Commonly, non-US citizens outside the US face significant hurdles when opening a US bank account. Owning a US bank account while living in Colombia offers financial stability, protects against local currency fluctuations, and simplifies international transactions. The process has become straightforward with digital banking and payment solutions like Grey.

In this article, we’ll guide you through opening a US bank account remotely in Colombia and exploring its benefits.

Read also: How non-US citizens can open a US bank account online.

Why open a US bank account remotely in Colombia?

Here are key reasons why having a US bank account is beneficial in Colombia:

• Protection against currency fluctuations: Transacting in USD shields you from potential losses due to the volatility of the Colombian Peso (COP), ensuring financial stability.
• Streamlined international transfers: A US bank account enables faster and more efficient cross-border transactions than local banks in Colombia.
• Enhanced integration: Linking your US account to platforms like Stripe, PayPal, and other payment platforms becomes seamless, allowing for smooth online purchases and payments.

Steps to open a US bank account in Colombia

Thanks to Grey, a reliable online banking solution, opening a US bank account in Colombia is now easier than ever. Here’s how to get started:

Step 1: Create an account on Grey

Follow these steps to register on Grey via their app or website:

Access Grey’s platform: Visit Grey’s website or download the app to your mobile device.

Choose Colombia as your country of residence, then proceed.

Provide your details:

• Enter your full name as it appears on your government-issued ID.
• Provide a valid email address, mobile number, and referral code (if applicable).

Set up a secure password: Create a password that is at least eight characters long and includes uppercase letters, lowercase letters, numbers, and special characters.

Confirm your email: Input the OTP sent to your email. If you don't receive it, check your spam folder or resend the code.

After completing the signup process, indicate what you plan to use your Grey account for, such as receiving international payments or managing USD transactions.

Step 2: Verify your identity

To activate your Grey account, you need to complete the Know Your Customer (KYC) verification process:

1. Upload documents: Provide a valid government-issued ID (e.g., passport) and proof of address (e.g., a utility bill or bank statement).
2. Take a selfie: Submit a clear photo of yourself to verify your identity. Avoid wearing glasses or hats or using poor lighting.
3. Complete the KYC form: Fill out details such as your date of birth and occupation.

Once submitted, the verification process typically takes a few hours. If there are issues with the uploaded documents, additional time may be required. After approval, you’ll receive your US bank account details and can start using the account immediately.

Who needs a US bank account in Colombia?

Freelancers

For freelancers working with international clients, a US bank account allows:

• Receiving payments in USD without incurring high conversion fees.
• Easy integration with platforms like PayPal and Stripe for seamless transactions.

Read also: How to live and work as a digital nomad in Colombia on a budget

Digital nomads

As Colombia becomes a preferred destination for digital nomads, having a US bank account offers:

• Simplified payments for subscriptions, such as coworking spaces or digital tools.
• A solution to avoid local banking restrictions for global operations.

Travellers and tourists

A US bank account benefits travellers by:

• Allowing direct payments in USD for visa fees, flights, hotel bookings, and shopping.
• Helping avoid fluctuating exchange rates and excessive transaction fees.

Conclusion

Opening a US bank account remotely in Colombia is a hassle-free process with platforms like Grey. Whether you’re a freelancer, digital nomad, or traveller visiting Colombia, having a US bank account simplifies international transactions and provides financial stability.

Sign up on Grey today and unlock the ease of borderless banking tailored to your needs.

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