Ben Todd | Apr 16, 2017 | 3
Non-Resident Bank Accounts
Non-resident bank accounts are becoming even more popular. Most businesses and individuals conduct business, perform research and shop on the internet 90% more now than they did just a few years ago. As many companies that are located outside the United States have realized, the consumers they deal with online are mostly from the US.
The same goes for people that are trying to earn money online in other ways too, while they reside in another country. If a person is working on the Internet for a US business, which means an individual gets paid in US dollars, and he or she resides in another country, it is a good idea to have a bank account that is for non-residents in the area in which he or she is earning the money.
When companies receive payments for products or services, customers are usually paying by way of credit or debit cards. That is another reason why someone that lives in another country should have a bank account for non-residents. It is especially important to online business persons. A company will need to process card payments and transfer the amounts to an account.
When a person is not a resident in the country where he or she does business and no bank account is available, it can cause a lot of problems for that person, like how long it takes to get paid for items or services. For example, if a business allows people to pay by check or money order, no matter where the consumer lives, these transactions could take 2-4 weeks to complete the process.
A money order might clear sooner than a check, but if the payment comes from another country, the bank where the business is established might still make the individual wait for the finances to clear before releasing any of the money to him or her. A check will definitely take longer to arrive and to clear.
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When it comes to accessing the funds in non-resident bank accounts, that situation can be handled easily. A person can request a debit card when he or she opens up the account. With the card, an individual can access funds via ATM’s, transfer funds online to other accounts or pay bills and buy items through the Internet or mobile phones.