The process of opening a US bank account as a non-resident may appear daunting at first, but in truth, it is an easily attainable objective for people and entrepreneurs around the globe.
Whether it is starting a new business in the US, dealing with cross-border transactions, or simply wanting to expand your investment portfolio, having access to an American bank account is extremely beneficial.
In this exhaustive guide, we will detail the benefits of having a US bank account, the different account types, the detailed procedure for opening one, and the best banks for offshore applicants both with and without coming to the US.
Contemplating the convenience of traveling to the US or not, we will explain why non-residents should seek out US banking systems.
Why Open a US Bank Account as A Non-US Resident?
Access to a US bank account can give foreign nationals the much needed edge of navigating one of the most sophisticated and stable economies in the world. Following are some of the reasons that validate this strategic decision:
💼 1. Operate a U.S. Business Smoothly
If you currently own or are looking to own a Corporation or LLC active in the US, access to a business checking account is an indispensable component. It enables you to receive payments from customers, disburse payments to suppliers, keep track of income, and ensure compliance with IRS and state level taxation authorities.
🌏 2. International Payments
Certain clients and platforms from the U.S. require to get paid through local bank accounts. It becomes impossible to have affiliations with major payment platforms like PayPal, Stripe, Amazon, and others without a U.S. bank account. If you do not have it, you suffer from high costs, payment delays, and other issues.
💲 3. Management of Funds in USD
Having a U.S. based bank account allows you to hold funds in one of the most stable currencies internationally, the USD. This can come in handy in preserving wealth located in volatile local currencies, especially in those regions fighting inflation or undergoing economic shocks.
🏦 4. Establishing a U.S. Credit History (in certain situations)
In certain scenarios, having or planning to get an ITIN (Individual Taxpayer Identification Number) means qualifying for U.S. credit products such as business credit cards which aids in acquiring credit history and credit building funding opportunities.
🛒 5. Spending and Payment localised
Now that you have a U.S. bank account, you can use it to access U.S.-based e-commerce platforms, domestic SaaS tools, and associated with domestic payments with ease and without having to worry about having to convert currency. Digital entrepreneurs and remote freelancers can benefit greatly from this.
Types of U.S. Bank Accounts Available to Non-Residents
Generally, U.S. financial institutions offer two account types accessible to non-residents, each serving a different purpose:
🏢 1. Business Bank Account
This account is designed for foreign owners of overseas LLCs and Corporations to make use of.
Ideal for:
- Foreign Entrepreneurs running a U.S. LLC or Corporation
- eCommerce Store Owners, like Shopify and Amazon FBA
- Freelancers, agencies servicing U.S. clients
Key Features:
- Send and receive wire transfers and ACH payments.
- Integrate with Stripe, PayPal, and QuickBooks.
- In some cases issue debit and credit cards.
- Issue employee or partner access.
👤 2. Personal Bank Account
Harder to get for non-residents, some exceptions include students, property owners, or even frequent travelers to the U.S.
Ideal for:
- Foreigners intending to move or study in the U.S.
- Individuals having family, real estate, or other financial interests within the US.
- Individuals looking to add more personal investment assets.
Start Features:
- Internet banking as well as a mobile banking application.
- Purchases using a debit card in person or through the internet.
- Payment of bills and domestic money transfer.
- In some cases, checkbooks and direct deposit arrangement.
What Documents Are Needed to Open a U.S. Bank Account?
Each bank and type of account has its own documentation policies, but one may need to provide the following general requirements:
For Business Bank Accounts (LLCs, Corporations):
- Complete Business Documentation: Equals Articles of Organization (LLC) or Incorporation (Corp).
- EIN: Employer’s Identification Number issued from the Internal Revenue Service (IRS) for tax purposes.
- Operating Agreement: Shows internal business structure.
- Address: A US address is often a business requirement which may be met through a virtual office.
- Passport: A valid government-issued passport in international format.
- ITIN or SSN: Usually, this is optional for remote fintech banks and is more so required by traditional banks.
- Website: A business webpage or evidence showing business activity is helpful but not required by all banks.
For Personal Bank Accounts:
- Passport: A valid unexpired passport is mandatory.
- Secondary ID: Another form serves as a National ID, Driving License, Visa.
- Proof of Residential Address: Lease agreement, utility bill, or letter from school or employer.
- ITIN: Usually required and has the same purpose as a non-resident’s tax number.
- Reason for U.S. Banking: There could be some inquiry from certain banks regarding your association with the U.S.
Note: Requirements are less rigid for fintech companies like Mercury or Wise, though traditional banks may apply stricter criteria.
Possibility for Non-Residents to Open a U.S. Bank Account Online.
Opening a U.S. bank account is possible with remote access, but this is subject to the type of institution. Below are your two primary options:
✅ 1. Traditional U.S. Banks (In Person)
Most branches of Chase, Bank of America, Wells Fargo, and Citibank require you to visit a physical branch.
