Living in the United States

5 Applications to earn money fast in the United States

We show you 5 apps to earn money fast in the United States

Looking for ways to earn extra money from the comfort of your home or during your free time? Thanks to technology, it is now possible to do so with just a cell phone and an Internet connection. In this article, we present five applications that will allow you to earn money quickly and easily.

Eureka Surveys or Survey Pop:

1. Eureka Surveys is a platform that allows you to earn money by answering surveys in minutes on your own schedule. As you complete these activities, you will accumulate points that you can then redeem for gift cards or cash through PayPal. This application is one of the most popular in its category and has millions of users worldwide. Survey Pop works identically to Eureka Surveys as they are sister companies.

Google Opinion Rewards:

Google Opinion Rewards is an application created by Google that allows you to earn money by answering short surveys. These surveys are designed to collect information about your habits and preferences, which helps Google improve its products and services. For each completed survey, you will receive a reward that you can redeem in the Google Play store, allowing you to purchase apps, movies, books and other digital content for free or at a discount.

Fiverr:

3. Fiverr is a freelance services platform where you can offer your skills and knowledge in exchange for money. You can find jobs in various categories, such as graphic design, copywriting, digital marketing, programming and more. You just need to create a profile, post your gigs or services and wait for clients to hire you. Fiverr is an excellent option to earn money quickly if you have specialized skills and want to work from home. Remember to connect your account Comun account to Fiverr to receive your payments as quickly as possible.

Mercari:

4. Mercari is a buying and selling application where you can sell new or used items, such as clothes, electronics, toys and more. Just take photos of your products, add a description and set a price. Once a buyer is interested, Mercari will provide you with a transfer label so you can ship the item. The app takes a small commission on every sale made, but it's a quick and easy way to make extra money on things you no longer need.

Uber or Lyft:

5. If you have a car and free time, you can take advantage of transportation apps like Uber or Lyft to earn extra money as a driver. These apps connect you with passengers looking for transportation, and you will receive a portion of the payment for each trip taken. It is important to consider the costs associated with gas, vehicle maintenance, and insurance before you start working with these apps.

Earning money fast is easier than it seems thanks to these apps. Whether you prefer to answer surveys, sell items you no longer need or take advantage of your skills and free time, you are sure to find an option that suits your needs.

Remember that with Comun you receive a free checking account and a VISA debit card. With this account, you can save and manage your additional income from the app on your cell phone. You have access to your money at over 57,000 ATMs around the U.S.

Download these apps and start increasing your income today!

Conclusion

Starting a business as an immigrant is entirely possible with the right steps. By choosing the right business structure, obtaining the necessary tax IDs, and registering properly, you'll build a strong foundation for success.

Need an easy way to manage your business finances?

Común offers banking solutions designed for Latino entrepreneurs. Open your account today!

Olivia Rhye

Community Partner

Get started with
Común today

Get paid by anyone

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Living in the United States

How to make money fast in the United States

8 min of reading time

Earning money fast can be a necessity at any time in life, and for Latinos in the United States it can be an even bigger challenge. But don't worry, in this post we will give you some ideas and tips so you can earn money fast and improve your financial situation.

1. Find temporary jobs

Temporary jobs are a good option for earning money quickly. There are many companies that hire temporary workers to fill the demand during certain times of the year, such as the holiday season or tax season. Search job sites like Indeed, Glassdoor or Monster to find temporary jobs in your area.

2. Become a driver for transportation services.

If you have a car and a valid driver's license, consider becoming a driver for transportation services like Uber or Lyft. These services allow you to work on your own schedule and earn money quickly. Plus, you can work as much or as little as you want.

3. Sell your skills

If you have skills you can sell, such as computer repair, graphic design, or teaching a language, you can use online platforms like Fiverr or Upwork to connect with people who need your services. These platforms charge a commission for each completed job, but you can set your own prices and work on projects based on your availability.

4. Performs gardening or cleaning work

Many people need help with yard work or cleaning, and this can be a good option to earn money quickly. You can offer your services in your neighborhood or on websites like Craigslist. Make sure you have a good crew and a good attitude to gain regular customers.

5. Sell items you no longer need

Selling items you no longer need is a quick way to make extra money. You can sell them online through websites like eBay or Amazon, or in person at a garage sale or flea market. If you have valuable items that you no longer use, this can be an excellent option for making money quickly.


Remember that these are just a few ideas for earning money fast. You can also look for jobs in the hospitality or customer service industry, offer house cleaning services, or participate in online surveys to earn extra money. The important thing is that you find an option that suits your skills and needs.

Remember to connect your account Comun account to your work to receive your payment as soon as possible - up to two days in advance. In your Comun checking account you will be able to save the income from your work free of charge and as securely as possible.

Comun debit cards are compatible with more than 57,000 ATMs in the United States for deposits and withdrawals, and are protected by Visa's zero liability policy. This means that any unauthorized charges will not be deducted from your checking account balance, and your bank account is FDIC insured up to $250,000 just like any other legal bank.

Good luck!

Living in the United States

10 Effective Ways to Save Money on Errands Without Sacrificing Quality

8 min of reading time

The impact of inflation on our food budget is no joke. Rising food prices make us look for cheaper alternatives. Find out how to save on food with these 10 tips to spend less at supermarkets and restaurants.

Establish a budget for the supermarket:

  1. Set a limit for your grocery shopping and look for deals before you enter the store. Plan your meals and snacks around the week's discounts. Try generic brands to save even more.

Be careful with sales tactics:

  1. Avoid marketing strategies that make you spend more. Don't shop when you are bored, tired or hungry. Stay focused and stick to your shopping list.
    1. These are some of the aggressive tactics used by supermarkets:
      1. Minimum purchases to receive a discount. Supermarkets advertise a cheap price when you buy a minimum quantity of a product. Sometimes it's two, or three, or five. Often the store will honor the price if you buy individually. This is taken care of at checkout.‍
      2. Anchoring. This occurs when the sale price is strategically placed next to the regular price, making you feel like you're getting a bargain.‍
      3. Place impulse purchases at the end of each aisle and at checkout. You might add something to your shopping cart that you don't need.‍
      4. Loss leaders. These are items advertised at very low prices. While you might get a bargain on the sale item, the intent is for you to go into the store and buy more items at regular prices.

Use coupons:

  1. Take advantage of apps and browser extensions to find coupons and discounts on your purchases, such as Honey, Dosh or Ibotta.

Buy only the essentials in bulk:

  1. Buy in bulk only non-perishable and regularly used products, such as toilet paper or diapers.

Check the offers on the discount shelves:

  1. Look for discounted products in the meat and vegetable sections, as well as on the sale shelves of your local supermarket.

Check your pantry:

  1. Before you go to the grocery store, check what you have at home and create dishes with those ingredients. Use apps like Kiwilimon to find recipes.

Use apps to save on food:

  1. Apps like Too Good to Go allow you to buy surplus food at reduced prices. Misfit Markets, Imperfect Foods, and GrubMarket offer food with cosmetic defects or surplus at lower prices.

    Avoid food delivery apps such as Grubhub, Doordash, and Uber Eats as they charge high fees and inflate prices for delivery. 

Eat out during lunchtime or happy hour:

  1. Take advantage of special offers and special menus in bars and restaurants during these hours to save money.

Reduce the frequency of eating out:

  1. Limit your visits to restaurants and fast food, and focus on preparing meals at home. Meal planning can help you save money and eat healthier.

Space out your visits to the supermarket and choose a single store:

  1. Wait until you have consumed most of your food before going to the supermarket and choose a single store to avoid additional transportation costs.

Remember that with Comunyou can take complete control of your finances and manage your money from your app. Comun offers you a checking account with more than 57,000 ATMs around the United States. At no cost. Saving you money is our business.

Saving on food is possible by following these 10 practical tips. Setting a budget, taking advantage of deals and reducing the frequency of eating out will help you spend less at supermarkets and restaurants without sacrificing the quality of your food. Start saving today!

Financial Education

What is the best application to transfer money? Find the right one for you

8 min of reading time

Nowadays, sending and receiving money through applications is indispensable for everyday life. Whether it is to receive a fixed salary, pay for services or send money to friends and family. 

Find out which are the best apps to send money quickly, securely and inexpensively, inside and outside the United States.

Below you will learn about the different money transfer applications, their features and benefits, so you can choose the one that best suits your lifestyle. 

There are several applications for sending money in the United States and other countries. Before choosing one of them, it is important that you know very well their advantages and disadvantages. 

Comparison of the best money transfer apps**.

Name Cost per transfer Speed Transfer limits Additional features Coverage
Venmo Free or 3 % if credit card used Up to 1 day Up to $299.99/week (non-verified)
Up to $60,000/week (verified with SSN or ITIN)
Works as a social payment network. Online and physical shopping. USA.USA.
Zelle Free (some banks may apply fees) Minutes Approx. $500/day (depending on bank) Integrated in most U.S. banks. USA.USA.
Cash App Free or up to 1.75 % for instant transfers Up to 2 days Up to $7,500/week (verified) Free debit card (Cash Card) USA.USA.
Comun Free in the U.S. or from $2.99 for international wire transfers Instant or in a few minutes (average 8) Up to $9,999/month*. Allows opening an account with official ID without the need of SSN/ITIN U.S. AND LATIN AMERICA.USA and Latin America
Western Union Between $3 and $30 (depending on amount, country and method) Immediate to several days Up to $5,000 online Cash on delivery and cash on delivery with wide coverage +200 countries
Remitly Up to $10 (depending on speed) Up to 5 days From $3,000 per month (as verified) Home delivery option +100 countries
Wise Variable commission (exchange rate and amount) Up to 2 days Up to $5,000/month Multi-currency account +70 countries
Revolut Free between Revolut users or ~5% for international users Up to 2 days Depends on country and currency Automatic savings and financial analysis USA, EUROPE, LATAM, ASIA.USA, Europe, LATAM, Asia
PayPal Free local / ~3.95 % + flat fee for international Up to 1 day Up to $10,000 per transfer (verified accounts) Allows you to associate multiple payment methods and receive money +200 countries

**Please check for the most current information from each supplier.

As you can see, there is a wide variety of applications to send money for free or with affordable fees. Below, we explain their features in detail.

3 best applications to send money in the United States

If you are looking for applications to send money in the United States, here are 3 options with various benefits for all types of users. 

Venmo

It is a payment transfer application that operates in the United States. In addition to serving to make transactions between family, friends and companies, this app works as a sort of social network, in which users can share and comment on their payments with each other, to create networks and get closer to each other. 

Venmo operational features and functions

  • Payment methods: It is possible to link a bank account to make payments, either by debit or credit card. 
  • Transfer speed: ACH transfers take 1 day to complete, although in some cases it may take a little longer. 
  • Transfer limit: up to 60,000 per week for verified users.
  • Additional services: Functions as a social payment network. Allows online and in-store purchases. 

Advantages of Venmo

  • Intuitive and easy-to-use interface
  • Instant transfers between Venmo accounts
  • It is possible to transfer money to other bank accounts 

Disadvantages of Venmo

  • Security risks 
  • Does not work for international transfers 
  • Lack of privacy, which means that your transactions and comments can be seen by others if you do not adjust your preferences.

Zelle

It is a service that allows sending and receiving money between bank accounts compatible with Zelle. It is directly integrated with bank applications and websites, so you only need the recipient's email or cell phone number to send money.

Operational features and functions of Zelle

  • Payment methods: It works through the banks that offer the Zelle service.
  • Transfer speed: Immediate.
  • Transfer limit: Transfer limits per bank, depending on each bank, are approximately $500 per day. 
  • Additional services: It is integrated with most U.S. banks to facilitate transfers between accounts. 

