Wells Fargo is a financial services company with global operations. It is also ranked among the best banks in the United States: it is considered the fourth best for the quality of its assets, behind Bank of America, Citigroup, and JP Morgan Chase, and the third largest bank by market capitalization. Founded in 1852 and with its offices in San Francisco, this financial company can boast of having a great reputation in the world of banking in the United States and its number of clients proves it: 48 million.

It is also considered the second-largest bank in terms of deposits, mortgage services, and debit cards. It has 6,650 branches and calls each one a store. Its 12,260 ATMs and 276,000 employees are other figures that demonstrate the bank’s long history.

However, in 2021 the company decided to make a radical change in its services and decided not to offer its bank accounts to foreigners. It asked foreign investors with a Wells Fargo account to close their accounts, whether personal or business. As of today, only foreigners residing in the United States can open an account at the bank, therefore, if you live in Spain or a South American country such as Mexico, Colombia, Chile, or Peru, you will not be able to access its services (unless you have residency in the United States and can prove it).

If you are from the United States or live there, that is, if you are a resident, you can open an account at Wells Fargo. Doing so is very simple, the process is very similar to opening a bank account at any other bank in the country. You just have to go to a branch, request to open an account, and present the following documents:  

• An identification document: this can be a passport, your driver’s license, or your social security card
• Proof of residence: rental agreement, a water or electricity bill in your name, or a mortgage certificate.  

Wells Fargo also allows you to open an account online (via their website), but you will need to provide documentation to prove that you are a U.S. resident. You may also need to provide your tax identification number (especially if you were not born in the country but have residency status).

Wells Fargo Reviews: What Customers Say

Customer reviews of Wells Fargo are mixed but generally negative. Positive Wells Fargo reviews are few and may have been written by employees themselves. It has a Trustpilot rating of 1.3 out of 5, a very low rating, and well below other US banks.

After reading all the reviews and taking a look at the Wells Fargo website and services, these are the things I like most and least about this bank and its services.

What to like about Wells Fargo

• Company with a long history.

What not to like about Wells Fargo

• Changes in their policies.
• Customer service is difficult to contact.
• High waiting time to resolve incidents.
• Delay in return of payments.

What is the best alternative to Wells Fargo?

After reading the reviews of Wells Fargo, you are probably considering opening an account at another bank. What is the best option for opening an account and the best alternative to Wells Fargo if you want to have US dollars in your account? We explain the best options below.

The best alternative to Wells Fargo in South America

If you live in Mexico, Colombia, or any other South American country, you have a good alternative to Wells Fargo: the Global66 account. You can also hold dollars in this account, so you won’t notice any difference compared to Wells Fargo. The Global66 account is better and has many advantages:

• In addition to dollars, you can have euros, Chilean pesos, reais, Colombian pesos, Argentine pesos, sole,s and Mexican pesos.
• Instant transfers between Global66 wallets.
• All the secondary wallets you want with no opening fees.
• No maintenance cost.

The best alternative to Wells Fargo in Spain

If you live in Spain, the Wise multi-currency account is the best alternative to Wells Fargo. You can hold many currencies in this account, including USD. Therefore, you can operate from the United States and the United States as if you had a bank account in the country, that is, as if you had an account at Wells Fargo or another bank. In addition, you will have many advantages:

• Market exchange rate for your banking transactions.
• Low or no commissions.
• Banking data from the United States and other countries.
• You can store and convert up to 54 currencies.