Revolut empowers 2.5 million non-US nationals in the US without SSNs or ITINs, fostering financial inclusion through accessible financial services.
By providing accounts to non-US nationals in the US without Social Security Numbers (SSNs) or Individual Taxpayer Identification Numbers (ITINs), Revolut, the global financial superapp with over 30 million users globally, is furthering financial inclusion.
More than 2.5 million foreign nationals, including almost a million students, are living in the US on temporary visas without SSNs or ITINs. These people frequently go unnoticed by traditional banks and fintech firms, which limits their access to affordable financial services.
Revolut seeks to close this gap by delivering a simple fix, including quick account sign-ups and access to standard money management products. This offers features for doing business internationally, such as a global debit card, low-cost currency conversion, global transfers, and early salary access (up to two days).
Revolut’s head of growth in the US, Danil Ovechkin, described the company’s mission as providing all US communities with access to high-quality financial products that meet their daily needs by reinventing how to manage money.
Many traditional banks and fintechs have disregarded these populations of non-US citizens, so we’re happy to provide Revolut accounts to them, added Ovechkin. We take great pride in enabling these customers to open an account, simplifying their life by giving them access to high-quality financial products and regular items made to meet their needs on a daily basis.
Although many Revolut services, including as credit products and investment possibilities, won’t be available to these non-US citizen accounts, the move is still a big step toward encouraging financial inclusion.
The World Bank emphasizes financial inclusion as a means of decreasing extreme poverty and promoting shared prosperity, and Revolut’s action is in line with that objective. The first step toward greater financial inclusion is having access to a bank account, which enables individuals to save money, send and receive payments, and generally better their financial situation.
Revolut accounts can only be opened in the US by non-US citizens who have a valid US visa and a government-issued ID.