In this article, we’ll look at opening an online bank account with an instant debit card and no deposit.
While this is uncommon in the world of international and offshore banking, there are a few options in the United States and Europe that do match this description.
However, in many cases, instant bank accounts with debit cards are restricted to individuals who live within the country.
So, if you are wondering who can bank in the USA and specifically, if a foreigner can open a bank account in the US, you can check out this article instead to find out the answer.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Can I Open an Online Bank Account With an Instant Debit Card and No Deposit?
- Who Can Open a Bank Account Online Without Depositing Money?
- Frequently Asked US Online Banking Questions
- Ready to Open Accounts With Banks in the USA?
Can I Open an Online Bank Account With an Instant Debit Card and No Deposit?
Yes, you can open an online US bank account with an instant debit card and no deposit requirement. Of course, these cards are virtual cards and can be used via the cardholder’s mobile wallet.
In fact, digital bank accounts with immediate access are available for both US individuals and US businesses through various banking platforms. These options have started to increase in number since the advent of US digital banking.
However, it’s important to note that the “online bank” that the account is opened with is often a layer of user interface and product packaging that is built on top of a traditional bank. As a result, many of the fees charged are higher than they would be with traditional banking. It’s important to understand your banking options, including the differences between a credit union and a bank (traditional and digital).
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Who Can Open a Bank Account Online Without Depositing Money?
As mentioned above, most banking platforms online cater to local residents. This is true both in the United States, Europe, and elsewhere. But, if you meet this requirement it is possible to open an online bank account with an instant virtual debit card and no opening deposit and no fees.
To be clear, local residents typically refer to individuals with a local tax identification number and a local proof of address. So, in certain instances, foreign non-residents may still qualify to open an account with a credit union to access share certificates or other banking institutions to access different products and services. That said, whether or not someone qualifies for an account online ultimately depends on each bank’s onboarding practices.
In terms of business banking, most US online banks require businesses to have local business activities. This generally refers to supporting local clients, having local operations, or paying local suppliers. However, it’s important to note that each bank is different and the account requirements will vary.
With this in mind, it’s important to understand each bank’s specific onboarding account requirements before starting the application process. Otherwise, you may find that the final step in the process requires you to submit the information that you do not have available.
Frequently Asked US Online Banking Questions
Below are two of the most common questions we receive from people exploring how to open a bank account in the US online with instant virtual debit cards and no deposit fees. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
What Bank Gives You an Instant Virtual Debit Card?
Several US online banks offer you an instant virtual debit card when you open an account online, these online banks include online financial institutions like Chime, RelayFi, and the international transfer service Wise. Depending on your specific banking requirements, spending behavior, and desired currencies, the bank and online debit card suitable to you will vary.
What Bank Can I Open an Online Account With Without Depositing Money?
There are several online banking platforms that allow customers to open a bank account without a direct deposit balance. Traditional banks also allow customers to do this. However, in the case of traditional banks, they tend to charge monthly fees if a minimum balance amount is not met within the first two to three weeks.
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