Zenus is a US virtual bank that allows individuals to open a non-resident bank account in the United States. With Zenus, one can open a personal US bank account for non-residents to send, receive and store money from anywhere in the world. The bank will soon introduce a US business bank account and corporate account with no need to have a US registered company.
Benefits of Zenus Bank
- You can open a US non-resident bank account from over 180 countries around the world. This means you will have a US virtual bank account for non-residents.
- You will get a Zenus virtual card and premium physical card (Visa). See below supported countries for card eligibility.
- International or domestic payments or transfers made to other individuals with a Zenus account are free.
- Zenus is a full-reserve bank, meaning it maintains a 100% reserve requirement for its deposits.
- You travel better with Zenus with auto rental insurance, travel accident insurance, baggage delay, lost luggage cover, concierge, luxury hotel collection, airport companion and lounge access.
Zenus Bank Account Opening
Zenus bank needs to conform with Know Your Customer (KYC) procedures. Therefore, for Zenus bank sign up, you need to provide a passport photo, a selfie, voice recording, proof of address documentation (utility bill of internet, electricity, gas, water, landline, etc.) and your W-9 form if you are a U.S. citizen or a W-8 if you are a non-US citizen. Documents that will be needed later are taxpayer document and proof of employment.
Once you have your documents ready, install the Zenus bank app for Android and iOS and complete the application form. It is free for residents in over 180 countries to apply for a Zenus account. If you submit all your details correctly and meet Zenus bank requirements, you will know within 48 hours if your account has been approved.
There is no requirement to make a deposit when opening your account or hold a minimum deposit in your account. You will, however, need to make sure your monthly account fee is paid and that there is regular activity on the account, otherwise your account will be closed.
Zenus Personal Acccount
A Zenus personal account is a non-resident US dollar account offered by Zenus Bank that is designed for individual customers. It provides a range of banking services and features to help individuals manage their finances. These may include features such as a unique US dollar account number, online and mobile banking, a personal debit card, access to ATMs, low fees for international payments, and the ability to make payments and transfers.
Zenus Bank Fees and Limits
Zenus operates on a subscription fee model, where account holders are required to pay a monthly membership fee for account maintenance and service fees. Here are some of the fees that personal account holders can anticipate:
| Service | Fee |
|---|---|
| Personal Account application fee | Free |
| Personal Account monthly fee | $19.99 |
| ACH payments | Free |
| Zenus Transfers | Free |
| Wire/SWIFT transfers | Free |
| ACH payments (from your account) | $15 |
| Zenus Transfers (from your account) | Free |
| Wire/SWIFT transfers (from account) | $25 |
| ATM withdrawals | $1 |
Zenus Limits
Zenus Bank’s limits vary depending on the type of transaction. Here’s a breakdown:
| Daily | Weekly | Monthly | |
|---|---|---|---|
| Visa Direct Incoming | $360 | $2,520 | $10,800 |
| Visa Direct Outgoing | $2,500 | $10,000 | $25,000 |
| ATM Withdrawals | $500 | $3,500 | $15,000 |
Is Zenus Bank Legit and Safe?
Zenus Bank is licensed and regulated by the Office of the Commissioner of Financial Institutions (OCIF) in Puerto Rico, USA, as an International Financial Entity. Zenus possesses an international banking license to offer financial services to any individual or businesses from any country that is not sanctioned by the U.S. Department of the Treasury or Office of Foreign Assets Control. Therefore, Zenus is a genuine bank and secure.
However, Zenus Bank is not a member of the Financial Services Compensation Scheme (FSCS) and the Federal Deposit Insurance Corporation (FDIC), a US agency that provides deposit insurance to depositors in American banks. While Zenus Bank is not a member of the FSCS or the FDIC, it operates as a full reserve bank, therefore client’s funds are always going to be available to them.
Zenus Supported Countries
As a US virtual bank, Zenus has an international banking license that allows it to offer financial services to any individual from over 100 countries, which are not sanctioned by the U.S. Department of the Treasury or Office of Foreign Assets Control “OFAC”. Some of the countries that are not supported are Burundi, Belarus, Bosnia, Central African Republic, Cuba, Darfur, Democratic Country of Congo, Iran, Iraq, Lebanon, Libya, Nicaragua, North Korea, Russia, Somalia, Sudan, Syria, Ukraine, Venezuela. Yemen, Zimbabwe.
Zenus virtual debit card is not available in all supported countries. Countries where you can get Zenus Visa card include Algeria, Angola, Argentina, Australia, Bangladesh, Brazil, Canada, China, Colombia, the Democratic Republic of the Congo, Egypt, Ethiopia, France, Germany, India, Indonesia, Iran, Iraq, Italy, Japan, Mexico, Nigeria, Pakistan, Russia, Saudi Arabia, South Africa, South Korea, Spain, Sudan, Turkey, the United Kingdom, the United States, and Zambia.
Zenus Bank Alternative
There are other banks you can use when you want to open a US virtual bank account for non-residents. The best options include:
Is Zenus bank legit?
Yes, Zenus Bank is a legitimate bank. It is a digital bank that is licensed and regulated by the Office of the Commissioner of Financial Institutions (OCIF) in Puerto Rico, USA as an International Financial Entity (IFE) and your money is protected by the FDIC up to $250,000.
Is Zenus a real bank?
Zenus Bank is a real bank. It is a full-reserve digital bank that is licensed and regulated by the Office of the Commissioner of Financial Institutions (OCIF) in Puerto Rico, USA.
How does Zenus Bank money?
Zenus Bank generates revenue through membership fees, charges for international wire transfers and foreign currency exchange, and various service fees.
What do I need to open a Zenus Bank account?
To open a Zenus bank account, you will need to provide your personal information, a valid ID, proof of address, contact details, proof of source of funds.
What is the minimum deposit for Zenus Bank?
No deposit or minimum balance is required to open a Zenus Bank account. However, regular account activity and payment of the monthly fee are necessary to keep the account open.
How much is Zenus Bank application fee?
The Zenus Bank application fee is $50.