nWells Fargo has opened over 400,000 accounts with the Matricula Consular in the United States
nBanks in Latin America and the Caribbean may consider ways to simplify the documentation requirements
uIn the US, most banks only require two forms of ID and a
Social Security number
(SSN) or Individual Tax Payer Identification
number (ITN)
nBanks in Latin America and the Caribbean must look for
ways to simplify and
streamline the new account opening process and related personal identification/documentation requirements
in order to simplify the process.
uLimit account opening requirements
uSimplify the account opening application form
uReduce fixed costs associated with minimum balances,
etc
nBanks in Latin America and the Caribbean may consider
low cost alternatives to
initial low transaction (lower cost) activity accounts opened by remittance recipients