Advantages of Zelle

  • Fast and free service
  • It is not necessary to have the recipient's bank details. 
  • No limits on the amount of money received

Disadvantages of Zelle

  • It does not have its own application 
  • Not accepted by all banks 
  • Operates only within the United States 

Cash App

It is an application for sending and receiving money. In addition, it is easy to make online purchases and payments between friends.

Cash App operational features and functions

Methods of payment: CashCard debit card.

Transfer speed: Standard transfers up to 3 days or immediate transfers with commission. 

Transfer limit: Up to $7,500 per week for verified users.

Additional services: Access to Cash Card, free debit card linked to the balance in the app.

Advantages of Cash App

  • Security measures are in place to protect user information.
  • Debit card available 
  • Allows sending and receiving money via Cashtag, QR code, email or phone.

Disadvantages of Cash App

  • Not compatible with international transfers
  • Credit card fees 

4 best apps to send money internationally

The aforementioned services are suitable options if you are looking to make transfers within the United States. In case you are interested in sending money abroad, you can consider these alternatives.

Comun

Comun is a digital platform that allows sending and receiving money among its users. It is a great option for our community, since it provides services available in Spanish, and allows us to make transactions within the country or send money to our places of origin. In addition, it offers affordable prices for those who are looking for an option that meets their needs.

Operational characteristics and functions of Comun

Methods of payment: Comun account and direct deposits.

Transfer speed: Instantaneous to a few minutes (average 8). 

Limit per transfer for international transfers*: 

  • Comun works with cumulative limits:
    • 1 day: 2,999 USD
    • 7 days: 4,999 USD
    • 14 days: 7,999 USD
    • 30 days: 9,999 USD
    • 60 days: 11,999 USD
    • 90 days: 19,999 USD
  • This means that the amounts sent are added up within each time window. For example, if you send 2,999 USD today, you will only be able to send 2,000 USD more in the next 6 days to complete the limit of 4,999 USD in 7 days.

Additional services: Possibility to open an account with the official documentation of your country.

Advantages of Comun

  • Allows you to send money without complications
  • Maximize every dollar so that your loved ones receive more
  • Open an account only with the official ID of your country.

Disadvantages of Comun

  • The recipient needs an account in Comun for local transfers, but will only need his or her name, telephone number and date of birth to receive the money. 

MoneyGram

It is a platform that allows international money transfers through a website, a mobile app or in physical establishments. 

Operational Features and Functions of MoneyGram

Payment methods: Cash, credit card, bank account and online banking.

Transfer speed: Up to one day.

Limit per transfer: Up to 10,000 online.

Additional services: payment of services and other international services.

Advantages of MoneyGram

  • International coverage 
  • Presence in a large number of establishments 

Disadvantages of MoneyGram

  • Unfavorable exchange rate for the user 
  • High transaction fees

Western Union

It is a global money transfer network that operates in more than 200 countries and has different methods of receipt, such as deposits to bank account, cash and digital wallet. 

Operational features and functions of Western Union

Payment methods: Cash, credit card, bank account and online banking.

Transfer speed: Within minutes or several days, depending on the type of transfer.

Limit per transfer: Up to 5,000 online.

Additional services: Broad global presence.

Advantages of Western Union

  • Presence in more than 200 countries 
  • Cash withdrawal option 

Disadvantages of Western Union 

  • High transfer fees 
  • Unfavorable exchange rate for the user 

Remitly

It is an international transfer service that operates in more than 170 countries. 

Remitly's operational features and functions

Payment methods: Bank account, debit and credit card.

Transfer speed: Immediate Express Transfer or Economy Transfer in up to 5 days.

Limit per transfer: Depends on the level of verification. For example, for a new user there is a monthly limit of 3,000 USD for transfers to Mexico. 

Additional services: Home delivery option.

Advantages of Remitly

  • Various delivery methods available 
  • Affordable commissions 

Disadvantages of Remitly

  • Higher commissions for express shipments
  • Low availability in some regions

In summary, Comun offers a simple and accessible solution for transferring money from the United States to other Latin American countries directly, quickly and securely. It allows its users to deposit the amount to be transferred on a debit card, facilitating immediate access to funds and thus facilitating the daily lives of thousands of migrants. 

3 apps for transfer money from one application to another

Finally, we present alternatives to make international transfers between users of the same application, such as:

Wise

It is a financial technology company that offers low-cost international wire transfer services at a real exchange rate. 

Operational features and functions of Wise 

Methods of payment: Bank account.

Transfer speed: Instantaneous. 

Limit per transfer: Up to $5,000 per month.

Additional services: Multi-currency account. 

Advantages of Wise

  • Affordable transfer fees 
  • Competitive exchange rate 

Disadvantages of Wise

  • Some countries may have limitations 
  • Some transfers may generate fees

Revolut

It is a fintech that allows sending, receiving and making international money transfers.

Operational features and functions of Revolut

Payment methods: Revolut account and prepaid debit card.

Transfer speed: Instantaneous between Revolut users and up to several business days between external accounts.

Limit per transfer: No established limit.

Additional services: Automatic savings and financial analysis.

Advantages of Revolut

  • Affordable prices
  • Fast transfers 

Disadvantages of Revolut

  • Functions may vary from country to country
  • No physical branches 

PayPal

It is an online payment platform that allows you to send and receive money from various locations around the world. 

PayPal operational features and functions

Payment methods: Balance in account, debit and credit card.

Transfer speed: Generally, immediate.

Limit per transfer: Up to 10,000 USD per transfer.

Additional services: Allows to associate different payment methods, as well as to receive payments from other users.

Advantages of PayPal

  • High security standards to protect your financial information
  • It has a vast global presence and acceptance 

PayPal Disadvantages 

  • High operating commissions
  • Unfavorable exchange rate

Take control of your transfers with Comun

There is a wide variety of reliable and accessible applications and services to make transfers in the United States and to other international destinations. Therefore, it is important that you analyze and compare the features of each one according to your priorities and needs. 

Comun is a financial service that solves everyday needs in the United States, with an app and a platform available in Spanish, so that opening an account is very easy and fast. In addition, it facilitates the transfer of remittances to Latin America without complications so that your family receives more money for less at competitive prices. Undoubtedly, it tops the list of the most reliable applications to make your life in the United States easier.

International Shipments

How to send me money from the United States: 3 reliable and fast methods

8 min of reading time

Knowing how to receive money from the United States is critical, as remittances have become an essential part of the economy for thousands of immigrant households. According to estimates, by 2030, migrant workers will send a total of $5 trillion back to their home countries.

The growing need to send and receive money from abroad has encouraged the creation of new methods specifically designed for different countries, such as those in Latin America. Here are the fastest, easiest and safest options to receive your money without complications. 

You will learn all about how to receive money from the United States and Latin America: key aspects such as costs and security, requirements to open an account and different applications to send money from the United States. By the end of the article, you will know exactly which option is right for your needs. 

5 key aspects to consider when receiving money from the U.S.

Thanks to technological advances and financial openness, sending and receiving money digitally is becoming easier and more accessible.

However, immigrant families continue to face a number of obstacles, such as high transfer fees, bank restrictions and weak security measures.

This is certainly not a decision to be taken lightly. Before agreeing to the terms and conditions of any operator, pay attention to the following key aspects:

Transfer Speed

Having cash available quickly is one of the indispensable needs of users receiving money from the United States. Receiving time varies depending on the sender and other important factors:

  • Type of bank: if the operation is done through a traditional bank, it may take up to 5 business days. Therefore, it is advisable to choose a company specialized in international transfers
  • Holidays or non-business days: may also affect the speed of receiving money.
  • Conditions of the receiving bank: each financial institution establishes its own rules for receiving remittances, so it is advisable to consult the specific conditions of your bank. 

Cost/Commissions

A fundamental aspect to take into account when receiving money from the United States is the commissions, which could exceed 10% of the total amount and represent a significant reduction in the household's contribution. Consider an option that offers affordable costs and a favorable exchange rate

Safety and Reliability

Personal data theft, better known as phishing, is the main risk in international money transfers. To avoid becoming a victim of these frauds, make sure you use a reliable means through an official website or mobile application. Additionally, avoid giving passwords and sensitive information to third parties. 

Ease of Use

According to the study Remittances to Latin America and the Caribbean 2024, 60% of migrant workers in the United States send money to their mothers. It is important to choose a provider that understands your needs and offers reliable, secure and easy-to-use platforms. 

Reception Options

If for some reason you cannot receive money through bank transfers, look for an option that offers money transfers near you, in different establishments such as Oxxo and Walmart. 

What do you need to receive money from the United States?

Regardless of the bank you choose, the requirements to receive money are summarized in your basic personal data: 

  • Beneficiary's full name
  • Account number
  • Name and address of receiving bank
  • SWIFT/BIC code of the receiving bank
  • Beneficiary's address
  • Name of intermediary bank

The data requested may vary depending on the receiving country, so you may be asked for more or less information. Remember that no reliable institution will ask you for passwords or access information to make transfers and money transfers. 

3 methods to receive money from the U.S. without hassle

If you need to send and receive money from the United States to Mexico, you can choose from the following options: 

Receive money to your account

It is a simple way to receive money from the United States, since it allows you to do it from the comfort of your home, through a mobile application.

In the case of Mexico, most traditional banks tend to receive transfers from the United States, under their own terms and conditions. This means that commissions and exchange rates vary from financial institution to financial institution. 

For Banorte and BBVA, the cost per international transfer is US$30 plus VAT, regardless of the amount of the transfer. 

Receiving money through traditional financial institutions can be costly, fortunately there are cheaper alternatives. 

Receiving money through Comun

Comun allows you to send money from the U.S. to Latin America with no fees on your first transfer and affordable fees on subsequent transfers. It is the favorite option of the immigrant public, with a common language, interests and objectives: to bring families together through accessible and secure financial solutions. 

Open your account in Comun and start sending money from the United States to your home without complications, your family will be able to receive it in bank accounts in your country or with physical withdrawal in branches. 

Receive money on other platforms

Wise

Wise is another platform that offers international money transfers. It is geared towards freelancers from around the world who earn income from the United States.

Although it is a frequent alternative for receiving money electronically from abroad, it does not have physical reception options, which could be an inconvenience for migrant families. 

Western Union

Western Union is one of the most popular options among migrant workers in the United States, as it allows them to send cash without a bank account to rural or hard-to-reach areas.

It is a suitable option for certain circumstances, but you should consider that the commissions imposed by Western Union are usually high, in addition to the fact that it uses a lower conversion rate than the market. 

The transfer cost depends on several factors, such as the means used and the country of destination. But the commission can reach up to 6%, without taking into account the exchange rate difference. 

Moneygram

Finally, Moneygram is an international money transfer service that operates in more than 200 countries, including Mexico. 

Your family gets more for less: send money with Comun from the U.S.

As you can see, sending and receiving money from the United States does not have to be complicated. Today there are financial services that seek to reduce the gaps that hinder communication between companies and individuals. 

Comun is an affordable option that offers the best benefits for immigrant families: 

  • Debit card access and mobile app
  • Opening an account with your country's official documentation 
  • Competitive fees for international money transfers, starting at only $2.99 transfer fee.
  • No set-up fees or monthly commissions

Compare and choose the option that best suits your needs. Remember that you have an ally in Comun to receive money from the United States without complications. 

Frequently asked questions

How long does it take to get money from the U.S. to Mexico? 

With Comun, your money arrives in minutes through bank transfers. While cash transfers to establishments arrive in as little as 1 hour. 

What are the typical fees for receiving money?

Generally, the fees to receive depend on the amount and country. Comun offers a fee starting as low as 2.99, regardless of the amount of money within the applicable limits.

Do I need a checking account to receive money?

Comun offers a checking account that includes a debit card and mobile application. But it is not essential, since you can receive money in physical establishments. 

Is it safe to receive money through digital platforms?

Of course, Comun is backed by leading financial institutions. The funds in your Comun account are FDIC insured up to $250,000 per ownership category through Community Federal Savings Bank (CFSB), member FDIC, in the event of CFSB's failure.

