For non-residents conducting business in the US, a US bank account offers several advantages. It simplifies payment processing and helps avoid costly foreign exchange fees. Additionally, some retail websites mandate a US business bank account for transactions.
Many foreign founders hit road blocks when trying to open a US bank account for their LLC – from obtaining the required EIN to rejections from US banks. Here we explain your banking options and how to open a US business bank account.
Table of contents
Can a foreigner open a US bank account?
Yes, you don’t have to be a US citizen or resident to open a US bank account for your US business. You don’t even have to travel to America to do it. However, not all US banks allow remote account opening. In fact, traditional banks like Bank of America or Wells Fargo typically require an in-person visit.
So, you need to know which banks work with foreign founders. Typically, these are fintech platforms like Mercury, Relay, Wise Business, and a handful of other banking options.
To open an account it’s important to present the right paperwork. This includes your US company formation documentation and EIN number.
Note, that you cannot open a personal bank account this way, only a business bank account. So you need to set up your US LLC or C Corporation first.
Why do non-resident LLC owners need a US business bank account?
A US bank account enables payments in USD and internationally. You can connect it to Stripe, Amazon, and other payment platforms. It also improves credibility with clients and suppliers.
Having a US bank account can also facilitate tax reporting and compliance.
Don’t use your business account for personal transactions or vice versa. Keeping your business finances separate from your personal finances is important, not only for easier financial reporting but also to maintain the liability protection of your LLC.
Which banks open accounts for foreigners remotely?
Traditional brick-and-mortar American banks do not offer remote openings for foreign-owned US companies. However, some virtual neo-banks offer the opening of an account for foreigners without visiting the US. Popular options include Relay and Mercury, but there are many more.
These virtual banks are not real banks but rather fin-tech companies that use the banking infrastructure of US banks. They create and manage the customer support, banking platform, and card issuing.
Fintech & online banking alternatives
The most well-known online banks for foreign entrepreneurs include Relay, Mercury, and Wise Business, but there are more. We compare those in our guide to the top banks for international entrepreneurs.
Those banks are typically international-friendly and offer remote onboarding. Some offer multi-currency accounts and integrations with standard bookkeeping software.
But some have limited banking features or may not allow certain business models. And sometimes they freeze an account or close it down entirely with little warning and no real explanation.
Traditional vs fintech banks for non-residents
| Feature / Criteria | Traditional US Banks | Fintech / Virtual Banks (e.g., Mercury, Relay) |
| Remote account opening |  Usually not available for foreign-owned LLCs; physical visit often required |  Can open accounts remotely without visiting the US |
| Bank type | Real, chartered banks regulated by US banking authorities | Not “real” banks; but fintechs use underlying US bank infrastructure, US regulations apply |
| Customer support & platform | Limited online management for non-residents; in-person support required | Full customer support, online platform, and card management provided by fintech |
| Card issuing & transactions | Standard debit/credit cards; may require in-person setup | Card issuance and payment processing handled digitally by fintech; typically include business debit cards and wire transfers |
| Eligibility for foreign-owned LLCs | Often restrictive; foreign owners may be denied | Serving foreign-owned LLCs and non-resident entrepreneurs |
| Integration & features | Limited integrations; may not support modern SaaS/payment tools | Modern integrations (Stripe, QuickBooks, Wise) and easy payment flows; meets most banking needs of foreign-owned US companies |
| Regulation & safety | Fully regulated by FDIC and federal/state authorities | Accounts held with partner banks; FDIC insurance applies; fintech handles interface, compliance, and platform |
Virtual banks offer most of the same features and benefits that real banks offer, including wire transfers, business debit cards, and FDIC insurance. They will meet the banking needs of most foreign-owned US companies.
What to consider when choosing a bank
Name recognition is only a small part when choosing a bank for your US LLC. Other factors include:
- Fees, e.g. maintenance, wire transfer
- Integration with Stripe and other payment processors
- Restrictions for certain countries or types of business
- Integration with bookkeeping
- Multii-currency support
- Payment cards
Opening a bank account in the US in person
If you travel to the US, you can open an account in one of the traditional brick-and-mortar banks in person. You might need a visa to travel to the US – owning a US business entity like an LLC does not have any effect on immigration and travel requirements.
You might need to inquire with a few different banks as not all will open an account for a foreign-owned US company. Sometimes, even different branches of the same bank have different policies.
So the best way would be to call a few banks in the city you are visiting. Inquire over the phone whether they will open an account for a foreign-owned US company and what their specific requirements are. Again, different banks may ask for different documents.
