Seis Bank alternatives: Which is the best for you?

Seis is a digital banking platform for immigrants in the US, offering services like checking accounts, debit cards, and money transfers without requiring a Social Security Number.

In January 2026, Seis announced it would shut down operations, leaving users scrambling to find new banking options. The company cited changing "immigration patterns" as reasons for the closure.¹

If you're a former Seis customer, you'll need to withdraw your funds and find a new bank before the final closure date. Here are 5 Seis Bank alternatives that can work well for the transition.

We'll also introduce Wise — your international money transfer alternative. Use Wise to send stress-free transfers to over 140 countries - all at the standard mid-market exchange rate.

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What is Seis Bank, and how does it work?

Seis is a banking app that serves Spanish-speaking residents and immigrants in the US.

It offers deposit accounts, debit cards, and credit products through partnerships with institutions like Thread Bank and Unit, and you don't need an SSN to open an account.

Seis grew quickly after launch. The company opened accounts for over 500,000 people and earned more than 100,000 5-star App Store reviews, reaching 10 million USD in annualized revenue just 16 months after launching.¹

However, in January 2026, CEO and co-founder Trevor McKendrick announced that Seis would shut down. ¹

In a LinkedIn post, he explained that immigration patterns changed and the demand for the product decreased. McKendrick also stated that the company would take a few months to wind down operations properly for customers and banking partners.

1. Wise

Wise is a money transfer service that lets you send money internationally, hold 40+ currencies, and spend abroad without high fees.

The platform uses the mid-market exchange rate for all transfers. This is the same rate you see on Google or financial news sites, with no markup added. Banks often hide fees by inflating the exchange rate, but Wise doesn't.

You can get a debit card that works in over 150 countries and open a Multi-Currency Account to manage your money globally.

It's a great option for immigrants in the US because you can send money transfers home at lower costs, receive payments in multiple currencies, and access banking services without an SSN in many cases.

Wise essentially functions as a global bank account.

Wise pros & cons

Pros	Cons
Uses mid-market exchange rate with no markup No monthly account fees Transparent pricing Send money to 160 countries Hold money in 40+ currencies Debit card works in 150+ countries Fast transfers	Not available in all countries for sending money Some features are restricted in certain regions No cash pickups

2. Majority²

Majority is a banking app for immigrants in the US.

For 5.99 USD per month, you get an FDIC-insured checking account, a Visa® debit card, international money transfers, and discounted international calling.

You don't need an SSN to open an account and can sign up with your passport or any government-issued ID from your home country.

Majority partners with Axiom Bank to provide FDIC insurance up to 250,000 USD.

There are also a few different features specifically for immigrants, such as unlimited international calls and mobile top-ups to other countries. They can be handy, but the monthly subscription cost will add up.

Majority pros & cons

Pros	Cons
No SSN required FDIC-insured accounts up to 250,000 USD² Unlimited international calls Fee-free international transfers MAJORITY Visa® Debit Card Spanish-language app and customer support	Monthly fee of 5.99 USD² Only supports USD (no multi-currency accounts) Exchange rate markup on international transfers³

3. Bank of America

Bank of America is one of the largest banks in the US, and it's usually friendly to immigrants and non-residents, especially professionals and international students.

The process of opening an account requires more documentation than it does for US citizens, but it's still one of the more accessible brick-and-mortar banks for immigrants.

You need proof of a home or permanent residence address, a US physical address, and 2 forms of ID to open an account, but you don’t need an SSN or ITIN.⁴

Once your account is approved, you get access to mobile and online banking, domestic and international wire transfers, and Zelle®. The downside is that Bank of America applies currency exchange markups to your transfer, and they can be pretty high.⁵

It's a good option for immigrants and non-residents who are looking for an established bank in the US, but it comes with costs.

Bank of America pros & cons

Pros	Cons
Large network of branches and ATMs nationwide Accepts immigrants and non-citizens Multi-language support in 206 languages⁵ Mobile and online banking Large, established bank	Must visit a branch in person to open an account as a non-resident Requires a US address and 2 forms of ID⁴ Exchange rate markups on international transfers Low interest rates on savings accounts

4. Zolve

Zolve is a fintech platform for people moving to the US, especially international students and immigrants. You can open a US checking account online even before arriving in the US, and it's also possible to get a credit card.

