How to open a US bank account for FREE!!!
So you live in a country where Paypal account is available to you, but you can’t withdraw your fund to your local bank account? If this is you, then read on.
For some reason or another, Paypal decided to make themselves available in some countries that they do not fully trust – you can open a Paypal account, BUT your money in your Paypal account CANNOT be withdrawn to your local banks. It doesn’t make sense I know, but that’s just the way it is.
You can of course always find other merchant account options such as 2checkout, moneybooker, worldpay, etc. But let’s face it, as much as we hate it, Paypal is the most recognized, trusted (for some reason), and most widely used “merchant account” on the planet right now. And if you’re really serious about making a living on the internet, you MUST have a Paypal account. If you don’t already have one, go to Paypal to sign-up (for FREE) and get your own account. Make sure you sign-up for the premier or business account if you plan to use Paypal for business purposes in the near future.
So here’s how to get around the problem we talked about earlier.
What you need in order to be able to withdraw your hard earned money from your Paypal account is a US bank account. You can do a search on Google and you will see a gazillion listings offering you a US bank account. But one thing they all have in common is – YOU HAVE TO PAY for the accounts.
What I’m going to show you here is for FREE. That’s right, FREE OF CHARGE to open a US bank account.
By law, you are not allowed to open a US bank account if you are a non-resident of the United States of America. But as in everything else, there’s a loophole, and here it is: non-residents are ALLOWED to open a brokerage account in the US if you have a trading account with an options or investment firm in the US. This is the only way that I know of to be able to get a US Bank account for FREE and you don’t even have to trade stocks or options.
1. Go to www.etrade.com
Download the application form for non-resident as well as the tax withholding form. Print the forms out and fill them out by hand. I will post a sample of a filled out application forms in my nest posting. So be sure to come back to check it out.
2. Make sure you choose to open a brokerage account in the application. This will allow you to:
a. Trade securities
b. Issue checks
c. Make transfers
d. Make withdrawals by debit card
You can’t, however, open a regular savings or checking account and your money will not gain interest with a brokerage account.
3. When you’re done filling up the forms, mail them to either one of these addresses:
a. E-Trade Securities LLC
P.O. Box 1542
Merrifield, VA 22116-1542
USA
(use this address is you’re using normal mail)
b. E-Trade Securities LLC
671, N. Glebe Road
11th Floor
Arlington, VA 22203
USA
(use this address if you’re using a courier service)
4. Wait for your approval letter and your confirmation kit. You will receive two separate letters with the first giving you your account information and the second giving you your account password. DO NOT GIVE OUT ANY OF THESE INFORMATIONS TO ANYONE.
Once you have all the information needed, you can start logging in to your account and get familiarize with the system. Now you can transfer our Paypal money to your new E-Trade account. To be able to do this, you need this information below to register new bank account with Paypal:
Bank Name: E-Trade Bank
Routing Number: 056073573
Account Number: Use your new account number
Account Type: Checking Account
Once you have your money from Paypal in your E-Trade account, you’ll need a way to withdraw the money. Just simply fill-up the application form either in your welcome kit or apply directly online.
And you are in business!!!
For some reason or another, Paypal decided to make themselves available in some countries that they do not fully trust – you can open a Paypal account, BUT your money in your Paypal account CANNOT be withdrawn to your local banks. It doesn’t make sense I know, but that’s just the way it is.
You can of course always find other merchant account options such as 2checkout, moneybooker, worldpay, etc. But let’s face it, as much as we hate it, Paypal is the most recognized, trusted (for some reason), and most widely used “merchant account” on the planet right now. And if you’re really serious about making a living on the internet, you MUST have a Paypal account. If you don’t already have one, go to Paypal to sign-up (for FREE) and get your own account. Make sure you sign-up for the premier or business account if you plan to use Paypal for business purposes in the near future.
So here’s how to get around the problem we talked about earlier.
What you need in order to be able to withdraw your hard earned money from your Paypal account is a US bank account. You can do a search on Google and you will see a gazillion listings offering you a US bank account. But one thing they all have in common is – YOU HAVE TO PAY for the accounts.
What I’m going to show you here is for FREE. That’s right, FREE OF CHARGE to open a US bank account.
By law, you are not allowed to open a US bank account if you are a non-resident of the United States of America. But as in everything else, there’s a loophole, and here it is: non-residents are ALLOWED to open a brokerage account in the US if you have a trading account with an options or investment firm in the US. This is the only way that I know of to be able to get a US Bank account for FREE and you don’t even have to trade stocks or options.
1. Go to www.etrade.com
Download the application form for non-resident as well as the tax withholding form. Print the forms out and fill them out by hand. I will post a sample of a filled out application forms in my nest posting. So be sure to come back to check it out.
2. Make sure you choose to open a brokerage account in the application. This will allow you to:
a. Trade securities
b. Issue checks
c. Make transfers
d. Make withdrawals by debit card
You can’t, however, open a regular savings or checking account and your money will not gain interest with a brokerage account.
3. When you’re done filling up the forms, mail them to either one of these addresses:
a. E-Trade Securities LLC
P.O. Box 1542
Merrifield, VA 22116-1542
USA
(use this address is you’re using normal mail)
b. E-Trade Securities LLC
671, N. Glebe Road
11th Floor
Arlington, VA 22203
USA
(use this address if you’re using a courier service)
4. Wait for your approval letter and your confirmation kit. You will receive two separate letters with the first giving you your account information and the second giving you your account password. DO NOT GIVE OUT ANY OF THESE INFORMATIONS TO ANYONE.
Once you have all the information needed, you can start logging in to your account and get familiarize with the system. Now you can transfer our Paypal money to your new E-Trade account. To be able to do this, you need this information below to register new bank account with Paypal:
Bank Name: E-Trade Bank
Routing Number: 056073573
Account Number: Use your new account number
Account Type: Checking Account
Once you have your money from Paypal in your E-Trade account, you’ll need a way to withdraw the money. Just simply fill-up the application form either in your welcome kit or apply directly online.
And you are in business!!!
