The search for digital banking alternatives has led many Hispanics in the United States to research N26 and Revolut, two of the most popular financial apps in Europe. However, there is a fundamental mistake that thousands of people make even before attempting to open an account: neither of these two platforms currently operates for residents in the United States.
This confusion is not minor. According to data from the Federal Deposit Insurance Corporation (FDIC), approximately 5.9 million households in the United States lack access to traditional banking services, with the Hispanic community being one of the most affected by this situation. In the search for solutions, many turn to outdated information or information applicable only to other countries, wasting valuable time and, in some cases, exposing their personal data to fraudulent sites that promise access to these platforms.
The reality is clear: N26 shut down its operations in the United States in January 2022, and Revolut, while expressing interest in the U.S. market, still does not offer full services for residents of the country. This guide will explain why this confusion occurs, what the true available alternatives are, and how to choose the best digital banking option if you live in the United States.
Why N26 and Revolut Are Not Available in the USA
The Case of N26: Withdrawal from the U.S. Market
N26 launched its services in the United States in July 2019 with high expectations. The German company offered accounts with no monthly fees, Mastercard debit cards, and an intuitive mobile app. However, as reported by TechCrunch in January 2022, the company made the strategic decision to withdraw from the U.S. market to "focus its efforts on its core European markets."
N26's exit was not sudden. The company faced significant challenges in the U.S. market, including:
Intense competition: The digital banking market in the United States is highly saturated, with established players like Chime, Current, and Varo Bank already capturing millions of users.
Regulatory requirements: The U.S. banking system imposes much stricter compliance requirements than in Europe, especially after the passage of the USA PATRIOT Act, which mandates thorough identity verification and anti-money laundering measures, according to information from the U.S. Department of the Treasury.
Operational costs: Maintaining a complete banking infrastructure in the United States proved costly for N26, which operated with a banking license associated with Axos Bank.
Revolut: Unfulfilled Promises in the U.S. Market
Revolut presents a different case. The British company has been "preparing" to launch full services in the United States since 2018. Although it technically offers some limited functionalities through a partnership with Metropolitan Commercial Bank, the experience is far from what Revolut offers in Europe or the UK.
Current limitations of Revolut in the USA include:
- No availability of full multi-currency accounts
- Extremely limited investment features
- Absence of cryptocurrency services in most states
- Stricter identity verification requirements
- Long waitlist for new users
As reported by Forbes in 2023, Revolut has faced constant delays in obtaining a full banking license in the United States, significantly limiting the services it can legally offer.
The Mistake Thousands of Hispanics Make When Researching These Options
The most common mistake is not just searching for N26 or Revolut, but wasting time researching unavailable options instead of exploring the real alternatives that do work in the United States. This mistake has practical consequences:
Wasting Valuable Time
Many people spend hours researching how to "open an N26 account in the USA" or looking for outdated tutorials from 2019-2021. This time could be better spent opening a functional account with real alternatives like Chime, Current, or Varo Bank, which offer similar services and are fully operational in all states.
Exposure to Fraud and Deceptive Sites
The desperate search for access to these European platforms has created an ecosystem of fraudulent websites that promise "special access" to N26 or Revolut in the United States. These sites request sensitive personal information, Social Security numbers or ITIN, and in some cases, charge "activation fees" that never result in a functional account.
Confusion About Documentation Requirements
Another frequent problem is that people try to prepare documentation according to the European standards of these platforms, when U.S. alternatives have different requirements and, in many cases, more flexible ones for the Hispanic population.
Unawareness of Superior Options Available
By obsessing over well-known European brands, many Hispanics are unaware that there are digital banking options in the United States specifically designed for the needs of the Latino community, including integrated remittance services, Spanish support, and acceptance of ITIN instead of SSN.
Real and Superior Alternatives for Hispanics in the USA
If you were looking for N26 or Revolut, you are probably interested in features like no monthly fees, quick account opening without visiting a branch, affordable international transfers, and a simple mobile app. The good news is that there are multiple options in the United States that meet these requirements, and many offer specific advantages for the Hispanic community.
Chime: The Most Popular No-Fee Option
Chime is currently one of the most widely used digital banking apps in the United States, with over 13 million active users. According to information from the company itself, Chime offers:
High-yield savings account: Currently offers a competitive annual percentage yield (APY), significantly higher than the national average for traditional savings accounts of 0.46% according to the Federal Deposit Insurance Corporation.
