Now you may open a bank account in US to broaden financial footprint

By: |
February 17, 2021 7:54 PM

The benefit of having bank accounts in the US for the consumers in India is that it will broaden their horizons with a global financial footprint.

bank account, digital bank account in the US, travel to US, forex markups, international charges, rupee depreciation, buying property in the USSuch accounts would make the things convenient with the ease of spending during travel or to provide support to family members the US.

For the persons – who need to visit the United States frequently or need to do financial dealings there – things are set to become easy, as they may now open an account there with Aeldra, a Palo Alto-based fintech that offers borderless banking to global affluent customers.

The benefit of having bank accounts in the US for the consumers in India is that it will broaden their horizons with a global financial footprint.

Such accounts would make the things convenient with the ease of spending during travel or to provide support to family members there, etc, without incurring forex markups and international charges which can be as much as 10 per cent of a transaction.

It will not only provide protection against rupee depreciation, but would make buying property in the US easier as Aeldra will soon offer a no-FICO home loan for overseas buyers.

Moreover, with a completely set-up bank account and a Mastercard debit card before even setting foot there, it would become easier to move to the US.

To open an account with Aeldra, all you need is a valid Indian passport and there is no need of cash or prepaid card, and no need to visit a branch and put together paperwork.

Migrating to UK? You may now get a functional bank account even without reaching there!

Aeldra is a “digital private bank” providing banking, investment, credit card, loans, insurance and personal financial management on a single mobile platform with a unique focus on banking for the affluent in India.

Talking about its global journey, Sukeert Shanker, CEO, Aeldra, said, “I launched the first US digital bank focused on the Chinese diaspora for East West Bank which allowed digital account opening from China using the China National ID in December 2018 as the COO of the Digital Bank. East-West Bank is a $45 Billion US bank based in Los Angeles and listed on the NASDAQ.”

“I realised the enormous demand for this offering from affluent and mass affluent customers who had many links to the US — whether it was having friends or family there, sending kids to college there, business relationships there, frequent travel there, desire to move there, investing there or thinking of making the US their second home,” he added.

“Across the BRIC and other countries like Korea, Malaysia, Vietnam, Nigeria, Argentina, etc, there are 100 million mass affluent and affluent customers who share these needs. So, a lot of the demand is latent because people just cannot open a US bank account – so there is a large global pool of customers but no global consumer bank. Citi, StanC, HSBC are global on the corporate and commercial side, and a little on the private banking side, but are country-bound on the consumer side,” Shanker further said.

“We will soon offer services in Canada and the UK as well, all through a single App,” he added.

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