The inventors of the Internet must have had lofty ideas for their product. However, they must not have understood how much impact it would have on the world. Today, information is being sent across the world in milliseconds.

Freelancers in many countries now work for companies in the USA. But there's a problem. Too many freelancers still find sending and receiving money difficult. The solution?  Virtual bank accounts provide convenient and cost-effective ways to receive payments, convert currencies, and send money internationally.

Here, we’ll walk you through the steps and benefits of opening a virtual bank account, explicitly tailored for freelancers and digital nomads who want to simplify international payments and avoid high fees.

Why freelancers need a virtual bank account

Here’s why having an international virtual bank account can make life easier as a freelancer:

• To receive international payments with ease: With a virtual account, freelancers can receive payments directly in their currency of choice without relying on costly intermediaries.
• To reduce conversion and transfer fees: Virtual bank accounts often have competitive exchange rates and lower transfer fees, helping freelancers keep more of their earnings.
• To gain access to global payment platforms: Many virtual bank accounts integrate smoothly with platforms like PayPal and Stripe, simplifying the process of sending and receiving funds.

A virtual bank account, especially one like Grey, provides the flexibility and accessibility freelancers need to thrive in a global marketplace.

How to open a virtual US bank account with Grey

Grey’s was built with freelancers in mind, allowing them to access virtual bank accounts without the hassle of travelling to the USA. Here’s a step-by-step guide to getting started:

1. Sign up on Grey

Creating an account with Grey is quick and requires only basic information. Here’s what you need to do:

Visit Grey.co: On your browser, enter Grey.co and click on “Get started – it’s free.”

Select your country: This will personalize the account setup for your region.

Provide your information: You’ll be asked to enter your name, email, and phone number, and create a secure password.

Verify your email: Grey will send a one-time password (OTP) to your email. Enter it on the website to confirm your account.

Once this process is complete, you’re ready to move on to verifying your identity—a necessary step for accessing financial services.

2. Verify your identity for secure access

Freelancers outside the USA must undergo an identity verification process to access a virtual account with Grey. This process, known as Know Your Customer (KYC), is required for security and regulatory compliance. Here’s how to do it:

• Upload a government-issued ID: You’ll need a valid passport or national ID card. Make sure it’s clear and legible.
• Proof of address: Upload a recent utility bill or bank statement to verify your location.
• Submit for verification: Grey reviews these documents within a few business days. Clear and up-to-date documents can speed up approval.

Once verified, your Grey account becomes a powerful tool for managing global transactions.

Using your virtual account as a freelancer

With your Grey account set up, you’ll have access to a virtual bank account that can receive payments in multiple currencies, making it ideal for international freelancing. Here’s how you can use your account to simplify your finances:

Manage income from global clients

Receiving payments from international clients is straightforward with Grey. You can request transfers in USD or other currencies directly to your virtual bank account. Grey also integrates with payment gateways like PayPal and Stripe, allowing you to withdraw payments seamlessly.

Convert currencies and avoid high fees

Freelancers often deal with multiple currencies, depending on where their clients live. Grey’s virtual bank account allows you to hold balances in various currencies and convert them at competitive rates. Say goodbye to the high conversion fees and enjoy more of your hard-earned income.

Make secure payments globally

With Grey, you can send payments to suppliers, pay for subscriptions, and manage other business expenses in multiple currencies. This flexibility is essential for freelancers working with international clients or suppliers.

Opening a virtual bank account with Grey is an ideal solution for freelancers outside the USA. We remain committed to ensuring global freelancing is more accessible and efficient. Sign up on Grey and start enjoying the benefits of virtual banking for freelancers today.

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