Remote Banking in Hawaii

# Comprehensive Banking Guide for Hawaii

If you are planning to visit or move to Hawaii, understanding the banking system and your options for managing your finances is crucial. In this guide, we will cover important aspects such as the banks accepting foreigners, KYC requirements, availability of Wise and Revolut services, ATM fees, multi-currency options, opening processes for accounts, currency exchange tips, and tax residency clarification.

## Banks Accepting Foreigners in Hawaii

Hawaii offers a variety of banking options for both residents and non-residents. While most major banks in Hawaii accept foreigners, it is essential to check individual bank policies regarding non-resident accounts. Common banks that accept foreigners in Hawaii include Bank of Hawaii, First Hawaiian Bank, Central Pacific Bank, and American Savings Bank.

## KYC Requirements

Know Your Customer (KYC) requirements are standard in Hawaii, as in the rest of the United States. When opening a bank account, you will need to provide documentation that verifies your identity, such as your passport, driver's license, or government-issued ID. Additionally, you may be required to provide proof of address, such as a utility bill or rental agreement.

## Wise/Revolut Availability in Hawaii

Wise (formerly TransferWise) and Revolut are popular digital banking options that provide convenient and cost-effective international money transfer services. While both services are available in Hawaii, it is essential to check their specific availability and functionality in the state, as regulations and services may vary between states.

## ATM Fees in Hawaii

ATM fees in Hawaii can vary depending on the bank and the type of account you hold. Non-network ATM fees can range from $2 to $5 per transaction, in addition to any fees charged by the ATM operator. To avoid unnecessary fees, it is advisable to use ATMs that are affiliated with your bank or look for fee-free ATM networks in Hawaii.

## Multi-Currency Options

For travellers or individuals who frequently deal with multiple currencies, some banks in Hawaii offer multi-currency account options. These accounts allow you to hold and manage various currencies, making it easier to conduct international transactions and avoid foreign exchange fees. Bank of Hawaii and First Hawaiian Bank are among the institutions that provide multi-currency account services.

## Opening Process for Bank Accounts in Hawaii

Opening a bank account in Hawaii typically requires visiting a branch in person, although some banks may offer online account opening options. To open an account, you will need to provide the necessary identification documents, complete the bank's application form, and make an initial deposit. The process may vary slightly between banks, so it is advisable to contact your chosen bank for specific requirements.

## Currency Exchange Tips

When exchanging currency in Hawaii, consider the following tips to get the best rates and avoid unnecessary fees:

1. Compare exchange rates between banks and currency exchange services to find the most favourable rate. 2. Avoid exchanging currency at airports or tourist areas, as rates may be less competitive. 3. Consider using digital currency exchange platforms like Wise or Revolut for lower fees and better exchange rates. 4. Be mindful of hidden fees or commission charges when exchanging currency, especially for smaller amounts.

## Tax Residency Clarification

In Hawaii, as in the rest of the United States, tax residency is determined based on the number of days you spend in the state. If you are a non-resident for tax purposes, you may still be subject to certain taxes on income earned in Hawaii. It is advisable to consult with a tax professional or the Hawaii Department of Taxation for guidance on tax residency status and obligations.

## Specific Banks and Procedures in Hawaii

### Bank of Hawaii - Accepts Foreigners: Yes - KYC Requirements: Valid passport, proof of address - Wise/Revolut Availability: Check with bank - ATM Fees: Varies, check with bank - Multi-Currency Options: Yes - Opening Process: Visit a branch or apply online - Currency Exchange Tips: Inquire about rates and fees - Tax Residency Clarification: Seek professional advice

### First Hawaiian Bank - Accepts Foreigners: Yes - KYC Requirements: Valid ID, proof of address - Wise/Revolut Availability: Check with bank - ATM Fees: Varies, check with bank - Multi-Currency Options: No - Opening Process: In-person visit required - Currency Exchange Tips: Compare rates - Tax Residency Clarification: Consult tax advisor

### Central Pacific Bank - Accepts Foreigners: Yes - KYC Requirements: Identification documents - Wise/Revolut Availability: Check with bank - ATM Fees: Varies, check with bank - Multi-Currency Options: No - Opening Process: Visit branch or apply online - Currency Exchange Tips: Research rates and fees - Tax Residency Clarification: Obtain professional guidance

### American Savings Bank - Accepts Foreigners: Yes - KYC Requirements: Photo ID, proof of address - Wise/Revolut Availability: Check with bank - ATM Fees: Varies, check with bank - Multi-Currency Options: No - Opening Process: In-person application - Currency Exchange Tips: Seek competitive rates - Tax Residency Clarification: Verify with tax expert

In conclusion, navigating the banking system in Hawaii involves understanding the available options, requirements, and potential fees associated with managing your finances. By familiarising yourself with the specific procedures of banks in Hawaii, as well as useful tips for currency exchange and tax residency, you can make informed decisions and effectively manage your finances in the Aloha State.