There is a simple way to get a US bank account for the purpose of doing business in the United State. If you are freelancer and entrepreneur who is selling product/services in the US then you might benefit a lot from having a US bank account. And, especially if you are from India or any country where the US dollar is blocked by the government and any bureaucratic county.
Here is How to Get a US Bank account without being USA citizen
First Sign up for a Payoneer account. You might know this popular Payment services provider alternative to PayPal but I am sure you don’t know the power of Payoneer bank account.
First and most interesting benefits of having a US bank account provided by Payoneer is that you can Sign up for services like Stripe, and act like your business is set up in the United State. Of course, you need to do some extra work to utilize these benefits.
Here is How:
Payoneer bank account + EIN = Your business virtually set up in the United State. The downside of this approach is that you might have to Pay tax in United State. Maybe double taxation if your business is legally registered in your country. You will only pay tax in United State if your business does more then $20,000 in transaction per year.
If your business is truly doing more then $20,000 per year — then why not set up offshore business in Delaware United State. Stripe Altus is the best choice If you want a faster solution.
If you are individual with no business legally registered in your country then this method might save you money and help you grow your business faster.
Let me share with you my story how I come to find this way of running my business.
In 2017 I was doing part-time Dropshipping, the same time I was also doing freelancing. I am from India and here dollar is blocked by the government. The same year GST (good and services tax) was launched in India which required all Indian businesses to obtain GST registration ID.
I was paying half of my earn money in transaction and currency conversion fees. I was selling products in the US and Canada. I have to collect order and money from USA customer and then Pay product supplier in China. I was using Indian PayPal account and It was a nightmare.
I lost interest in Dropshipping later but I found a way to avoid this problem. It was using Payoneer + US EIN number. Now I can accept Payment from anywhere in the world using Stripe account and I have also signed up for US PayPal account.
Is it not amazing?
You can set up your business legally in a different country without going anywhere and your home country government is trying (his ass off) harder to tax you. I am not against the tax, I am against the unproductive idea or economy. I believe in a free market. It is productive. Let people choose to do business whoever they want — whenever they want regardless of their nationalities.
I hope you are not a nationalist. Signing out.