Checking account

What are Checking Accounts? Everything you need to know

8 min of reading time

Checking accounts are an essential tool for managing our personal finances, and the main type of account you will use on a day-to-day basis in the United States. In this article, we will explain everything you need to know about them and how you can choose the best option for you.

What is a checking account and why do you need one?

A checking account is a type of bank account that allows you to deposit and withdraw money easily. It is the account most commonly used to handle everyday transactions such as paying bills, making purchases and receiving your paycheck. You need it because it provides a safe place to keep your money and allows you to conduct financial transactions efficiently.

Advantages of having a checking account

Checking accounts offer several advantages:

  1. First, they provide you with a safe place to keep your money.
  2. Second, they facilitate the management of your finances by allowing you to make transactions easily.
  3. Third, many checking accounts offer additional services such as debit cards, checking, and access to online and mobile banking.

Differences between checking and savings accounts

While a checking account is designed for day-to-day transactions, a savings account is designed to hold money for the long term. Savings accounts often offer higher interest rates, allowing you to earn money on your savings. However, they are not as affordable as checking accounts and may have restrictions on the number of transactions you can make.

Frequent requirements to open a checking account

Required Documentation

To open a checking account, you will generally need to provide photo identification, proof of address and your social security number or tax identification number.

At Comun, the online banking for immigrants in the United States, the main documents you will need are:

  1. Official documentation from your country of origin
  2. A tax identification number such as ITIN or social security number (SSN).
  3. Proof of U.S. address such as a receipt in your name showing your U.S. address.

The process of opening a bank account with Comun is 100% online and can be completed in less than 5 minutes. 

Minimum deposit and other conditions

Some banks require a minimum deposit to open a checking account. In addition, they may apply fees if your balance falls below a certain level. For example, Chase Bank offers the Chase Total Checking account and Citi Bank offers the Citi Basic Banking Package account, which include access to thousands of ATMs, online and mobile banking. However, like many of the other traditional banks, they charge a monthly service fee of between $8 to 12 unless you meet certain monthly average balance requirements or a minimum amount deposited through direct deposit monthly. In addition, they may charge overdraft fees of up to $39 or more.

However, in Comun there is no minimum deposit amount, no minimum monthly balance, no monthly service fee, and no hidden costs in the fine print.

What they don't tell you about current accounts in the United States:

Generally, you can access the funds deposited in your account through ATM withdrawals, checks, wire transfers, and debit cards. However, it is important for you to know that each banking institution may charge fees for each of these operations and it is important for you to know before opening a bank account with them in order to compare your options and identify the one that is most convenient for you in terms of practicality.

On the other hand, many banks require an initial deposit to open a checking account. The amount varies from bank to bank, but can range from $25 to $100. In the case of Comuns checking account, there is no charge, i.e. the initial deposit amount to open a checking account is $0.

Additionally, checking accounts may have various fees in addition to the monthly maintenance fees, such as ATM fees, overdraft fees and more. Some banks waive the monthly fee if you maintain a minimum balance or have a regular direct deposit. In the Comun, you can deposit and withdraw money for free at more than 55,000 ATMs in the U.S. found at Walgreens, CVS, Target, and more.

Some banks offer overdraft protection that prevents you from bouncing checks or having your debit card declined if you don't have enough money in your account. However, this service can come with high fees, so it's important to understand the terms.

And if you live in the 21st century, access to online and mobile banking allows you to check your balance, pay bills, deposit checks and transfer money from anywhere.

A special feature of checking accounts is FDIC Insurance. Banks in the U.S. are usually insured by the Federal Deposit Insurance Corporation (FDIC). This means that even if the bank fails, your money (up to $250,000) is protected. For example, Comun s bank accounts are insured by the FDIC for up to $250,000 USD through the affiliated Piermont Bank.

Checking accounts are an essential tool for managing your personal finances. They provide a safe place to keep your money and allow you to conduct financial transactions efficiently. When choosing a checking account, you should consider factors such as fees, services offered, bank location and reputation, and interest rates. With the right information, you can choose the checking account that best suits your needs.

If you are looking to open a checking account and get a debit card, what are you waiting for to do it with Comun? 

More on our blog:

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Financial Education

Banking Services for Small Businesses: A Complete Guide

8 min of reading time

Small Businesses

Running a small business involves making numerous financial decisions, and choosing the right banking services is crucial to success. Separating personal assets from business assets in an LLC business structure is important to protect personal assets in the event of business failure. Community banks and modern financial platforms offer a variety of services tailored to meet the unique needs of small businesses. This comprehensive guide explores essential banking services for small businesses, highlighting their benefits and how they can support growth and stability.

Understanding the Different Types of Small Businesses and their Banking Needs

Before exploring specific banking services, it is essential to understand the variety of small businesses and their unique financial needs. Different types of small businesses, such as sole proprietorships, partnerships, LLCs, corporations, nonprofits, home-based businesses and startups, require tailored banking solutions to support their growth and stability. Maintaining separate business and personal bank accounts offers benefits such as accurate record keeping, simplified tax preparation, improved financial organization and greater professionalism. By recognizing these differences, you can better appreciate how community banks and financial platforms such as Comun meet the diverse needs of small business owners. This understanding lays the foundation for selecting the most appropriate banking services to ensure financial health and success.

Checking and Savings Accounts for Businesses

Having a dedicated business checking account is critical to managing your finances effectively. It allows you to separate personal and business transactions, simplifying accounting and ensuring clear financial records. Many banks offer business checking accounts with features such as free transactions, low fees and online banking capabilities.

When opening a business bank account, gather the required documentation, such as your Business Identification Number (BIN), and decide whether you want to apply online or visit the branch. Understanding the fees and essential steps to open the account is crucial.

A business savings account is also vital. It helps you set aside funds for future investments, emergencies or growth opportunities. Look for accounts with competitive interest rates and flexible access to your funds.

Commercial Loans and Lines of Credit

Access to credit is often essential for small business growth. Community banks and other financial institutions provide various loan products, including term loans, lines of credit and SBA loans. These financial products can help you finance new equipment, expand operations or cover unexpected expenses.

  • Term Loans: Term loans issue principal amounts that are repaid over fixed periods of time at predetermined interest rates. They are suitable for large, one-time investments, such as the purchase of equipment or renovation of a workspace. The predictable repayment schedule helps with budgeting and long-term planning.
  • Lines of Credit: Lines of credit offer flexible borrowing options, allowing you to draw funds as needed and pay interest only on the amount you use. This flexibility can be a lifesaver during cash flow shortages or when financing immediate needs, such as inventory purchases or emergency repairs. Lines of credit are revolving, meaning that funds become available again as you repay them, making them an ongoing financial resource.
  • SBA loans: Small Business Administration (SBA) loans are partially guaranteed by the government, making them more accessible to small businesses that may not qualify for traditional loans. They offer competitive interest rates and longer repayment terms, which can be particularly beneficial for startups and businesses with less established credit histories.

Working with a community bank for loans and lines of credit means you benefit from personalized service. Bank representatives can provide tailored advice, helping you choose the right loan product for your needs and guiding you through the application process. This relationship-based approach ensures you get the support you need to grow your business sustainably.

Payment Processing, Payroll and Cash Flow Management Services

Effective financial operations are critical to the success of any small business. This includes processing payments, managing payroll and ensuring efficient cash flow. Here's how full-service banking can support these needs:

  • Merchant Services: Merchant services are crucial for businesses that need to process customer payments. These services include credit card processing, point-of-sale (POS) systems and online payment gateways. A reliable merchant services provider ensures that transactions are processed quickly and securely, enhancing customer satisfaction and improving cash flow. By offering seamless payment solutions, banks help businesses provide a better customer experience and streamline their revenue collection process.
  • Payroll Services: Managing payroll can be complex and time consuming. Many banks offer payroll services to simplify this process. These services handle everything from payroll and tax calculation to direct deposit and payroll tax filing. By outsourcing payroll, companies can ensure accuracy and compliance with tax regulations, freeing up time to focus on their core operations. Efficient payroll management not only saves time, but also helps maintain employee satisfaction by ensuring timely and accurate payments.
  • Cash Management: Effective cash management is essential to maintaining a healthy cash flow. Banks offer various cash management services, including remote deposit capture, ACH payments and wire transfers. These tools help companies manage incoming and outgoing funds efficiently, reducing time spent on manual processes and improving overall financial control. Proper cash management ensures that companies can meet their financial obligations and invest in growth opportunities without experiencing cash shortages.

By integrating these services, banks provide a complete solution that supports small businesses in maintaining smooth and efficient financial operations.

Online and Mobile Banking

In today's digital age, online and mobile banking are indispensable. These services provide convenient access to your accounts, allowing you to monitor transactions, transfer funds and pay bills anytime, anywhere.

  • Digital Transformation: Community banks are embracing new technologies to enhance the customer experience through online and mobile banking platforms. These platforms offer 24/7 access to your accounts, allowing you to manage your finances from the comfort of your home or on the go. You can easily check balances, view transaction histories and transfer funds between accounts.
  • Advanced Features: Many online and mobile banking services include features such as bill payment, mobile check deposit and budgeting tools. Bill pay allows you to schedule payments to vendors and service providers directly from your account, ensuring timely payments and simplifying your accounting. Mobile check deposit lets you deposit checks by taking a picture with your smartphone, saving trips to the bank.
  • Security Measures: Online and mobile banking platforms employ advanced security measures to protect customer data and ensure secure transactions. This includes encryption to protect information, multi-factor authentication to verify user identity, and regular security audits to identify and address potential vulnerabilities. Real-time fraud alerts help you quickly detect and respond to suspicious activity, enhancing your overall financial security.

Banking designed for your life in the USA

Open your checking account¹ in 3minutes with any valid ID from your home country²

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Common Issues Facing Small Businesses with Banking Services and Financial Health

While banking services are crucial to the operation and growth of small businesses, many small business owners encounter a variety of challenges when managing their financial needs. Understanding these issues can help businesses make more informed decisions and seek solutions that better align with their requirements.

  • High Fees and Hidden Costs: Many small business owners find that banking services come with high fees, including monthly maintenance charges, transaction fees and penalties for not maintaining a minimum balance. Hidden costs, such as wire transfer fees, overdraft fees and additional services, can also add up, putting pressure on business cash flow.
  • Limited Access to Credit: Securing loans and lines of credit can be particularly challenging for small businesses, especially startups or those with less established credit histories. Traditional banks often have strict lending criteria, making it difficult for small business owners to access the funds they need for growth and operations.
  • Inadequate Customer Service: Small business owners frequently report dissatisfaction with the customer service provided by their banks. Long wait times, lack of personalized service, and insufficient support for specific small business problems can hinder a company's ability to manage its finances effectively and resolve issues quickly.
  • Complexity and Inaccessibility: Banking services can often be complex and difficult to navigate. Small business owners, who may not have extensive financial knowledge, may find it challenging to understand and use the full range of services offered. In addition, inaccessibility to bank branches or limited online services can be a significant obstacle for businesses that require frequent banking interactions.
  • Security Concerns: With the increasing prevalence of cyber threats, security is a major concern for small businesses. Ensuring that banking services offer robust security measures to protect sensitive financial data is crucial. However, not all banks offer the same level of security, leaving some businesses vulnerable to fraud and data breaches.
  • Integration with Business Tools: Small businesses often use a variety of tools and software to manage their operations, such as accounting software and payment processing systems. Problems can arise when banking services do not integrate seamlessly with these tools, leading to inefficiencies and increased administrative burden.
  • Lack of Financial Education and Support: Many small business owners struggle with financial literacy, which affects their ability to make informed banking and financial decisions. Banks that do not offer sufficient financial education resources or support can leave business owners feeling overwhelmed and ill-prepared to manage their finances effectively.
  • Limited Product Offerings: Some banks may not offer a wide range of products tailored to the specific needs of small businesses. This may include specialized loan products, cash management services or flexible payment solutions. Limited product offerings may restrict a business's ability to find appropriate financial tools to support its growth and operational needs.