You just need a passport, SSN, or ITIN to open your Zolve account.⁶

You can earn up to 5.13% APY on deposits when you maintain an active Zolve credit card and receive qualifying direct deposits of at least 250 USD in the same statement cycle.⁷

The platform also connects users to insurance products (health, renters, and pet insurance), auto loans, student loans, and even visa assistance services.

Zolve pros & cons

Cons	Pros
No SSN or US credit history required Can apply from outside the US High APY on checking account (up to 5.13%)⁷ Credit cards available Access to insurance and loan products	Currency exchange rate markups when sending international money transfers Limited support High APR if you carry a balance on a credit card

5. Común⁸

Común is a banking app that targets Latino immigrants in the US. You can open a US checking account and get a Visa® debit card using your official ID from your home country without needing an SSN.

The app is available in both Spanish and English, and you can open an account completely online in minutes with no opening fees, monthly maintenance fees, and minimum balance requirements.

Común partners with Community Federal Savings Bank to provide FDIC-insured accounts up to 250,000 USD and keep your money safe.

You can send international money transfers to over 17 countries in Latin America through the app. The first transfer is free, and then it costs 2.99 USD per transfer. That said, there's also a currency exchange rate markup, so be prepared for that extra cost.

Común pros & cons

Pros	Cons
No SSN required Available in Spanish and English No monthly fees or minimum balance FDIC-insured up to 250,000 USD⁸ Free first international transfer Easy account opening process	Relatively new company International remittances only to 17 Latin American countries⁸ Currency exchange rate markups

Frequently asked questions

What happened to Seis Bank?

Seis Bank announced in January 2026 that it would shut down operations. The company cited “changing immigration patterns” and decreased demand for its services as the reason for closure. CEO Trevor McKendrick stated the company would take several months to wind down properly for customers and banking partners.¹

If you have a Seis account, you'll need to withdraw your funds and find an alternative before the final closure date.

Can I open a US bank account without a Social Security Number?

Yes, a few US banks and fintech apps allow you to open accounts without an SSN.

Options like Majority, Zolve, and Común accept alternative forms of identification, such as an ITIN (Individual Taxpayer Identification Number) or a passport from your home country.

Foreigner-friendly banks like Bank of America also accept non-residents without an SSN, but they typically require you to visit a branch in person and provide a US address along with your primary and secondary ID.

What counts as proof of a US address when opening an account?

Most Seis bank alternatives will ask you for proof of a US address. Common options include utility bills (electricity, gas, water, or internet) with your name and address or a signed lease or rental agreement. The document usually needs to be recent, typically from within the last 3 months.

If you just arrived in the US and don't have these documents yet, some providers accept alternatives like a government-issued document with your address. But in some cases, you may have to wait to open an account until you have proof of a US address.

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Seis Bank is closing in 2026, and you need to figure out what to do next.

You can choose between online apps like Común and Zolve, which offer similar features to Seis with no SSN requirements and easy mobile access. Or, you might prefer a larger financial institution like Bank of America.

But the important thing to remember is that all of these Seis Bank alternatives charge currency exchange rate markups on international transfers.

This is important for immigrants and non-residents. If you need to manage money globally or send regular transfers to family abroad, those hidden fees will quickly add up and get costly.

With Wise, you can send up to 1,000,000 USD per wire transaction to 140+ countries, with the mid-market exchange rate and low, transparent fees.

Get a Wise Account
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Sources

1. Fintech Futures - Immigrant-focused banking app Seis to close down
2. Majority - Home Page
3. Majority - Send money transfers
4. Bank of America - Banking essentials for professionals in the U.S.
5. Bank of America - Open a U.S. Bank Account for Non-Residents and Non-Citizens
6. Zolve - Home Page
7. Zolve - U.S. Checking Account
8. Comun - Home Page

Sources checked 03/16/2026