Financial news

Revolut, the global financial superapp with over 30 million customers worldwide, is advancing financial inclusion by offering accounts to non-US citizens in the US who don’t have Social Security Numbers (SSNs) or Individual Taxpayer Identification Numbers (ITINs).

In the US, there are more than 2.5 million people on visas without SSNs or ITINs, with around one million being students. Traditional banks and fintech companies often overlook these individuals, resulting in their limited access to affordable financial services.

Revolut aims to address this gap by providing a straightforward solution, offering easy account sign-ups and access to everyday money management products. This includes international-related features like a global debit card, low-fee currency exchange, international transfers, and early salary access (up to two days).

Danil Ovechkin, Revolut US head of growth, outlined the goal to offer access to quality financial products that cater to their day-to-day needs by redefining how to manage money to all communities within the US.

“We’re delighted to offer Revolut accounts to these communities of non-US citizens, who have been ignored by many traditional banks and fintechs,” said Ovechkin. “We are proud to be giving these customers the ability to sign up for an account, and making their lives easier by having the possibility of access to a quality financial product and accessing our everyday products designed to support their day-to-day needs.”

While these non-US citizen accounts won’t have access to certain Revolut features like credit products and investment options, the initiative is a significant step forward in promoting financial inclusion.

Revolut’s move also aligns with the World Bank’s emphasis on financial inclusion as a key to reducing extreme poverty and enhancing shared prosperity. Access to a bank account is the first step towards broader financial inclusion, allowing people to save money, send and receive payments, and improve their financial wellbeing.

The requirements for non-US citizens in the US to open a Revolut account include a government issued ID as well as a valid US visa.