Moving to the United States is an exciting and daunting experience for many. There are many things to consider and prepare for, including financial matters before your move north from Mexico. Here is a checklist of key financial items to consider before making the move to the United States.
7 Key Financial Considerations for Mexican Expats
1. Get a Social Security Number
Obtaining a Social Security Number (SSN) is essential for managing your personal finances in the United States. This unique identification number is necessary for opening a bank account, obtaining credit cards, and more. If you have recently arrived on a visa like the TN visa and want to start getting paid, it is important to get an SSN as soon as possible.
While the Social Security Administration suggests waiting 10 days after arrival to get an SSN to allow their systems to update your immigration records, it is often possible to obtain an SSN earlier. From personal experience, a few business days should be sufficient to get your record in the system.
2. Get a U.S. phone plan
Having an American phone number is crucial for opening financial accounts in the United States. Fortunately, the telecommunications industry in the United States is competitive and there are many great options to choose from.
One company to consider is Mint Mobile. Mint Mobile uses the T-Mobile network, providing high speed data at a low price. Plans start at $15 per month for 4GB of data. Because Mint Mobile is a prepaid service, it is a great option for those who may not have a US credit history for month-to-month plans. Get $15 back when you sign up using this link.
3. Open a bank account in the United States
One of the first things to consider when moving to the United States is opening a local bank account. This will allow you to manage your finances and make payments in the United States. It is important to research and compare different banks to find the one that best suits your needs.
It is important to have a local bank account to manage your finances and make payments in the United States. Make sure to research and compare different banks to find the one that best suits your needs.
An option to keep in mind is Wise, a digital banking platform that allows for simple foreign exchange and has no monthly fees or minimum balances. It also offers a variety of features, such as virtual cards and instant spending notifications, to help you manage your money.
In addition to its convenience and features, Wise offers competitive exchange rates and does not charge any fees for foreign transactions. This makes it a great option for Mexican expats who need to transfer money between their Mexican and American accounts.
Overall, opening a bank account with Wise can be a convenient and cost-effective solution for managing your finances in the United States. If you sign up for Wise using this link, you’ll get a fee-free transfer of up to $600. This can help you jump start your US account with Mexican pesos (minus the fees).
4. Obtain a credit card
Getting a credit card is a great way to take advantage of the rewards and cash back programs offered by American financial institutions. Many people have earned significant rewards, ranging from $200 to $1,000, by signing up for credit cards in the United States.
However, if you do not have a credit history in the United States it may be tough to get qualified right away for credit cards. There is a way though, if you have a solid credit history in Mexico, you can use NovaCredit to transfer your Mexican credit history to the United States. By signing up through this link, you can also receive a free Amazon gift card when you use your Mexican credit history to apply for a credit card.
Overall, using NovaCredit can be a convenient and rewarding way for Mexican expats to access credit cards in the United States.
5. Budgeting and finance apps
There are a wide range of financial apps available in the United States that can help you manage your money and investments. Some of these apps can even help you split utilities with roommates or other household expenses.
To access these apps, you may need to change your app store or play store region to the United States. Here is a list of some of our favorite financial apps, along with links that will give you a sign-on bonus when you register.
- For sending and receiving money. Goodbye clunky e-transfer and hello to great user experience.
- For investing in crypto. All links get you $10 in bitcoin when you fund $100 into your account.
- Coinbase (wide variety of coins for trading)
- For investing in stocks. Robinhood is the classic stock brokerage in your pocket with no fees and fractional shares.
- For tracking all your accounts. You may quickly find yourself with a ton of accounts to keep track of. Having an app that gives you a unified view can help you plan your finances.
- Personal Capital (Get $20 when you link accounts like a brokerage account worth more than $1,000)
- For splitting rent, groceries, utilities, and everything else. Use an app and stop stressing over who paid for what.
6. Research insurance options
In the United States, it is important to have health insurance to cover medical expenses. It is typical that employers will cover part-of or all-of your health care because companies typically get better insurance rates than individuals. For other insurance like car, rental, house, pet, or term life insurance, we like Lemonade. The rates are low and and the user experience is amazing. No trips to insurance brokers, no long calls, and no stacks of paper work. It’s all easy to manage on their website or app. Plus, you can get a $10 Amazon gift card if you sign up with this link.
7. Plan for taxes
The United States has a different tax system compared to Mexico, so it is important to research and understand the tax obligations for foreigners living in the United States. Consider consulting with a tax professional for advice and guidance.
In Conclusion
Moving to the United States can be a thrilling and rewarding experience, but it is important to prepare and plan for the financial aspects of the move. By following the checklist outlined in this article, you can ensure that you have taken steps to prepare for the move and ready to take on the challenges and opportunities that come with living in the United States.