Olayoyin Olorunmota
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The gig economy accounts for up to 12% of the global labour market. Freelancers and independent contractors often work with clients in different countries. For those based outside the USA, having a US bank account can make it easier to receive payments, and streamline international transactions. But how exactly can someone living abroad open a US bank account?
Thankfully, freelancers, and contractors don’t have to be in the US to open an account. Keep reading to find a step-by-step guide to setting up a US bank account that’s tailor-made for freelancers and contractors outside the USA.
For freelancers and independent contractors working globally, having a US bank account can offer real advantages. Here’s why setting up a US account can make life easier:
By opening a US account with Grey, freelancers and contractors get the financial flexibility they need to manage their income from anywhere.
The process is pretty straightforward. Here’s how you can get started:
Creating an account with Grey is simple, requiring only a few personal details. Here’s what you need to do:
Visit Grey.co: On your browser, enter Grey.co and click on “Get started – it’s free.”
Choose your country: Select your current country of residence, which helps Grey tailor the setup to your location.
Enter your details: You’ll be prompted to provide your full name, email address, and phone number, then create a secure password.
Verify your email: Grey will send a one-time password (OTP) to your email address. Simply enter the code on the site to complete this step.
Once you’re set up, you’re ready for identity verification — a step required for secure access to financial services.
As a freelancer or independent contractor, it’s essential to verify your identity to comply with financial regulations. This process is called Know Your Customer (KYC) and ensures that Grey’s services remain secure and compliant.
Here’s what you’ll need to provide:
After KYC verification, your Grey account is ready for business, giving you access to a functional US bank account without needing to be in the USA.
With your Grey account set up, you’ll have a US bank account that’s perfect for managing international freelancing or contracting income. Here’s how it can simplify your finances:
Freelancers and independent contractors frequently work with clients in the US. With your Grey account, you can receive payments in USD directly, eliminating long transfer waits and high fees. Grey also integrates smoothly with payment gateways like PayPal and Stripe, making it easy to transfer your earnings.
If you work with clients from various regions, you’re likely dealing with multiple currencies. Grey lets you hold balances in different currencies and convert them when the rates are favourable, so you avoid high conversion fees and get more from your earnings.
In addition to receiving payments, Grey enables freelancers and contractors to send funds globally. You can manage expenses like software subscriptions, pay remote team members, and handle other business costs in multiple currencies. This flexibility is essential for contractors managing international projects or teams.
For freelancers and independent contractors abroad, a US bank account offers convenience, cost savings, and seamless global transactions. Opening an account with Grey is quick, easy, and provides the financial tools needed to thrive as a global professional.
If you’re a freelancer or independent contractor, take the first step toward effortlessness today. Sign up on Grey.
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