Overdrafts up to $200: Through SpotMe, Chime allows overdrawing the account up to $200 without overdraft fees, a particularly useful feature for emergencies.
Check deposits up to two days early: The early direct deposit program allows access to salary up to two days earlier than with traditional banks.
No monthly fees or minimum balance requirements: There are no hidden charges, making it ideal for those building their finances from scratch.
Limitations: Chime requires a valid Social Security number to open an account, making it inaccessible for those who only have an ITIN.
Varo Bank: The First Neo-Bank with a Full Banking License
Varo became the first digital bank to obtain a full national banking license in the United States in 2020, according to American Banker. This means greater protection and more comprehensive services:
High-yield savings account: Varo offers up to 5.00% APY on savings accounts for balances up to $5,000, conditioned on meeting certain direct deposit and monthly purchase requirements.
No overdraft fees: Unlike traditional banks that charge up to $35 for overdrafts, Varo does not charge these fees.
Credit-building program: Varo Believe is a secured credit card that helps build credit history, reporting to the three major credit bureaus.
Early access to paychecks: Similar to Chime, it allows access to direct deposits up to two days early.
Limitations: It also requires a Social Security number to open an account. The requirements to earn the 5% APY may be difficult for some users to meet.
Current: Designed for Gig Workers
Current has gained popularity especially among gig economy workers, freelancers, and people with variable incomes. Notable features:
Instant deposits: Current allows immediate access to direct deposit funds, without waiting two days like other platforms.
Reward points: Earn up to 15 points per dollar spent at selected merchants, redeemable for cash.
Build Savings: A feature that rounds up purchases to the nearest dollar and saves the difference, helping to save automatically.
Account subdivision into "pods": Allows creating up to three virtual sub-accounts to organize money by goals (rent, savings, expenses).
Limitations: Rewards vary constantly based on associated merchants. Requires a Social Security number for account opening.
Remitly and Wise: Focused on International Transfers
If your main interest in Revolut or N26 was to send money abroad affordably, these two specialized platforms surpass any European option:
Remitly specializes in remittances to Latin America, offering two services:
- Express: Transfers in minutes with slightly higher fees
- Economy: Transfers in 3-5 days with the lowest fees in the market
According to data from Pew Research Center, Hispanics in the United States sent approximately $79.9 billion in remittances to Latin America in 2021, with Mexico being the top recipient at $51.6 billion.
Wise (formerly TransferWise) uses a mid-market exchange rate system with no additional margin, resulting in generally the most transparent and lowest fees. Unlike traditional services that include hidden margins in the exchange rate, Wise shows exactly how much will arrive at the recipient before confirming the transaction.
Capital One and Discover: Traditional Banks with Robust Digital Services
Although they are not pure neo-banks, both Capital One and Discover offer completely digital experiences with significant advantages:
Capital One 360:
- No monthly fee checking accounts
- Extensive network of fee-free ATMs
- Fully Spanish banking available
- Accepts applications from individuals with ITIN for certain products
- Physical cafes in major cities for in-person support
Discover Cashback Checking:
- 1% cashback on debit card purchases (up to $3,000 monthly)
- No monthly fees or minimum balance requirements
- Reimbursement of ATM fees (up to $30 monthly)
- 24/7 customer service with Spanish support
How to Choose the Best Alternative Based on Your Situation
The right choice depends on your specific needs and immigration status. Consider these factors:
If You Only Have ITIN (No SSN)
Your options are significantly reduced, but they do not disappear:
Best options:
- Capital One (accepts ITIN for savings accounts at physical branches)
- Bank of America (SafeBalance program for individuals with ITIN)
- Wells Fargo (various accounts available with ITIN)
- Citibank (specific options for immigrants)
These traditional institutions are currently more accessible than neo-banks for individuals without a Social Security Number. Although they do not offer the complete digital experience of apps like Chime, their mobile platforms have significantly improved.
If your priority is to send money to your home country
Best options:
- Remitly: Specializes in the USA-Latin America corridor
- Wise: Best exchange rates for multiple countries
- Xoom (owned by PayPal): Integration with a well-known platform
- WorldRemit: Various delivery options (cash, bank account, pickup)
Always calculate the total cost (fee + exchange rate difference) before choosing. A service with "zero fees" can be more expensive if it applies an unfavorable exchange rate.
