Open a US Bank Account as a Non-Resident Using 2 Simple Methods

Let’s go over them briefly.

With an international bank account, you can easily send and receive money across borders. Whether you're traveling, conducting business internationally, or supporting relatives and friends abroad, an international bank account allows you to make transactions in foreign currencies without the hassle of dealing with currency rates and costs associated with traditional banks.

• Access to Global Markets:

Having an international bank account enables businesses and entrepreneurs to access global markets. You can accept payments from clients all over the world, pay suppliers in different currencies, and develop a local presence in foreign countries. In summary, you can capitalize on international opportunities.

• Currency Diversification and Risk Management:

An international bank account allows you to hold multiple currencies, which facilitates the implementation of effective currency diversification. You can reduce the risks associated with swings in currency rates and economic conditions by keeping funds in multiple currencies. It offers a valuable hedge against currency volatility and enhances financial stability.

• Travel Convenience and Expatriate Living:

An international bank account simplifies your financial management if you frequently travel or live as an expatriate. It enables you to access your money in any part of the globe without requiring time-consuming currency changes or reliance on local banking systems. You can easily withdraw cash, make payments, and manage your funds across borders with international banking services.

In this section, we'll go over the account types offered by Wise and Payoneer, as well as their specific features and limitations.

Wise distinguishes itself by offering both personal accounts and business accounts, providing a holistic solution for both individuals and business enterprises.

Wise enables you to perform both personal and business transactions, such as sending money to friends and relatives or paying suppliers or contractors. Furthermore, Wise's personal accounts have additional features, including multi-currency wallets and virtual cards, which improve the overall user experience.

Payoneer, on the other hand, focuses exclusively on business accounts, making it a great alternative for entrepreneurs, freelancers, and professionals primarily engaged in business-related activities.

Payoneer's accounts are designed to fulfill the needs of businesses and include features like mass payouts, integration with global marketplaces, and invoicing. Payoneer can be an effective option if you own a business and need a dedicated platform to manage your business finances.

Consider your specific needs and the scope of your financial activities. Wise's dual offering facilitates seamless transitions between personal and business transactions, making it ideal for individuals who operate in both areas. Payoneer's unique focus on business accounts makes it an appealing option for those who are solely involved in business activities.

Let's dive deep into the fees associated with international transactions. Wise is well-known for its transparent fee structure, with upfront information regarding fees and conversion rates available on its website.

When using Wise, you'll benefit from low percentage fees, ranging from 0.35% to 1% of the transfer amount, as well as fixed fees that vary depending on the currency and payment method. The fixed fees for most currencies range from $0.50 to $10.

It is crucial to note, however, that the fixed fees for some rare or exotic currencies may be greater to reflect the operational expenses and risks associated with those specific currencies. Despite this, Wise uses the mid-market rate to ensure that its users receive fair and accurate conversion rates with no hidden fees or markups.

Payoneer, on the other hand, has a more complex fee structure that considers aspects such as the origin and destination of funds, payment methods, and currency conversions. Payoneer charges up to 2% for transfers. Additionally, you may have to pay a fixed fee of $1.50 or equivalent when sending money from your USD, EUR, or GBP account to someone whose bank account is in the same country or currency as yours.

It is also important to bear in mind that their exchange rates may differ from the mid-market rate, potentially resulting in additional fees. This fluctuation in exchange rates can cause a difference between the amount you expect to receive and the amount actually received by the recipient, and vice versa. When selecting Payoneer as your international banking solution, thoroughly examine the fee structure and exchange rate movements.

NOTE: You can send money from your Wise account to another Wise account for free. This can help you save on transaction fees if you and your recipients have Wise accounts. However, when you send to a different currency, there’s a small conversion fee. Similarly, you can send money from your Payoneer account to another Payoneer account for free, but only if the currency is the same.