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In the age of digital banking, traditional barriers to accessing financial services are being dismantled. For individuals and businesses in Pakistan, gaining access to a U.S. bank account can significantly enhance their ability to conduct international transactions, access global markets, and diversify their financial holdings. One innovative solution for opening a U.S. bank account from abroad is through Wise (formerly known as TransferWise), a leading fintech company that offers seamless international banking services. This article provides a comprehensive guide on how to open a U.S. bank account through Wise.

Understanding Wise

Wise is a financial technology company that specializes in international money transfers and multi-currency accounts. It aims to make banking services more accessible and affordable by providing users with local bank details in multiple countries, including the United States. Through Wise, you can receive payments, hold balances, and conduct transactions in different currencies without the need for a physical presence in those countries.

Benefits of Using Wise

  1. Ease of Access: Wise simplifies the process of obtaining U.S. bank details without requiring a U.S. address or visiting a bank branch.
  2. Cost-Effective: Wise offers competitive exchange rates and low fees compared to traditional banks.
  3. Multi-Currency Accounts: Hold and manage multiple currencies in one account, making it easier to handle international transactions.
  4. Fast Transfers: Efficient money transfer services with transparent fees and real-time exchange rates.
  5. User-Friendly Platform: Intuitive and easy-to-use online platform and mobile app.

Steps to Open a U.S. Bank Account through Wise

  1. Sign Up for Wise

The first step is to create a Wise account. You can do this by visiting the Wise website or downloading the Wise mobile app.

  • Provide Personal Information: Enter your email address and create a password. You will also need to provide your full name, date of birth, and phone number.
  • Verify Your Identity: Wise requires identity verification to comply with financial regulations. You will need to upload a copy of your passport or national ID card and a selfie for verification.
  1. Set Up Your Multi-Currency Account

Once your identity is verified, you can set up your multi-currency account. This account allows you to hold and manage multiple currencies, including U.S. dollars.

  • Navigate to Balances: Log in to your Wise account and go to the “Balances” section.
  • Add a Balance: Click on “Add a balance” and select U.S. dollars (USD) from the list of available currencies.
  1. Get U.S. Bank Details

After adding a U.S. dollar balance, you can obtain your U.S. bank details. This includes a U.S. bank account number and routing number, which are essential for receiving payments in USD.

  • Request Bank Details: In the “Balances” section, find your USD balance and click on “Get bank details.” Wise will generate a U.S. bank account number and routing number for you.
  • Use Your Bank Details: You can now use these details to receive payments from U.S. businesses, clients, or individuals. This is particularly useful for freelancers, remote workers, and international businesses.
  1. Manage Your Account

With your U.S. bank details set up, you can manage your account through the Wise platform.

  • Receive Payments: Provide your U.S. bank details to clients or businesses to receive payments directly into your Wise account.
  • Send Money: Transfer money to other bank accounts domestically and internationally at competitive rates.
  • Convert Currencies: Convert your USD balance to other currencies within your Wise account at real-time exchange rates.

Security and Compliance

Wise is a reputable and secure financial services provider. It is regulated by financial authorities in multiple jurisdictions, ensuring compliance with international financial regulations. Wise employs robust security measures, including encryption and two-factor authentication, to protect your account and personal information.

Opening a U.S. bank account through Wise offers a convenient and cost-effective solution for individuals and businesses in Pakistan. With its user-friendly platform, competitive rates, and multi-currency capabilities, Wise provides a practical alternative to traditional banking methods. By following the steps outlined in this guide, you can easily set up a U.S. bank account through Wise, enabling you to conduct international transactions with ease and confidence. Whether you are a freelancer, entrepreneur, or simply someone looking to diversify your financial options, Wise offers a seamless pathway to accessing U.S. banking services.

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Apple Agrees to $95 Million Settlement Over Allegations of Eavesdropping Through Siri

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January 3, 2025

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Apple has agreed to pay $95 million to settle a lawsuit accusing the tech giant of secretly listening to users through its virtual assistant, Siri. The settlement, which was reached in a preliminary agreement, comes after claims that Apple eavesdropped on users’ conversations and shared voice recordings with advertisers.

The lawsuit alleges that Siri was activated without users’ consent, even when the wake phrase “Hey, Siri” was not used. The claimants also argue that Apple’s failure to delete these recordings led to them being shared with advertisers, who used the data to target users with personalized ads.

Although Apple has not admitted to any wrongdoing, the company has stated in court filings that it denies the allegations that it recorded or disclosed conversations without consent. Additionally, Apple claims it permanently deleted individual Siri audio recordings collected prior to October 2019.

The lead plaintiff in the case, Fumiko Lopez, alleges that both she and her daughter were recorded without their permission. They claim that after discussing products like Air Jordans, they began seeing targeted ads for those products.

The lawsuit is classified as a class action, meaning it is brought forward by a small group of individuals on behalf of a larger group of affected users. In this case, eligible US-based claimants could receive up to $20 per Siri-enabled device they owned between 2014 and 2019. Lawyers representing the claimants are expected to receive 30% of the settlement fee, amounting to nearly $30 million.

Apple’s decision to settle, despite denying any liability, allows the company to avoid the risks of a lengthy trial that could result in a higher payout. The settlement amount, while substantial, is less than the potential cost of a trial verdict, especially as Apple has continued to see strong financial performance. The company reported $94.9 billion in revenue for the three months ending September 2024.

