Managing cross-border transactions, receiving payments in USD, and accessing US-based financial services can be crucial for freelancers, entrepreneurs, and digital nomads living in Peru. Opening a US bank account remotely may seem challenging, but digital platforms like Grey make the process seamless. This article provides a comprehensive guide to why it’s beneficial and how to open a US bank account from the comfort of your home in Peru.

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

Why open a US bank account from Peru?

A US bank account is beneficial for many reasons, depending on your regular financial transactions.

1. Facilitate international payments: A US bank account allows you to receive payments in USD without needing currency conversion. This is particularly helpful if you work with clients or businesses outside Peru.
2. Lower transaction fees: By transacting in USD, you can avoid high international transfer fees and poor exchange rates.
3. Access to payment platforms: US bank accounts integrate seamlessly with platforms like PayPal, Stripe, and Amazon, making it easier to manage online payments and withdrawals.
4. Financial flexibility: transacting and saving in USD protects you from currency fluctuations, giving you more control over your finances.

Read also: 25 essential tools and resources for digital nomads in Latin America

Step-by-step guide to opening a US bank account from Peru with Grey

1. Sign up on Grey: Visit Grey.co or install the application on your mobile device and follow these simple steps:

• Click “Get started – it’s free.”
• Select Peru as your country of residence and proceed to the next step.

2. Provide your personal information: Complete the form by entering your correct details, including:

• Full name: Ensure it matches your official ID.
• Email address and phone number
• Referral code (if applicable).

3. Set up a secure password: Create a strong password that includes a mix of uppercase and lowercase letters, numbers, and special characters. Accept the terms and conditions before clicking “Continue.”

4. Verify your email: Check your email inbox for a verification code. Enter it to confirm your account and proceed to the next steps.

After completing your sign-up, select what you intend to use Grey for. You can choose more than one option.

Completing identity verification

In compliance with global financial regulations, you need to complete the Know Your Customer (KYC) verification process to activate and start using your US bank account. Here is what you need to do:

1. Upload a valid government-issued ID, such as your passport, or driver's licence.
2. Proof of address: Provide a document that confirms your address in Peru. You can use a recent utility bill, bank statement or lease agreement.
3. Upload a photo of yourself to match your ID.
4. Complete the follow-up KYC form

Once your identity is verified, you can check for your US bank account from your Grey dashboard. You can start sending money, receiving payments, and managing your finances easily across borders.

Read also: Essential checklist for house hunting in Latin America

Important considerations for account holders in Peru

Before you open a US bank account, here are some things you should know.

US tax obligations: If you earn income through your US bank account, you should be aware of potential tax obligations and consult with a tax advisor to ensure compliance.

Multi-currency management: Grey allows you to hold funds in multiple currencies, giving you flexibility in managing your finances globally.

Stay updated on regulations: International banking regulations may change, so stay informed about any updates that could affect your account usage.

Final thoughts

Opening a US bank account remotely from Peru is now possible with platforms like Grey. Follow the steps outlined above to enjoy the benefits of having a US-based account, from simplified payments to reduced fees. Ready to take control of your international finances? Sign up on Grey today and unlock global banking opportunities!

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