Yes, you can get a USD account as a freelancer without forming a company. With Bancoli, a chartered bank and a fintech in one, solopreneurs can get US dollar account details in their personal name. If you invoice through a registered business, the details are in the business’s legal name instead. Either way, clients pay you by ACH or RTP and the money lands in your Smart USD wallet.
Can a freelancer get a USD account?
Yes. Bancoli opens business accounts for eligible solopreneurs and registered businesses. The Bancoli FAQ says: “It is a business account. Freelancers, small companies, and large companies can use it. You can also open it as a sole proprietor.”
Start by checking where you can apply. Check if you qualify.
Whose name is on the account?
| How you work | Name on your US dollar account details |
|---|---|
| Solopreneur, no company | Your personal name |
| Registered business, including an LLC | The business’s legal name |
Clients see this name when they pay you. See how USD details in your name work.
Who can open one
- Solopreneurs and registered businesses in most countries. The eligibility page says: “Bancoli can open accounts for eligible solopreneurs and registered businesses in most countries.”
- You can live almost anywhere. The eligibility page says: “The owners can be located almost anywhere, as long as their business is located in a supported US state or another supported country.”
- Some countries and owner tax residences are excluded.
Living outside the US? Read about a business account if you live outside the US.
How clients pay you
Clients pay your US dollar account details by ACH, RTP or US domestic wire, the same way they pay any US vendor. You can also receive supported stablecoins. Incoming payments arrive in your Smart USD wallet.
Your clients do not need to use stablecoins. They pay from their bank the usual way.
Illustrative example: a designer in Bogotá invoices a US client $2,000. The client pays by ACH to the designer’s US dollar account details, and the payment arrives in the designer’s Smart USD wallet.
Digital wallet vs bank account for freelancers
Freelancers paid from abroad often weigh a digital wallet against a bank account. A bank account gives clients details they can pay from their own bank. A digital wallet lets you hold and move money on your own terms.
With Bancoli you get both in one place. Clients pay your US dollar account details, and the funds sit in your self-custodial Smart USD Wallet. It holds eligible USDC, USDi or USDT. They are fully backed, but they are not a deposit and are not FDIC-insured. You control your funds. Bancoli does not own or control them.
Paying yourself in your local currency
When you need your local currency, you get free FX in 25+ currencies at the real mid-market rate, with no exchange rate markups.
The Major Challenges of Receiving International Payments as a Freelancer
For freelancers working with international clients, receiving payments from a foreign country should be straightforward. However, the reality often presents various challenges impacting their earnings and cash flow. Let’s delve into some of the most common obstacles freelancers face when dealing with cross-border transactions and overseas payments:
Exchange fees
When converting payments from one currency to another, freelancers often encounter significant exchange fees, which can eat into their earnings. Therefore, sending money to pay freelancers overseas also involves monitoring foreign currency exchange rates.
Receiving payments
Not all platforms are prompt with their payouts. Some might impose delays, additional fees, or set minimum withdrawal limits, causing inconvenience.
Payment times
Due to various banking processes and intermediaries, money transfers can sometimes be time-consuming, leading to longer waiting periods for funds.
Multi-currency payments
Managing multiple currencies requires careful tracking and can become complicated, especially when dealing with fluctuating exchange rates and more than one bank account.
Payment terms
Understanding and negotiating payment terms is crucial to ensure timely payments and avoid potential disputes or misunderstandings.
When to form an LLC
You do not need an LLC to get a USD account. Some freelancers form one as they grow. If you do, your US dollar account details are in the LLC’s legal name. See the business account for your LLC and our single-member LLC guide. Talk to a tax adviser before you decide.
Paying freelancers?
If you hire freelancers abroad, you can pay them in supported currencies with free FX in 25+ currencies. They do not need a Bancoli account for a supported bank payout.
Frequently asked questions
Can I get a USD account in my own name as a freelancer?
Yes, if you are eligible. Solopreneurs can get US dollar account details in their personal name. If you invoice through a registered business, the details are in the business’s legal name.
Do I need an LLC or company?
No. The Bancoli FAQ says: “It is a business account. Freelancers, small companies, and large companies can use it. You can also open it as a sole proprietor.”
How do US clients pay me?
By ACH, RTP or US domestic wire to the US dollar account details you share. Incoming payments arrive in your Smart USD wallet.
Do my clients need to use stablecoins?
No. Your clients can send US dollars by ACH or RTP using the details you share.
Is the Smart USD wallet a bank account or a digital wallet?
It is a self-custodial digital wallet that comes with US dollar account details clients can pay like a bank account. It holds eligible USDC, USDi or USDT. They are fully backed, but they are not a deposit and are not FDIC-insured. You control your funds. Bancoli does not own or control them.
Can I convert my dollars to my local currency?
Yes, in supported currencies. You get free FX in 25+ currencies at the real mid-market rate.
Which countries can open an account?
The eligibility page says: “Bancoli can open accounts for eligible solopreneurs and registered businesses in most countries.” Some countries and tax residences are excluded. See the eligibility page for the full list.
Start getting paid in US dollars with your Smart USD Wallet.