Based on 2026 cost-of-living data, Cleveland, OH and Detroit, MI rank among the cheapest large cities in the United States, with cost-of-living indexes well below the national average.

Where can you find the most affordable housing in the US?

The most affordable housing markets in 2026 tend to be in the Midwest and South, particularly in Ohio, Michigan, Tennessee, Alabama, and Oklahoma.

Which cities offer a balance between employment and affordability?

Indianapolis, IN and Knoxville, TN are frequently cited for combining affordability with strong job markets.

How do I calculate the cost of living before moving to a new city?

Start with the three largest expenses: housing, transportation, and food. Use tools like the C2ER Cost of Living Index or Numbeo's city comparison tool to compare cities side by side.

Which cities have the largest Latino communities and affordable cost of living?

Brownsville, TX has a 94% Hispanic population and a cost of living approximately 12–16% below the national average. Toledo, OH, Cleveland, and Indianapolis also have established Latino communities and Spanish-language services.

‍

The Social Security Number is one of the most important identifiers in the U.S.  It is required for seeking to access benefits such as access to employment, tax filing, and financial services, among others.

If you have newly arrived in the U.S., you likely have questions about how to handle certain procedures. Therefore, we will explain what the SSN is, what it is for, how to apply for it, how much it costs, and what the benefits are of having this identifier.

What is the Social Security Number (SSN)?

The Social Security Number (SSN) is a series of 9 digits issued by the Social Security Administration (SSA, or Administración del Seguro Social in Spanish). It is issued to citizens, permanent residents, and eligible temporary residents, in accordance with their immigration status.

Its main function is to serve as a unique identification number that allows the government to track specific data for each person, such as their income, financial information, and employment history. This makes it possible to determine, in each particular case, eligibility to access Social Security benefits such as retirement, disability, among others.

In addition to facilitating access to these benefits, the Social Security card serves as official identification for employment onboarding, driver’s licenses (in some states), and opening bank accounts.

How to obtain the Social Security Number in the United States?

An important point about the Social Security Number in the U.S. is that there are three different types:

• For citizens born in the United States 
• For citizens born abroad
• For non-citizens with lawful resident status

In the case of lawful permanent residents, it is necessary to obtain a Green Card or a visa with valid work authorization issued by the Department of Homeland Security (DHS), such as H-1B or L-1.

The process of obtaining the SSN varies depending on immigration characteristics. If you requested the SSN during your visa processing—through the “Application for Immigrant Visa and Alien Registration” form or the DS-260 electronic format, “Immigrant Visa Electronic Application”—DHS will contact the Social Security Administration directly to carry out the process.

Get your SSN in just 4 steps

If you did not request the SSN during your visa process, the first thing you should do is gather the following documentation:

• A valid passport with the Machine Readable Immigrant Visa (MRIV) or a Permanent Resident Card (Form I-551)
• Birth certificate

Once you have gathered the documentation, follow these steps:

1. Download and complete the SS-5 application
2. Go to an SSA office
3. Present the original documents
4. Wait 7 to 14 days to receive the Social Security card by mail

What to do if your SSN card is lost?

If your Social Security card is lost, it is important to take security measures immediately to avoid identity theft, fraud, or misuse of your personal data.

Report the theft or loss of this document to the police and then file a complaint with the Federal Trade Commission (FTC).

Afterwards, go to the Social Security Administration, complete the SS-5 form again, and bring the corresponding documents for replacement of the card.

Avoid carrying the card with you unless necessary and keep it in a safe place. Generally, you do not need to present your physical card but rather the number, which does not change even if you replace the card.

5 benefits of having an SSN

If you are still wondering what the SSN is for, you should know that this document provides multiple benefits of different kinds, such as the following:

1. Employment

For permanent residents, the greatest benefit of the SSN is that it grants work authorization, enables income tracking, as well as the payment of taxes and legal obligations. Presenting this document is an indispensable requirement during formal hiring processes in the United States.

2. Credit

The SSN is also typically required to apply for loans and credit from banks and financial institutions in the United States; in this way you can access assets such as real estate, a car, or other types of services.

3. Banking services

Accessing financial services is essential for immigrant workers in the United States, whether to receive wages or send money to their countries of origin. Generally, the SSN is a requirement to access a bank account and credit and debit cards, among other services.

4. Government benefits

There are other benefits available, such as unemployment insurance in the event of dismissal, and access to retirement and Medicare starting at age 65, for eligible permanent residents.

5. Taxes

The SSN functions as the taxpayer’s personal identification number, which makes it easier to file tax returns and report income and expenses. Another alternative for residents who do not have an SSN is the ITIN, issued by the Internal Revenue Service (IRS), which serves to fulfill tax obligations and grants other benefits.

In short, the Social Security Number—beyond being an administrative procedure—facilitates economic and social integration in the United States because it serves to track income and expenses and facilitates access to basic rights such as work, health, and banking, which are essential for integrating into society.

How much does it cost to get an SSN?

It is important to clarify that the Social Security card process does not involve any cost, whether you do it for the first time or as a replacement due to theft or loss.

Stay alert to potential fraud and avoid making payments to unauthorized third parties. If you have any doubts, go directly to your local Social Security office and report any suspicious activity.

