A US business bank account is an essential tool for any non-US resident looking to operate or expand their business in the United States.  

This account enables seamless financial operations across borders and opens up access to the largest consumer market in the world.  

Non-US residents may require a US bank account for several reasons: 

• Global Business Operations: Managing transactions in USD becomes more efficient, especially if your business deals with US clients, suppliers, or employees. 

  A US bank account facilitates easy transfers, payments, and receipt of funds without high international transfer fees or currency conversion issues. 

• Receiving Payments from US Clients: US-based customers and partners often prefer paying through local bank accounts or US-based payment gateways like PayPal, Stripe, and Square. 

  Having a US business bank account ensures smoother payment processing and quicker access to funds, which boosts cash flow. 

• Tax Optimization: For businesses aiming to optimize their tax strategies, maintaining a US bank account can help streamline financial reporting and potentially reduce the tax burden related to cross-border transactions. 

• Building US Credit History: If you’re planning to expand your business in the US or seeking credit facilities, a US bank account can help establish a US credit history, which is essential for securing loans, credit cards, and investment opportunities. 

In short, a US bank account provides non-resident business owners the financial infrastructure needed to operate efficiently in the US market, improve business credibility, and manage international transactions with ease. 

Digital Bank Account Setup: Setting up a US business bank account has traditionally required in-person visits to a US bank branch.  

However, for foreign business owners who may not have the time or resources to travel to the US, digital bank account setup is a convenient alternative. 

A digital setup allows non-US resident business owners to open a US business bank account remotely, without the need to be physically present in the country.  

Here’s how the process differs from the traditional in-person approach: 

• No Physical Presence Required: Unlike conventional setups where you must visit a US bank, a virtual bank account setup can be done entirely online. 

  We assist in managing the entire process, including submitting necessary documentation, completing KYC (Know Your Customer) requirements, and working with banks that support remote onboarding for non-residents. 

• Efficient and Time-Saving: A virtual setup is much faster and more convenient than arranging travel to the US. 

  By leveraging our expertise, business owners can have their accounts opened and ready for use within weeks, instead of waiting months or coordinating travel schedules. 

• Digital Verification and KYC Compliance: US banks require certain information to verify the identity of account holders, including passports, proof of address, and incorporation documents if you’re opening an account for a business. 

  Through virtual processes, this verification is completed digitally. We guide clients through this process, ensuring compliance with US banking regulations while avoiding delays. 

• Access to Online Banking Tools: Once set up, the business owner can access all banking services remotely, including international wire transfers, ACH payments, and integration with US payment processors. 

  This remote access allows foreign business owners to manage their US finances from anywhere in the world. 

Eligibility 

What are the Eligibility Criteria for Foreign Owners to Open a Digital Business Bank Account in the US? 

Opening a digital business bank account in the US as a foreign owner is a critical step for international business expansion.  

It facilitates smoother transactions, allows easy access to US-based financial services, and opens doors to working with US clients.  

However, foreign business owners must meet certain eligibility criteria before setting up their US business bank account. Here are the key requirements: 

Personal Information Needed: To comply with US banking regulations, foreign business owners are required to submit specific personal documents during the account opening process.  

These documents ensure that banks can verify the identity of the account holder and meet KYC (Know Your Customer) obligations. 

• Passport: A valid passport is essential for identity verification. The bank will require a clear copy of your passport, showing your full name, nationality, and expiration date. 

• Proof of Address: A document that confirms your current residential address is also required. This could be a utility bill, bank statement, or government-issued document (not older than 3 months) with your name and address clearly visible. 

• Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): While not always mandatory, some banks may ask for an SSN or ITIN. Non-residents without an SSN can apply for an ITIN through the IRS. This is particularly important if you plan to pay taxes or conduct extensive business in the US. 

• Business Ownership Details: The bank will need documentation that proves your ownership of the business. This can include incorporation documents, operating agreements, or shareholder details, depending on your business structure.
  
  

Entity Formation: A key consideration when opening a business bank account in the US is whether you have formed a US-based business entity. Here’s what you need to know: 

• US-Based Business Entity: Many banks require that foreign business owners have a US-registered business to open a bank account. 

  This typically involves forming a corporation (C-Corp) or limited liability company (LLC) in a state like Delaware, Wyoming, or Nevada, which are known for being business-friendly. 

  After the formation of your US-based entity, the bank will require documents like the Articles of Incorporation or Operating Agreement to validate your business registration. 

