How to Open and Get a Free US Virtual Bank Account Overseas for Non Residents
US has one of the toughest security when it comes to banking and finances and to get a US bank account will be kind of complicated if you are not located within the US because you will be asked to provided some documents such as government issued ID and man other documents and at times, an SSN (Social Security Number) might be asked which will require you to contact someone within the US premises.
If you are someone that deal with finances online, then a bank account and virtual credit card can be really vital assets for you. Having a US bank account can even expand your activities online especially if you are a free lancer, digital marketer, importer or exporter or if you work for a financial institution online, then you gonna definitely need a US virtual bank account to carry out your activities.
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There may be serval other reasons that you will want to get this US virtual bank account that I have not even listed but all the way round it returns to the same demand that is to have a US virtual bank account.
If you live in a country other than US, such as South Africa, Nigeria, United Kingdom, Germany, Netherlands etc and you deal with financial institutions in the US, you will need this US bank account. Since you are not a US resident, to create a US bank account may be almost impossible since you do not have a resident permit to easily get through this.
In order to get through this, you will probably go online searching for us bank accounts for non residents. But some of these bank account issuers will require you to provide some additional information you might not have. So it is crucial that you know where you can get this without demands that might surpass what you can provide. Below, I have given the best US Virtual bank account issuers that will give you not only a US virtual bank account, but they will equally give this to you freely.
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What is a Virtual Bank Account?
A Virtual Bank Account (VBA) is an account that works similarly as a physical account. It receives and sends money and the only difference between a virtual bank account and a physical bank account is that it can only be accessed virtually through mobile devices whereas a physical bank account can be controlled locally.
Virtual Bank Accounts have gotten a voluminous popularity and issuers have increased over the past decades and keep on increasing till date thanks to the wide variety of control you can have over these virtual bank accounts.
Benefits of a Virtual Bank Account
Virtual Bank Accounts are preferred over physical bank account for several reasons and that's why VBA have gained a rapid increase worldwide.
- Issued Freely: Most VBA issuers issue bank accounts to freely to their customers. Unlike physical banks that issue account to their customers at some fees, there are virtual banks that issue the account freely to their customers without hidden fees.
- Easy Setup: VBA issuers are not always complicated upon registration though some will require you to provide some additional information to verify your identify which is a necessity for the security of your account.
- Account Creation is Instant: Unlike physical bank account issuers that can take many days to process your documents before the issuing of your account, it is not the case with many virtual banks, though some take some time to process your details before mailing you about your status.
- Full control over your Account: You can close your account at any time you won't want it to run anymore. To close a physical bank account is almost impossible due to the different processes you will have to go through.
Downsides of a Virtual Bank Account
Though virtual bank accounts have a lot of advantages, they equally have a major downside.
Security features may be inadequate and most virtual banks can be insecure to keep your money due to constant bridges and faults in their systems and in most cases, you might loss your money saved in the cloud.
Reasons Why You Need a US Bank Account for Non Residents
There are several reasons why you might need a US Bank Account of which I've spotted some below.
- You are a Free Lancer and work for a digital company that sends Payments only to Bank Accounts located within the US (equally the case for paid promotions) or that send payments to Bank Accounts that support USD as currency.
- You may be an importer or exporter of goods and your purchases within the US premises will require you to have a US Bank Account to send and receive payments for goods within the US.
- You have a huge amount of money in USD and will want to store them in a safe bank account to prevent fluctuation of the amount.
- You might be planning to fly to the US and you need a bank account that can ensure your financial transactions within the US.
How to Get a Free US Bank Account for Non Residents
You might be thinking it is impossible to get a US virtual bank account without being a US resident right? Let me prove you wrong. I have shared below 5 best free us virtual bank account issuers that you can use to get a US virtual bank account without any stress.
Payoneer has been a reliable financial institution in since the past years and has been of great help to many seeking for a US VBA. If you are looking for a Free US Virtual Bank Account, then Payoneer should probably be the first option in your head.
With Payoneer, you can open a virtual bank online by providing some basic information that will be asked during your signup process. In addition of getting a free virtual bank account, you will equally get a free virtual credit card that will be you can use for purchases online, receiving payments and equally for free trials to services such as Netflix Premium, Spotify Premium and even for some VPS/RDP free trials.
