Novel vs Wise for non residents

By Rohan Smith, 16 December, 2022

Novel review for non-residents without SSN

By Rohan Smith, 17 November, 2022
Bank
Novel
SSN Required?
No
ITIN Required?
No
Can Apply Online?
With EIN
Summary

Novel Financial, Inc. is a financial technology company and is not a bank. Banking services provided by Blue Ridge Bank; Member FDIC. provides a Global Business Bank Account in Minutes in multi-currency wallets, transfers in 140+ currencies.

Features
  • No minimum balance or minimum transaction requirements.
  • Zero fees on domestic ACH, wire, and international wires for Novel Plus plan members.
  • Virtual cards are issued instantly.
  • Deposit Checks Anywhere.
  • Eligible to US Residents and non-residents.
Link
https://www.trynovel.com/

Wise review for non-residents without SSN

By Rohan Smith, 17 November, 2022
Bank
Wise
SSN Required?
No
ITIN Required?
No
Can Apply Online?
Yes
Summary

Wise isn't a bank in the US but a money transfer operator that's well-known for offering some of the cheapest international transfers globally. However, in addition to money transfers, Wise also offers a Multi-Currency Account, a low-cost foreign currency spending account, and a Visa debit card.

Features

Even without a US residence, the Wise Account gives you US checking details.

  • A debit card to spend in 50+ currencies, including US dollars.
  • You can use this account to get paid by employers in US dollars. - Send money domestically within the US.
  • The Wise debit card is accepted worldwide.
  • Local bank details are not just in the US, but also in the UK, EU, Australia, New Zealand, Singapore, Romania, Canada, and Hungary.
Cons
  • The fee to receive wire transfers (domestic and international) is $7.50 per transaction.
  • Incoming payments can only be in US dollars, no other currency will be accepted.
  • Incoming domestic transfers take 2 to 3 working days to arrive in the account, while international transfers take 4 to 5 days.
  • You can't yet set up a direct debit.
Link
Apply Now!
Neobank?
Yes