Banking in INDIA vs USA! Scams to Avoid! Ft. Zolve! - YouTube

So hello friends. Today we are going to face the truth!

Because whenever you move to a new country,

not just the landscape changes

but also your experiences

with the new system in terms of education,

banking, healthcare, everything changes.

You sometimes assume that like it used to happen in India,

it will be the same here.

But the reality is completely different.

So is the system related to banking.

I have been living in the US from the last 5 years or more.

I have experienced so many frauds in banking.

So in this video, I will try my best to share in depth differences

between Indian banking system and American banking system.

So that the scams that are happening nowadays

with my classmates, with Indian students,

doesn't happen with you.

And also there will be a giveaway winner announcement

that I promised about iPhone 13

Stay tuned for that as well.

Number one difference in terms of bank accounts.

If you look at India, majority of people

have a personal savings account. e.g. State Bank of India.

And one FD.

in which they get an interest rate of upto 5-7%

If you create a SBI FD today, you will get 5% interest rate.

If you have 1 lakh INR FD, at the end of the year

you will have One lakh five thousand Rupees.

If you do it on savings, it will be 3-4% annual interest.

But if you use a Checking Account in the US,

Because most of the people in the US have a Checking Account

through which they can do faster transactions.

And if you create a savings account in the US,

you will get interest rate of maximum 0.1 or 0.2%

You won't get more than that.

I have seen many banks give you 0.01 which is barely nothing.

Due to this reason people create High Yield Savings Accounts.

That yields you 1-2%.

That is still far behind India.

The reason is, the inflation in the US is slow.

And in India, the inflation is very high.

Because if a chips packet costs 10 Rupees now,

At the end of the year, due to inflation, it will increase by 5%.

So it's much more.

The national rated inflation in the US is 2%.

If you buy a packet of chips in the US today

at a price of 10 dollars,

then, at the end of the year you can expect it to be 2 percent higher.

And if you are new to US or coming to US,

thanks to partners like Zolve

you can apply for credit card or US account while sitting at home in India.

And you can get started with your US credit card

or your US account as soon as you land.

You apply sitting at home

and your credit card and US account will be ready, the moment you land.

And the best part about Zolve US account is that they don't have a requirement

of minimum account balance.

Many banks charge huge amount of fees. But Zolve doesn't do that.

Now, difference number 2 - Banking fees charges.

You may not be used to this in India because UPI payment is so popular

that even US wants to copy India in terms of UPI

so that the high fee that the bank charges

because when you transfer money from one bank to another bank,

there's a fees called ACH fees

it's like you are transferring money from Bank of Baroda to SBI.

These two banks are not in US

Just as an example... You have to pay 1-3% fees.

But in India, it's not like that. You use UPI, you don't have to pay a fee!!

So that's a difference.

There's another catch.

Whenever you transfer money from one bank to another,

through money order or be it direct transfer,

the money takes 1-3 days to be visible on you mobile app

or visible to you that it has actually come.

I mean you may see it but it will be written on the bottom: processing.

So due to that processing, you might be scammed.

For example, my friend got a money order of 1700 dollars yesterday,

and that guy says... (he was selling something on marketplace)

He says that

I was supposed to give you 300$ but I am giving you 1700$

My friend sold something for 300$ but he already sent 1700$

So he asks my friend to send him 1400 back because he sent it by mistake.

So that guy thinks that his bank account got immediately funded with 1700

But

under that it was written processing.

Because it takes time for a money order to get verified.

Or sometimes it may take time for the amount to get verified.

So in that hurry, he gave him 1400 back.

1700 was funded, he sent 1400 back. And so he thought he got 300.

But the reality was that the 1700 dollars vanished after 3 days

and he lost 1400 dollars immediately.

That's how people cam scam you on FB Marketplace etc.

So be very very careful.

And all these fees - ACS fee, ATM fee, you don't need to worry about all these

with US account from Zolve.

Because Zolve's US account has zero minimum balance requirement

zero ACH fee

and you can withdraw money from Moneypass's ATM

as many times you wish with zero fees as well.

Now, next difference is: Credit Card.

I currently use 5 credit cards in the US.

When I was in India, neither my Nani nor any of my relatives did have one.

The reason is that UPI payments in India are very awesome!

You can transfer via UPI with anyone within seconds.

And this difference is just because, it's very important to have a credit card in the US.

Because, like, down the line after 3-4 years when you

would want to buy a car or an apartment with your credit score

which can be made up from your credit card

because you can prove that you are a good borrower.

If you have paid your credit card bill every month on time,

you have borrowed money, paid money, you are a good borrower.

And thanks to my favourite credit card Zolve.

You don't need to worry about loan payment or even credit card bill payment.

Because they have offers right now.

You get zero percent APR for first six months.

It doesn't have an application fee.

You get so many cashbacks

upto 10 percent. 5 percent, I have told you many times.

I keep shopping from Amazon, Patel Brothers. So it is amazing!

And all the remaining four credit cards that I use

they have travel benefits. I have shared in many vlogs

Many times you get a business class flight.

And that's only possible because of great credit cards.

In India, due to lack of credit cards,

if you want to go to Delhi from New York by emirates

that flight is 10,000 dollars.

But when do do big transactions for 4-5 years,

you will easily gather upto 100k points.

You can travel first class with these credit cards as well.

Because you will have so many points and you can save them for luxury flights.

And you might know, there's a score called CIBIL score in India

when you give them your PAN card for credit check while applying for loan,

then it is used.

Similarly in US it is FICO score.

If it is more than 600, that is okay.

If it is more than 700, it is extraordinary.

Mine is more than 700.

So that's why I keep applying for 3-4 credit cards.

And with Zolve, students can get credit limit upto 5k dollars.

And working professionals can get upto 10k dollars.

Phenomenal.

Now let's compare cashbacks.

You may have seen, whenever you do UPI payments,

whether it be GooglePay, PhonePe or Paytm,

you get cashbacks.

But those are very restricted.

Sometimes it's like you will get 250 Rupees only in this shop.

But the cashback you get with credit cards, that comes straight to your bank account.

5% cashback on Patelbrothers with Zolve.

5% Walmart.

This is more better I feel.

Because if you use travel credit card,

you can even get business class for free.

Which may even cost you upto 10 lakhs, for example Emirates.

And now, last difference about currency rates

When you come from India to the US, you have two currencies in mind.

Like, this stuff is so costly in India as compared to the US.

But to solve this problem- Because when your expenses increase,

you will need to ask for money from India frequently

And the fee for wire transfer is quite a bit.

I remember when I came, suddenly 50 dollars went out of my bank one day.

I was like, "How did this happen?" Then I realised that I'd borrowed money from home.

So 50 dollars was the fee for receiving that. Now the fees is $16 though.

But Zolve offers minimum transfer fee

whenever you need to transfer from India to US or US to India.

You can do with the Zolve account.

So that's pretty much the fastest

and the rate is quite low.

So that's why I recommend Zolve to all.

Now let's talk to our giveaway winner.

And overall I must say that I use both Zolve's US account

and credit card and it feels nice to have the opportunity to do a partnership.

And if you have arrived in the US in Fall 2021 or arriving in Spring 2022,

you can definitely use my referral code you will surely get $50 upon activation.

So definitely try it out and the link will be in the description below.

Thank you so much for watching.