This settlement adds to a growing list of class action lawsuits Apple has faced in recent years. In January 2024, Apple began paying out in a $500 million lawsuit over allegations of deliberately slowing down older iPhones. Earlier in March, it agreed to pay $490 million in a class action over its App Store practices in the UK. The company is also facing a class action from the consumer group Which?, accusing Apple of overcharging customers for its iCloud service.

The same law firm representing the claimants in the Siri case is also suing Google for similar allegations of eavesdropping through Google devices, with that case ongoing in the same California court.

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Euro Hits Two-Year Low Against US Dollar Amid Economic Concerns

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January 3, 2025

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The euro weakened further against the US dollar, reaching a fresh low not seen in over two years, as concerns grow over the Eurozone’s economic outlook, political instability, and monetary policy divergence between the European Central Bank (ECB) and the Federal Reserve (Fed).

On Thursday, the euro fell 0.9% against the US dollar, reaching 1.02, its lowest level since November 21, 2022. This decline continues the currency’s downward trajectory into the new year, fueled by fears over economic stagnation in the Eurozone and the policy rift between the ECB and the Fed.

The EUR/USD pair has plunged from a high of above 1.12 in September 2024, marking a 9% drop over the past three months. The US dollar has gained strength, aided by a more hawkish Federal Reserve and growing political uncertainty under the presidency of Donald Trump, whose policies have increased market volatility.

Analysts predict that the euro could soon reach parity with the dollar in 2025, a level last seen during the height of the Russian invasion of Ukraine. This outlook is further clouded by escalating geopolitical risks and the economic impact of the war in Ukraine. On Wednesday, Ukraine halted Russian gas transit to Europe after a five-year contract expired, forcing European countries to turn to more expensive heating alternatives during a particularly harsh winter. Natural gas futures surged to a two-year high earlier this week before retreating to $3.66 per million British thermal units (MMBtu).

Adding to the Eurozone’s economic woes, weak manufacturing data has highlighted the region’s ongoing struggles. S&P Global’s December PMI showed continued contraction in both France and Germany’s manufacturing sectors. France recorded its sharpest decline in manufacturing activity since May 2020, while Germany saw its manufacturing output hit a three-month low. France’s central bank has also downgraded its economic growth forecast for 2025, now predicting just 0.9% growth, down from an earlier forecast of 1.2%.

Political instability is also adding to the uncertainty. Both France and Germany are facing internal political challenges, including the collapse of ruling coalitions and the rise of far-right movements. This instability is compounded by the potential impact of Trump’s tariffs on European imports. Although no tariffs have been announced yet, European automakers are particularly vulnerable to possible trade restrictions.

The US dollar has surged recently, propelled by the Fed’s hawkish shift. The dollar index hit a high of 109 on Thursday, the highest level since November 2022. The Fed, after initiating an easing cycle in September with a 50 basis point rate cut, is now signaling a more aggressive stance in response to resilient economic data, including strong jobs growth.

In contrast, the ECB is expected to continue easing its policy in 2025, with analysts forecasting another rate cut next year as the Eurozone grapples with ongoing economic and political challenges. These factors contribute to a bleak outlook for the Eurozone, with the region’s economy under pressure from both internal and external forces.

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ICT Specialists Lead EU Job Market as Most Advertised Profession

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January 3, 2025

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Information and Communication Technology (ICT) specialists are the most sought-after professionals in the European Union, making up 9% of all online job advertisements in 2023, according to new data from Eurostat. The findings shed light on the EU’s labor market trends, highlighting the most in-demand skills and occupations.

ICT Specialists Dominate Job Ads

In 2023, ICT specialists were featured in 871,000 online job advertisements, underscoring the high demand for professionals in this field. Software and applications developers and analysts ranked second with 515,000 ads (5.3%), followed by engineering professionals at 412,000 ads (4.3%).

Other notable professions included manufacturing workers (385,000 ads), physical and engineering science technicians (351,000 ads), and shop salespersons (312,000 ads). Transport and storage laborers, sales and marketing managers, clerical support workers, and financial professionals also featured prominently.

Healthcare and Service Occupations in Demand

The healthcare sector had a strong presence in online job postings, with 96,000 ads for doctors and 115,000 for personal care workers in health services. Combined with other health-related roles, these accounted for 3.5% of total job ads. Service roles, such as cooks and food preparation assistants, also saw significant demand, with nearly 100,000 ads posted.

Heavy truck and bus drivers were another key occupation, appearing in 136,000 ads, while car, van, and motorcycle drivers were sought after in 61,000 postings.

Key Skills Employers Seek

Across all fields, “willingness to learn” emerged as the most frequently requested skill, appearing in 26.2% of job ads. Teamwork skills were also highly valued, with 21.4% of postings highlighting the need for collaboration. Proactivity ranked third at 12.4%, while creative and innovative thinking was less commonly sought, appearing in only 4% of ads.

Understanding Recruitment Challenges with OJAR

Eurostat’s Online Job Advertisement Rate (OJAR) provides insights into recruitment challenges, taking into account both job ads and the number of employees in each sector. Sales, marketing, and development managers had the highest OJAR at 26.6%, followed by manufacturing workers (22.4%) and other sales workers (17.6%).

Public sector roles like healthcare workers and teachers were less represented online, likely due to traditional recruitment methods outside digital platforms.

Caution on Job Ad Data

Eurostat cautions that job advertisements are not direct indicators of vacancies. Some ads may represent multiple positions or exploratory postings by employers. Moreover, certain roles, particularly in the public sector, may not be widely advertised online.

The data offers valuable insights for job seekers and policymakers, pointing to the growing demand for ICT specialists and the evolving skillsets required in the EU’s labor market.

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