Understanding these common issues can help small business owners better navigate the challenges they face with banking services. When looking for community banks or financial platforms such as Comun that prioritize transparency, customer service, security and integration with business tools, small businesses can find more appropriate banking solutions that align with their needs and support their financial success.

Conclusion:

Choosing the right banking services is essential to the success and growth of your small business. From checking and savings accounts to loans, merchant services and digital banking, the right financial products and support can help you manage your finances effectively and achieve your business goals. By partnering with a community bank and leveraging platforms like Comun you can access the tools and expertise you need to thrive in today's competitive marketplace.

Integration and Support

Many community banks pride themselves on offering personalized services and financial advice. Building a relationship with your bank can provide valuable insights on how to manage your finances, access credit and plan for future growth. Take advantage of workshops, seminars and one-on-one consultations offered by your bank to improve your financial literacy and business knowledge.

Integration with Comun

For small businesses looking to take advantage of modern financial technology, integration with platforms such as Comun can enhance their banking experience. Comun offers a range of features tailored to small businesses, including instant notifications, secure login and personalized customer support available seven days a week. By combining the strengths of traditional community banking with the convenience of digital banking, Comun provides a comprehensive solution for managing your business finances.

Banking designed for your life in the USA

Open your checking account¹ in 3minutes with any valid ID from your home country²

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Financial Education

What to Do if Your Bank Account is Compromised: Immediate Actions

8 min of reading time

Recognizing the Signs of Identity Theft and a Compromised Account

The first step is to recognize the signs that your bank account may have been compromised. Unusual or suspicious transactions, unexpected changes in your account details and alerts or notifications from your bank that you did not initiate are clear indicators. Receiving text or email alerts about activity you didn't initiate can also mean your account has been hacked. Being vigilant and regularly reviewing your account activity can help you spot these signs early if your bank account is hacked.

Immediate Actions to Take When Suspicious Activity Is Noted

Contact Your Bank Immediately
If you suspect your account has been compromised, call your financial institution directly. Most banks have a dedicated fraud department that can freeze your account to prevent further unauthorized transactions. Acting in a timely manner is crucial to protecting your hard-earned money.


2.Change your Account Passwords
Immediately change the passwords for your online account and any other online accounts associated with your financial information. Make sure your new passwords are strong, unique and different from previously used passwords.


3.Monitor Your Account for More Activity
Keep a watchful eye on your account for any additional suspicious activity. Regularly review your bank statement and account activity, and report any discrepancies to your bank. Setting up text and email alerts for transactions can help you stay informed about the status of your account.

Learn how to monitor your accounts here‍.


4.Report the Fraud
File a report with your bank's fraud department. Also, report the incident to the Federal Trade Commission (FTC) and consider filing a police report. This can help protect your credit report and prevent further identity theft.

Additional Precautions: Enable Two Factor Authentication

To prevent future incidents, take these additional security measures:

1. Secure your Devices
Make sure your devices are protected with the latest antivirus protection and security updates. Avoid using public Wi-Fi for online banking.


2.Enable Two-Factor Authentication
Enable two-factor authentication (2FA) for an extra layer of security on your bank and other online accounts. This makes it more difficult for unauthorized users to access your accounts.


3.Be Careful about Sharing Information
Be careful what information you share online and avoid providing sensitive information such as your social security number through unsecured channels. Be wary of phishing emails and malicious links that can lead to account compromise.


4.Use Strong and Unique Passwords
Make sure you use strong and unique passwords for all your other accounts. Avoid using the same password for multiple accounts and change your passwords regularly.


5.Set up Fraud Alerts
Consider setting up fraud alerts with your bank and credit bureaus. This can help you stay informed about any suspicious activity on your accounts.

We show you how to open a bank account in the United States.

Security Features of Comun

At Comun, we prioritize the security of our customers' accounts, just like the leading financial institutions. Our platform includes advanced security measures such as encryption and real-time monitoring to protect your financial information. If you ever suspect fraudulent activity, our customer service team is available to assist you immediately. Simply send us a message through the Comun application and we will guide you through the necessary steps to secure your account.

Open your checking account¹ in 3minutes with any valid ID from your home country²

  • No minimum balance commissions
  • Receive your paycheck up to 2 days in advance³
  • Send money to your country safely
  • and much more!‍‍

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Conclusion

Quick action is crucial when dealing with a compromised bank account. By recognizing the signs, taking immediate action and using robust security features, you can protect your finances and regain control of your accounts. Be vigilant and proactive to keep your bank account safe. Remember, your timely response can prevent further losses and ensure your money stays in your hands.

Immigration

Find out which institution charges the lowest fees for immigrants in the U.S. We compare Comun, Seis and Majority on rates, services and accessibility.

8 min of reading time

How to Avoid Membership Fees: Comun as the Best Alternative to Six and Majority

Membership Fees and Minimum Balance Requirements of Six

For many immigrants, finding a banking solution that doesn't eat up their hard-earned money in exorbitant fees is crucial. Seis, a popular banking service, offers several memberships but at significant costs:

  • Basic Membership: $6 per month
  • Premium Membership: $15.95 per month

If you opt for the premium membership, you could be spending more than $190 annually on membership fees alone. However, there is a way to avoid these fees altogether. Comun also imposes no penalties for early withdrawals, making it easier for users to access their funds when they need them.

Feature Comun Six
Membership dues $0 $6 - $15.95
Apply with foreign identification
Verify home address using geolocation on your phone
FDIC insured checking account
Debit card with fraud protection
Remittances from the application
24/7 customer service

How to Avoid Majority Membership Fees

Majority is another banking service that caters to immigrants, but also charges membership fees:

  • Membership Fee: $5.99 per month

This adds up to about $70 per year. Again, there is a way to save this money. Comun also offers linked investment accounts, providing users with more financial management options.

Feature Comun Majority
Membership dues $0 $5.99
Apply with foreign identification
Verify home address using geolocation on your phone
FDIC insured checking account
Debit card with fraud protection
Remittances from the application
24/7 customer service

Banking Platforms: An Overview

Banking platforms have evolved significantly over the years, offering a range of services designed to meet the needs of various demographic groups. In the United States, traditional banks and financial institutions such as Chase, Bank of America and Wells Fargo dominate the landscape, providing comprehensive banking services including checking and savings accounts, credit cards, loans and investment opportunities. These banks have long-established infrastructures and offer a sense of stability and confidence.

However, traditional banks and financial institutions often have strict requirements and fees that can be prohibitive, especially for immigrants. This has paved the way for fintech companies and neobanks, such as Chime, Comun, Revolut, Seis and Majority, which provide more accessible and often more affordable banking solutions. These platforms leverage technology to offer mobile banking services, making it easier to manage finances without the need to visit a physical branch.

What is Comun?

Comun is a modern banking platform designed specifically for immigrants. It aims to provide essential banking services without the high fees and barriers often associated with traditional banks. With Comun, users can enjoy the benefits of a checking account, FDIC insurance, fraud-protected debit cards, remittances directly from the app and 24/7 customer service, all without membership fees. This makes Comun an attractive option for those looking for a reliable and cost-effective banking solution. Like credit unions, Comun offers better banking options and services to underserved communities, ensuring secure and affordable accounts.

What is Six?

Seis is a digital banking platform that aims to provide banking services tailored to the needs of the Latino community in the United States. It offers features designed to make banking more accessible and affordable for immigrants. Seis provides services such as checking accounts, debit cards and mobile banking, with a focus on convenience and community support. In addition, Seis supports direct deposits, which is particularly beneficial for users who receive government income and payments. However, unlike Comun, Seis charges membership fees, which can add up over time.

What is Majority?

Majority is another digital banking platform designed to cater to immigrants in the United States. It focuses on providing banking services along with additional support features such as international calling and discounts at partner retailers. Majority offers a variety of financial products, including mobile banking and online payment services, tailored to the unique needs of immigrants. Majority seeks to help immigrants integrate more easily into their new environment by offering financial services tailored to their specific needs. Like Seis, Majority charges membership fees for access to its services.

Pros and Cons of the Historical Evolution of Banking, Financial Institutions and Third-Party Applications

The evolution of banking has brought significant changes, particularly with the introduction of third-party applications. These changes have their own advantages and disadvantages. The financial system plays a crucial role in providing secure and affordable banking services, especially during economic challenges.

Pros:

  • Accessibility: Third-party banking apps have made financial services more accessible, especially to underserved populations such as immigrants. With fewer barriers to entry, more people can open and manage bank accounts.
  • Affordability: Many of these applications offer low or no fees, making banking more affordable. This is especially beneficial for those with limited financial resources.
  • Convenience: Mobile banking applications provide the convenience of managing finances from anywhere, anytime. This eliminates the need to visit physical branches and enables real-time transactions.
  • Innovative Features: These platforms often come with innovative features such as real-time expense notifications, easy money transfers and budgeting tools, enhancing the user experience.

Cons:

  • Limited Features: Although third-party applications offer many benefits, they may lack some of the full services provided by traditional banks, such as extensive lending options and investment services.
  • Trust and Security: Some users may be wary of entrusting their money to newer, lesser-known fintech companies. While these platforms offer security features, they may not have the long-standing reputation of traditional banks.
  • Customer Support: While many third-party applications offer customer support, the quality and availability can vary. Traditional banks generally have a more robust customer service infrastructure.
  • Regulatory Challenges: Fintech companies often face regulatory hurdles, which can affect their operations and the services they provide.

How Can Comun Help?

  • Comun s Limited Features Solution: Comun focuses on providing all the essential banking features needed for everyday use, such as checking accounts, fraud protection and remittance services, ensuring that users have what they need most without additional costs. In addition, Comun offers many features such as real-time spending notifications and budgeting tools to help users better manage their finances.
  • Comun s Solution to Trust and SecurityComun offers FDIC-insured accounts and robust fraud protection measures, providing a high level of security and building trust among its users.
  • Comun s Customer Support Solution: Comun provides 24/7 customer service in multiple languages, ensuring that users can receive help when they need it, matching and even surpassing the support provided by traditional banks.
  • Comun s Solution to Regulatory Challenges: Comun complies with all necessary regulatory requirements, ensuring a stable and legally sound operation that users can rely on for their banking needs.

How Comun Supports Students: Immigrant Students

For college students, especially those studying abroad, managing finances can be a significant challenge. Comun offers several features that make it an excellent choice for students:

  • Ease of Sending and Receiving Money: Students can easily send money to or receive financial support from their families back home using Comuns remittance services. This is especially useful for international students who need to transfer money across borders.
  • No Membership Fees: With no monthly fees, students can save money for their education and living expenses.
  • Accessibility: The ability to apply with a foreign ID and verify your address using geolocation makes it easy for international students to open an account without the complications of traditional bank requirements.
  • 24/7 Customer Service: 24-hour customer service ensures that students can get help when they need it, regardless of time zones.
  • Building an Emergency Fund: Comun s features can help students build an emergency fund, which is crucial to cover three to nine months of living expenses and achieve short-term financial goals.

Why Choose Comun? A Range of Financial Products

With Comun, users get access to all the features they would expect with a checking account without the absurd fees. Comun provides an FDIC-insured checking account, fraud-protected debit card, remittances directly from the app and 24/7 customer service, all with no membership fees. Comun also helps users achieve their savings goals, such as saving for education or emergencies. This makes Comun an ideal choice for immigrants looking to save money and avoid unnecessary costs.

By choosing Comun sobre Seis or Majority, immigrants can enjoy essential banking services without the financial burden of membership fees, contributing to better financial health and stability. Make the switch to Comun today and keep more of your hard-earned money.