• Foreign-Owned Company: If you own a business that is not registered in the US, it is still possible to open a US business bank account, but fewer banks offer this service. 

  In such cases, banks may require additional documentation, such as: 

• A certificate of good standing for your foreign company. 

• Proof of your business’s international registration. 

• Foreign business financial statements, which demonstrate that your company is active and legitimate. 

Regardless of whether you’re operating under a US entity or a foreign-owned business, having a US-based mailing address and a registered Employer Identification Number (EIN) from the IRS is typically necessary for opening a business account.  

The EIN is essentially your business’s tax identification number and will be used in most of your US financial dealings. 

US business bank account for foreign owners 

Overview 

A US business bank account is an essential tool for any non-US resident looking to operate or expand their business in the United States.  

This account enables seamless financial operations across borders and opens up access to the largest consumer market in the world.  

Non-US residents may require a US bank account for several reasons: 

• Global Business Operations: Managing transactions in USD becomes more efficient, especially if your business deals with US clients, suppliers, or employees. 
  
  A US bank account facilitates easy transfers, payments, and receipt of funds without high international transfer fees or currency conversion issues. 

• Receiving Payments from US Clients: US-based customers and partners often prefer paying through local bank accounts or US-based payment gateways like PayPal, Stripe, and Square. 
  
  Having a US business bank account ensures smoother payment processing and quicker access to funds, which boosts cash flow. 

• Tax Optimization: For businesses aiming to optimize their tax strategies, maintaining a US bank account can help streamline financial reporting and potentially reduce the tax burden related to cross-border transactions. 

• Building US Credit History: If you’re planning to expand your business in the US or seeking credit facilities, a US bank account can help establish a US credit history, which is essential for securing loans, credit cards, and investment opportunities.
  
  In short, a US bank account provides non-resident business owners the financial infrastructure needed to operate efficiently in the US market, improve business credibility, and manage international transactions with ease. 

Digital Bank Account Setup: Setting up a US business bank account has traditionally required in-person visits to a US bank branch.  

However, for foreign business owners who may not have the time or resources to travel to the US, digital bank account setup is a convenient alternative. 

A digital setup allows non-US resident business owners to open a US business bank account remotely, without the need to be physically present in the country.  

Here’s how the process differs from the traditional in-person approach: 

• No Physical Presence Required: Unlike conventional setups where you must visit a US bank, a virtual bank account setup can be done entirely online. 
  
  We assist in managing the entire process, including submitting necessary documentation, completing KYC (Know Your Customer) requirements, and working with banks that support remote onboarding for non-residents. 

• Efficient and Time-Saving: A virtual setup is much faster and more convenient than arranging travel to the US. 
  
  By leveraging our expertise, business owners can have their accounts opened and ready for use within weeks, instead of waiting months or coordinating travel schedules. 

• Digital Verification and KYC Compliance: US banks require certain information to verify the identity of account holders, including passports, proof of address, and incorporation documents if you’re opening an account for a business. 
  
  Through virtual processes, this verification is completed digitally. We guide clients through this process, ensuring compliance with US banking regulations while avoiding delays. 

• Access to Online Banking Tools: Once set up, the business owner can access all banking services remotely, including international wire transfers, ACH payments, and integration with US payment processors. 
  
  This remote access allows foreign business owners to manage their US finances from anywhere in the world. 

Eligibility 

What are the Eligibility Criteria for Foreign Owners to Open a Digital Business Bank Account in the US? 

Opening a digital business bank account in the US as a foreign owner is a critical step for international business expansion.  

It facilitates smoother transactions, allows easy access to US-based financial services, and opens doors to working with US clients.  

However, foreign business owners must meet certain eligibility criteria before setting up their US business bank account. Here are the key requirements: 

Personal Information Needed: To comply with US banking regulations, foreign business owners are required to submit specific personal documents during the account opening process.  

These documents ensure that banks can verify the identity of the account holder and meet KYC (Know Your Customer) obligations. 

• Passport: A valid passport is essential for identity verification. The bank will require a clear copy of your passport, showing your full name, nationality, and expiration date. 

• Proof of Address: A document that confirms your current residential address is also required. This could be a utility bill, bank statement, or government-issued document (not older than 3 months) with your name and address clearly visible. 

• Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): While not always mandatory, some banks may ask for an SSN or ITIN. Non-residents without an SSN can apply for an ITIN through the IRS. This is particularly important if you plan to pay taxes or conduct extensive business in the US. 