If you are looking to build credit from scratch
Best options:
- Varo Believe: Secured credit card integrated with a bank account
- Chime Credit Builder: Secured card with no credit check or annual fees
- Capital One Platinum Secured: Traditional option with the possibility of graduating to an unsecured card
- Discover it Secured: Offers cashback even as a secured card
All these options report to the three major credit bureaus (Equifax, Experian, and TransUnion), which is essential for building a credit history.
If you are a self-employed worker or freelancer with variable income
Best options:
- Current: Instant access to deposits and savings pods
- Varo: High yield on savings with no fees
- Novo: Specifically designed for small businesses and freelancers
- Lili: Focused on independent workers with integrated tax tools
If you need support in Spanish and financial education
Best options:
- Capital One: Full service in Spanish and physical cafes
- Bank of America: "Better Money Habits" program in Spanish
- Wells Fargo: Bilingual advisors and educational resources
- Discover: 24/7 customer service with Spanish support
When these alternatives DO NOT work for you
It is crucial to be honest about the limitations of digital banking options in the United States, especially for the Hispanic population. There are situations where these alternatives will not be the best solution:
If you just arrived in the United States without documentation
Neo-banks and most digital banks require at least one of these documents:
- Valid Social Security Number (SSN)
- Individual Taxpayer Identification Number (ITIN)
- Verifiable physical address in the United States
- Government-issued ID or valid passport
If you just arrived and do not have any of these documents, you will need to start by:
- Obtaining an ITIN through the IRS (form W-7)
- Establishing a verifiable address
- Considering temporary cash checking services while you complete these steps
If you need complex banking services
Neo-banks are designed for basic personal banking. They are NOT suitable if you need:
Mortgage loans: No neo-bank offers mortgages. You will need a traditional bank or credit union with a history in this product.
Significant business loans: To finance a business beyond microloans, traditional banks or the Small Business Administration (SBA) are necessary.
Comprehensive investment services: While some apps offer basic investing, they do not replace full brokerage houses like Fidelity, Charles Schwab, or Vanguard.
Physical safety deposit boxes: Only available at institutions with physical locations.
Cashier's checks or money orders: Many neo-banks do not issue these instruments, which are still necessary for certain transactions like rental deposits or vehicle purchases.
If you live in rural areas with limited connectivity
Neo-banks rely entirely on internet connection and smartphones. If you live in rural areas where:
- Internet connection is intermittent or non-existent
- You do not have an updated smartphone
- You prefer to conduct transactions in cash regularly
A traditional bank with nearby physical branches will be more practical. According to data from the Federal Communications Commission, approximately 14.5 million Americans still lack access to broadband internet, disproportionately affecting rural areas.
If you have a history of fraud or previous banking issues
Verification systems like ChexSystems record negative banking history for five years. If you have had:
- Accounts closed due to unpaid overdrafts
- Fraudulent activity associated with your identity
- Unresolved banking debts
Many neo-banks will automatically reject you. In these cases, you will need to:
- Resolve outstanding debts
- Look for "second chance" banks that do not use ChexSystems
- Consider community credit unions with more flexible policies
If you need to deposit cash regularly
This is a significant issue for workers paid in cash. Most neo-banks have limited options for cash deposits:
- Chime: Allows cash deposits at Green Dot, Walgreens, CVS, 7-Eleven (fee of $4.95 per transaction)
- Varo: Does not accept cash deposits
- Current: Accepts deposits at CVS Pharmacy, Walgreens, 7-Eleven (fee up to $4.95)
If you receive most of your income in cash, a traditional bank with ATMs for deposits or a local credit union will be more convenient and economical.
Practical steps to open your digital bank account today
Once you have chosen the option that best suits your situation, the opening process is generally simple. Here are the specific steps:
Necessary documentation (prepare before starting)
For individuals with a Social Security Number:
- Social Security Number
- Government-issued photo ID (driver's license, passport, state ID)
- Physical address in the United States (no P.O. Box)
- U.S. phone number
- Email address
For individuals only with an ITIN:
- Valid ITIN
- Passport from your home country or consular ID
- Recent proof of address (utility bill, rental agreement)
- Phone number
- Email address
Step-by-step process (example with Chime)
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Download the app from the App Store (iOS) or Google Play (Android). Never download banking apps from third-party websites.
