USD denominated account

My Finance
1

Hey Guys,

For a while now I am looking for a platform that can open a USD checking account for Resident Indian. I have a couple of use case for this type of account

  1. To build a USD based corpus
  2. To cash out my cryptocurrency on international exchanges
  3. To receive remittance in USD

What I am looking is the following

  • A bank account
  • A virtual debit card
  • Should support spending in major currencies (multi-currency card with a base as USD) with minimum fx markup
  • Eventually, get a CC from that particular bank where I have an account so that I can build my FICO score also (good to have feature, not mandatory)

Do let me know if you come across any such platform

4 Likes
2

I heard that an international remittance company (if my guess is right, it should be TransferWise) is in discussion with Reserve Bank of India to check the regulation and possibility to launch its Borderless account (including USD, GBP and EUR Bank accounts) in the country.
Not sure if TransferWise is the one and if yes, how far is it possible and true by them, but right now, anyway, No Regulatory Approval.

I am not sure about any other players in this category…

1 Like
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US banks generally don’t open accounts for non residents. It has nothing to do with RBI approval as mentioned in the comment above.

4

That’s not true at all. US banks do allow the opening of accounts for Non-residents bank accounts.

5

Did you try opening one? If so which bank? US regulations do not prohibit banks from opening accounts for non residents but banks generally don’t do it because their KYC/AML processes are not setup for this use case. It’s not about whether it is allowed or not, it’s just that they are not interested/don’t have the necessary processes in place.

6

You can checkout aeldra. It allows you open a us bank account from India

You’ll get a debit card but only ach transfers work not swift or wire.

Transfer money between transfer can done through transfer wise