Does a Non Resident Need a US Bank Account to Make Money Online?
The internet ha changed our world. Everything about us and how we live has changed. Now we are living in one large global village – that is what our world has become in this communication age.
In this article, I want to answer the question whether as a non resident; you need a US Bank account to make money online. Yes as non resident who is online and doing business, you need a US bank account to help you receive payments from your online endeavors faster and cheaper.
Let us look at what happens if you have a US bank account even as a non resident. First you get paid by what they call the Automated Clearing System (ACH) or Direct deposits. This is available only via a US bank account. It enables you to get paid within 2-3 days and mostly this is free.
Why is this so? The reason is that nearly all the major players and Networks online (over 97%) who will be paying you are based in or have their link in the United States of America. Talk about ClickBank, 2Checkout, PayPal, Google, Commission Junction and the so on, all their major operations are all based in the US.
So if they are going to be paying you, you better make it easy for them by opening and maintaining a US Bank account even if you are a non resident. Let us look at what happens to you as a non resident who does not have a US bank account.
First you will be paid by a check. The company will have to cut and mail out a check to you in your home country. This can take up to 4 weeks to get to you, depending on your geographical location. This is even with the associated risk like loss in transit, delays, theft, etc. the check can even spend 2 months on the way.
When you get the check, you will take it to your local bank in your country to help you clear and get the money. Remember that this will be a foreign check drawn and payable in the US. So your local bank will have to send it back to the US to be collected on their behalf by either their branch (if they have) or an Agent or correspondent in the United States. This might take a week to get to the US as the bank in most case will batch and send the check along with other items by courier. But make no mistake about this; you are bearing the cost as the bank will simply pass a part of the courier charges to you. Remember they are a profit organization and not charity body. You could be looking at any where between $30-$100 depending on the bank.
I forgot to mention that there is a charge to cut and mail you the check in the first instance. The company in the US paying you by check will charge you an amount ranging from $30 – $45. This is to cover the cost of the paper and postage to you in your home country. Add this to the charge by your local bank and you may be looking at a charge of over $100 already. And for all you know, this may be for a check of $200-$250. Are you making or loosing money? Receive up to 20-30 checks (yes if you are with many Networks) and the figure adds up. It is not only the monetary costs involved. What of the time it takes you to get the value of the check in your account? You could be looking at 8-10 weeks before you can access the funds. Your counterpart with a US Bank account need to wait only for 2-3 working days only! You see the need now?
So in conclusion, I will say you need a US Bank account as a non resident, to make and save money online. Go for it now!
Okereke Uma is an Internet wealth Consultant, writer and CEO of Ewealthsuccess.com He has a service which helps folks set up US Bank accounts as non residents. For details click on US Bank Accounts for Foreigners.