International Shipments

Money Transfers: From Traditional Methods to Digital Innovations

8 min of reading time

The financial evolution of money transfer methods from traditional practices to digital innovations marks a crucial shift, revolutionizing how we think about and manage our finances in our bank accounts and beyond. This transition is not just a matter of technological advancement; it reflects a fundamental shift in user expectations, security standards and global connectivity, especially in the realm of international money transfers and seamless integration of bank accounts.


Accelerating Transactions: The Digital Revolution in Money Transfers.

The emergence of digital platforms and money transfer applications has transformed the speed and accessibility of transactions. Where once bank transfers between financial institutions would take days to complete, digital innovations now facilitate instant money transfers, allowing users to transfer money around the world in just a few business days or even instantly. This monumental shift in convenience allows users to send money or transfer funds from one bank account to another 24 hours a day, 7 days a week, without the traditional visit to a bank or credit union.

These changes encapsulate the journey from traditional methods such as wire transfers and bank-to-bank transfers to the digital innovations that now dominate our financial ecosystem. As we continue to explore these developments, it is clear that the ways of transferring money, from using a debit card for instant transfers to leveraging the capabilities of payment apps like Google Pay and Apple Pay, are not only evolving; they are being redefined for a new era of global connectivity and digital empowerment, making money transfer apps an indispensable tool in our daily lives.

Navigating International Money Transfers: Considerations

In addition, the rise of mobile applications, from money transfer services such as Cash App to full-fledged banking apps, has democratized access to financial services. These platforms offer easy-to-use interfaces that simplify the process of transferring money, whether sending money abroad via international transfers or managing domestic transfers between checking and savings accounts within the same bank. This broadens financial inclusion, allowing even those with a basic savings or checking account to participate in bank transfers and person-to-person payments with ease.

It is equally important to have a thorough understanding of the regulatory framework surrounding international money transfers. This includes being aware of anti-money laundering (AML) laws and the various transfer limits imposed by different countries. These regulations are designed to prevent financial crimes and ensure the security of cross-border transactions. Adhering to these laws not only helps avoid legal complications but also ensures that your transactions are processed without unnecessary delays.

In addition to choosing the right service and understanding the regulations, it is also beneficial to be aware of the exchange rates offered by different services. Exchange rates can significantly affect the final amount received at the other end, especially on large transactions. In addition, considering delivery times is crucial, especially if the transfer is time sensitive. While some services can transfer funds almost instantly, others may take several business days. This can be particularly important in emergency situations or when making payments that have strict deadlines.

Exploring Different Money Transfer Options: Wire, ACH and Beyond

Digital advances have also introduced a new level of security and transparency in money transfers. With modern encryption and authentication technologies, including features such as fraud detection, financial transactions, whether internal transfers, external transfers or even online payments for online purchases, are more secure than ever.

Money transfer applications have become a safe haven for personal finances, offering real-time tracking of transactions and ensuring that transferring money, from a linked bank account via Automated Clearing House (ACH) transfers or direct deposit, remains safe and simple. ACH transfers excel in domestic efficiency and cost-effectiveness, ideal for regular payments such as salaries and bills. In addition, traditional methods such as checks, cash deposits and money orders retain their usefulness for specific scenarios, offering tangible options in a predominantly digital world.

The Rise of Person-to-Person Money Transfer (P2P) Applications

P2P transfer applications have fundamentally transformed how we exchange money, making transactions as simple as sending a message. These applications allow users to send funds directly to others, using only an email address or phone number, eliminating the need for intermediaries. Among the multitude of options available, several applications have gained prominence, each standing out for their distinctive features.

For example, some applications are celebrated for their integration with social networks, enhancing the social aspect of money transfers. Others prioritize security, offering advanced encryption and authentication methods to protect transactions. There are also apps designed to facilitate cross-border payments by simplifying the process of sending money internationally by offering competitive exchange rates and low fees. This diversity ensures that there is a P2P transfer application suitable for virtually every need and preference, reflecting the dynamic, user-centric evolution of financial technology.

Deciphering the Costs: Money Transfer Fees

The rise of mobile applications, from money transfer services such as Cash App to full-fledged banking apps, has democratized access to financial services. These platforms offer easy-to-use interfaces that simplify the process of transferring money, whether sending money abroad via international transfers or managing domestic transfers between checking and savings accounts within the same bank. This broadens financial inclusion, allowing even those with a basic savings or checking account to participate in bank transfers and person-to-person payments with ease.

Understanding the fees associated with money transfers is pivotal to managing your finances effectively and avoiding unexpected costs. The landscape of transfer fees can vary significantly, encompassing service charges, transaction fees and currency conversion fees, among others. Transparency in these fees is crucial; therefore, it is essential to opt for services that offer clear and straightforward information on all costs involved.

Service charges and transaction fees are often the most visible costs associated with money transfer. These can vary widely depending on the provider and the transfer method chosen. For example, traditional bank transfers may have higher fees compared to online platforms or mobile apps. Currency conversion fees also play a significant role, especially in international transfers, where money needs to be exchanged from one currency to another. Some services build their profit into the exchange rate offered, making it less favorable than the market rate. This practice underscores the importance of scrutinizing the exchange rates provided and not just the explicit rates.

This approach not only helps you make informed decisions, but also helps you avoid hidden charges that can add up. To minimize these costs, adopting strategies such as selecting the most appropriate transfer method for your needs-considering factors such as speed, destination and amount-and diligently comparing providers to find the best rates and lowest fees can lead to significant savings. By prioritizing transparency and employing strategies to minimize costs, users can navigate the complexities of money transfers more confidently and economically.

Send abroad with peace of mind with your account Comun¹

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Conclusion

To conclude, the shift from traditional methods to digital innovations in the money transfer domain represents a significant advance in financial management. Digital platforms and money transfer applications have revolutionized the way we send money, providing unprecedented convenience, speed and security. From seamless bank account transfers to the global reach of international money transfers, these digital solutions offer a full range of services that address our diverse financial needs.

Emphasizing transparency, these platforms minimize hidden fees, making it easier than ever to manage our savings and checking accounts. In addition, innovations such as instant transfers and robust fraud detection technology have made money transfer apps a trusted choice for consumers. As we continue to embrace these digital advances, the essence of mastering money transfers lies in leveraging technology to enhance our personal finance capabilities, ensuring that we can confidently and cost-effectively navigate the complexities of modern financial transactions.

Financial Education

What is direct deposit?

8 min of reading time

In the digital era in which we live, financial transactions have become faster and more efficient. One such facility is direct deposit, a solution that has revolutionized the way we receive our money. In this article, we will explore the definition of direct deposit, its uses and why it is so convenient.

Definition of direct deposit

Direct deposit is a method of electronic funds transfer that allows an entity (employer, government, etc.) to deposit money directly into the beneficiary's bank account. Unlike paper checks, this process eliminates the need to issue, deliver and cash physical checks, saving time and resources.

Common uses of direct deposit

  1. Employee payroll: One of the most popular applications of direct deposit is payroll management for businesses. Instead of issuing checks to each employee, companies can deposit wages directly into their employees' bank accounts.
  2. Government payments: Governments also use direct deposit to distribute payments to citizens, such as pensions, unemployment benefits and tax refunds.
  3. Money transfers: Individuals can also use direct deposits to send and receive money between bank accounts, facilitating transactions and payments between friends, family and businesses.

Advantages of direct deposit

  1. Speed: One of the greatest advantages of direct deposit is the speed at which funds are transferred. In general, direct deposits are processed more quickly than paper checks, allowing beneficiaries to have their money in less time.
  2. Security: Direct deposit is a more secure method than paper checks because it reduces the risk of check theft, loss or forgery.
  3. Saving time and resources: By eliminating the need to issue, deliver and cash physical checks, both companies and beneficiaries save time and resources. In addition, direct deposit is environmentally friendly, as it reduces the amount of paper used in financial transactions.
  4. Control over money: Direct deposit allows beneficiaries to access their money quickly and conveniently, giving them more control over their personal finances.

How do I connect the direct deposit

With mobile applications such as Comunyou can connect your direct deposit to your bank account in seconds. Comun lets you connect your direct deposit from the Comun app. Comun app or if you prefer your employer to do it, Comun gives you a completed form to give to your employer. In addition to the ease of connecting your direct deposit with Comunthe Comun app, the Comun app advances your payment up to two days in advance. 

Conclusion

Direct deposit is a modern financial solution that offers speed, security and convenience in transferring funds. Whether it's for work, government payments or personal transfers, direct deposit has become a preferred option for facilitating transactions and managing money. Ultimately, this method simplifies our financial lives and allows us to focus on what really matters.

Instant payments

Safe and fast ways to send money without a bank account

8 min of reading time

Did you know that it is possible to send money without having a bank account? The lack of access to financial services is a problem that impacts the quality of life of thousands of immigrant workers in the United States.

According to a recent survey, the rate of the Latino community in the United States without a bank account dropped from 15% to 10% in the last two years. However, it remains elevated compared to the national average of 4.5%. 

Although having a bank account makes it easier to carry out financial transactions, such as transfers, payments in physical stores and online purchases, today there are alternatives that allow you to access banking services without an account. 

Below, you will discover how to transfer money from one card to another without an app or bank account, as well as the safest and easiest methods at your disposal. 

Send money online

The lack of a U.S. bank account is not an obstacle to sending money in and out of the country, as there are widely popular methods for immigrant workers to send remittances and make other transactions through prepaid cards and cash payments

International money transfer providers

It is one of the most popular ways to send money without a bank account, due to the accessibility and variety of payment methods and the wide coverage that is usually offered. 

International money transfer providers are companies specialized in facilitating the transfer of money from one country to another. The most important features of these services are: 

  • Specialization in international money transfers, unlike traditional banks, which have limitations: high commissions, unfavorable exchange rates, long delivery times and involvement of intermediaries that increase costs.
  • More affordable rates 
  • Various transfer methods 
  • Multiple money transfer locations

How to send money without a bank account through an international transfer platform?

Comun allows you to send money to your loved ones for a small transfer fee starting at $2.99 USD up to the applicable limits. It's very easy, just follow the steps below: 

  1. Open your account in ComunIt will only take you a few minutes!
  2. Choose the most convenient delivery method for your recipient, such as cash pickup at a physical store like Oxxo, Grupo Elektra, 7 Eleven and more.
  3. You can also send the money directly to a bank and pick it up at one of its branches. 
  4. Track delivery directly in your Comun mobile application

Comun is an excellent option for our community because it provides service in Spanish, which is highly valued by the immigrant community. Open your account today and start sending money without hassle.

What information do you need to send money without a bank account?

To make a money transfer without a bank account, you only need the following information from your recipient: 

  • Recipient's full name, as it appears on the recipient's official identification card
  • Recipient's telephone number

In case of making the transfer to a bank account, you will also need: 

  • Address of your recipient
  • Bank account number, depending on the receiving country

P2P Services

P2P(peer to peer ) services allow you to send money immediately from one individual to another without the need for intermediaries. These options facilitate everyday needs, such as paying rent or other shared services, sharing transportation expenses, and also sending money to family members in the U.S. or internationally. 

How to send money without a card through P2P services?

  1. Choose a reliable provider, such as Cash App or Venmo.
  2. Enter the recipient's phone number in the mobile application
  3. Confirm the transaction and follow up

Send money by mail

There are other alternatives that involve the transfer of a cashier's check, certified check or money order through the postal service. 

Cashier's Check

This is a type of check that is issued with funds from the bank. The customer must pay in cash or directly from his account and the transfer is made out to the recipient. 

Certified Check

The check is issued with customer funds. The sender must have a bank account in order for the bank to perform a funds verification. The recipient can withdraw the cash directly at a bank branch. 

