If you receive U.S. tax refunds every year, it's very important to open a U.S. bank account as soon as possible.

If you receive U.S. tax refunds every year, it's very important to open a U.S. bank account as soon as possible.

In about two months, the U.S. government will completely stop issuing paper checks. 

President Trump signed a new law to eliminate check mailing as a cost-saving measure.

For people who never lived in the U.S., opening a regular American bank account online is extremely difficult, since most applications are rejected.

The solution is to open a Fintech account that provides a U.S. routing and account number.

The problem? Wise (formerly TransferWise) stopped offering this to Israeli residents a few years ago.

Other platforms only serve registered businesses.

So what’s left for the average Israeli resident?

After researching, the best current option appears to be Payset — a British fintech company with Israeli ownership.

Yes, there is a small monthly fee (about 45 shekels, depending on the GBP exchange rate), but that’s a fair price considering the excellent service they provide.

They also offer low fees for transferring money to Israeli accounts. There is also a newer company called Montrose FX, based in Israel, with no monthly fees at all.

To be honest, opening a US bank account would have been a smart move even before the new law.

Every year, many U.S. Treasury checks are lost or stolen on their way to Israel.

Don’t wait until the last minute to open your account.