Complete guide to education loans available for Indian students pursuing higher studies abroad. Read on to go over the available options & general requirements.
If you are heading to the US from India, you may be curious about what your banking options are. Zolve aims to provide a modern solution for Indian citizens to make opening a bank account easier. Read on to learn more about Zolve and how it works.
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Zolve is a consumer fintech company based in Karnataka and San Francisco that helps make banking between the US and India easier for Indian citizens.
So even if you don’t have credit history in the US or an American Social Security Number, Zolve can help you open a bank account or credit card. This is especially useful for students or professionals who are heading to the US and would like to be prepared before arriving.
In addition to a bank account and credit card, Zolve offers the following to those that qualify or meet the required minimums:
- Boost Savings Account
- Student Loans
- Crypto trading account
Although primarily focused on solutions for the US-India corridor, Zolve is aiming to expand its offerings to help Indians solve banking needs globally.
Yes, Zolve was created to help Indians in India get access to financial products in the United States. But keep in mind that it is specifically for Indians who are heading to the US and will have a US residential address once they arrive.
You can apply and get approved for a Zolve account online while you are still in India. You will need to show evidence of a visa or prospective visa to the US with your application. The account can also be opened before you arrive in the US, but you can only get your credit or debit card at your US residential address once you are in the country.
Yes, Zolve is a trusted firm that has partnered with a US bank so your bank account is covered with FDIC insurance for up to $250,000. Additionally, Zolve has an easy-to-use app that can freeze or unfreeze your card in case you misplace or lose it.
Additionally, Zolve is backed by high-profile and trusted investors like TigerGlobal and Lightspeed.
It is simple and free to sign up for Zolve. And an application can take just a few minutes on your computer. Here are the steps:
- Head to the Zolve website
- Click on Get Started button
- Register for the Zolve US account
- Upload the required documents
- Submit your application
You can sign up for Zolve even if you don’t have your visa yet by showing supporting documents. And if you are new to credit or are a young professional, Zolve will assess other factors like your potential future earnings when looking at your application.
You will be provided with the bank account details once you are approved. And while you are still in India, you can load the account and take advantage of cashback offers. But you can only receive your linked card - whether debit or credit- once you have arrived in the States and have notified Zolve of your new residential address. Your Zolve card will not be available for making payments while you are still in India.
Here is what to expect for fees and charges with Zolve,
|Adding money to US account
|ATM withdrawal within network
|ATM withdrawal outside of network
|Receiving international wire transfers
There may be additional fees with your account and usage, so look closely at the terms and conditions when signing up.
There is no minimum balance to maintain with a Zolve account.
You can send money to your Zolve account in the US by either a wire transfer at a bank or with Wise.
If you want to send a wire transfer, you can do so from your local Indian bank in person or through Net banking. You will need to start an international transfer and submit the Zolve bank account number and routing number as a beneficiary to make the transfer.
Bank transfers are the traditional way to send money, but you can often be hit with a high transaction fee on top of a hidden exchange rate fee. And the combination of both can make a transfer expensive. The exchange rate fee is hidden in the exchange rate you get from the bank, where they have a markup to take a cut of every rupee you convert to US dollars.
One way to save money on international transfers is to use Zolve recommended providers like Wise. Wise is free to sign up and only gives you one low transfer fee when sending money anywhere in the world- including from India. And you’ll never have a mark-up or exchange rate fee on the exchange rate. Wise uses the mid market exchange rate you'd usually see on Google.
If you are new to Wise, you can sign up for free on the website or app and then follow these steps to send money to your US Zolve account:
- Log into your Wise account
- Select how much you want to send and check the amount in US dollars
- Check the transfer fee, exchange rate, and delivery date
- Enter in the accounts details for where the funds are to be delivered
- Confirm the details
- Pay for the transaction
- Submit the transfer
|Wise Web/Android/ iOS app is an easy, fast and cheap way to send money around the world
You’ll be updated on the status of your transfer and when it has been deposited. If you are already set up on Zolve, check out their handy guide on how to add money to your Zolve account using Wise.
Zolve offers a credit card that can be used in the US with no annual fee. You can apply online through the Zolve websiteand the card will be delivered to you once you are in the US.
The Zolve credit card, once you are approved, has a 0% APR for the first 15 months, and then approximately 14.99% after that. There are no foreign transaction fees and it can be used globally. Zolve makes it also easy to pay your credit card bill through the Zolve app and your bank account.
Want an easy way to send, swipe, hold and receive funds around the world? Check out the Wise Multi Currency Account. It is a single card where you can load up to 60 different currencies so you can shop and spend like a local when traveling- even in India.
There are 3 main ways to get help with Zolve if you have any questions:¹
- Email: email@example.com
- WhatsApp: +91-8095319309
- FAQ page: Zolve FAQs
Sources used for this article:
All sources checked as of 16 May, 2022
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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