Pros:
- Access to a full suite of services (loans, mortgages, credit cards)
- Physical branch network
- More account types available
Cons:
- Requires travel to the U.S.
- Additional documentation required
- Longer approval times
✅ 2. Online/Fintech Banks (Remote Setup)
Mercury, Wise, Payoneer, and Relay are examples of digital-first companies that allow you to set up an account without the need to visit the U.S. in person.
Pros:
- Application is available 100% online
- Set up can be done in days
- Targeted at international freelancers and business owners
- Often no travel or ITIN required
Cons:
- Limited access to physical banking
- May not provide personal accounts (focus on business)
- Best U.S. Banks and Fintech Options for Non-Residents
Mercury
- Designed for startups and technical businesses
- Stripe, PayPal and QuickBooks integration
- No monthly or minimum balance fee, or necessity for US presence
- International founders with US LLC/C and US Corp welcomed
Wise Business
- Multi-currency accounts with local bank details (incl. US)
- Send and receive payments globally at low FX rates
- Great choice for freelancers, agencies, and digital nomads
Payoneer
- Global payment processor offering USD receiving accounts
- Compatible with platforms like Amazon, Upwork, eBay
- Easy remote sign up from 150+ countries
Relay
- Online banking for small businesses
- Provides team-based access with defined roles and permissions
- Integration with accounting software
- Requires US business entity and EIN
Chase, Bank of America, Wells Fargo
- Best for travelers to the US
- Full range of banking services in addition to business credit
- Bank branch visit for application required
- Usually need ITIN and US address
Step-by-Step Guide: Open a U.S. Business Bank Account as a Non-Resident
We have tailored a structured procedure for starting a U.S. business account and maintaining it from overseas:
🔹 Step 1: Form Your U.S. Company
Select a state with favorable business conditions such as Wyoming, Delaware or Florida and register an LLC or Corporation. This can be done from anywhere through service providers such as Bizstartz.
🔹 Step 2: Apply for EIN
Submit an application for an EIN (Employer Identification Number) to the IRS. This number will be needed for federal tax identification as well as banking.
🔹 Step 3: Collect Relevant Documentation
Assemble all relevant business formation document to include a passport and other verification agreements or plans if available.
🔹 Step 4: Select a Fintech Platform or Bank
Open an account with Mercury, Wise or Relay if you are opening remotely. If traveling, make bank appointments ahead of time.
🔹 Step 5: Complete Application
Fill the set application procedures online or physically as dictated by the bank, identity verification is a prerequisite for document uploads.
🔹 Step 6: Approval and Account Funding
Your account is by default set to review approval, when supplied your will receive routing/account numbers and frequently a debit card via post.
Common Challenges Non-Residents Face (and How to Solve Them)
❗ No U.S. Address
For compliance reasons, many banks require a U.S. address. Solution: use your Registered Agent address or a virtual office.
❗ ITIN Requirements
Some banks need a business tax ID to meet other compliance obligations. An ITIN can be obtained after incorporating the business and submitting a W-7 form to the IRS.
❗ Unwritten Policies
A bank sets policies that may differ from those of other banks, e.g., one may require a U.S. phone number while another does not. Tip: Consult a non-resident service provider who knows which banks are more lenient towards non-residents.
❗ Dealing with Documentation
Some applications may be denied for lacking a defined business scope, proper documentation entails. To avoid this, ensure your entire set of documents is neat, polished, and accurate.
Pro Tips for a Successful Application
Form your LLC in a banking friendly like Wyoming or Delaware. State.
Get your EIN straight from the IRS to prevent hold-ups.
Ensure that you have a business email and a professional website for your company.
Select fintech banks known to have favorable policies for international founders.
Engage Bizstartz or other professionals to avoid common mistakes and streamline the process.
How Bizstartz Can Help Non-Residents
We specialize in creating seamless experiences for non-U.S. residents. Bizstartz takes care of:
- LLC Formation in a business-friendly state.
- EIN for tax and banking purposes.
- ITIN Consulting if applicable.
- Remote-friendly fintech partners for Bank Account Setup.
- Registered Agent and U.S. Address.
- Ongoing Support for bookkeeping, tax, and compliance issues.
Contact us if you are considering establishing or expanding your business within the United States. We guide you every step of the way.
Final Thoughts
It’s now easier than ever for non-U.S. residents to open a U.S. bank account. Modern fintech solutions make the process simple. Entrepreneurs, freelancers, and investors can leverage the U.S. financial system and enjoy its many advantages to their business or personal finances.
Through meticulous planning, appropriate paperwork, and professional guidance, you will be able to open a U.S. bank account from outside the country.
Do You Need Assistance Setting Up a USA Business and Business Bank Account?
At Bizstartz, we assist LLC formation for non-U.S. residents and also handle obtaining EIN, ITIN, and U.S. bank accounts remotely. Reach out to us today and embark on your venture in the United States hassle-free.
