To assist Indian students preparing for admissions to universities in the United States, Aeldra Financial Inc., a Silicon Valley-based pioneering ‘digital neo bank,’ is offering a unique United States bank account with a Mastercard Global Debit Card that can be opened and operated from India, even before students obtain an F-1 visa.
Students can fund the account and receive the debit card prior to travelling to the United States, ensuring that they have a functional US bank account. Thousands of customers have benefited from the no-fee account, which allows them to avoid carrying cash and save up to $500 in miscellaneous bank fees, foreign transaction fees, and foreign exchange markups. Additionally, the account offers interest rates up to 50X those offered by other banks in the United States.
Students do not need to provide a US Social Security Number, proof of US address, or even a US visa to open an Aeldra bank account. They only need a valid Indian passport and can open an account digitally in less than ten minutes, thanks to a simplified application and automated KYC-check process. They can immediately access their accounts via mobile banking and make purchases using their virtual debit cards, without having to wait for their contactless physical debit card to arrive.
The account is designed specifically for Indian students, professionals, and investors, and includes 24-hour customer service provided by ‘concierges’ who are familiar with the Indian market.
“For Indian students preparing to begin their academic year in the U.S., easy access to money in a new country is a prime cause of concern. At Aeldra, we understand their needs – with the core team having been international students ourselves – and have designed Aeldra to give students unmatched convenience, high-tech mobile banking experience and 24X7 friendly support without charging them a single dollar in fees. We have also simplified for them what could otherwise have been a lengthy and complicated process to set up a bank account in the U.S. Once they are all set with their banking needs before leaving from India, they are free to really focus on the more important aspects of the student experience in the U.S.,” said Sukeert Shanker, Founder and CEO, Aeldra.
Aeldra student customers can take advantage of all the benefits associated with a global challenger bank. They include the following:
- Ability to transfer funds to a USD account from India to protect against exchange rate depreciation
- Multi-layered security for information, fraud protection and unauthorized transaction protection
- In-app 24X7 servicing through calls or secure messaging, from service representatives who understand India to U.S. cross-border banking
- Safety of an FDIC-insured bank account up to $250,000 in deposits through Blue Ridge Bank, N.A., a 128-year-old U.S. bank
- Debit card lock/unlock through the App, to ensure peace of mind when card is not being used
- No foreign currency mark-up fees
- AeldraPay real-time free peer-to-peer payments to split bills or rent with friends on-the-go
Aeldra Financial Inc, founded in 2019, is a trailblazing Silicon Valley-based ‘digital neo bank’ that is democratising global banking. The world’s first truly global consumer banking platform enables cross-border banking for anyone who requires it. Aeldra is headquartered in Bengaluru, India.
The company, that has partnered with Blue Ridge Bank, N.A. and Mastercard in the US, was founded by three stalwarts of global banking and industry – Sukeert Shanker, Anil Kumar NS and Venkat Gopalakrishnan – who have been senior executives at Goldman Sachs, McKinsey, Cargill and Accenture.
Additionally, they are illustrious alumni of the University of Chicago Booth School of Business, the Indian Institute of Management in Bangalore, and Dartmouth Tuck. Within the first few months of its launch in the U.S.-India corridor, Aeldra has amassed 18,000 customers across 350 cities of India and is growing by more than 2,000 new customers every week.
The company intends to broaden its product offerings to include investment, credit card, insurance, and personal finance management services for affluent and mass affluent customers worldwide.
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