Foreign Perspectives

One of the ironies of the explosion of the various money making schemes available on the Internet in recent years is that it’s come at a time when it’s become virtually impossible to get the ideal type of bank account for these activities namely an American one.

However, recently there’s been a slow but growing number of alternative banks starting to fill in the gaps that the 9/11 security crackdown forced normal American banks to create. Thus far these have been quite limited in capability but that’s starting to change.

For example, Gem writes about one upcoming innovation from Payoneer which is basically creating a virtual bank account linked to the prepaid debit card that they issue on behalf of a number of organisations. It’s currently in the “coming soon” category but will permit you to quote a real bank account number to the likes of paypal thereby making it possible to convert your virtual money into the real kind by way of their debit card.

I suspect that there’ll be more such innovations coming over the next year as already paypal themselves are rolling out a similar, albeit more limited, scheme in some countries.

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