Payoneer Virtual US Bank Account, what is it ?

Many people around the globe have been trying to apply for a US Bank
Account but were denied by the extremely restrictive conditions they
have been required to fulfill before they could get one.

After the September 11th 2001 attacks, the US government issued what
is known as the “USA Patriot act” that was meant to avoid any future
attacks of the same kind. One of the measures that are included in that
document is that non US residents cannot hold a US Bank Account as they
did before.

Today, getting a US Bank Account the regular way when you are not a
US citizen is still impossible or to be more accurate, difficult and
very costly. However, there are alternative solutions such as the one
offered by Payoneer.

Payoneer has introduced months ago a new and innovative service
called US Virtual Bank Account. As you can see, this is
NOT a real US Bank Account, it is just a virtual one! In practice,
things work this way: Payoneer gets a mega Bank Account with a partner
US bank under which sub accounts are created for each Payoneer customer
in order to provide them with unique account numbers they can use to get
payments. Payments can be sent to the sub account, using the account
number that was previously provided, then Payoneer transfers the money
they receive to the personal Payoneer Debit Card of the customer that
received the payment in order for him to be able to spend it!

In the end, you don’t really get a US Bank Account, but you have all
the infos (numbers) that are needed to get paid by a customer or a
partner who cannot use Paypal or other payment systems.

As you can see, this new service offered by Payoneer is very useful
and quite smart! Anyone is now able to enjoy the benefits of a US Bank
Account without the hassle.

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