The US dollar is one of the most used currencies in the world. Many places, especially online ecommerce stores, accept the dollar over any other currency. This can prove to be difficult if you either frequent a US based retailer, or if you do business with customers in the United States. You can convert your home currency to the dollar, but this can be complicated and expensive. Having a US bank account, however, can alleviate these obstacles, and provide other benefits as well.
Eliminates Fees: Depending on what country you live in, having a US based checking account will reduce the amount of fees you’ll have to pay. Monthly maintenance or annual fees, transaction fees, and international fees you may experience using payment gateways such as Paypal.
Interest rates: US bank accounts typically earn more interest than their international competitors. This means your money can grow more in a checking account in a US bank compared to a checking account in your home country. While the rates aren’t as high as they used to be, some tax-free interest is better than none.
Currency exchange rates: Exchanging one currency for another is significantly more affordable when you have a US bank account. Converting your home currency, such as euro, British pound, or the Canadian dollar is easier when your checking account is based in the US. You encounter a lot less security questions and fees when purchasing something online, or trying to withdraw your money.
Helps when doing business in the US: Companies that do business in the United States but are not based there would benefit greatly from a US bank account, especially if they receive payment online. Paypal favors US bank accounts and allows you to transfer money from your Paypal account into your checking using ACH transfers. Without one, you would have to wait to receive a paper check in the mail, which can take much longer than having the money deposited into your US checking account. Applying can be tricky when you don’t live in the country, but it’s not impossible.
Ease of access: Once your bank account is open, you usually receive a free debit card, which gives you access to thousands of ATM machines worldwide. You can withdraw and deposit money without having to go to a local branch, and you have 24/7 access to your account using online banking.
Applying for a US bank account can be done either while you are visiting, or even where you live now. You’ll need to see the requirements for the bank of your choosing, and wait until your application is approved. Once your US checking account is setup, whether a personal or business account, you will be able to proceed with less hassle and save in different areas.