The Importance of a US Bank Account for a Non-Resident

Here in this article, I am going to show you how important it is to have a US Bank account even as a non-resident and how you can go on to have your first account with a US Bank.

As an Internet Marketer or someone trying to make money online, having a US Bank account can make a lot of differences. For instance you can easily receive all your payments from companies abroad, most of whom are in the US, by way of Automated Cleaning House (ACH) / Electronic Fund Transfer (EFT) method. This transfer method is free in most cases and takes 2-3 business days for you to have the money deposited to your US Bank account.

Imagine the other way!

You are a non- resident of US. You don't have a US Bank account. All your receipts / payments would be made to you by way of cheques. The cheque is cut and mailed to you in your home country. Depending in which country / continent you are located, it could take 2-4 weeks to reach you - that is if it does not get missing in transit.

When you get your cheque, you would deposit it with your local Bank in your country. Your local Bank collects the cheque and mail it back to the US, to be collected through her correspondent Bank or Agents. Depending on your location, this could take 2-4 weeks to reach and another 2-3 business days to clear. Look at the time frame involved (4-8 weeks) to get your money.

And for all I know, the cheque could be for an amount ranging from $60 -$200. The local Bank in your country which helps you to collect your fund would change you a fixed amount of $25 - $45. And $60 less $25, you have $35 left. Scary? Yes, and that is the reality on ground.

In a year's time, if you get 20-30 cheques from various companies, imagine how much you would be paying. You cannot draw a US Bank cheque / Draft unless you have to go through your local Bank and so on. You can therefore imagine how frustrating not having a US Bank account can be , if you are tying to make money online.

So what is the choice?

You need and must have a US Bank account, even though you are not resident there. But it is almost "impossible" now, with the war on terror and the Patriot Act. But there is a way that it could be done.

Let us look briefly at how you can set up a US Bank account as non-resident of US.

First option is that you set up a company, incorporate one and have an office presence in the United States. Very expensive option you know! How many of us can afford this?

Second option is have someone do it for you for a fee ranging from $400-$800. Expensive also.

Third option is buy info on this. They are a few good Reports that will show you how to do this by yourself. The price for the Reports ranges from $20 - $97. This was the option that I used to get my own US bank account.

Whichever option that you decide to follow is entirely up to you. You can do some searching at a place like Google.

You could pay for the information or get a company or someone to do it for you at a fee. It depends on you and your pocket. You do not need to incorporate a US Company before you can get a US Bank account. That is an expensive approach.

So go ahead and get your own US Bank account now. Do not wait until tomorrow as the laws are constantly changing. What is possible today may not be possible tomorrow. ACT fast. Good Luck.

Okereke Uma is an Internet wealth Consultant and Writer. He has written a Special Report on How to get a US Bank Account as a Non-Resident. Get it at: http://www.ewealthsuccess.com/us-bank.html