• Business Ownership Details: The bank will need documentation that proves your ownership of the business. This can include incorporation documents, operating agreements, or shareholder details, depending on your business structure. 

Entity Formation: A key consideration when opening a business bank account in the US is whether you have formed a US-based business entity. Here’s what you need to know: 

• US-Based Business Entity: Many banks require that foreign business owners have a US-registered business to open a bank account. 
  
  This typically involves forming a corporation (C-Corp) or limited liability company (LLC) in a state like Delaware, Wyoming, or Nevada, which are known for being business-friendly. 
  
  After the formation of your US-based entity, the bank will require documents like the Articles of Incorporation or Operating Agreement to validate your business registration. 

• Foreign-Owned Company: If you own a business that is not registered in the US, it is still possible to open a US business bank account, but fewer banks offer this service. 
  
  In such cases, banks may require additional documentation, such as: 

• A certificate of good standing for your foreign company. 

• Proof of your business’s international registration. 

• Foreign business financial statements, which demonstrate that your company is active and legitimate. 

Regardless of whether you’re operating under a US entity or a foreign-owned business, having a US-based mailing address and a registered Employer Identification Number (EIN) from the IRS is typically necessary for opening a business account.  

The EIN is essentially your business’s tax identification number and will be used in most of your US financial dealings. 

Benefits 

What are the Benefits of Having a US Bank Account for Business Owners? 

For both US and non-US resident business owners, having a US bank account offers numerous advantages that go beyond simple access to funds.  

It is a strategic tool for managing finances, conducting transactions more efficiently, and expanding your business in the global marketplace.  

Here are the key benefits:

1. Ease of Transactions: One of the most significant benefits of holding a US bank account is the ease of international transactions. 

 Businesses that regularly deal with US clients, vendors, or partners often need to send and receive payments in USD. Without a US bank account, these transactions can be subject to lengthy delays, high fees, and complex foreign exchange processes. 

• Simplified Payment Processing: A US bank account allows you to easily send and receive payments within the US banking system.

  Transactions like wire transfers, ACH (Automated Clearing House) payments, and direct deposits are processed more quickly, improving cash flow and reducing the administrative burden on your business. 

• Access to the US Financial System: US-based businesses and consumers often prefer to deal with companies that have a US bank account, as it provides credibility and reassurance that transactions will be straightforward. 

  By holding a US account, foreign business owners can build better relationships with US-based partners and clients, making it easier to operate in the world’s largest economy. 

• Reduced Fees: International payments often come with high fees for both the sender and recipient, especially if currency conversion is involved. A US bank account allows businesses to avoid those costs when transacting in USD, making it a cost-effective option for handling cross-border payments.

2. Access to US-Based Payment Gateways: Having a US bank account opens the door to using US-based payment gateways like Stripe, PayPal, Square, and other online financial services that make managing business transactions smoother.

• Seamless Integration with Global Platforms: Many of these payment processors are essential for doing business online, especially if you’re operating an e-commerce store or providing services to US clients. 

  These platforms typically require a US bank account for linking and processing payments efficiently. With a US bank account, you can seamlessly integrate these platforms, allowing you to accept payments from a wider audience. 

• Faster Fund Transfers: Using these payment gateways with a US bank account speeds up the transfer of funds to your business. This is especially important for companies that rely on rapid turnaround times to maintain cash flow and handle day-to-day expenses. 

• Lower Transaction Fees: Payment gateways often charge lower fees for transactions processed through US bank accounts compared to foreign accounts. This leads to significant savings, particularly for businesses handling large transaction volumes.

3. Currency Exchange Advantages: Another important benefit of holding a US bank account is the advantage it offers in terms of currency exchange. 

For non-US resident business owners, frequent transactions in USD can lead to substantial conversion fees when moving funds between currencies. A US bank account helps mitigate this issue. 

• Avoid Conversion Fees: When you hold a US bank account, you can conduct transactions directly in USD without needing to convert your home currency into dollars. 

  This avoids costly conversion fees that can add up, especially for businesses with regular or high-value transactions in the US. 

• Hedge Against Exchange Rate Fluctuations: Exchange rates can fluctuate, sometimes drastically. By keeping funds in a US bank account, business owners can avoid the risk associated with sudden changes in currency values. 

  This provides greater control over cash flow and helps to stabilize profit margins when dealing with US-based transactions. 

• Improved Financial Planning: With a US bank account, you have a clearer picture of your cash flow in USD, which simplifies your financial planning, budgeting, and forecasting. 

  It also ensures that you always have USD on hand when you need to make payments, without the risk of timing your conversions during unfavorable exchange rates. 

 Bank Account for Non-US Resident

Which Types of US Bank Accounts Available for Non-Residents? 

When expanding or operating a business in the United States, having a US bank account is essential for efficient financial management.  

Non-residents have various options available to them when choosing between different types of bank accounts.  

Below, we differentiate between personal and business accounts and discuss the differences between traditional banks and fintech solutions.

1. Personal vs. Business Accounts: As a non-resident, you can open either a personal bank account or a business bank account in the US, depending on your needs.

It’s important to understand the key differences between the two:  

• Personal Bank Accounts: These accounts are typically used for managing individual finances, including personal savings, receiving personal income, and conducting personal transactions. 

  A personal bank account may be useful for non-residents who frequently travel to or work with the US but do not necessarily have business operations in the country. However, it offers limited utility if your primary focus is business. 

• Business Bank Accounts: For non-US residents operating or planning to establish a business in the US, a business bank account is the better choice. 

  A business account allows you to separate personal and company finances, a critical aspect for tax compliance and maintaining clear financial records. Business accounts also offer additional benefits such as: 

• Access to US payment gateways like Stripe, PayPal, or Square. 

• The ability to receive payments from US clients in USD. 

• Tools to manage payroll, expenses, and company taxes efficiently. 

 While opening a personal account might be simpler, a business account provides the financial infrastructure required to run and grow a business, making it essential for serious entrepreneurs and companies. 

2. Traditional Banks vs. Fintech Solutions: As a non-resident business owner, you can choose between traditional US banks and fintech solutions to open your business bank account. 

Each option has its own advantages depending on your needs and the nature of your business. 

• Traditional Banks: Major banks like Chase, Bank of America, and Wells Fargo are well-known for offering comprehensive banking solutions for both personal and business needs. These banks provide a wide range of services, including checking and savings accounts, credit cards, loans, and lines of credit. Their established presence and trustworthiness are appealing to many business owners.

  However, traditional banks often require more extensive documentation and may ask for in-person visits, which can be inconvenient for non-residents.  

Some traditional banks have stricter requirements, such as the need to have a US-based business entity and a US address. 

 4. Key Benefits of Traditional Banks:

• Robust and diverse banking services. 

• Extensive branch networks and ATMs. 

• Well-suited for larger or more established businesses. 

• Fintech Solutions: For non-residents looking for a quicker, more convenient way to open a US bank account, fintech solutions such as Mercury, Relayfin, and Airwallex offer a great alternative. These companies focus on providing fully digital banking solutions, eliminating the need for in-person visits or complex paperwork. 

Fintech banks specialize in catering to startups and small businesses by offering easy account setup, integration with accounting software, and seamless payment processing.  

Many fintech solutions or say digital banks are well-suited for international transactions, with lower fees for currency conversion and cross-border payments. 

 5. Key Benefits of Digital Banks:

• Fully digital setup, allowing remote account opening. 

• Lower fees and easier integration with payment gateways. 

• Ideal for small to medium-sized businesses and startups. 

• Services tailored to international transactions and multi-currency management. 

Some popular Digital Bank options for non-residents include: 

• Mercury: Specializes in US-based business banking with features like virtual cards, multiple user access, and expense management. 

• Relayfin: A digital banking platform designed for small businesses with no monthly fees, offering seamless integration with accounting software. 

• Airwallex: A cross-border payment platform that allows businesses to manage multiple currencies and process international payments with low fees. 

Which Option is Right for You? 

For non-residents, the choice between traditional banks and fintech solutions depends on your business size, transaction volume, and operational needs. 

• If you need comprehensive banking services and plan to establish a long-term physical presence in the US, traditional banks like Chase or Bank of America might be the better option. 

• If you’re a startup or small business owner looking for a fast, cost-effective, and fully digital banking solution, fintech providers like Mercury or Relayfin can offer everything you need. 

Process 

What is the Process to Open a US Bank Account Virtually, explain Step-by-Step?”  

Opening a US bank account virtually as a non-resident business owner can be a smooth process when you follow the necessary steps.  

Whether you’re operating from outside the US or simply prefer a remote setup, virtual account opening offers convenience while providing full access to the US banking system.  

Here’s a step-by-step guide:

1. Document Preparation: The first step in opening a US bank account virtually is preparing all required documents. Ensuring that your documents are complete and accurate is essential to avoid delays in the process.

• Valid Passport: Your passport will be required for identity verification. A clear, legible scan of your passport is necessary. 

• Proof of Address: This could be a utility bill, bank statement, or any official government-issued document (not older than 3 months) that shows your current residential address. 

  Make sure the document is clear and matches the information on other forms. 

• Business Documentation: If you’re opening a business account, you’ll need to provide documentation for your business, such as: 

• Articles of Incorporation or Certificate of Formation (for LLCs or Corporations). 

• Operating Agreement (for LLCs) or Corporate Bylaws (for Corporations). 

• Employer Identification Number (EIN) issued by the IRS. 

• Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN): While not always required for non-residents, some banks may ask for an ITIN. You can apply for an ITIN through the IRS if you don’t have one already.

  Once these documents are collected, make sure they are in digital form and ready to be uploaded. 
  
  

 2. Working with Virtual Agents or Providers: For non-resident business owners, working with third-party virtual agents or service providers can make the process easier and more efficient. 

These agents help you navigate the requirements of opening a US bank account and manage communication with banks on your behalf. 

• Why Work with a Virtual Agent?: Opening a US bank account from outside the country can be challenging due to local regulations and the complexity of compliance. 

  Virtual agents specialize in bridging the gap between non-residents and US banks. They streamline the application process, assist with document verification, and ensure that your application meets the bank’s criteria. 

• What They Do: Virtual agents collect your documents, submit them to the bank, and liaise with the bank’s representatives during the verification process. 

  They also handle issues like notarization or certification of documents, which may be required by some banks. 

• Selecting a Provider: There are several third-party service providers, like fintech solutions (Mercury, Relayfin, Airwallex), that not only simplify the process but also cater specifically to non-residents looking to open business accounts. These providers offer fast, remote setups and ensure compliance with banking regulations. 
  
  

 3. KYC (Know Your Customer) & Verification Process: The KYC (Know Your Customer) process is an essential part of opening a bank account in the US, particularly for non-resident business owners. 

KYC ensures that banks comply with US laws, verify your identity, and assess the risk of financial fraud or money laundering. 

• Virtual KYC Process: Many US banks and fintech providers now offer virtual KYC processes, allowing you to verify your identity remotely. This typically involves: 

• Uploading a scanned copy of your passport or ID. 

• Submitting proof of your residential address (as outlined in the document preparation stage). 

• Providing your business’s incorporation documents (if opening a business account).

  Some banks may also request a video call or ask for live photos to further verify your identity. 

• Background Checks: As part of the KYC process, banks may perform background checks to assess the legitimacy of your business and verify that you comply with anti-money laundering (AML) and counter-terrorism financing (CTF) regulations. This can include checking your business history, financial status, and compliance with US tax laws. 

• Approval Timeline: Once the KYC process is complete and all documents are verified, you can expect approval in a few days to a few weeks, depending on the bank. With fintech solutions, this timeline is often much faster. 

Challenges 

What are the Challenges of Opening a Bank Account Virtually for Non-US Residents in Traditional Banks? 

For non-US residents, opening a bank account with traditional US banks such as Chase, Bank of America, and Wells Fargo can present various challenges.  

These institutions have long-established procedures that prioritize in-person interactions and cater primarily to US-based customers.  

Below are some common challenges non-US business owners may face: 

 1. Stringent In-Person Requirements: Traditional banks often require applicants to visit a branch in person to complete the account opening process. 

This can be a significant hurdle for non-US residents who may not have immediate plans to travel to the United States. Many branches do not accommodate virtual applications for non-resident customers due to security and regulatory concerns. 

• How to Overcome: To meet this requirement, non-residents might need to rely on proxies or partners located in the US, or they may need to plan a trip to the US solely for account setup, which adds costs and logistical challenges. 
  
  

2. Extensive Documentation: Traditional banks typically have more rigorous documentation requirements, including:

• Proof of a US business address. 

• A US-based phone number. 

• Proof of US residency (even for authorized signatories in some cases). 

Many banks are hesitant to open accounts for companies or individuals without a physical presence in the US. These requirements can make it difficult for non-resident business owners to comply. 

• How to Overcome: Non-residents often need to incorporate a US-based business entity (like an LLC or Corporation) and obtain a US-based business address, which adds another layer of complexity to the account opening process. 
  
  

3. Lengthy Approval Processes: Due to the strict Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols followed by traditional banks, the approval process can take several weeks, if not months. 

Background checks, business verification, and other checks take significant time, especially when dealing with non-residents. 

• How to Overcome: Patience and precise documentation are essential, but for business owners looking for quick access to US banking services, this can lead to unnecessary delays and frustration.
  
  

 4. Lack of Customer Support for International Clients: Many traditional US banks primarily cater to domestic customers. 

Their customer support teams may not be as well-versed in dealing with the unique needs of international clients, leading to further complications in account setup and ongoing banking. 

• How to Overcome: International clients often need to work with local US-based representatives or service providers who understand the requirements of both the bank and non-resident customers. However, this adds additional costs and layers to the process. 

How Digital Banks Overcome These Challenges? 

Digital banks such as Mercury, Relayfin, and Airwallex offer non-US residents a much more streamlined and efficient way to open and manage US bank accounts.  

These fintech solutions are designed with international clients in mind and provide remote account opening, minimal paperwork, and flexible banking services. 

 1. Fully Virtual Account Opening: Unlike traditional banks, digital banks allow you to open a business bank account entirely online. 

There is no need for in-person visits or travel to the US, making it convenient for business owners operating from abroad.  

With fintech banks, the entire process, from document submission to account verification, is completed through a secure online platform. 

• Advantage: This saves time, money, and effort, allowing non-resident business owners to focus on running their businesses rather than navigating complex banking procedures.
  
  

 2. Simplified Documentation Process: Digital banks often have more relaxed documentation requirements compared to traditional banks. 

For example, many fintech providers do not require a US-based physical address or proof of residency. Instead, they focus on your business documents (like the incorporation certificate and EIN), making the process more accessible to foreign owners. 

• Advantage: Non-residents can typically apply with just their passport, proof of business registration, and an Employer Identification Number (EIN). 
  
  The streamlined documentation process makes it much easier for non-US business owners to get started without jumping through bureaucratic hoops. 

 3. Faster Approval Times: The approval times for digital banks are much quicker, typically taking a few days rather than weeks. Since the KYC process is handled digitally, verification is faster, and you can begin using your account shortly after applying.

• Advantage: This rapid turnaround is ideal for non-residents who need quick access to the US financial system to begin receiving payments or managing their US-based operations.

 4. Tailored Services for International Clients: Fintech solutions are designed specifically to cater to global business needs. 

Providers like Mercury, Relayfin, and Airwallex offer features that are perfect for international business owners, including: 

• Multi-currency accounts for easier international transactions. 

• Low-fee or no-fee currency conversions, saving on foreign exchange costs. 

• Integration with international payment gateways like Stripe and PayPal for seamless financial management. 

• Advantage: These services are not only faster but also more cost-effective for businesses that deal with US clients and vendors, allowing you to save on transaction fees and streamline your payment processes. 

 5. Enhanced Support and Flexibility: Many fintech banks have dedicated customer support that specializes in assisting international clients. 

The customer service is accessible through online platforms, ensuring that non-residents have quick access to assistance, whether it’s for setting up the account, managing payments, or handling compliance. 

• Advantage: This makes banking simpler and more responsive to the needs of non-resident business owners, without the need for navigating complex communication systems typical of traditional banks. 

 Why Digital Banks Are the Future for Non-US Residents? 

While opening a bank account with traditional US banks like Chase, Bank of America, and Wells Fargo can be challenging for non-residents due to in-person requirements, extensive documentation, and slow processing times, digital banks offer a more convenient and accessible alternative.  

Solutions like Mercury, Relayfin, and Airwallex cater specifically to non-US residents, providing remote setup, faster approval times, and tailored services that make managing a business in the US more efficient and cost-effective. 

By opting for fintech solutions, non-resident business owners can avoid the complexities and delays associated with traditional banks, allowing them to focus on growing their businesses and accessing the US market with ease. 

Our Services 

How Comply Globally can assist Non-US Residents to open accounts with Digital Banks? 

Comply Globally offers specialized services to help non-US residents open digital business bank accounts in the US.  

Our expertise guides clients through the complex process, ensuring compliance with US regulations and streamlining the application process.  

We provide comprehensive support, including document submission, virtual application assistance, and post-account setup guidance.  