Read more: Don’t miss our guide to investment basics for immigrants

Simplify your financial life upon arriving in the United States with Comun

As you can see, the SSN is highly relevant to establishing a stable life in the United States because it facilitates access to work, health services, and financial products that are essential for carrying out daily tasks such as payments and money transfers.

Comun is a financial platform designed to make life easier for immigrants in the United States by facilitating their integration into the financial system from day one.

• Open your account with an official ID from your country of origin
• Receive a Visa debit card and make purchases easily in physical stores and online
• Access a mobile application and manage your finances from the palm of your hand
• Send remittances to your home country for a fee starting at $2.99 USD, up to the applicable limits
• Forget about hidden fees and complicated processes
• Access support available in Spanish and English

With Comun, discover the most accessible way to manage your finances for everyday life in the United States.

Frequently Asked Questions

If you still have questions, consult our Frequently Asked Questions section.

What should I do if someone uses my SSN without permission?

Report immediately at IdentityTheft.gov and place a fraud alert.

How many times can I replace my SSN card?

Up to 3 times per year and a maximum of 10 times in your lifetime.

Is it mandatory to have an SSN to open an account with Comun?

Comun allows you to open an account with official ID from your country. 

Difference Between a Savings Account and a Checking Account

Need a safe, simple way to manage your money? It’s important to understand the different bank account types offered by U.S. financial institutions and digital platforms.

Two primary examples are savings accounts and checking accounts. While common in the U.S., they differ in important ways especially relevant when you’re new to managing money in a new country.

It’s easy to assume both accounts do the same thing. Below, we detail what each account is, the main differences, comparisons, and examples.

What is a checking account?

A checking account is one of the most popular financial products. It’s designed for frequent transactions: receiving pay, sending transfers, and paying at physical and online merchants.

These are the main benefits of opening a checking account:

• Allows frequent deposits and withdrawals.

• Includes a debit card for purchases.

• Makes bill payments and transfers easy.

• Ideal for day-to-day income and expense management.

• Access to mobile/online banking.

• Some still offer paper checks for secure payments.

What is a checking account used for?

A checking account has multiple functions, for example:

• Receive your paycheck via direct deposit—securely and quickly.

• Pay utilities like electricity, water, or internet.

• Make purchases online or in stores.

• Withdraw cash at ATMs or participating retailers.

• Send money transfers to others easily.

• Track your money in real time.

In short, this account type covers everyday needs with simple, accessible tools.

Here’s where you can learn about different checking account types and their features.

What is a savings account?

Unlike checking, a savings account is for setting money aside longer term and growing it through interest.

Advantages of a savings account:

• Fewer routine transactions; focused on building funds.

• Can earn interest on your balance.

• Useful for mid- to long-term goals.

• Generally limits monthly withdrawals.

• Ideal for an emergency fund or setting aside money for unexpected expenses.

Want to understand how bank accounts work in the U.S.? Don’t miss our explainer with all the details.

Key differences between checking and savings

Though different, both accounts complement each other to cover short-, mid-, and long-term financial needs.

These are the main differences between them.

Access and usage

• Checking: money is available anytime for daily transactions—transfers, cash withdrawals, and bill payments via cards and digital channels.

• Savings: access is more limited because the goal is saving and growth; transfers are still possible.

Interest earnings

• Checking: most don’t pay interest; those that do tend to offer very low rates.

• Savings: the core feature is interest over time—protecting and growing funds without high-risk investing.

Learn about joint bank accounts, an excellent way to manage finances as a team.

Primary purpose

• Checking: mainly for short-term holding to cover daily expenses, receive wages, and make purchases with a debit card.

• Savings: to keep money safe and earn interest so it doesn’t lose value to inflation; a reserve for emergencies or long-term plans like trips, celebrations, or moves.

Costs and requirements

• Checking: many have monthly maintenance fees, often waived with a minimum balance or regular direct deposits.

• Savings: typically fewer fees than checking, but may require a minimum balance to avoid charges; some require keeping funds for a set period before withdrawal.

As you can see, the decision to open a checking or savings account depends on your needs. However, combining both is a strategic decision for financial management. On the one hand, a checking account allows you to keep up with daily payments, while a savings account is designed to plan for the future and keep your money separate.

Manage your money in the U.S. with Común

In this article, you learned the difference between checking (for daily transactions) and savings (for growing money over time to meet future goals).

Immigrants arriving in the U.S. need bank accounts that offer security and trust, yet often face hurdles due to strict requirements that disadvantage many in the community.

Meet Común, the checking account that understands immigrants’ needs!

Here are some benefits that await you:

• Checking account with clear, competitive fees.

• International money transfers with affordable costs.

• Mobile app also available in Spanish and  accepts 100+ qualifying official IDs for account opening.

• Debit card for everyday purchases and payments.

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

Frequently Asked Questions (FAQ)

If you still have questions, check out our FAQ section.

Which is better, checking or savings?

It depends on your needs. If you're looking for an account for everyday transactions, such as transfers and deposits, receiving paychecks, and making utility payments, a checking account may be an option. If you want to save your money for the long term, consider a savings account.

Can I have both checking and savings?

Yes, you can separate your goals and organize your money. Use a checking account that supports domestic and international transfers with clear, affordable fees, and keep a savings account to plan long-term.

Which account suits newly arrived immigrants best?

Común is a financial platform with accessible onboarding requirements and fair, competitive pricing.

‍