The Importance of a US Bank Account!

The Importance of a US Bank Account! By Godspower Daniel of EwealthSuccess.com

Here in this article, I am going to show you how important it to have a US Bank account even as a non-resident.

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.