Leader in banking for tech innovators helps transferees set up bank accounts and build credit
First Tech Federal Credit Union, the financial partner for tech innovators, is unveiling details of the First Tech Relocation Banking Program, which helps employees moving to the U.S. with an approved employer easily set up U.S. savings and checking accounts and establish and build U.S. credit. A recent study found that 89% of U.S. employers are currently hiring foreign national employees. Moreover, a record-setting number of H-1B registrations, the program for employers seeking to hire nonimmigrant aliens, were submitted in 2022, and experts believe 2023 will show it was even higher. By reducing the financial stress for transferees with an end-to-end financial solution, including access to savings and checking accounts, credit products, and mortgage services, First Tech’s program helps support eligible companies by ensuring their employees can financially settle into the US.
“We’ve been supporting our employer partners with employee relocation to the U.S. and within the U.S. for more than 20 years, and our First Tech Relocation Banking Program addresses the financial needs of their employees at every stage,” said Bryan Rivers, First Tech Relocation Banking Program Manager at First Tech. “No other financial partner offers such an expansive financial solution that helps eligible employers and their employees easily establish a new financial footprint in a new country. We recognize the stress of moving internationally and understand that by removing the burden of setting up finances and credit, employees participating in this program can focus on the other important aspects of their move.”
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The number of businesses employing individuals from outside the U.S. is on the rise – a survey of HR professionals found that 71% of organizations recruited more foreign nationals in Q1 of 2023 than they did the previous year. First Tech is also seeing momentum, growing its First Tech Relocation Banking Program by nearly 6% annually. First Tech supports nearly 200 employers, helping thousands of their transfer employees every year. By supporting tech giants like HP, Microsoft, Intel, Amazon, Cisco, and more manage transferees moving to the U.S. on employer-sponsored work Visas, First Tech ensures their employees get savings and checking accounts up to 60 days before they arrive in the U.S. – even without a Social Security number.
“I relocated to the U.S. from Europe in 2023, and the First Tech team’s expertise and support were invaluable in helping me set up critical financial services and understand a new banking system in a new country,” said Maksym Bondarenko, Senior Software Development Engineer at Amazon. “I’ve lived in multiple countries during the last several years with different financial systems, so I truly appreciate the thorough help First Tech offered through this program that ensured my early days in a new country were seamless so I could focus on my transition at work.”
First Tech provides employees of eligible employers with access to credit products, including a $25,000 limit Mastercard, at attractive rates to help them establish credit. In addition, First Tech offers relocation members the rate equivalent to having a 680-700 FICO credit score for credit cards and auto loan products and a rate equivalent to a 740 FICO for mortgages.
“Transferring employees new to the U.S. take their credit seriously, and we’ve seen them quickly establish and maintain it once they are here – so we’re happy to help them set out on a path to early success,” added Rivers.
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