As a migrant worker, managing your finances across borders can be tricky. Whether you receive payments, send money back home, or even pay bills, having a UK or US bank account can help make your financial life much easier.
Thankfully, with Grey, you can do this and more from one app without visiting a physical bank. In this guide, we’ll walk you through how to open a US or UK bank account from the comfort of your home. But first, let’s take a look at why you need an international bank account as a migrant:
Why should migrant workers open a US or UK bank account?
Receive payments: Easily receive payments without delays in USD or GBP, whether you are a freelancer or employed locally.
Easier transactions: Make seamless payments for international services, subscriptions, or goods.
Better exchange rates: Avoid the hidden fees and poor exchange rates associated with traditional money transfer services.
Easily send money internationally: Send money to your loved ones back home through US and UK bank accounts, enjoying lower transaction fees.
Save on currency conversions: Avoid losing money to unfavourable exchange rates when dealing with USD or GBP by opening a US and UK bank account.
However, while having US or UK bank accounts offers convenience, opening one is often challenging for migrant workers. Some common issues they usually face include:
High fees: Traditional banks often charge expensive fees for receiving and sending foreign payments.
Long processing times: Setting up an account can take weeks, especially if you’re not physically present.
Minimum balance requirements: Some banks require a minimum deposit to keep the account active.
Employment verification: Banks may require documents like a contract or payslips, which can be difficult for new workers to provide.
Upload an image of a government-issued ID, i.e., a driver’s licence, national ID card or international passport.
Upload a proof of address, e.g. a recent utility bill or bank statement that can verify your location. Grey uses this document to confirm your residency.
Submit your documents for review, typically within a few minutes to 24 hours.
3. Request for a US or UK bank account
Once you’ve been verified, you can easily access your foreign accounts. Here’s how to request for one:
Once your identity is verified, log in to your Grey account.
Navigate to the “Accounts” section and select “Create Account.”
Choose the currency (USD for a US bank account or GBP for a UK account).
Your bank account details, including your account and routing numbers, will be generated instantly.
Set a budget: Keep track of your expenses to ensure you live within your means. And you can easily do this with Grey’s expense insights feature.
Know your tax obligations: Research the tax laws in your host country and home country to ensure you comply with regulations. If you need extra help, reach out to a tax expert.
Have an emergency fund: It’s important to always have funds for rainy days in cases of unexpected job loss or expenses.
As a migrant worker in a new country, you often have to deal with many uncertainties, but with Grey, you have one less thing to worry about. You can easily create UK and US bank accounts to manage your finances, sending and receiving global payments seamlessly and hassle-free.
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