Can anyone open a US business bank account?
Typically, a US LLC can open a US business bank account. However, when the LLC owner is a citizen or resident of certain, it can be difficult to open a US account.
Banks have a list of restricted countries that they don’t do business with. The country lists may vary between banks but usually include active war zones and other perceived high-risk countries.
But even when the popular banking options are not available to you, you may still be able to open an account with alternative providers. Those are not “real” US banks, but still provide US-type account details, so you can use them like a US bank account, connect with Stripe, etc. Our team has experience with these situations and can guide you through your options.
Even if you are from a sanctioned country, having legal residence outside of that country can sometimes make it easier to open a US business bank account.
However, banks have their own compliance rules, so it’s always a good idea to check with the bank in advance to understand any restrictions or documentation they may require.
Step-by-step process to open a US business bank account
Before you can open a US business bank account, you need a US business entity. Here are the steps:
1) Prepare LLC formation documents
First, you need to form your US company by submitting the Operating Agreement and other documentation to the state of your choice (we can help you select the best state). The state will issue the Articles of Organization/Incorporation.
2) Obtain EIN
The EIN (Employer Identification Number) is the tax ID for your new company. Once the company is registered, you can request your EIN from the IRS – no US address or SSN needed.
3) Collect ID and supporting documents
Prepare digital copies of the passports of all owners and documents to verify the physical address of the owners.
4) Submit online application with bank or fintech
The application will ask to explain the business type and scope. Make sure that your answer matches the business activities. Certain business activities, e.g. gambling, are prohibited by many banks. – If your transactions later don’t match the business descriptions, it will raise a red flag and may result in account closure.
5) Fund account and verify
Once the account is approved, you have to fund it. The initial funding amount varies between banks and can range from $30 to over $1,000.
6) Maintain compliance and account activity
Overlooking compliance can lead to account freezes and even closures. Use your business bank account according to your business description and within the regulations.
Requirements for opening a US business bank account
No matter whether opening a business bank account remotely or in person, there are specific requirements. Most banks will request the following:
1) Articles of Organization/Incorporation
The proof of registration of your US entity that is issued by the state where you incorporated.
2) EIN letter
The Employer Identification Number (EIN), which is the company’s federal tax ID. The Internal Revenue Service (IRS) issues this EIN and sends you letter 147C or CP 575.
3) Operating Agreement
An agreement among the company’s members on the rights of ownership and how the company will be managed. This document is created when setting up the business entity.
4) A real US business address
Most banks accept a registered agent address as a business address. The address must be listed on the Articles of Organization and the EIN letter.
However, they require a real physical address for the business owner, which can be a foreign address. They may ask for a utility bill, lease agreement, or bank statement. Phone or internet bills usually won’t be accepted.
5) Passports of all the owners and signers on the account
As mentioned, banks won’t accept passports of certain countries. Be sure to check whether your country is on the list of restricted countries.
How to avoid bank account freezes and closure?
Banks typically don’t communicate or explain exactly why they freeze or close an account, so founders are left guessing what might have triggered it.
One important factor that banks look at is that your transactions match the nature of the business. So if you described your business as coaching, but have ecommerce transactions, that could raise a red flag.
Many banks list industries or business types that are not supported. This typically includes gambling and adult entertainment.
And there are other seemingly innocent things international founders may do when transferring money, that could trigger the feared account freeze or closure. We guide our clients through the do’s and don’ts to avoid known issues.
If your business depends on the bank account – and most do – it’s best to have a fallback option, so you can pivot quickly if needed.
When opening a US business bank account, it’s important to know about anti-money laundering (AML) laws. Those laws require banks to monitor transactions and verify the source of funds to prevent illicit activities. This means that banks may ask you to explain the origin of your funds. Therefore, you should keep accurate documentation for your business and maintain transparent records of all transactions.
Attempting to hide ownership, misrepresent your business purpose, or use accounts for unusual or unexplained transfers can lead to account closure, reporting to regulators, or even legal consequences. Being proactive and transparent helps ensure smooth banking relationships and compliance with US regulations.
Integration with Stripe and other payment processors
Fintech banks like Relay, Mercury, Wise Business, etc provide checking accounts with US bank routing and account numbers. You need those to connect to payment processors such as Stripe, PayPal, and Shopify Payments.
You typically need the banking credentials and your EIN to verify Stripe and other accounts. Make sure your legal business name and EIN on the bank account exactly match your Stripe or Amazon profile to avoid payout holds.
