Neobanking startup Zolve aims to provide credit cards to Indians traveling to the US

Zolvay will also open a bank account for its users before they actually go to the US. The card is sent to the users upon their arrival.

“Usually banks in the US require a social security number to issue a credit card to a customer and it takes 2-3 months to get it. However, what is not widely understood is that a US visa is also a valid ID proof for this purpose and that is what we do,” said Raghunandan G, founder of Jolvay, who previously worked with Taxi-for-Sure. was co-founder.

Customers must provide a US address within 90 days of opening a bank account. “The standard credit card has an interest free period of 1 month. For those who pay the minimum amount due, there is an interest free period of 6 months on the remaining balance and after that the interest starts rolling in. The credit card gives you the first Allows to establish US credit history from day one. This means it becomes easier to secure housing because landlords almost essentially check tenants’ credit histories before approving a tenancy. also lowers the premium,” he said.

The spread and fees of foreign exchange take a toll on Indian immigrants and students in the US. Raghunandan said Zolvay is working with an Indian bank to secure a favorable deal for its customers. Bank account, debit and credit cards are free, he said, with no minimum balance requirement. The merchant earns its revenue from discount rates on the Zolve card.

According to Raghunandan, in today’s world the presence of a large branch’s net worth is not as important as a good online banking presence.

All U.S. bank accounts are insured for up to $250,000 under insurance provided by the Federal Deposit Insurance Corporation, he said, including deposits with the CFSB, Zolvay’s associate bank.

Zolve was launched in December 2020 and has an active customer base of 45,000 signups and 2,000 users for bank accounts and cards. While the focus is currently on the US-India use case, it will expand to other countries in the future.

Other startups offering international bank accounts to Indians include Winvesta, which launched a multi-currency account in the UK in June 2021. This account is focused on Indian residents who want to diversify their investments abroad. There is a one-time set up fee of $5 on a Winvesta account and a flat fee of $1 for online payments made with it, although incoming payments are free. One can subscribe to a basic tier for $2.99/month, or subscribe to a premium tier for $9.99/month.