Why do you need to open a US bank account?

Well, if you are running a digital business and want to explore and expand (if you have a potential customer base) the US market, you will require an American bank account to facilitate buffer-free USD transactions.

It not only applies to online merchants but also freelancers, Amazon sellers, service providers.

If you are a freelancer in India, won't you wish to explore the international market, especially the clients and customers in the US?

The usual reasons for holding a bank account in the US is to either invest in the US stock market or gain momentum for your business in a foreign land (especially in the developed block on the globe).

Today the mantra of survival in the market is expanding to international markets. If you are stuck in your bounds of demographics and psychographics, you need to break the barrier.

Now, we suppose that you got an urge to explore the US market. Therefore you complete the research, create a plan, understand the demographics and psychographics, etc.

One buffer that you will face while building your base for the US market is - payment???

If we talk like an Indian freelancer, "It's easy to get a gig from a US client, but it's hard to figure out the payment method."

How can a non-US resident open a US bank account?

For instance, Jaison is an Amazon seller in India, and he is planning to extend his handicraft business to the US. Apart from settling the route, research, and defining a market, he also needs to look after the funding route.

Therefore, to settle the payments in USD, he needs to own an American bank account. But, he is a foreigner, so how can he open a US account?

Did You Know?
  • Just like getting hired by an American company is a struggle, owning an American Bank account is also one of the tasks. Every land has its own rules. America's Patriot Act is one such bummer that makes the banking process painful for non-residing foreigners to open and engage in funding activities.
  • Now, as you are a foreign subject trying to set up a monetary base in the US, non-residents require more identification proofs than permanent residents and American citizens.
  • To move ahead, if a foreigner wishes to open a bank account in the US then, they need a Social Security number or an individual taxpayer identification number.

A few of the best US banks that you can open your account are:

  1. Wells Fargo
  2. JPMorgan Chase
  3. Bank of America
  4. Citibank

How can a non-resident open a US bank account in the Bank of America?

A renowned bank means extreme complexities to intrude on the monetary functions, especially if you are a foreign subject.

Therefore to open an account in the Bank of America, you require:

  1. To visit the financial center of Bank of America.
  2. You should have an eligibility check where - you need to have a physical US address.
  3. Provide the bank with both US and permanent addresses along with the proofs.
  4. Provide one of both Primary and secondary ID
  5. US-supported contact number to facilitate digital banking.
  6. They undergo multiple checks. If the bank finds you legitimate, you are good to go.

How can a non-resident open a US bank account in Wells Fargo?

This century-old bank is the third largest monetary reserve in America. With assets accounting for more than $1,955.163 billion, this biggie in the race of financial institutions also etches complex banking processes for the non-US residents.

The willing aliens on the US land would need to submit the following documents in person:

  1. Social Security Number (SSN)
  2. A valid driver’s license
  3. If one doesn't have a driver's license, they can also submit the Matricula card (an identification card, issued by the authorities of Mexico, Argentina, or Guatemala) to prove their identity.

Changing scenario of banking with PingPong

From going to the bank, filling out the details, submitting the documents, and waiting for the sanction, we all shifted to digital banking modes where a few minutes and easy clicks create a hassle-free banking environment.

Enrolling yourself into one of the US banks is a pure hustle, but hustle can be turned into a hassle-free deed.

One such effective banking measure is - PingPong. PingPong creates a virtual banking window in the land you are operating.

For instance, you are an Amazon seller from India operating in the US online market. PingPong will create a virtual funding window, which will be USD friendly and facilitate a smooth pathway to accept USD payment from the American audience.

But why PingPong?

Why PingPong and not any other payment processors in the fintech market that are established and renowned?  

Now, that's a genuine question. Let's look down to the legit reasons to be a part of PingPong to facilitate US-based payments:

  1. PingPong is an inclusive option for - freelancers, Amazon sellers, online merchants, service providers, and daily users.
  2. Easy to pay VAT & GST without the conversion confusion
  3. Receive currencies from foreign partners in USD, GBP, EUR, JPY, AUD, MXN, AED, CAD, and SGD.
  4. Withdraw funds in INR, USD, GBP, EUR, CAD, AUD, MXN, AED, SGD, and JPY.
  5. PingPong is an approved cross-border payment solution approved by the Reserve Bank of India.
  6. Once the payment is made via a foreign account, it will immediately hit your local bank account without any buffer because PingPong won't hold your foreign funding.
  7. PingPong provides a funding calculator that helps to understand the conversion along with the forex fee applied.
  8. PingPong provides a free digital Foreign Inward Remittance Certificate (FIRC) after every cross-border payment. It means no more standing in long queues in the bank.
  9. You can monitor all the types of currencies on a single dashboard.
  10. All these monetary benefits are available at a highly competitive market price.  

PingPong transfers more than $150 million for international e-commerce sellers and has processed more than $90 billion in cross-border payments.

Every brand offers its customers with a plethora of features or USPs, and ensures visible results, but ever undergone those results and checked for its impact?

We don’t know about other brands, but we do have impactful results to offer.

We bring you the success story of Krishna Murari Ishwar, owner of Mahaveer Cotton Corp. A business that kicked off with limited resources and two sewing machines on Amazon, today is one of the finest brands available on Wayfair marketplace, one of the largest platforms for Home & Décor.

PingPong helped Mr. Ishwar and his brand to grow multifolds. This cross-border payment solution helped his brand in entering different marketplaces, save essential pennies, and charged highly competitive fees in fintech.

Today, Mahaveer Cotton Corp has a footprint in digital international marketplaces and provides employment for more than 300 people.

To know more about PingPong’s effective service - https://in.pingpongx.com/in/customer-success-stories

If you want to have a US bank account to proliferate your business/service then, PingPong along with its stellar customer support will sail you through.