Requirements to open an account at Wells Fargo: All the information you need

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For any foreigner, open an account in a bank of the USA It has many benefits, and it can seem almost like a dream. But it is not, in reality, the options are available to you today more than ever.

Wells Fargo is one of the largest banks in the country, and thanks to the mark it has left in history through the quality of its services, below we will show you the requirements to open an account with Wells Fargo.

What is Wells Fargo and its origin

Wells Fargo & Company is a financial services company that operates around the globe. For the year 2007, became the only bank of USA to achieve a Triple A rating, despite the fact that it was reduced to Double A-6 due to the economic crisis that attacked in 2008.

The company has established itself as the fourth best bank in the USA by assets, and the third largest by capitalization of the stock market. At the same time, it is positioned as the second largest bank in deposits, mortgage services and debit cards.

Its headquarters are in San Francisco, California, as a result of the purchase of the Norwest Corporation of Minneapolis, in 1998. The company sought to retain the name of Wells fargo to profit from the recognition and long history of Wells fargo in the country, even moving its headquarters to where it is currently.

As we already mentioned, it is among the four great banks of USA, constantly competing with the Bank of America, Citigroup, and JP Morgan Chase Co.

Requirements to open an account with Wells Fargo as a foreigner

Being a foreigner is not an impediment to opening a Wells Fargo account. As long as the requirements to open an account with Wells Fargo from a branch in any of the countries in which it offers its service, it is not even a problem or a very big procedure.

The Requirements to open a Wells Fargo account as a foreign national, mainly from Latin America, are to find a bank office in your locality or state and bring the documentation that we will clarify later.

The bank offers a basic account called Way2Save Saving. This service requires you to make an initial deposit of at least US $ 25, and monthly subscriptions of 5 dollars, unless you maintain a balance of minimum 300 dollars, or that the account holder is less than 18 years. As another important piece of information, you should know that this account offers you an annual return percentage equal to 0.01%.

Even if you are out of the country, Wells Fargo offers you the opportunity to create any type of account using the toll-free telephone service, following the instructions provided through it. The main line is 1-877-727-2932, but you can check the contact numbers according to each country by entering the directory that we leave you in this link.

Necessary documents

The necessary documents to complete the requirements to open an account with Wells Fargo as a foreigner they are composed of the following:

  • Your real address, to which the contract for the service you choose and the corresponding temporary debit card will be sent.
  • A valid and current identity document. This can be a driver’s license, your ID, registration card, or even your passport.
  • Enter your social security number.
  • The initial deposit, which is currently set at 50 US dollars.

Importance of opening a Wells Fargo account

Wells Fargo is a company with an incredible presence, not only in USAbut in a large number of countries. Only in Latin America, its functions extend to Argentina, Colombia, Ecuador, Mexico, Peru, Dominican Republic and others.

In Mexico, it is one of the most important remittance control and issuance agencies. To make matters worse, it is the second bank in the world that has the most extensive numbers in debit cards, bank deposits, mortgage services and loans.

During its more than 150 years of service, has proven to be a reliable and safe company to rely on when hiring any of its services. There lies the importance of opening a Wells Fargo account, and in general in any bank: being able to trust in the correct handling of the financial processes in which it serves users.

How to open an account online

For open an online savings account in Wells Fargo you must enter this link. By following the steps for your registration that are indicated, you will be able to create an account.

An email will immediately be sent to the account you linked with the following instructions. For any questions, you have the option of contacting the telephone service of the 1-866-370-2264.

Once you have seen how to open an online account at Wells Fargo, you will have the option of carrying out the procedures you need through the web option, from transfers to inquiries, even payments to third parties. All this from your computer or mobile devices.

Wells Fargo Branches

From 2009, the Wells Fargo branches are made up of more than 6,000 stores, 12,000 ATMs and 276,000 employees who are responsible for responding to more than 48 million of customers around the USA.

To locate the closest branches within and outside your town, you can make your query by entering the locator of the Wells Fargo branches, that we leave you for here.

The main and largest offices of the company in the USA They are found in the cities listed below:

  • Los Angeles California.
  • Sacramento, California.
  • San francisco California.
  • Saint Paul, Minnesota.
  • Minneapolis, Minnesota.
  • Denver, Colorado.
  • Colorado Springs, Colorado.
  • Houston Texas.
  • El Paso, Texas.
  • Phoenix, Arizona.
  • West Des Moines, Iowa.
  • Portland, Oregon.
  • Salt Lake City, Utah.
  • Albuquerque, New Mexico.
  • Seattle, Washington.
  • Boise, Idaho.

Paperwork at Wells Fargo

Once you’ve made the decision to open an account with Wells Fargo, it’s time to learn about how it works within the company. To start with paperwork at Wells Fargo To open a bank account, you must first understand the differences between the types of bank accounts most frequently requested.

  1. Checking accounts. As its name implies, it offers easy access to your capital for all your needs that merit daily transactions. This type of account allows you to protect your cash, using a debit card or a check for your activities, from making purchases to paying your bills. It is also the most economical option.
  2. Savings accounts. This option allows you to accumulate the interests of the funds that you save and keep for future use. Interest can begin to be compounded as you prefer, on a daily, weekly, monthly, and even yearly basis. Its variation will depend on the services you request, the interest rates, the minimum initial deposit and the method used to calculate interest.
  3. Money market accounts. Similar to a savings account, this requires a slightly higher balance to be maintained, in order to avoid charges every monthly cycle. These accounts often have interest rates that fluctuate according to the money market, which provides more favorable rates on much higher balances. In addition, it allows you to write checks against your funds, although in a more limited way in comparison to other accounts.
  4. Individual retirement accounts. These give you the possibility to save independently of your social security for the moment of your retirement or retirement. It is quite useful in case your employer does not offer you these services, or if you prefer to save more on your own. There are two types that you can access:
    1. The traditional ones, which have contributions that are tax deductible.
    2. Or the Roths, which allow saved funds to be withdrawn tax-free in most situations. Regardless, both options allow you to open accounts without contribution limits and other benefits that you can consult with your tax advisor before deciding.
  5. Certificates of deposits. This last option offers you the possibility of investing your money at a fixed interest rate during the period that is communicated to you. They tend to have much higher rates than the usual savings accounts, since the money that is saved is frozen while the certificate is kept, which can change between months and years.

Others paperwork at Wells Fargo that allow you to access a better banking proposal is made up of some of the following services:

  • Debit cards.
  • Mortgage loans, for students, for cars, among others.
  • Prepaid cards.
  • Credit cards.
  • Changes in foreign currencies.
  • A leading global remittance service.
  • Consultation, transfers and processing options in your online banking.
  • Legal and financial advice.
  • Among others.

Being one of the largest and best banks, not only of the USA If not around the world, Wells Fargo has positioned itself as a company with an unblemished reputation and true financial security.

We know that having a bank account is essential today. Therefore, we hope that you choose to be part of the millions who comply with the requirements to open an account with Wells Fargo. It is the best way you have to protect your capital, so What are you waiting for?

Success!

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