Aeldra offers unique 'Zero Fee' bank account to U.S.-bound Indian students

Mumbai (Maharashtra) [India], July 5 (ANI/NewsVoir): To cater to Indian students gearing up for admissions in the U.S., Aeldra Financial Inc., a Silicon-valley based pioneering 'digital neo bank', is offering a unique U.S. bank account with a Mastercard Global Debit Card that can be opened and operated from India, even before students get an F-1 visa.
Students can fund the account and receive the debit card so that they have a functional U.S. bank account before they leave for the U.S. The no-fee account has enabled thousands of customers to save up to $500 in miscellaneous bank fees, foreign transaction fees and foreign exchange mark-ups, and forego carrying cash. In addition, the account pays up to 50X interest rates compared to other banks in the U.S.
To open an Aeldra bank account, students do not need to furnish a U.S. Social Security Number, U.S. address proof or even a U.S. visa. All they need is a valid Indian passport and they can digitally open an account within 10 minutes, following a simplified application and automated KYC-check process. They can immediately begin using the account through mobile banking and make purchases through their virtual debit cards, without waiting for the contactless physical debit card to arrive.
The account is tailored for Indian students, professionals and investors and includes 24X7 customer service provided by 'concierges' who understand the needs of Indian customers.
"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 avail all benefits of a global challenger bank. They include:
* 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
Founded in 2019, Aeldra Financial Inc is a pioneering Silicon-valley based 'digital neo bank' that is democratizing global banking. The world's first truly global consumer banking platform offers borderless banking for everyone who needs it across geographies. In India, Aeldra is based out of Bengaluru.
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.
They are also distinguished alumni of the University of Chicago Booth, Indian Institute of Management 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 is set to expand its product offerings to include investment, credit card, insurance, and personal finance management for affluent and mass affluent customers globally.
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