Wells Fargo vs Novel for non residents

By Rohan Smith, 15 December, 2022

Wells Fargo review for non-residents without SSN

Bank
Wells Fargo
SSN Required?
For Residents
ITIN Required?
No
Can Apply Online?
With SSN
Summary

Wells Fargo offers a large network of branches, many ATMs, and a variety of financial products. Monthly fees on basic bank accounts can be easily waived, but savings rates tend to be low. If you have a high enough balance across eligible accounts, you could receive upgrades on interest rates (but they’re still lower than the national average). Wells Fargo may be a good fit if you’re looking for a large network of branches and ATM access is important to you.

Features
  • Account: Everyday Checking.
  • US residence required: Yes (though not necessarily primary residence).
  • SSN/ITIN required: Only for US citizens.
  • No minimum daily balance required - Outgoing int'l wire cost: $30 plus an additional 4%-10% (depending on the currency)
Cons

  • Yields on certificates of deposit and savings accounts are low, like many big banks.

  • There is an out-of-network ATM fee of $2.50 for checking account customers.

  • The money market account has a steeper monthly fee if a specified balance isn’t maintained.

  • Wells Fargo still charges a $35 fee for over-drafting your account on most of its checking accounts.

Link
https://www.wellsfargo.com/checking/everyday/

Novel review for non-residents without SSN

Published on
17 April, 2023
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/
Neobank?
No