Strict regulation means American banks require extensive paperwork before you can open an account. Navigating the complex documentation requirements can be overwhelming. From providing identification and proof of address to verifying your immigration status, these hurdles can be time-consuming and confusing.

As a foreigner, you frequently deal with currency exchange rates and fees when sending money to and from your home country. Traditional banks and money transfer services often charge high fees, reducing the value of your hard-earned money.

Not having an US bank account can limit your ability to transact and access funds conveniently. It can be challenging to receive payments, pay bills, or even make purchases online without a local bank account and debit card.

Establishing credit history in the US is vital for securing loans, renting an apartment, or even getting a mobile phone plan. However, without an American bank account you may struggle to build credit and access the opportunities that come with a strong credit profile.