It's likely that many individuals planning to study or work in the US are in need of opening a bank account. Traditional ways of account opening often require numerous documents and a physical visit to the US bank counter. But now, a more convenient method is available, especially recommended for those urgently needing a US bank account! This article will provide a detailed introduction to the online account opening process of East West Bank, allowing you to effortlessly set up a US bank account in Taiwan, all accomplished simply through your mobile phone.
Introduction to East West Bank Velo
Velo Bank is a digital banking platform belonging to East West Bank, enabling users to complete the entire process of opening a cross-border US bank account via a mobile app. This makes the process incredibly fast and convenient. Both the interface and customer service provide support in Chinese.
East West Bank is known as one of the largest Chinese American banks in the United States, with total assets exceeding 50 billion US dollars. It is listed on the NASDAQ Stock Exchange with the stock code EWBC. Moreover, East West Bank is a member of the Federal Deposit Insurance Corporation (FDIC), providing insured deposit services to customers.
East West Bank has over 125 service networks across the United States and Greater China. In the US, the main markets are in California, Georgia, Nevada, New York, Massachusetts, Texas, and Washington state. It also has representative offices in Hong Kong, Shanghai, Beijing, Chongqing, and other locations.
Account types
Premier e-checking account (General Account)
- Comprehensive Services: Suitable for non-students, providing full services for online transactions, investments, shopping, and more.
- Wide Applicability: Accepts various types of government-issued identification, including US Social Security Numbers (SSN), Chinese ID card, Hong Kong SAR Passport and Hong Kong Permanent Identity Card, Taiwan Passport, and Taiwan Identity Card.
- Fees: Non-student accounts may incur service charges such as monthly service fees and ATM withdrawal fees. Click on the link for more information about the fees->Link
Student e-checking account (Student Account)
- Student-Friendly: Qualified student accounts can enjoy waivers on account opening fees, monthly service fees, and ATM withdrawal fees. They can also avail of exclusive merchant discounts and invite one family member or friend to->share the benefits。
- International Students:
- Acceptable forms of identification currently include Chinese ID card, Hong Kong SAR Passport and Hong Kong Permanent Identity Card, Taiwan Passport, and Taiwan Identity Card.
- If you don't have a US student visa now, you can still apply for the account and provide your US visa after your application is completed.
- Age Requirement: Applicants must be at least 17 years old at the time of application.
Velo Bank Account Opening Process
Download the Velo Bank App
Scan the QR code to download the Velo Bank app, or download it from the given Link->Link
You can also find it in the App Store or Google Play Store.
Become a New User
You can switch to Chinese in the top right corner!
Enter an Invitation Code
Welcome to input my invitation code WANH733863C01 或點選invitation link-to copy
We can both receive a bonus of 20 US dollars if you meet the following conditions:
1. Make the first deposit of no less than 2,500 US dollars within 60 days after the account is opened.
2. Maintain a minimum daily balance of at least 100 US dollars for 90 days after making the deposit.
For student accounts, we both can get a bonus of 20 US dollars if you deposit 300 dollars within 60 days!
（這20元是只能抵服務費用喔！不能當成現金存進去
Choose an Account Type and Enter Basic Information
If you are a non-student, please select the first option, the Checking account. If you are a student, choose the second option, the Student e-Checking account. Enter your basic information, including your email address and phone number. Your email address will be used as the username for logging into the app in the future.
Receive and Enter SMS Verification Code
You will receive a verification text message. Enter the code received in the message.
Enter Nationality and US Social Security Number (if available)
Choose your nationality. If you do not hold dual citizenship, leave it blank.
If you do not have a US Social Security number, select "No". If you do not pay taxes in the US, select "No".
Provide Permanent and Mailing Address
This address will be used to mail your physical debit card. If you enter an address in Chinese, the system will phonetically transcribe it into English (e.g., "2nd floor" becomes "2LO" etc.). So, you can directly enter the address in English. Note that you cannot use dash, comma, or period. You should use spaces to separate parts of the address.
Identity Verification
Use the Velo Bank app to scan your passport (holding the camera a bit further away can provide a clearer image). Please enter the relevant information from the passport. If you haven't received your Visa yet, you can start with the passport and update it later.
For students who have received their Visa, you can still select "No" and initially submit your passport page. I personally selected the Visa option first, which then didn't allow me to submit the passport page, resulting in an unsuccessful review. More details below->Verify Passport Photo. I won't go into too much detail about the whole story here...
Conduct Facial Recognition
Align your face within the circle and keep the background simple. Stay still until the process is complete!
Provide Additional Detailed Information
This includes your occupation, income, any political affiliations, purpose of account opening, expected amount of transfers in and out, etc. A rough estimate is fine, it doesn't have to be precise.
Fill out the W-8BEN Form
Simply check all the boxes and click "agree".
Submit the Application and Wait for Verification
After you've completed the above steps, your application will be submitted for bank approval.
Verify Passport Photo
During the verification process, you may receive an email from East West Bank asking you to provide an additional passport photo for verification.
Complete Verification
Usually, you will receive a notice of successful verification within two business days. In my case, I received the notification a few hours after submission.
Transfer Money!
Click on "Transfer & Pay" then "Add Funds".
Choose the Source of Funds
If you want to transfer from an account in Taiwan, choose "other". If you're transferring from Mainland China or Hong Kong, choose the respective option. Once you click on the option, you'll get all the necessary information to take to your bank. You can also click "Share" to save the information as a PDF file. Regular accounts need to deposit $2,500 within 60 days, while student accounts need to deposit $300 within the same period.
Link the Family Bridge Plan
Go to "My account", select "Family Bridge", and enter the name and account number of your family or friend.
Family Bridge Plan Benefits:
- Within each monthly billing cycle, the first incoming transfer is free of charge.
- Typically, an annual fee refund of $25 is only available if the average monthly balance reaches a certain level. However, under this plan, you can enjoy a $25 annual fee refund even if the monthly average balance is not met.
- A $20 service fee waiver. This waiver can be used to offset any eligible service fees.
- Additional fees are usually incurred when using an ATM from other banks, which is not the case with this plan.
- You get personalized customer service. You will have a dedicated customer manager to provide you with comprehensive services and assistance.
Apply for a Debit Card
The advantage of applying for a Debit Card is that you can withdraw money from ATMs worldwide. As long as your account has sufficient balance, you can directly pay with your card. You can also link it to Apple Pay for mobile payments.
Please note! You must have funds in your account to apply for a Debit Card! If mailed to Taiwan, an additional $20 postage fee is required, which will be deducted directly from your account. It's very convenient to have a U.S. debit card even before you arrive in the U.S.
Setting Up Apple Pay
Even before you receive your physical Debit Card, you can link it to Apple Pay! Simply click and you're set to use it.
Activating Your Physical Card
I applied for the card in early June, and it was delivered around late July, roughly taking six to eight weeks. The card will be shipped from Beijing via SF Express.
First, enter the last four digits of your card, then set up a PIN. This PIN will be your ATM password and should also be four digits. Once that's done, your card is activated and ready to use!
Conclusion
Thank you for reading this article, and I hope you've successfully opened an American bank account! I am a student studying in the United States. Welcome to follow my blog, RosyArts Blog. Your reading is my biggest motivation! I'll also write more about life as an international student and the application process on my blog. Welcome to the RosyArts exclusive study abroad page：Link
Also, welcome to read:
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