Migrating to another country is a journey full of challenges and opportunities. Among the first things you need to resolve is access to the financial system. Not only does having a bank account make it easier to receive your salary, save and manage your finances, but it also opens the door to essential services such as loans, credit history and international transfers. In this guide, we'll give you basic tools so you can start your financial life abroad.
Why is opening a bank account key as a migrant?
- Access to basic services: From paying your bills to saving for emergencies, a bank account is an essential tool for your financial stability.
- More security for your money: You avoid carrying cash and reduce the risk of theft.
- Long-term benefits: It helps you build a financial history that can be useful for applying for loans, renting a place to live or starting your own business.
Important fact: According to a World Bank study, more than 60% of global migrants consider access to banking services a priority in their integration.Important steps to open a bank account abroadEach country has its own requirements, but this general guide applies to most:
- Basic documents you might need:
- Current passport.
- Residence permit or visa (in some cases not required).
- Employment contract or income support.
- Verifiable address (this can be a service receipt or rental agreement).
- Options if you don't have all the documents:
- Some banks and digital platforms offer basic accounts for migrants. Example: banks in Spain such as BBVA or CaixaBank have specific products for those who are new to the country.
- Practical tips:
- Look for banks that offer care in your language or have experience working with migrants.
- Ask for hidden fees or minimum balance sheets.
- Consider digital banking options, such as N26 or Revolut, which tend to have simpler processes and fewer requirements.
What to do if you encounter obstacles? While the process may be simple for some, other migrants face barriers such as:
- Lack of financial history: If you have this problem, look for banks that accept customers with no previous history.
- Language: Get a translator or use apps like Google Translate if you need help understanding banking terms.
- High commissions: Always compare the costs associated with international accounts and transactions.
Once you have your bank account, you'll have access to money transfer services to send support to your family in your home country. Why choose Retorna to do so?
- Competitive rates: Retorna offers you the best competitive rates, ensuring that the money you send reaches your loved ones in full.
- Speed and safety: Reliable transfers that arrive at your destination in minutes.
- Ease of Use: Designed for migrants, Retorna is intuitive and allows you to make transfers without complications.
- Support for multiple routes: You can send money from Chile, Colombia and Europe to several destinations in Latin America.
Extra tips to improve your financial life as a migrant
- Create a monthly budget: This way you avoid unnecessary expenses and prioritize what really matters.
- Educate yourself financially: Many banks offer free workshops for migrants on how to manage your finances in a new country.
- Start small: Once you open your first bank account, you'll have the opportunity to access more financial services. Don't rush, although it sometimes takes time, you'll soon have everything you need in your new country of residence.
