5 MIN READ
Dealing with finances as an immigrant in the United States is hard work. You have to manage your income, figure out savings and investments, know how to send money back home, and build credit.
It’s not an easy task, which is why you need the best finance apps for immigrants. We’ve located the top apps for you - here’s a list to get started.
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1. Help Sending Money Back Home: Remitly
Whether your family relies on your income, you have to pay bills back home for a home you kept, or you have investments in your country of origin, it seems like there are always reasons to send money home.
Rather than dealing with bank hours or paying excessive fees at Western Union, Remitly makes it easy to send money back home from your phone. The platform is easy to understand and the prices affordable, making it easy for anyone to send money back home.
You need three pieces of information when sending money via Remitly:
The amount you’re sending
How fast your recipient needs the money (express costs more)
Remitly is transparent in their pricing, and they walk you through step-by-step to send the money easily. Remitly even offers rewards for frequent use, which is great if you’ll send money home frequently.
If you find that you’ve hit the limit of what Remitly allows, you can request that they lift the limit based on your needs.
Related Article | The 10 Best International Money Transfer Service Options
2. Saving Money: Finhabits
Saving is important for everyone. Even if you only have a few dollars a week to save, every dollar adds up and Finhabits makes it easy to save. Whether you’re saving for an emergency reserve, personal investment, or retirement, Finhabits makes it easy.
All you need to invest is $20 a week to get started. You can increase your contributions at any time, but $20 is the limit.
It’s easy to open an account. All you need is:
Social Security number ITIN
Valid US bank account
Once you open your account, Finhabits asks you some questions regarding your goals, timeline, and risk tolerance. They set up a portfolio based on these answers and then with your automatic transfers, they invest your money for you.
Finhabits doesn’t have physical branches - you do everything from the app. But for $2 per $5,000 invested monthly, you’ll get a well-diversified ETF portfolio to help you reach your financial goals.
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3. Building Credit: Nova Credit
Building credit is hard for immigrants. You need credit to get credit, so it’s like a double-edged sword. If you can’t get new credit because you don’t have a credit score, how do you get started?
Nova Credit helps by using your international credit to get US credit. Built by people just like you who couldn’t get credit because they had no credit, Nova Credit gets it done. They built an app that translates international credit to US credit so you can get the credit card, apartment lease or personal loan you need.
Nova Credit partners with companies that accept international credit. You don’t pay a dime for their service either. If you sign up and get approved with one of their partners, the partner pays Nova Credit - they are like the ‘middle man.’
Nova Credit’s platform is easy to use and educational. They are transparent and provide plenty of advice throughout the site to answer the most common questions about building credit in the US.
While you won’t have a US credit score just because you work with one of Nova Credit’s partners, they get you started in the process, and in the meantime you have access to the credit you need (whether a credit card, lease or any other personal finance vehicle).
Related Article | An Immigrant's Guide To Building A US Credit Score
4. Navigating Financial Hardships: Propel
Not everyone comes to the United States and ‘strikes it rich.’ Many fall on hard times, which leads to stress, credit problems, and serious financial issues. Propel helps make sense out of the chaos by helping low-income immigrants and citizens make sense out of Medicaid and SNAP benefits.
Learn how to navigate SNAP (food stamps), Medicaid (government provided medical insurance), and find high worth coupons for the items you and your family need the most. Propel caters to low-income earners, helping them manage EBT balance, learn to budget, find jobs, and more.
Propel is completely free, and provides an invaluable resource for low-income earners.
Related Article | When Is It OK To Withdraw Money Early from Your 401K?
5. Financial Planning: MYRA Wealth
Financial planning looks different for immigrants, and not all financial planners are aware of the differences. MYRA Wealth, a company built and run by immigrants, understands it all too well.
The experts at MYRA Wealth look out for your personal finances from every angle possible. They operate as a fiduciary which means they always have your back. They aren’t in this to make a commission and are here to make sure each and every immigrant they work with achieves financial peace.
Get your own personal ‘MYRA Wealth Personal Financial Website’ to get a 360-degree look at your finances. They also help with taxes and all personal finance questions. Whether you need help planning for retirement, investing for personal financial goals, or dealing with personal or business taxes, Myra Wealth will help you every step of the way. Get started here.
Get the Right Finance Apps for Immigrants
Immigrants have different needs, and many personal finance apps don’t address them. When you get the right finance apps for immigrants, you know your special circumstances are monitored and taken care of.
Explore the options you have and see how you can get more advice, help, and support making the most of your time in the United States. Immigrants are an integral part of the U.S. economy and deserve every bit of support possible.