I-Profits Blog - Tips Tricks

Why You Need a US Bank Account.

1. To deposit USD checks. These checks usually come from affiliate commissions and other internet earnings. If you deposit the checks at your local bank account, they'll charge you a high transaction fee, which comes up to around USD $10 per check. That means if you deposit 1 check every month, you will need to pay USD $120 just for bank fees every year. If you receive a check with a small amount, say $30 and your bank takes away $10 from it, you will be left with $20. 33% of your profit is gone for no good reason! By having a US bank account, you can now deposit unlimited USD checks for FREE. If you usually deposit 12 checks per year through your local bank, you stand to save up to $120 per year.

Your local bank would also take around 4 to 6 weeks to cash a USD check because they need to send your check back to the US bank that issued the check! By having your own US bank account, you can quickly mail your check back to them and have it cashed once they have received it.

2. To withdraw your PayPal funds. You can be paid via PayPal for various reasons. This is especially true when you are selling something online either directly through your websites or eBay. If you do not have a US bank account, there is only one way to use your PayPal funds, which is to use it online through other PayPal merchants. By having a US bank account, you can withdraw your PayPal funds and then use the money anyway you want. Having a US bank account also allows you to fully activate and verify your PayPal account.

3. To Bank and do Business Offshore. With globalization the way it is and Internet transactions surging to record levels annually, having a U.S. Bank Account has become a number one priority for non-U.S. residents. Nearly every country compares their currency against the dollar, and most International Businesses only deal in U.S. Currency. With a non-resident U.S. Bank Account, you'll put yourself in a position that will ensure your long term business success and viability, because when your purchase goods & services worldwide, your payment is received instantaneously and securely. When you want to wire or transfer your funds, you don't need to go to the bank and wait in long lines. Simply login to your bank account online and initiate a money transfer for FREE. When you deposit a check drawn from a U.S. Bank, your check will clear within 1-3 business days. Fortunately, with a U.S. Federally Regulated Bank Account, there are no astronomical banking fees assessed against personal & checking accounts and no risk of the government swooping in and freezing your account for no reason.