You can equally link your Payoneer virtual bank account or credit card to PayPal to increase your US visibility online and also verifying your PayPal account in order to profit of all the features of a verified US PayPal account.
Also, you can request a physical Payoneer card that you can use with your local ATMs.
Its good time you try out Payoneer. and enjoy all it has to offer.
2. Zenus Bank
Zenus is another virtual bank account provider which makes it easy for everybody seeking to manage funds in within the US to get a free bank account from any area in the world because Zenus is;
Convenient: You get to open a US bank account that can be managed from any area in the world.
Advanced: With the latest digital technologies and accessible through Web, Mobile or Tablet
Private: Following US banking regulations ensuring confidentiality for all international clients.
Zenus makes it easy and safe for everyone to access, send, receive and store money in the United States from anywhere in the world.
How to Signup for Zenus Bank?
To signup for Zenus, you will need to join the wait list. All you will need till that stage is to provide your Country, Full Name and your email and they will respond to you within some minutes
3. Wise Borderless
Previously known as Transferwise, Wise Borderless is a multicurrency platform. With Wise Borderless, you can open a US check account and in addition, you will also get a virtual debit card attached to the bank account.
With this virtual card, you will be able to spend money or use the card in any area in the world at real-time exchange rates, low conversion fees with no transaction fees.
How to Open a Wise Borderless Account?
You will need to visit the signup section and signup for an account by providing your personal details they will require from you. You will also need to provide your photo ID, a proof of your address and a photo of yourself holding your ID Card. No extra paper work will ne required from you.
However, to get your account verified you will need to deposit $25USD in order to activate the account. Once your account is active, you will get personal account details and number. The account will support 50+ currencies in balances in your account and can be instantly converted with little or no fee.
However, to get your USD account details, you will need to make sure your address appears on this list. If your country is not listed on the list, you will not be able to receive USD directly into your account but that doesn't mean you cannot receive money in USD but will be done if you have a bank account that supports USD as currency. Also, your money can be converted from many other currencies to USD and vice versa.
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PayPal is the largest and most used payment gateways that expands its services from the US to many other countries world wide. It has not been long that PayPal became available to most countries in the African continents.
PayPal is not only a Payment gateway but equally a wallet where your money can be kept securely. However, to send, receive money and equally secure your money with PayPal, you will need to verify your PayPal Account by using a virtual card or a virtual bank account and its only that way that you can lift the limits upon your PayPal account.
A PayPal US Account can act as a US Virtual Bank itself but to get this, you will need to own a Verified US PayPal Account. Check how you can get a open US PayPal account from outside the US from the link below.
Did you know that PayPal equally gives a free virtual credit card to better manage your finances and transaction? Check how you can setup and get your free PayPal virtual card (key) from the link below.
CHECK ALSO: How to Get a Free PayPal Virtual Card
To get a virtual bank from outside the US or for non resident, PayPal can equally be of good option but you will need to own a verified USA PayPal account in order to get full features of a US PayPal account by sending and receiving money worldwide to anyone in any country.
However, you will not have a bank account number but you will be able to send money to your contacts, email address that are registered on PayPal.
Signup is free and you will not have to pay for any service and there are not hidden fees. Transactions fees are relatively low as compared to other competitors.
As an alternative to PayPal, Skrill is another online Payment gateway which give you a way to send and receive payments online in many countries.
When you own a US Skrill account, you will get access to many of their features an a really great portal to do things that only US residents can do. Skrill is equally secured as PayPal and can help you manage your finances.
Skrill equally gives a free virtual card to all their users holding a US account so it is important to have a verified US Skrill account in order to get a free virtual card.
Signup is completely free and no fees to be paid.
Conclusion and Final Thoughts
Above are the top 5 best ways to get a US virtual bank account without being a resident of the US. You can get the bank accounts for free. If you want a more secure bank account where you can easily manage your assets, then we will recommend Payoneer and Wise Borderless. However, if you want a more flexible way of managing your fund that is available in every part of the world, then we will recommend PayPal and Skrill to you as a choice.
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