Banks and transfers in New York

Financial foundations in New York: account, card, transfers

The banking question in New York gets resolved in the first two or three weeks after arrival — and everything else depends on how it is handled: renting a flat, subscriptions, taxes, receiving a salary. The American banking system is structured differently from European or post-Soviet ones: there is no concept of ’opening an account online in five minutes’ for a newcomer, but there is a clear logic worth understanding before you walk into a branch.

How to open a bank account in New York as a foreigner

Most banks require one of two identifiers: SSN (Social Security Number) or ITIN (Individual Taxpayer Identification Number). An SSN is available to those working on a visa that permits employment. An ITIN is issued to those who pay taxes but are not eligible for an SSN — for example, business owners on an E-2 visa or investors.

If you have neither yet, all is not lost. Citibank and some Chase branches have historically been more accommodating to newcomers: with a passport and a second document (such as a foreign driving licence or an ITIN card), certain branches in Manhattan and Brooklyn will open a basic checking account. Policy varies from branch to branch — this is managerial discretion, not a corporate rule.

Minimum document package for opening an account:

• International passport (valid)
• SSN or ITIN (if available)
• Proof of address in the US: lease agreement, utility bill, or employer’s letter
• Initial deposit (from $25 at Chase to $100 at Bank of America for a standard checking account)

Insider note: at Chase and Citibank branches in Brooklyn (Brighton Beach, Sheepshead Bay) and Queens (Forest Hills, Rego Park), staff often speak Russian or Ukrainian. This is not a marketing gimmick — it simply reflects local demographics. For a Russian-speaking newcomer, a visit there is considerably easier than a trip to Midtown.

Major banks: a comparison for newcomers

Transfers from New York: options and real rates

Sending money from the US is a story of its own. A bank wire transfer costs $25–45 for an outgoing transfer and takes 2–5 business days. For regular transfers to Europe, Israel, Latin America, or the CIS, that makes little financial sense.

Wise (formerly TransferWise) — the standard for New York–Europe transfers. Fee is around 0.4–1.2% of the amount depending on currency and direction, rate close to the interbank mid-market. A Wise account is opened online and linked to a US bank account via ACH. Important: transfers to Russia via Wise have been unavailable since 2022.

Zelle — an instant peer-to-peer transfer system within the US. Built into the Chase, Bank of America, and Citibank apps. Fee — $0, transfers arrive in seconds. Works domestically only and exclusively between accounts at participating banks.

Remitly, Xoom (PayPal) — alternatives for transfers to Latin America, South Asia, and Africa. Xoom is convenient for anyone already using PayPal.

Western Union / MoneyGram — expensive (fees from $5 to $15+ for a small amount), but works with cash and without a bank account. Useful in the first few days before your account is open.

For Russian speakers who still have financial ties to the post-Soviet space: direct transfers to Russia and Belarus are blocked through most Western services. Practical routes in 2025–2026 run through third countries (Armenia, Georgia, Kazakhstan, the UAE) using local accounts or cryptocurrency. This is a grey area that requires particular care from a compliance standpoint.

Cards in New York: what Russian speakers need to know

A US bank debit card covers most everyday needs: paying rent by cheque or Zelle, purchases, subscriptions, and online services. But a credit history in the US starts from zero — even if you have a spotless record in Europe or Russia. Without a credit history it is hard to rent an apartment, get a phone contract, or take out a car loan.

The strategy for getting started: a secured credit card — a card backed by a security deposit ($200–500). Chase, Citibank, and Discover all offer these products. After 6–12 months of responsible use, you can move to a regular credit card and start building your credit score.

Common mistakes

1. Walking into any branch without proof of address. Without a lease or utility bill you will be turned away even with a passport and SSN — prepare your full document package beforehand.
2. Sending money via bank wire without comparing alternatives. The difference between a wire ($35) and Wise (1%) on a $3,000 transfer is $5 vs. $35. Multiply that by the number of transfers you make in a year.
3. Skipping checks on the specific branch’s policies. Chase in Midtown and Chase in Brooklyn may give different answers to the same question. Flexibility is at the manager’s discretion.
4. Ignoring credit history in the first few months. Many arrivals are determined not to take on debt — and a year later find they can’t rent a decent apartment without a co-signer.
5. Confusing Zelle with an international transfer service. Zelle operates within the US only. Sending money abroad through it is technically impossible.
6. Opening an account at only one bank. In the American system it makes sense to have at least two: a primary account (Chase or Citi) and a backup online bank (Discover or Ally) — in case of a card block or technical issues.

Practical conclusion

The standard route for a new New York resident: Chase Total Checking as the primary account (with an SSN), Wise for international transfers, Zelle for payments within the US, and a secured card to start building a credit history. If you don’t have an SSN yet — the first step is Citibank, ideally a branch in the Russian-speaking neighborhoods of Brooklyn or Queens. The US banking system takes patience to enter, but after the first three to six months it becomes predictable and convenient.