How to Open a USD Account with Elevate in Pakistan

Earning dollars as a remote worker in Pakistan is fantastic! However, dealing with traditional banks for your USD can be a real headache. Delays, hidden fees, and a complicated account opening process slow you down. Addressing this issue head-on, Elevate, a Fintech venture supported by Y Combinator that has raised over $6M to date and initially launched in Egypt, has now officially gone live in Pakistan. Elevate is a game-changer for Pakistani freelancers and remote workers! Elevate is a fintech company that partners with a reputable US bank, Bangor Savings Bank (FDIC member) to provide a special US bank account created specifically for remote workers like yourself. This platform allows Pakistani remote workers or freelancers to easily open their US bank accounts through a strategic partnership with Bangor Savings Bank, a US-based institution with over $7 billion in assets. In this research article, our Tashheer research team will explain how to open a USD account with Elevate in Pakistan.

Services offered by Elevate in Pakistan

Elevate is available in Pakistan and offers the following services:

USD account: The company offers a USD account for remote workers, freelancers, and others who need to receive payments in USD.

FDIC-insured: All accounts are FDIC-insured, ensuring the full protection of funds up to $250,000.

Virtual debit card: The account comes with a virtual USD debit card that can be used for online transactions.

No subscription fees: There are no subscription fees or deduction on funds entering Elevate account.

Favorable FX rates: Elevate offers favorable foreign exchange (FX) rates, providing users with a guaranteed spot rate (interbank USD rate) superior to that of other fintech companies.

Cost-effective transfers: The company offers cost-effective transfers back to the local PKR currency.

How to Open a USD Account with Elevate in Pakistan

To open a USD account with Elevate in Pakistan, you can follow these steps:

Download the app: First, download the Elevate app on your iOS or Android device.

Verify your identity: Complete the KYC (Know Your Customer) step by taking a photo of your ID and a selfie.

Open an account: Once your details are verified, Elevate will open your USD account and issue a virtual USD debit card.

Eligibility and Requirements

Elevate primarily targets remote workers, freelancers, and Pakistani businesses needing to get international payments. This includes receiving payments for salaries, wages, e-commerce, freelance platforms, and business transactions. Applicants must provide clear reasons for needing a foreign account, ensuring their income sources are legitimate and transparent. Elevate does not accept users with unknown income sources or ambiguous business activities. Read more about 8 Best Banks for Freelancers in Pakistan
Applicant must be aged 18 or above and must agree to the terms and conditions of the account. Users must provide true, accurate, current and complete information during registration.
Applicants need to complete the KYC (Know Your Customer) process which involves providing identification and proof of income or business activities. Required documents typically include a valid ID, proof of address and documents substantiating the source of funds such as contracts, invoices or salary slips.
Once approved, the account can be used for receiving payments but cannot for restricted activities like illegal transactions, gambling, or unlicensed financial services.

Benefits of Having a USD Account with Elevate in Pakistan

Here are some benefits of having a USD account with Elevate in Pakistan, listed as:

Elevate allows you to hold your savings in US dollars, a globally recognized stable currency.

There is zero cost in joining Elevate

Signing up is easy and user-friendly for all freelancers or remote workers.

You can get a virtual USD debit card to utilize for your transactions.

No subscription fee is charged.

No hidden or transactional charges are deducted from your account.

Affordable Forex Exchange rates are offered while giving you a spot rate (inter-bank USD rate).

Cost-effective transfer rates to the local PKR currency.

All accounts are promised to be FDIC-insured, guaranteeing the full security of funds up to $250,000 and providing account holders with comprehensive confidentiality and security for their smooth financial transactions.

Frequently Asked Questions (FAQs)

Who is eligible to open a USD account with Elevate?

Anyone with a valid Pakistani CNIC (Computerized National Identity Card) and proof of income can apply for a USD account with Elevate.

What documents do I need to open a USD account?

You will typically need your CNIC, proof of income (such as salary slips or business documents), and proof of address (utility bills, rental agreement, etc.).

What features and benefits come with a USD account from Elevate in Pakistan?

USD account from Elevate in Pakistan offers features such as online account management, international fund transfers, competitive currency exchange rates, and access to various digital banking services. Additionally, you may receive perks such as exclusive offers and discounts from partner merchants.

How secure is your money with Elevate’s USD account in Pakistan?

Elevate prioritizes the security of its customer’s funds and uses modern security measures to protect against unauthorized access and fraud. Your money is protected by encryption, multi-factor authentication and other security protocols.

Future Prospects

Since Elevate went live, it has opened thousands of USD accounts, processed more than $500,000 in monthly deposits and shown 100% month-on-month deposit growth by raising more than $6 million to date. In this research article, our Tashheer research team explained every step to open a USD account with Elevate in Pakistan. With its user-friendly interface and straightforward account opening process, Elevate simplifies the experience of managing international transactions and receiving payments in USD.

About the Author: Alishba

Alishba Zaheer is the lead content writer at Tashheer Digital and has a genuine passion for storytelling. With her team of skillful content writers, her expertise lies in the ability to seamlessly adapt writing style to various niches, checking new trends in Tech, especially in Pakistan. She stays ahead of the curve and maintains her dedication to writing excellence. Among other things, she has been instrumental in researching local brands, Pakistani products, and services, providing benchmark articles for Pakistani audiences.