M&T Bank vs. Truist in New York: Which Bank Offers Better Mul

M&T Bank vs. Truist in New York: Which Bank Offers Better Multi-Currency?

When considering multi-currency banking options in New York, two notable players are M&T Bank and Truist. This article presents a direct comparison between these banks, focusing on eligibility, requirements, the account opening process, fees, alternatives, and frequently asked questions.

Quick Summary

M&T Bank and Truist both offer multi-currency accounts, but they differ in terms of eligibility, features, and fees. M&T Bank has a robust presence in New York and provides a variety of services tailored to both personal and business customers. Truist, formed from the merger of BB&T and SunTrust, offers a broader range of financial products, including multi-currency options that may appeal to international customers.

Eligibility & Requirements

M&T Bank

To open a multi-currency account with M&T Bank, applicants typically need to meet the following criteria:

- Age: Must be at least 18 years old.
- Identification: Valid government-issued ID (such as a driver's license or passport).
- Social Security Number (SSN): Required for U.S. citizens and residents.
- Initial Deposit: A minimum initial deposit may be required; the amount can vary based on the specific account type.

Truist

Eligibility requirements for Truist's multi-currency accounts are similar, including:

- Age: Must be 18 years or older.
- Identification: A government-issued ID is necessary.
- SSN: Required for individuals residing in the U.S.
- Initial Deposit: There may be a minimum deposit requirement that varies by account type.

Both banks may have additional requirements for business accounts, such as business registration documents and Employer Identification Number (EIN).

Step-by-Step Opening Process

M&T Bank

1. Research Account Options: Visit M&T Bank’s website or a local branch to explore multi-currency account options.
2. Gather Documentation: Collect necessary identification and financial documents.
3. Online or In-Person Application: Complete the application online or visit a branch.
4. Initial Deposit: Fund the account with the required initial deposit.
5. Review Terms: Carefully read and understand the account terms before finalizing.

Truist

1. Explore Account Types: Review the multi-currency accounts available on Truist’s website.
2. Gather Required Documents: Prepare identification and other necessary documents.
3. Application Submission: Fill out the application online or at a Truist branch.
4. Make Initial Deposit: Provide the initial deposit as specified for the selected account.
5. Account Activation: Review and confirm the account details and terms.

Both banks offer customer support to assist with the application process.

Typical Fees & Timelines

M&T Bank

- Monthly Maintenance Fees: Typically range from $5 to $15, depending on the account type.
- Transaction Fees: Fees for currency conversion can vary, often around 1% to 3% of the transaction amount.
- Initial Deposit: Minimum deposits may range from $100 to $1,000.
- Account Opening Timeline: Generally, accounts can be opened within a few days if all documentation is in order.

Truist

- Monthly Maintenance Fees: Usually between $5 and $20, based on the account features.
- Transaction Fees: Currency conversion fees can also range from 1% to 3%.
- Initial Deposit: Initial deposit requirements may vary from $100 to $2,000.
- Account Opening Timeline: Similar to M&T Bank, accounts can typically be established within a few days.

Readers are encouraged to verify specific fees and terms directly with M&T Bank and Truist, as they can fluctuate based on individual circumstances.

Alternatives & Digital Banks

While M&T Bank and Truist are strong contenders for multi-currency accounts, there are alternatives worth considering, especially digital banks and fintech companies that focus on international transactions:

- Revolut: Offers multi-currency accounts with competitive exchange rates and low fees.
- Wise (formerly TransferWise): Provides multi-currency accounts with transparent pricing and no hidden fees.
- N26: A digital bank with multi-currency options and zero foreign transaction fees.

These alternatives may offer more flexibility and lower costs, particularly for frequent international transactions.

FAQs

1. What is a multi-currency account?

A multi-currency account allows customers to hold, pay, and receive funds in multiple currencies without needing to convert them into a single currency.

2. Are there any fees for using a multi-currency account?

Yes, both M&T Bank and Truist charge various fees, including monthly maintenance fees and transaction fees for currency conversions.

3. Can I open a multi-currency account online?

Yes, both M&T Bank and Truist allow customers to apply for multi-currency accounts online, as well as in-person at branches.

4. What documents do I need to open a multi-currency account?

Typically, you will need a valid government-issued ID, your Social Security Number, and proof of address. Additional documents may be required for business accounts.

5. How long does it take to open a multi-currency account?

Most accounts can be opened within a few days if all required documents are submitted correctly.

6. Can I transfer money between different currencies within the account?

Yes, both M&T Bank and Truist allow for transfers between different currencies within their multi-currency accounts.

7. Are there any minimum balance requirements?

Minimum balance requirements may vary by account type; it’s advisable to check with the bank for specific details.

8. Can I access my multi-currency account through mobile banking?

Yes, both banks offer mobile banking solutions that provide access to multi-currency accounts.

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Disclaimer: For informational purposes only; not financial/tax/legal advice.

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles