Opening a US bank account is one of the biggest hurdles for international founders. However, with the rise of fintech, it has become easier than ever. In this guide, we will walk you through the entire process, from forming your company to making your first deposit.

Why do you need a US Bank Account?

If you have a US LLC, you need a US bank account to separate your personal and business finances. This is crucial for maintaining the "corporate veil" and liability protection. Without a separate account, you risk being personally liable for business debts. Additionally, a US bank account allows you to accept payments from US customers in USD without currency conversion fees, and it builds credibility with clients and partners.

Top Options for Non-Residents

Traditional banks like Chase or Bank of America often require you to visit a branch in person. For non-residents, digital banks (fintechs) are the best solution.

  • Mercury: A popular choice for startups. No minimum deposit, no monthly fees, and great API integrations. They are known for their ease of use and startup-friendly features.
  • Brex: Excellent for funded startups, offering credit cards and expense management. Brex is more than just a bank account; it's a financial operating system.
  • Wise (formerly TransferWise): Great for multi-currency accounts and international transfers. If you deal with multiple currencies, Wise is indispensable.
  • Relay: Ideal for those who need multiple checking accounts and physical/virtual debit cards to manage cash flow.

Requirements

To open an account, you typically need the following documents. Ensure you have them ready in digital format (PDF/JPG).

  • Articles of Organization (LLC) or Incorporation (C-Corp): This proves your business exists.
  • EIN (Employer Identification Number): This is your company's tax ID. You cannot open a business bank account without it.
  • Passport of the founder(s): Valid government-issued ID.
  • US Address: A physical address is required. Virtual mailboxes are usually accepted by fintechs, but check their specific requirements.
  • Website/Social Media: Some banks want to see an online presence to verify your business activity.

The Process

1. Form your LLC: Use a service like Startifyz to register your company.
2. Get your EIN: Apply with the IRS (we can handle this for you).
3. Apply Online: Go to the bank's website and fill out the application. Upload your documents.
4. Wait for Approval: This can take anywhere from a few hours to a few days.
5. Fund Your Account: Transfer money from your personal account or use a service like Wise.