Why Do You Need a US Bank Account As a Foreign Resident?

These days everywhere you go online, be it at Forums or at Search engines, a lot of people are asking for a way to set up a US Bank account even when they are not resident there. What could be the reason for this? This is particularly surprising with the war on terror where the US government has put a seal on most of the things from the US. This is the purpose of this article. We want to examine why you as a foreigner or non resident would want to have a US bank account considering that since after the unfortunate 9/11 incident, the US government has tightened her grip on everything financial in the US.

So let us examine the importance of a US bank account and why a foreigner who is online doing business or working would need one. If you are online and trying to earn a living, you need an account over there to receive your payments online from the companies and individuals most of whom are based in the continent of America. You want to get your money fast with little or no extra charge.

With an account in America you would be paid via what they call ACH (automated clearing house) system or direct deposits. This will allow you to get your money within 2-3 working days and mostly without any fee or charge. You get your money 100%.

If you do not have an account there, you are going to be paid by checks which would be cut and mailed to you. This can take anywhere from 8-10 weeks before you can see and be able to draw the actual money in your home country. Compare that with the person with an account over there and you see this does not require any argument. It requires no rocket science or extra knowledge to see what a a US account can do for you online. If you have customers who are in the US, having an account over there will make it easy for them to pay you. This will lead to increase sales and profits.

Another importance of a US bank account is that if you have one, you can easily open and verify a Paypal account. Most Americans prefer to pay someone online using their PayPal account because of the perceived protection that this offers them as buyers online especially in this scam infested era on the internet. Scam is rampant online and the only way to increased sales is to assure people that they are not throwing away their money.

What better way to do this than with a PayPal account?

You can say that you can easily set up a PayPal account without a US bank account. That is true. But remember that for the vast majority, this is not the case. Out of the over 200 countries of the world, PayPal supports just around 67-80 countries. The rest are cut off. So if you do not have a US bank account and you are from the rest of the countries, you are doomed.

But if you have a US bank account, using a US address, you can easily set up a paypal account and verify the same using your US bank account. This way you are not cut off just because you are from a non supported country. The above reason is among the benefits of having a US bank account as a non resident. There are others benefits, but the above are the main ones which make many people online to be looking for a way out.