Money order

Another alternative to send money without a bank account is to make a money order, which is a kind of prepaid money order. To do this, all you need is:

  1. Go to an authorized post office or store, such as USPS or Walmart, to purchase a money order. 
  2. Write the name of the payee in the "pay payable to" section of the document. 
  3. Write your name in the "buyer" section.
  4. Sign in the space designated for the buyer, generally on the front of the document.
  5. Save the receipt with the serial number
  6. Pay the amount to be shipped plus the applicable commission
  7. Send the money order by regular or certified mail.
  8. Write the addressee's address in the center of the envelope and the sender's address in the upper left corner.
  9. Buy a stamp at a post office and affix it to the envelope.
  10. Depositing the envelope at the post office

The recipient may cash the money order at an authorized branch with his or her personal identification.

The disadvantage of this alternative is that it takes longer to arrive, because it uses a traditional transfer method. 

Send money with balance surcharge

There are other options available to send money without a bank account, such as prepaid cards and mobile applications

Reloadable Prepaid Cards

Reloadable prepaid cards work similar to a debit card, except that they are not linked to a bank account. In addition, they allow you to pay for services and make online purchases. 

To send money through a prepaid card, you only need: 

  1. Know an international prepaid card shipping service, such as Western Union or Money Gram.
  2. Select the provider of your choice and choose the prepaid card option through their website.
  3. Enter the recipient's data, first make sure that they are compatible with the selected platform. 
  4. Accept the transfer and make the payment plus commission

That's it! The recipient will receive the money on the prepaid card as if it were a bank transfer. 

Mobile Wallets/Applications (Mobile Wallets)

Finally, you can opt for wallets or mobile appswith a money transfer option. Some examples are Cash App, Venmo and Remitly, which give you access to a mobile app that you can use to send money to other users and also to receive it. 

In addition to not requiring a bank account, these applications have the benefit of being easy to use. Some also provide physical cards that work similar to debit cards. 

7 essential tips for sending money without a bank account

1. Verify the identity and data of the recipient.

Make sure you enter the correct information for the person you want to send the money to, whether it is name, account number or phone number. If there are any discrepancies, your recipient may have trouble collecting the cash. 

2. Compare rates and exchange rates

Each provider has its own fees, depending on the receiving country, amount and exchange rate. Remember that with Comun you do not have to pay excessive commissions, and you ensure that your family receives more for less. 

3. Know the transfer limits

There are platforms that have transfer limits, so you should take them into account before choosing an option. For example, Western Union has a limit of 7,499 USD per day, while Cash App allows up to 7,500 per week for verified accounts. 

4. Keep all receipts and reference numbers.

Although all of these methods are secure, it is important that you keep your receipts and reference numbers in case a clarification is needed or a mishap occurs. 

5. Use reputable and secure services

It is very important that you make sure you use a reliable service. For this you can check online reviews and make sure they have a website and/or physical offices. 

6. Be wary of scams.

Unfortunately, scams are common around financial services. Remember that no serious institution will ask you for passwords or verification data. Make sure you always log on to official sites. If in doubt, go to an authorized branch. 

7. Consider the delivery time

Most of the options will allow you to complete your shipments in a matter of minutes, but sometimes it may take several days. Keep this in mind before making the transfer with your preferred service. 

Frequently asked questions

Is it safe to send money without a bank account?

Of course, Comun is backed by leading financial institutions to protect your money up to the applicable limits. In addition, you can track your transfer directly in the Comun mobile app. 

How much does it cost to send money without a bank account?

Comun offers you a fee starting at 2.99 USD, regardless of the amount you send up to the applicable limits, and your first transfer is commission-free!

How long does it take for the money to arrive?

Cash takes approximately 1 hour to arrive at the selected store or bank branch. 

What documents do I need to send/receive money without an account?

You need your recipient's full name and he/she must present an official identification.

Immigration

Understanding the ITIN: Essential for Non-Citizens

8 min of reading time

Understanding the ITIN: Essential for Non-Citizens

Navigating the U.S. tax system can be intimidating, especially for non-citizens. However, the IRS offers a helpful tool: the Individual Taxpayer Identification Number (ITIN). Understanding the ITIN is an important step for non-citizens in the U.S. who need to comply with tax laws, but are not eligible for a Social Security Number (SSN). This article will explain what an ITIN is, why it is important, who is eligible, and how to apply.

What is an ITIN?

An ITIN is a tax processing number issued by the Internal Revenue Service (IRS). It consists of nine digits, similar to an SSN, and is used by non-citizens who are required to file U.S. tax returns but do not qualify for an SSN. The ITIN ensures that individuals comply with U.S. tax laws, even if they do not have legal immigration status.

Why is the ITIN important?

For non-citizens, the ITIN is essential because it allows them to comply with their tax obligations. Without an ITIN, these individuals would not be able to file tax returns, which could lead to penalties or problems with their immigration status in the future. In addition, having an ITIN can be beneficial for other purposes, such as opening a bank account, obtaining loans or even applying for certain types of visas. It is a critical tool for financial inclusion and stability for non-citizens living and working in the United States.

Who is eligible for an ITIN?

Eligibility for an ITIN is relatively broad. The ITIN is primarily intended for non-citizens who are required to file a tax return but are not eligible for an SSN. This includes:

  1. Nonresident aliens who are required to file a U.S. tax return.
  2. U.S. resident aliens (based on the number of days present in the U.S.) filing a U.S. tax return.
  3. Dependents or spouses of U.S. citizens or resident aliens who are not eligible for an SSN.
  4. Dependents or spouses of nonresident alien visa holders who are not eligible for an SSN.

An ITIN does not grant the right to work in the U.S. nor does it qualify a person for Social Security benefits; its purpose is strictly for tax filing purposes.

How to apply for an ITIN?

To apply for an ITIN, you must begin by completing IRS Form W-7, also known as the 'Application for IRS Personal Taxpayer Identification Number'. You will also need to provide documents confirming your identity and foreign status, such as a passport or a combination of other acceptable documents. The completed application, along with the required documentation, can be submitted by mail, in person at an IRS office, or through an IRS-authorized Certified Acceptance Agent (CAA).

  1. Complete Form W-7: Provide personal information, including your name, mailing address, and reason for applying for an ITIN.
  2. Provide original documents: Send documents that prove your identity and foreign status. These may include a passport, foreign driver's license or birth certificate.
  3. Submit the application: You can submit your application by mail to the IRS, through an IRS office or through a CAA.
  4. Wait for processing: The IRS generally takes six to ten weeks to process the application and issue the ITIN.

Common misconceptions about the ITIN

There are several misconceptions about the ITIN that can cause confusion:

  • ITINs do not confer legal status: The ITIN is only a tax processing number. It does not confer immigration status or the right to work in the US.
  • ITINs are not a path to citizenship: While having an ITIN is necessary for filing taxes, it does not directly contribute to obtaining citizenship or a green card.
  • ITINs are not permanent: ITINs expire if they are not used on a federal tax return for three consecutive years. In addition, certain ITINs issued before 2013 may need to be renewed.

ITIN-like concepts in the world

The concept of an ITIN, while specific to the U.S., has parallels in several countries around the world. Many nations have similar systems designed to ensure that non-citizens and others without a standard national identification number can meet their tax obligations. Here's a look at some comparable systems in different regions:

  • Latin America: RUT and CPF
  • In Latin America, several countries have tax identification numbers for residents and non-residents alike. For example:
    • Chile: The RUT (Rol Único Tributario) is a unique tax identification number used by both residents and non-residents. Like the ITIN, the RUT is essential for filing taxes, opening bank accounts and performing various financial transactions. Non-residents who have income from Chilean sources are required to obtain a RUT.
    • Brazil: The CPF (Cadastro de Pessoas Físicas) serves as a tax identification number for citizens and non-citizens. Foreigners who need to engage in financial activities in Brazil, such as owning property or receiving income, must obtain a CPF, even if they do not reside in the country.
  • Asia: PAN and NRIC
  • In Asia, countries such as India and Singapore have their versions of tax identification numbers:
    • India: The PAN (Permanent Account Number) is a ten-digit alphanumeric identifier issued to residents and non-residents. It is similar to the ITIN in that it is required to file taxes and conduct financial transactions in India. Foreigners with sources of income in India need a PAN to comply with tax regulations.
    • Singapore: The NRIC (National Registration Identity Card) number is used for residents, while non-residents are assigned a FIN (Foreign Identification Number) for tax and legal purposes. The FIN is required for non-citizens working in Singapore, ensuring that they comply with the country's tax laws.
  • Europe: NIE and NIF
  • In Europe, many countries have specific identification numbers for non-citizens, similar to the ITIN:
    • Spain: The NIE (Número de Identificación de Extranjero) is an identification number assigned to non-citizens in Spain. It is essential for tax purposes, purchasing property and setting up a business. The NIE is analogous to the ITIN in its function of helping foreigners comply with their legal and financial obligations in Spain.
    • Portugal: The NIF (Tax Identification Number) is used for tax identification in Portugal. Non-residents who need to perform financial activities or meet tax obligations in Portugal are required to obtain a NIF, similar to how non-citizens in the U.S. use an ITIN.

The ITIN is a unique feature of the U.S. tax system, but its purpose is mirrored in many other countries around the world. Whether it is the RUT in Chile, the PAN in India or the NIE in Spain, these identification systems play a crucial role in ensuring that non-citizens can engage in financial activities and meet their tax obligations.

Do you need an ITIN to open an account at Comun?

No, you do not need an ITIN (Individual Taxpayer Identification Number) to open an account at Comun! Comun is designed to be accessible to individuals who may not have traditional forms of identification, such as an SSN (Social Security Number) or ITIN. Instead, Comun allows users to open an account using alternative forms of identification, such as a passport, consular ID or other documents that verify identity and residency.

This approach aligns with Comun s mission to provide financial inclusion for all, regardless of immigration status. By not requiring an ITIN or SSN, Comun ensures that more people, including those in the immigrant community, can access banking services and manage their finances securely and conveniently.

Conclusion

The ITIN is a vital tool for noncitizens navigating the U.S. tax system. It allows them to meet their tax obligations, access financial services and participate more fully in economic life. Understanding the purpose and process for obtaining an ITIN can help noncitizens comply with U.S. tax laws and avoid potential legal problems. Whether you are new to the U.S. or have been living here for some time, knowing the ITIN and its importance is essential for financial stability and legal compliance.

Community

Community Banking: Supporting Local Economies

8 min of reading time

Community Banks: Local Investment, Knowledge and Education

Community banks are known for their personalized approach to banking. With a deep understanding of the local economy, these banks are able to offer financial products and services tailored to the specific needs of their customers. This localized knowledge allows them to provide better advice and more flexible solutions for individuals and businesses within the community.

In addition, they invest significantly in their local areas. They reinvest deposits back into the community through loans to local residents, small businesses and organizations. This local investment cycle promotes economic development and helps create jobs, contributing to the overall prosperity of the community. The relationships built between community banks and their customers go beyond simple transactions. These banks often participate in local events, support community projects and contribute to charitable causes.

Their active participation in the community builds trust and creates a sense of shared purpose and commitment to local well-being. In addition, community banks play a crucial role in providing financial education. By offering workshops, seminars and one-on-one consultations, they help community members improve their financial literacy. This education empowers individuals to make informed decisions, manage their finances effectively and plan for their future.

Comun - Banking designed for your life in the USA

Open your checking account¹ in 3minutes with any valid ID from your home country²

Open your account

Stability and Confidence: Aspects of Community Banking

Stability and trust are the pillars of community banking, forming the foundation of the relationship between banks and their customers. These attributes are particularly crucial to ensuring economic resilience and fostering customer confidence, which together create a stable financial environment for both individuals and businesses.

Community banks tend to take a conservative approach to lending and investing, focusing on sustainable growth and prudent risk management. This strategy often makes them more resilient during economic downturns, allowing them to continue to support their customers even in difficult times. The emphasis on building long-term relationships means that community banks are more likely to provide ongoing support during periods of financial instability, further fostering a stable financial environment.