By choosing Comply Globally, clients can benefit from a smooth and efficient experience, allowing them to focus on their businesses while we handle the complexities of US banking. 

Account Setup Fees: Fees for assisting with the digital application process typically range from $500 to $1,500. This includes filling out forms, submitting documents, and liaising with the digital bank. 

Time Taken:  

Key Factors Affecting Processing Time 

• Completeness of Application: Accurate and complete information speeds up the setup process. 

• Document Verification: Time taken for KYC compliance and document verification impacts the overall timeline. 

• Bank’s Volume: Higher application volumes at the bank may result in longer processing times. 

Note: We can assist you to open your Account in 40+ Countries as: 

Let us help you achieve your business goals across the key business destinations with ease and confidence. 

FAQS 

 1. Can a Non-US Resident Open a US Bank Account?

Yes, non-US residents can open a US bank account, but the process can be more complex than for US citizens.  

While traditional banks may require in-person visits, many digital banks like Mercury, Relayfin, and Airwallex allow non-residents to open business bank accounts remotely. 

 2. What Documents Are Required for Non-US Residents to Open a US Bank Account?

The exact documentation varies depending on the bank, but non-US residents typically need: 

• A valid passport or government-issued ID. 

• Proof of address (this could be your foreign address). 

• Business documentation (such as Articles of Incorporation or LLC formation papers). 

• An Employer Identification Number (EIN) from the IRS, if opening a business account.

 3. Do I Need a US Business Entity to Open a US Bank Account?

For business accounts, most traditional banks require you to have a US-based business entity, such as an LLC or Corporation.  

However, many digital banks are more flexible and may allow you to open an account under a foreign-owned company, as long as the company is registered in the US and has an EIN. 

 4. Is It Possible to Open a US Bank Account Completely Remotely?

Yes, many fintech solutions like Mercury, Relayfin, and Airwallex allow non-US residents to open a business bank account entirely online.  

The process is conducted remotely, including document submission and KYC (Know Your Customer) verification, without the need for an in-person visit. 

 5. What Are the Costs Involved in Opening a US Bank Account for Non-US Residents?

The cost depends on the bank or fintech provider. Many digital banks offer free account setup with no monthly fees, while traditional banks may charge for opening the account, maintaining a minimum balance, or international transactions. Always review the fee structure of the bank you choose. 

 6. Can I Access US-Based Payment Gateways with My US Bank Account?

Yes, having a US bank account allows you to integrate with popular US-based payment gateways like Stripe, PayPal, and Square. This makes it easier to receive payments from US clients and conduct business within the US market. 

 7. How Long Does It Take to Open a US Bank Account for a Non-Resident?

The timeline varies depending on the bank and whether it’s a traditional or digital institution.  

Traditional banks may take weeks or even months due to stricter KYC processes, while digital banks like Mercury or Relayfin can often approve and open accounts within a few days. 

 9. What Is KYC (Know Your Customer) and Why Is It Important?

KYC is a mandatory verification process that banks use to confirm the identity of their clients and prevent money laundering or fraudulent activities.  

As a non-US resident, you’ll need to complete a KYC check by submitting documents like your passport, proof of address, and business details. 

 9. Can I Manage My US Bank Account Remotely?

Yes, once your account is set up, you can manage it remotely through online banking portals or mobile apps.  

Digital banks are particularly suited for international clients, as they offer robust online platforms that allow you to transfer funds, monitor transactions, and handle day-to-day banking from anywhere in the world. 

 10. Are There Any Restrictions on Using a US Bank Account as a Non-Resident?

There are no specific restrictions on using a US bank account as a non-resident for general business transactions.  

However, certain banks may impose limits on international transfers or require compliance with US tax laws. It’s important to stay informed of any regulatory obligations to avoid penalties. 

 
11. What Are the Benefits of Opening a US Bank Account as a Non-US Resident?

Opening a US bank account offers several advantages, such as: 

• Access to the US financial system for international transactions. 

• Seamless integration with US-based payment processors like Stripe and PayPal. 

• Avoiding currency exchange fees when dealing in USD. 

• Enhancing credibility with US clients and partners.

   

 12. How Can a Compliance Management Company Assist with Opening a US Bank Account?

Comply Globally offers comprehensive assistance for non-US residents looking to open US bank accounts.  

We streamline the process by helping with document preparation, guiding you through the application steps, and providing ongoing support for compliance and account management.