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Provide basic information: Full name, date of birth, complete physical address, phone number.
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Enter your Social Security Number: The system will automatically verify the information with credit bureaus.
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Verify your identity: You may be asked to upload photos of your official ID. Make sure the images are clear and legible.
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Wait for approval: It usually takes minutes, but it may extend to 24-48 hours if additional verification is needed.
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Receive your physical card: It will arrive by mail in 7-10 business days. In the meantime, you can use a digital virtual card for online purchases.
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Activate your card: Follow the instructions in the app once you receive the physical card.
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Set up direct deposit: Provide your routing and account information to your employer to start receiving the benefits of early direct deposit.
Essential security measures after opening the account
Enable two-factor authentication: All neo-banks offer this. Always use it.
Set up transaction alerts: Configure notifications for all activity in your account, especially purchases over a certain amount.
Never share your access information: No legitimate bank will ask for your password over the phone, email, or text message.
Regularly review your account: At least weekly to quickly detect unauthorized activity.
Use secure connections: Avoid conducting banking transactions using public WiFi without a VPN.
Frequently asked questions about digital banking for Hispanics in the USA
Can I open a digital bank account if I am undocumented?
The answer is not simple. Technically, you do not need legal immigration status to open a bank account in the United States. What you do need is acceptable identification documentation. According to the Office of the Comptroller of the Currency (OCC), banks must follow the regulations of the Customer Identification Program, but these do not specifically require legal status.
However, in practice:
- You will need an ITIN, which you can obtain regardless of your immigration status
- You must have official identification (passport from your home country, consular ID)
- Neo-banks are less flexible than traditional banks in this regard
- Banks like Wells Fargo, Bank of America, and local credit unions tend to be more accessible
Do these accounts affect my residency or citizenship application?
No. Having a bank account does not negatively affect your immigration process. In fact, it can be beneficial in demonstrating:
- Financial stability
- Integration into American society
- Tax payment history (if you use the account for reported income)
- Absence of dependence on public assistance
What CAN affect your immigration process is:
- Use of specific public benefits (although having a bank account does not equate to using benefits)
- Criminal financial history (fraud, money laundering)
- Significant unpaid debts, especially of a governmental nature
How much money do I need to open these accounts?
Most neo-banks do not require a minimum initial deposit:
- Chime: $0
- Varo: $0
- Current: $0
- Capital One 360: $0
- Discover Cashback Checking: $0
This contrasts sharply with traditional banks that may require $25-$500 to open an account and maintain minimum balances to avoid monthly fees.
Is my money safe in these apps?
Yes, if the institution is FDIC insured. All the options mentioned in this article have FDIC insurance up to $250,000 per depositor, the same level of protection as traditional banks.
Important verification: Before depositing money, confirm that the app clearly shows:
- "Member FDIC" or "FDIC Insured"
- Name of the partner bank (for example, Chime operates through The Bancorp Bank or Stride Bank, both FDIC insured)
What is NOT insured by FDIC:
- Investments in stocks or cryptocurrencies
- Mutual funds
- Money in peer-to-peer payment apps like Venmo or Cash App (unless you transfer it to an insured bank account)
EXCERPT: N26 and Revolut do not operate in the USA. Discover why thousands seek nonexistent options and what the best real alternatives available are. Also, if you want to learn more about how to build wealth, check out our guide on how to build wealth with stock photography in the United States. You can also explore the benefits of a living will for Hispanics in the United States to protect your legacy.
Editorial note: This article has been created with the assistance of artificial intelligence and supervised by Javier Valencia, founder of NewsTide and Computer Engineer. Verified data is distinguished from editorial opinions throughout the text. The external sources linked are independent of NewsTide.
Disclaimer: This article is for informational and educational purposes only. It does not constitute financial advice or a recommendation to buy or sell any financial product. Consult with a certified financial advisor before making significant financial decisions. Past results do not guarantee future outcomes.
Editorial note: This article was produced with AI assistance and reviewed by Javier Valencia, founder of NewsTide and a Computer Engineer. Verified data is distinguished from editorial opinion throughout the text. External sources linked here are independent of NewsTide.
Disclaimer: This article is for informational and educational purposes only. It does not constitute financial advice or a recommendation to buy or sell any financial product. Consult a certified financial advisor before making significant financial decisions. Past performance does not guarantee future results.