Customer confidence is significantly enhanced through the personalized service offered by community banks. Customers appreciate the ability to speak directly with bank representatives who understand their unique circumstances and needs, fostering a sense of reliability and security. In addition, community banks often prioritize transparency in their operations, from clear communication about rates and services to straightforward loan terms. This transparency builds customer trust and confidence in the bank's integrity.

Active involvement in local communities also reinforces the trust that customers place in community banks. By supporting local initiatives, sponsoring events and participating in community activities, these banks demonstrate their commitment to the well-being of their customers and the community at large. This involvement not only strengthens the relationship between the bank and its customers, but also contributes to the overall prosperity of the community.

Financial security is another critical aspect of stability and confidence in community banking. Deposits at community banks are typically insured by the Federal Deposit Insurance Corporation (FDIC), providing an additional layer of security for customers' funds and assuring them that their money is protected. In addition, community banks often have robust fraud protection measures in place. Their local presence allows them to quickly monitor and address suspicious activity, further enhancing customers' sense of security.

In short, the stability and trust that characterize community banking are essential to economic resilience, customer confidence and financial security. These qualities enable community banks to effectively support their customers, even in difficult times, and to maintain strong and enduring relationships within their communities.

How the Integration of Comun.app Improves Stability and Confidence:

Stability and trust are fundamental to the success of community banking, fostering long-term relationships and financial security for customers. By integrating Comun.app into their banking experience, users can enjoy the benefits of personalized service, financial security and community support in a modern, convenient format. Here's how the integration of Comun.app enhances community stability and trust:

  • Instant Access to Information: Comun.app offers users instant access to their account information, transaction history and real-time notifications. This transparency helps customers stay informed and confident about their financial status, enhancing trust in the platform.
  • FDIC Insurance and Fraud Protection: Like traditional community banks, Comun.app accounts are FDIC-insured, and the app includes robust security measures to protect against unauthorized transactions. This combination of security features ensures that customers' funds are safe, reinforcing their confidence in the digital banking service.
  • User-Friendly Experience: Comun.app provides a user-friendly experience with intuitive navigation and easy access to essential banking services. This accessibility builds customer confidence as users can manage their finances conveniently and efficiently.
  • Personalized Customer Support: Comun.app offers world-class customer service available seven days a week via chat, email or phone. This commitment to customer support mirrors the personalized service of traditional community banks, fostering a sense of reliability and trust.
  • Financial Inclusion and Community Focus: Comun.app emphasizes financial inclusion, serving Latino immigrants and other underserved communities. By offering services without the need for a Social Security Number and focusing on customer protection regardless of immigration status, Comun.app builds trust among its users and aligns with the community-focused values of traditional banks.
  • Educational Resources: Comun.app also provides educational resources to help users improve their financial literacy. By offering guidance on how to manage finances, understand banking services and make informed decisions, Comun.app empowers its users, improving their confidence in the platform.

Choose Comun means choosing a reliable partner dedicated to supporting the financial well-being of its customers, just like a traditional community bank.

Banking designed for your life in the USA

Open your checking account¹ in 3minutes with any valid ID from your home country²

Open your account

Technology and Innovation in Community Banking

Community banks are increasingly embracing digital transformation to enhance the customer experience and remain competitive. By adopting online and mobile banking platforms, they provide customers with convenient access to their accounts, the ability to transfer funds, pay bills and monitor transactions from anywhere at any time. These digital services offer a level of convenience that meets the modern expectations of tech-savvy customers.

The importance of keeping up with technological advances cannot be understated. As customer needs evolve, community banks must continually update their digital offerings to provide seamless, user-friendly experiences. This includes integrating features such as instant notifications, secure login options and personalized financial tools. In doing so, they ensure they remain relevant and appealing to both existing and prospective customers.

Cybersecurity

In parallel with digital transformation, community banks are prioritizing cybersecurity to protect customer data and ensure secure transactions. Advanced encryption techniques protect sensitive information from unauthorized access. Multifactor authentication adds an additional layer of security, requiring customers to verify their identities through multiple methods before accessing their accounts.

Security audits are conducted regularly to identify and address potential vulnerabilities. These audits help ensure that cybersecurity measures are up-to-date and effective against emerging threats. By implementing these robust security measures, community banks not only protect their customers, but also build and maintain trust, reinforcing their reputation as safe and reliable financial institutions.

Overall, technology and innovation in community banking are essential to enhance customer satisfaction, improve operational efficiency and maintain security in an increasingly digital world.

Conclusion

Community banks are indispensable to the health and vitality of local economies. Through personalized service, small business support, community investment, relationship building, financial education and stability, these institutions create a strong economic foundation. By choosing a community bank, individuals and businesses can contribute to the growth and success of their local area, fostering a thriving, interconnected community.

Key Benefits of Community Banks:

  • Personalized Service: Tailored financial products and services.
  • Small Business Support: Loans and credit for local businesses.
  • Community Investment: Reinvests deposits in the local economy.
  • Relationship building: Active participation in community events and causes.
  • Financial Education: Workshops and consultations to improve financial literacy.
  • Stability and Confidence: Resilience during economic downturns.

By supporting community banks, you are supporting the growth and prosperity of your local economy.

Community

Comun Seeks to Save Latinos Hundreds of Dollars in Remittance Fees by Introducing Secure International Transfers

8 min of reading time

Starting today, all Común customers will have access to free international money transfers for a limited time. Thereafter, the fee will start at $2.99.

Sending international money transfers, also known as remittances, can be costly, given the additional fees consumers face from financial institutions and other non-bank service providers. This is an area particularly relevant to the Latino community. According to a recent report by the Inter-American Development Bank, remittances to Latin America and the Caribbean will reach an all-time high in 2023, reaching $155 billion, an increase of 9.5% compared to 2022 ($142 billion). At Comun , we believe that transfer remittances should not come at a high cost. Today, we are pleased to announce that all Comun customers can send money to Latin America free of charge for a limited time. Thereafter, the fee will start at $2.99, which is lower than what other providers offer.

To put into perspective how much Latinos can save on fees with international money transfers, Comun analyzed and compared the cost of using providers like Western Union or Remitly versus Comun. In addition, we wanted to know how customers interact with Comuns new money transfer feature, which became available in March 2024.

For the analysis, we first looked at the average number of remittance transfers that Comun s clients send monthly; in this case, it was two transfers. Using the knowledge of Comuns customers, the report analyzed the most common countries to which customers send money. Finally, we examined how much a consumer could save on remittance fees over a one-year and five-year period if they used Comun versus Western Union or Remitly, assuming they sent two money transfers each month.

Key findings

  • Comun clients' money transfer destinations: Comun clients were most likely to send remittances to Mexico, followed by Honduras, Guatemala, Colombia and Nicaragua.
  • Paying in person to send money internationally can cost hundreds of dollars: Based on our analysis, assuming a person sends two remittances per month and pays in person (e.g., by visiting a Western Union location), fees can amount to $960. By using a service like Comun, users can save nearly $600 in fees over five years. In addition, Comun customers have the convenience of sending remittances directly from their phones.
  • Even if users can avoid paying in person and want to send remittances from a bank account, sending money overseas is still costly: Our analysis found that for users who want to send remittances directly from a U.S. bank account, using a service like Comun instead of Western Union and Remitly can save consumers more than $20 in one year and $120 over five years.
Countries with highest remittance transfers
Mexico
Honduras
Guatemala
Colombia
Nicaragua
Western Union Western Union Remitly Comun
Method of payment Pay in person, receive in cash or in a bank account Pay by bank transfer, receive in cash Pay by bank transfer, receive in cash Pay by bank transfer, receive in cash
Delivery time In minutes 0-4 business days 3-6 days In minutes¹
Variable rate $8.00 $3.99 $3.99 starting at $2.99
Cost in rates for one year $192.00 $95.76 $95.76 $71.76
Cost in tariffs for five years $960.00 $478.80 $478.80 $358.80
Savings: How much consumers can save by sending remittances with Comun for a year $120.24 $24.00 $24.00 --
Savings: How much consumers can save by sending remittances with Comun over five years $601.20 $120.00 $120.00 --

For more information about Comun and its latest remittance offer in conjunction with a U.S. bank account and debit card, click here

Methodology

Our analysis included several data points such as:

  1. To determine the most common countries to which Comun customers send money and the average number of transfers each month, we examined customer usage between March 7, 2024 and April 15, 2024.
  2. To understand how much customers can expect to pay to send international money transfers, we analyzed Western Union and Remitly fees. Our analysis examined how much an individual pays in remittance fees if 1) they pay in person, i.e., walk into a Western Union location to send a transfer, and 2) an individual sends money through their bank account, and the recipient picks it up in cash at their destination.

A service provided by Service UniTeller, Inc. Service UniTeller, Inc. is licensed in all states that require a license.

¹ Delivery times may vary.

²Terms and Conditions here. Terms and Conditions apply. Limited time offer. Service UniTeller, Inc. is licensed in all states that require a license. Comun, Inc. and/or UniTeller Service, Inc. may earn income from foreign currency conversion. Rates are subject to change. Service UniTeller, Inc. and/or Comun, Inc. reserve the right, at any time, without prior notice, to add, modify or cancel any and/or all terms of the promotion, or replace, in whole or in part, the promotion with another offer without liability to Service UniTeller, Inc. and/or Comun, Inc.

International Shipments

Which banks have Zelle in Mexico? Complete guide to send and receive money from the U.S.

8 min of reading time

Have you heard of Zelle? It is a very popular digital payment platform in the United States. It allows you to easily send and receive money between users with affiliated bank accounts, whether they are traditional banks, digital banks or credit unions. 

In 2024 alone, Zelle registered 151 million registered accounts, including individuals and small businesses, reflecting its acceptance among U.S. users.

If you need to send money outside the United States with ease, such as Mexico, you are probably wondering which banks have Zelle in Mexico. 

However, this platform does not have agreements with any bank in Mexico, and it is mandatory to have a U.S. bank account to access its services. 

However, there are other options as efficient as Zelle for sending money to Mexico, such as accounts with integrated remittance services and international remittance applications.

Here we will explain how to receive money through Zelle, the benefits it offers for users in the United States and the alternatives to send money to other countries. 

What is Zelle and is it possible to use it in Mexico?

Zelle is a digital payment service that facilitates P2P (person-to-person) transfers at certain U.S. treaty banks.

It is characterized for being a fast service, with money transfers that are reflected in a matter of minutes, plus it is free of charge and has a wide coverage within the United States.

It works through the applications of the participating banks, since it has a direct connection with them and it is only possible to make money transfers to other Zelle users. 

But, which bank in Mexico is compatible with Zelle? Unfortunately, in Mexico it is not possible to send and receive money through this platform, since it is not designed for international money transfers, as it only meets the technological and regulatory standards of the U.S. financial system. 

Which banks in Mexico use Zelle? Everything you need to know

No bank in Mexico is compatible with Zelle's services, so you will not be able to make international money transfers through this platform.

To use Zelle you must have a U.S. bank account at one of the affiliated banks. 

This is a list of some of the banks that have Zelle in the United States:

  1. Ally Bank
  2. Bank of America
  3. BMO Harris Bank
  4. Capital One
  5. Chase (JPMorgan Chase)
  6. Citibank
  7. Citizens Bank
  8. Discover Bank
  9. Fifth Third Bank
  10. FirstBank
  11. Frost Bank
  12. Huntington Bank
  13. PNC Bank
  14. Regions Bank
  15. TD Bank
  16. Truist Bank
  17. US Bank
  18. Wells Fargo

Although Comun is not integrated with Zelle, this does not limit its operation, because it is a comprehensive personal finance solution, beyond money transfer . 

How to send money to Mexico with Zelle? The answer and efficient alternatives

If you need to send money to Mexico quickly, you will have to opt for a different service than Zelle, as it only allows bank transfers between U.S. accounts. 

