The Internet has seen tremendous growth in the financial/banking sector with more and more people going for paperless alternatives today. As such, one of the most important roles played by the Internet in the United States today is online entrepreneurship; and this varies from content creation, translation, transcription among others. As such, these activities, or rather freelance gigs require you to have either a US bank account or get a free US virtual bank account; one the most popular one being PayPal.
Virtual US bank account
- Whether you are an established company, businessperson, freelance blogger, online marketer, or internet merchant, you will need Virtual Bank accounts together with B2B payment systems that offer payment solutions that meets all online money transfer needs. For example, Payoneer and Transferwise Borderless have made it possible for merchants from around the world to make and receive payments from the US fast and conveniently.
- If you are trading your products to the American people or the US affiliate companies such as Amazon, ClickBank, Godaddy or receive Adsense earning, Payoneer debit card allows you to withdraw your money at your local ATM machine where Mastercard is acceptable or send your money to your local bank account.
Benefits of Virtual Bank Account
Virtual bank accounts come with many benefits. Virtual banks usually have lower costs as there are no maintenance or monthly fees and have lower transactions fees. The banks do not charge on your account their many expenses such as rental, renovation and they don’t have a huge staff. And as for credit checks, most virtual bank accounts come with a prepaid card, which means you are only limited to how much your bank account has hence no debts, no need for credit checks. Mostly importantly, they allow you to open a non resident virtual bank account.
Free Virtual Bank Account USA
TransferWise Borderless is a multi-currency account. It allows you to open a virtual US bank account that comes with a Mastercard debit card that you can spend anywhere in the world at the real exchange rate, low conversion fees, and zero transaction fees.
How to Open TransferWise Borderless Account
Opening a USD account is free and does not involve any paperwork. You need to sign up online with your basic personal details. You also need a photo ID, proof of address, and/or a picture of you holding your ID for verification. It takes about 2 working days for TransferWise Borderless to verify your account.
Once verified, you need to activate your TransferWise Borderless account by adding 25 USD. When your account is active, you will get personal account numbers and bank details for USD. The account holds 50+ currencies in balances in your account, which can be converted instantly with low fees.
You can only get USD account details if your address is listed in the countries and territories listed here.
If you don’t see your country listed, you won’t be able to receive USD directly into your account. But, you’ll still be able to add money from USD if you have a bank account in that currency, and you can also convert money to USD from another balance.
TransferWise is not available in Nevada and Hawaii. With TransferWise Borderless account, you won’t be able to get an overdraft, loan or earn interest on your account.
Founded in 2005 by Yuval Tal, Payoneer is a US financial service that offers online money transfer, digital payment and US virtual bank accounts. Sending and receiving payments from other Payoneer customers is free. With Payoneer, you are able to receive funds from Wish, Fiverr, Upwork, Airbnb or any of the thousands of companies that pay via Payoneer even if you are not a US resident. The company also issues prepaid MasterCard that can be used at ATMs, in stores, or online where Mastercard is accepted.
How to Sign Up for Payoneer
The sign-up process require you to fill out a personal details such as name, email, date of birth and physical. You need to attach a copy of your passport or ID . Payoneer will verify your details within 2-3 working days. Payoneer account holders may be required to submit additional documentation. If you apply for a debit card, Payoneer will send it to your address. When your card application is approved (approval time is 2-3 business days after submit your application), a confirmation e-mail including the estimated arrival date is sent to you.
Now you know that you do not have to be a US resident to open a free US virtual bank account. It is a simple process; you just need to sign up to one the the banks listed above and verify your identity. If you are from Nigeria, Pakistan, India or Sri Lanka, you know that receiving cheques from European and USA companies take weeks and even months. However, by creating a free virtual USD bank account you can get your money quickly and easier.
SatoshiFire is a website for current trends in banking and cryptocurrencies. Our main goal is to help readers stay up-to-date, keep track and make sense of the ever-changing banking and cryptocurrency market. Read more about SatoshiFire and its editorial team.