4 ms·
Aren't there regulations that make this illegal? Surely current online banks would let you open an account without an SSN if they were allowed to.
by geeny777 4y ago
Aren't there regulations that make this illegal? Surely current online banks would let you open an account without an SSN if they were allowed to.
- Piero0909 4y agoSome major banks do allow you to open an account without an SSN whenever you have a valid proof of address just like Pana. The difference is that they require you to visit the branch in person, we don't.
- atlasunshrugged 4y agoIn that same vein, are there unique KYC/AML requirements that come about when dealing with customers who don't have an SSN? I've had the experience as an American banking in Europe and my impression was that banks really don't like to serve foreigners as customers because it has a higher overall risk profile (I know Americans also have unique additional reporting requirements but in general that was my understanding). Are there any regulations you have to deal with around immigration reporting?
- Piero0909 4y agoIf you have a valid passport and a proof of address in the USA, you are able to open a bank account with Pana and even some big banks. What we've seen is that its 10x more difficult with these big banks.
- atlasunshrugged 4y agoSure, but it's probably partially more difficult because there are heftier regulatory requirements for non-citizens, no? I'm just curious how that translates practically to KYC/AML work on your side
- Piero0909 4y agoYes there are. For now from a regulatory standpoint validating the users identity and their proof of residing in the USA is enough to comply with KYC/AML standpoint
- rajasimon 4y agoI never visited US but I have US bank account through Aeldra. And the required document it's just my Indian passport.
- el-salvador 4y agoSounds great! BB Americas has something similar for Brazilians wanting a US bank account, but other Latin American countries don't have services like Aeldra or BB available yet.
- unmole 4y ago> but I have US bank account through Aeldra Had. Aeldra is winding down operations. They sent out a notice a while ago. Check your email.
- rajasimon 4y agoI don't think that is winding down but more of a compliance with their partner bank account. As long as you have transaction done by regularly you don't need to worry I think.
- unmole 4y agoThe email literally says: Aeldra is winding down its operations due to a decision driven by external factors. This action is not specific to your account and applies to all Aeldra accounts.
- missedthecue 4y agoI haven't figured that out. Bank of America required my SSN, but Varo, a neobank, did not require it. For my purposes they are functionally the same product, but maybe neobanks are excluded somehow?
- neilparikh 4y agoFWIW, I created an account at Bank of America without an SSN. This was a few years ago though. I think a lot of this might inconsistent even across branches of the same bank.
- djbusby 4y agoHow to KYC w/o SSN or other things the Gov wants to track us with?
- el-salvador 4y agoI've seen some banking forms that ask for passport number, visa number or foreign tax ID when no SSN is available.
- the_svd_doctor 4y agoIt’s totally possible to open accounts without SSNs.. plenty do it. They still need to do their KYC though.