The main reasons why there is no Zelle in Mexico are:

  • To register with Zelle you need to access the online banking of one of the affiliated banks, all of which are U.S. banks.
  • You also need a U.S. phone number or email address.
  • Zelle is not a remittance or international payment platform, so it does not have the ability to convert currencies or deposit funds in international banks.
  • Zelle does not comply with the regulations of financial institutions in Mexico, such as Banxico and the CNVB.

In case you have used Zelle to send money within the United States, you are probably looking for an equally reliable system for international money transfers. 

Money transfer have evolved drastically with the digital era. Discover in this article the most recommended alternatives to send money to Mexico from the United States.

U.S. bank accounts with integrated remittance services 

In addition to traditional banks, there are alternatives that have integrated remittance services to facilitate the transfer of money to Mexico. 

Comun is a platform that fits the needs of many people in the United States, especially the immigrant community, by allowing the transfer of remittances to loved ones easily, at a very low cost and from a single mobile application. 

International money transfer platforms

Another alternative to make international money transfers are the platforms specialized in this type of operations. 

Some examples are: 

  • Wise: money transfer between accounts with real-time exchange rates
  • Remitly: international money transfers with standard or instant transfer

The advantage of these platforms is that it is not mandatory to have a bank account and their operation is accessible, although the transfer fees are variable according to factors such as the amount to be sent and the exchange rate. 

Traditional international wire transfers in Mexico

You can also choose to make money transfers through traditional banks, for this you will need the SWIFT code of the receiving institution in Mexico, as well as the recipient's information. 

Although it is a safe option, it is also one of the most expensive, due to the high commissions and the participation of intermediaries that raise the cost. 

For example, a US bank such as Bank of America charges a $45 USD commission plus an average 1% to 3% exchange margin. Therefore, for a transfer of 1000 USD, the recipient receives approximately 900 MXN pesos less than with platforms specialized in international shipments. 

Cash deposit/withdrawal services in commercial networks

In case the recipient does not have access to a bank account, you can opt for a cash deposit and withdrawal service in physical branches. 

Some examples are:

  • Western Union: global network for bank wire and cash transfer
  • MoneyGram: allows bank account and cash remittances
  • Comun: you can also send cash in a fast way.

Beyond Zelle: Comun simplifies your financial life in the U.S. and your money transfers to Mexico

Although Zelle is a very efficient service for sending and receiving money in the United States, it has limitations that prevent international money transfers, so it is more oriented to citizens who need to make frequent payments within their territory. 

In the case of the immigrant community in the United States, it is important to choose a solution that not only facilitates the transfer of money, but also offers a complete financial platform that is accessible and simple to manage.

Comun is the platform that will make your financial life in the United States easier, as it offers the following benefits:

  • Open an account easily, with the official identification of your country.
  • Forget about traditional fees: there is no set-up fee, no monthly fee and no minimum balance.
  • There are no hidden fees for remittance transfer , make your first international transfer for free and then pay as low as $2.99 USD per transfer, up to the applicable limits.
  • Technical support also available in Spanish.
  • Integrate your finances and remittance transfer service in the same mobile application, making Comun an easy and secure option.
  • Get a Visa debit card to make payments at physical stores.
  • Access an extensive cash management network and make deposits at thousands of locations near you.

Open your account at Comun and access a hassle-free financial service. 

Frequently Asked Questions

Do I need a US account to use Zelle?

Yes, Zelle is only available through the online banks of affiliated U.S. banks.

Can I send money to Mexico through Zelle if I have a U.S. account?

No, no bank in Mexico is compatible with Zelle.

What are the best alternatives to Zelle for sending money to Mexico?

Comun: a fintech platform that allows you to access an account and transfer remittances. 

Does Zelle offerComun to send money to Mexico?

Comun has no connection with Zelle, but you can send money to Mexico from $2.99 USD per transfer, up to the applicable limits.

How to put Zelle in Spanish?

As this service is available in the applications of the affiliated banks, you must access their configuration options and choose the Spanish language. 

How to download Zelle?

Enter the Play Store or App Store and search for Zelle. Remember that it is only available in the United States. 

Checking account

What to do if your Alza account was closed

8 min of reading time

Similarities between Alza and Comun

Sending money to Latin America: Both Alza and Comun offer remittance services, allowing users to send money to friends and family in Latin America quickly and efficiently.

Debit card and checking account: Users of both platforms receive a debit card linked to a checking account; Comun offers a Visa card, allowing worldwide transactions and access to funds.

Virtual Visa debit card: Comun provides a checking account linked to a physical and virtual Visa debit card, emphasizing the importance of this offering for the financial stability and inclusion of Latino families.

Flexible application process: Both platforms allow users to apply for an account using various forms of identification, such as international passport, consular card, SSN or ITIN.

ATM fee reimbursement: Alza users could withdraw cash from any ATM worldwide with full fee reimbursement. Comun also supports ATM withdrawals, ensuring convenient access to cash.

Advantages of switching to Comun: Modern Banking Solutions

One of Comun 's outstanding features is its commitment to transparency and profitability. Unlike traditional banks and even Alza, Comun charges no set-up fees, no monthly maintenance fees, and no minimum balance requirements. This makes it an ideal option for those looking to avoid unnecessary banking fees and keep more of their hard-earned money. Here are some more outstanding features of a Comun account:

Financial Inclusion: Comun is dedicated to promoting financial inclusion by providing modern banking solutions tailored to the unique needs of Latino families. They address the challenges Latinos face in accessing traditional financial services and emphasize the importance of financial education. This commitment ensures that the Latino community has access to an inclusive and supportive banking experience.

Broader acceptance of identifications:

  • Comun: Accepts any official government-issued ID, not just passports or consular cards. This makes it easier to open an account for a wider range of people.
  • Alza: Limited to specific forms of identification, which may be restrictive for some users.

Simplified address verification:

  • Comun: Applicants can verify their residential address using geolocation on their phone. This feature is particularly beneficial for immigrants who may not have traditional proof of address documents.
  • Alza: Required physical proof of address, which can be a challenge for those in non-permanent housing or living with relatives.

Extensive cash deposit network:

  • Comun: Offers access to the largest cash deposit network in the U.S. with more than 90,000 locations, including popular retailers such as Walgreens, Walmart and Dollar General.
  • Upside: It did not specify such an extensive cash deposit network, limiting the convenience for cash deposits.

24/7 customer service:

  • Comun: Provides customer service 24 hours a day, 7 days a week, ensuring that help is available at any time, any day of the week.
  • Upside: Customer service availability was not highlighted as a 24/7 feature.

With Comun, you'll never feel alone in managing your finances. They offer top-notch customer service available seven days a week via chat, email or phone. This means you can get help whenever you need it, making your banking experience smooth and worry-free.

Open your checking account¹ in 3 minutes with any valid ID from your home country²

  • No minimum balance commissions
  • Easily connect to apps like Zelle
  • Receive your paycheck up to 2 days in advance³
  • Send money to your country safely
  • and much more!‍‍

Open your account!

Making the switch to Comun: Financial Inclusion

Switching from Alza to Comun is simple and hassle-free. As a trusted financial partner, Comun understands the unique needs of Latino families. You can apply for a Comun account online in minutes using a variety of identification documents such as a passport, consular card or ITIN. Once your account is set up, you can easily transfer your funds to Comun. The fastest way would be to withdraw cash from your Alza account and then deposit it at any cash deposit location offered by Comun using the barcode option in Comuns cash deposit feature.

The transition from Alza to Comun is designed to be seamless and straightforward, helping you achieve financial freedom. Here's how you can make the switch:

Open a Comun account: Visit the Comun website or download the Comun app to start your application. Use any government-issued ID and your phone's geolocation to verify your address.

Transfer your funds: To transfer your funds to your Comun account, we recommend first withdrawing cash from your Alza account. Then, you can go to any cash deposit location offered by Comun and deposit your cash using the barcode option. This option does not require you to have your physical card, so you can deposit cash from your Alza account immediately after being approved for a Comun account.

Another quick option that does not require your Comun card is to transfer your Alza funds directly from your Alza account to your Comun account using your account number and routing number. You can find this information in Account Information under Settings.

Set up direct deposit: Update your direct deposit information with your employer or other income source to ensure uninterrupted access to your funds.

Current Comun offers

One of Comun 's core principles is inclusivity. As a customer-focused digital bank, Comun does not require a Social Security Number (SSN) to open an account. Unlike many traditional banks, this feature is particularly beneficial for immigrants and individuals who may not have access to traditional forms of identification. Comun focuses on providing secure banking solutions for everyone, regardless of immigration status. Comun also seeks to be a financial hub for Latino immigrants, offering a comprehensive banking solution with expanded resources tailored to their needs. To welcome Alza's former customers, Comun has several incentives:

  • Hassle-free application: Apply using any government-issued ID and verify your address easily through your smartphone.
  • Enhanced customer support: Benefit from 24/7 customer service to assist with any queries or problems during your transition.
  • Extensive cash deposit options: Enjoy the convenience of depositing cash at more than 90,000 locations nationwide.

Conclusion: Secure your financial future with Comun for Financial Stability

As Alza prepares to close its doors, Comun offers a robust and easy-to-use alternative that not only matches but surpasses the services provided by Alza. With no fees, an extensive cash deposit network and unmatched customer support, Comun is the ideal banking solution for former Alza customers. Make the switch today and experience the superior banking experience Comun has to offer.

Make the switch today and experience the benefits of a banking platform that truly puts you first. Visit Comun s website to learn more and start your new banking journey.

For more information and to start your application, visit Comuns official website here: https://www.comun.app.

Checking account

What is online banking?

8 min of reading time

Online banking is a financial entity that has a digital presence on the web and can be accessed through different devices. Online banking has particularities that differentiate it from other platforms, its main feature is due to the management of money and resources that are made online. Among the main aspects that differentiate it from conventional banking and other platforms are the following lines, read on! 

Online Banking Features

Now that you know what online banking is, we will tell you about its different features: 

Practicality: It is not necessary to perform part of the operations through the web and complete them in person at the bank. Online Banking has the possibility of performing 100% online operations depending on the bank. 

Functionality: Banking today has improved the user experience to such an extent that its different applications are user friendly. Offering a wide range of financial products and instruments, allowing the user to avoid having to make some physical confirmations at the bank.

Security: This is one of the most important aspects of online banking. And this has been one of the factors that limited in the past to offer financial products to customers. Today there is a great diversity of elements that make the execution of transactions through the web safe, among which are the following: 

Banking software: Banking has internal software, which ensures the security of users. As in the payment methods, in the identification and recognition of IP location, as well as in the payment processing and authentication.

Double Factor: With the mobile application, security levels are ideally guaranteed through online banking.

Security protocols: These are the steps to access some financial instruments. There are some protocols that are necessary to verify through double factor, another through random coordinates depending on the criteria of the bank.   

Advantages of Online Banking. 

Over the years, online banking has optimized its digital processes, achieving a number of benefits for users, among which are:

Time saving: It is not necessary to go to the bank branch to carry out a transaction and wait to be attended, after a long time in the agency.

Improved communication: Complaints are addressed in a relevant manner on many platforms. Generally, the solution is found in one of the menus within the application. This is mainly due to the standardization of the solution to the most recurring problems that conventional users have and are options within the platform.  

Process optimization: The ease of acquiring financial products, opting for promotional cards, carrying out domestic and international transactions, as well as knowing in real time the consumption made in a given period of time, make online banking an ideal option. 

Ease: To be able to access the options offered by the platform makes navigation within the application (in the case of smartphones) or platform extremely user-friendly.  

For these reasons it is necessary to know and deepen the different operations related to online banking among which are:

Open an online bank account.

Make Transfers by Internet.

Obtain benefits through online banking.

Affiliating payments in the bank.

Thousands of immigrants already make more with their money. You can too.