Global entrepreneur banking examples
Our team has helped clients from all over the world – including an Ethiopian entrepreneur providing services to UK clients, consultants based in Malta, and many more.
Here are common scenarios where we assist with US LLC formation and banking setup, and often also tax filings and bookkeeping:
Argentinian marketer (Wise Business account)
An Argentinian digital marketer serving US clients formed a US LLC to invoice in dollars and now receives payments seamlessly through a Wise Business account, avoiding conversion losses and complex foreign transfers.
German consultant in Thailand (Relay + Bookkeeping)
A German consultant currently living in Thailand registered a US LLC and invoices international clients through her Relay business account, while our bookkeeping service helps reconcile transactions and ensure full compliance for her annual US tax reporting (Form 5472).
Spanish E-commerce seller (Amazon + Relay)
A Spain-based e-commerce entrepreneur selling on Amazon Europe uses a Relay bank account linked to her US LLC to manage multi-currency revenues and simplify global payouts.
Serbian software developer (Relay)
A software developer from Serbia registered a US LLC to invoice international clients and now receives recurring payments directly into a Relay business account, improving credibility and access to US payment platforms.
Moldovan digital marketer (Mercury)
A digital marketing entrepreneur from Moldova, currently based in Spain, formed a US LLC and opened a Mercury business account to invoice global clients in USD and manage international payments with ease.
Common pitfalls when opening a US bank account and how to avoid them
Many foreign founders struggle with opening a US bank account.
“Got my EIN in like 7 days. But, the bank account creation is literally another story.” Reddit
Reddit is also full of stories of banks suddenly freezing or closing accounts without further explanation. Many users then randomly try one bank after another.
Here are some common issues:
- Submitting incorrect or incomplete documentation
- Not describing your business well
- Being unaware of restrictions regarding locations or business types
- Having transactions that trigger audit flags
Trying to do it yourself or relying on generic guidance can lead to delays and frustrations.
Our team has worked with many international business owners who first struggled with opening or maintaining their US bank accounts. Our hands-on experience is invaluable for a smooth process.
Our company formation bundle includes bank account support
Getting a US bank account to use payment processors is often a key reason for foreign founders to open a US LLC. Therefore, we include all in our company formation package: LLC registration, EIN, support for bank account setup, and more.
Our experienced team has worked with hundreds of international entrepreneurs around the globe to register their LLC and guide them through the bank account opening process.
We can’t open the bank account for you – only the LLC owner can – but we help you decide which bank would be the best fit to maximise your chances of approval. (Please note that the final approval is done by the bank, not by us.)
We also provide guidance to our clients on best practices to maintain the account in good standing. So they can avoid the things that trigger holds, freezes, or closures.
Once your LLC is up and running, the transactions are flowing in and out, and the business is growing, we’re still there to help you with the annual LLC renewal, tax filings, and even bookkeeping (see our bundles). Our inhouse teams ensure seamless integration, so you don’t have to shuffle paperwork and explanations from one provider to another. We get you started and keep you compliant.
FAQ
Can I open a US bank account remotely without visiting?
Yes, you can open a US bank account remotely with some fintech banks. Traditional banks, however, typically require that you visit on of their branches in person.
What documents do I need as a non-resident?
To open a business bank account for your US LLC or C Corporation, you’ll need the business formation documents, EIN letter, US business address, and passport copies of all owners.
Are there alternatives if banks reject my application?
Yes, different banks have different approval policies, so you can always try with another bank. Besides the well-known fintech banks, there are more options available.
Can I use a fintech account for business operations?
Yes, you can use a fintech bank account just like a regular bank account for business operations. But keep in mind that not all fintechs offer debit cards or full banking features.
Can a US LLC have a foreign bank account?
Yes, a US LLC can open foreign bank accounts, but it must comply with IRS reporting rules like FBAR (FinCEN Form 114) and FATCA. Maintain accurate records of all foreign transactions and report foreign accounts annually if aggregate balances exceed $10,000.
The easiest way to open a US bank account as non-resident
Depending on your business type, location, and nationality, it can be fairly straightforward to get a US bank account, if you fill out the paperwork correctly.
But for many foreign founders, US banking is a major stumbling block. Using a full-service provider – one that includes bank account support in the business registration service – can make the whole process much easier.
To be clear, no service provider can open a bank account for you – but a good one (like us) can guide you through the process, advise on the best bank for your situation, and even give advice on how to keep the account open in the long run. Review the details of what incorporation providers include in their company formation packages.
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