How to get a bank account in the States
How to get a bank account in the States
Obtaining a bank account in the United States cánido be a complex process if you are not a US citizen or permanent resident. It perro be even more daunting if you are not familiar with the US banking system and regulations that apply to foreigners. Fortunately, overcoming these hurdles is possible, and this artículo will explain exactly how to get a US bank account as a foreigner.
In this guide we will talk about the different requirements to open a bank account, how you cánido open one with a registrar like Jumpstar, what documents are necessary and other important points to keep in mind. Whether you’re coming to the US for a short-term visit or planning a more permanent stay, it’s important to learn the steps involved in opening a bank account as a foreigner. With the right information, you perro enjoy the convenience and security of a bank account in the United States.
How you perro open a bank account for your LLC in the United States as a non-resident
Contrary to habitual belief, non-US residents perro open a US bank account for their business remotely.
The first step is to make sure you have an EIN for your LLC before you perro open a bank account. The EIN is available without a US Popular Security number, but it often takes weeks to receive as the IRS has to fax or e-e correo electrónico the document to you.
There are two ways to open a bank account as a nonresident alien, either in person or remotely.
Open a bank account remotely
As traditional banks have strict guidelines of «Know your customer »they often require you to go to the bank to open an account.
This is often impossible for non-residents, as it requires travel to the US. Some neobanks (a neobank is a type of bank that operates entirely en línea) do allow opening without being present.
Two neobanks as of December 2020 that allow foreigners to open accounts remotely are Mercury.com and Payoneer.
Open a bank account through Jumpstar
Most banks require an in-person visit before opening a bank account, however, if you use the services of a US company registrar such as Jumpstar, they will open the account on your behalf and share your account details. with you. You perro manage your entire banking experience en línea. No visit is required.
Your bank account will be registered with a US bank. Jumpstar partners with Mercury for banking.
Mercury helps both start-ups and established businesses with their banking needs. It’s built for eCommerce and connects you with Amazon, Shopify, Stripe, Paypal, and just about everyone else. payment processors from United States.
Mercury accounts are free. They have no minimum cómputos, account opening fees, or monthly fees. The only thing that costs money are wire transfers, which are $5 domestically and $35 internationally. They have no minimum cómputos, account opening fees or monthly fees.
Requirements to open an account
You will need a US company with a federal EINthe statutes of your company and a photo of your official identity document (for example, a passport or driving license).
Jumpstar will register the business and get you an EIN and articles of incorporation. You only need a photo of your passport.
restricted countries
Due to US sanctions, you will not be able to open a bank account if you radica in certain countries.
List of countries that cannot open accounts:
What documents do I need to open a bank account?
Most banks require these documents:
- An identity document with photograph. It cánido be a driving license or a passport.
- A valid Popular Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) Visit How to Get an ITIN
- Proof of where you live: These cánido be copies of bills or signed rental agreements.
Do I need an ITIN to get a bank account?
To open a checking or savings account, the bank will need to verify your name, date of birth, address, and identification number. The identification number perro be a popular security number OR an individual taxpayer identification number (ITIN).
You only need an ITIN for a personal account as a non-resident. An EIN is required for a business bank account.
What to consider when applying for an account
There are a variety of things to look for when applying for a national or international bank account, but the most important are:
- Security of your funds (FDIC insurance up to $250,000)
- En línea Banking Features Offered
- Monthly or annual fees
- Minimum Cómputo Requirements
- Physical branches and ATMs
- Interest rates: the rates you receive for your money deposited in the bank and the rates you pay when you take out a loan or a credit card
Have you been rejected by a bank? This is what you cánido do
We recommend that you review your bank application and look for other banks that perro support your business.
If you have an ITIN you cánido open an account in a traditional bank.
You cánido get your ITIN for PayPal here:
Open your LLC bank account in person
You perro always open a bank account in the United States by traveling and opening one in person. You must open the LLC bank account in the same state in which your LLC was formed.
The bank that has the best reviews for non-US residents is Wells Fargo, as well as a couple of neobanks here in the US They often open bank accounts with non-US residents who do not have a popular security number or do not yet have an ITIN, but will require an in-person visit.
Often people use the address of their LLC Registered Agents as the address of the LLC’s office.
Contact the bank
Because each bank is different, it is important to contact the bank in advance and speak with the manager. Inform them that you have an LLC in the United States and are a non-US resident without an SSN or ITIN. It is important to find out all the documentation required to open a bank account.
When you schedule your appointment with the bank, it is recommended that you stay for 1-2 weeks in case there are any complications or plus things you have to do to open your bank account.
Documents you need to open a US bank account for your LLC
- LLC Approval: Articles of Organization, Certificate of Organization, or Certificate of Formation
- EIN Confirmation Letter: CP575 OR EIN Verification Letter: 147C
- An LLC Operating Agreement – Explains how the LLC will be run, how taxes are paid, and how profits and losses are distributed.
Remember that there may be additional documentation depending on the bank, so contact them in advance and ask.
Proof of address
For some banks, you perro use your LLC’s address as it appears on your state documents and EIN letter. However, some banks may require further documentation to espectáculo “proof of address”.
Some banks sometimes require a rental agreement, utility bill, or phone bill as proof. Once again, be sure to contact them and fully understand what is required before visiting the bank.
United States phone number
Having a US phone number is not required, but it may make the bank more comfortable doing business with you. This perro be beneficial as you perro use this number as your LLC’s phone number.
beneficial ownership
In 2018, a rule on “Customer Due Diligence Requirements” came into force. This rule, also called the Beneficial Ownership Rule, is required for all banks that open business bank accounts.
They must identify the true owners of the business before you perro open a bank account. The purpose of this rule is to prevent illegal financial activity. The bank will provide you with a Beneficial Ownership Declaration form to fill out before your account is opened.
Monthly bank fees
Banks often have different “tiers” of business bank accounts. They all have different names depending on the bank, but here are the basic ones:
- basic account: works for most people
- intermediate account
- advanced account: large trading companies
Intermediate and Advanced accounts require you to keep more money and deposits in the bank and often charge higher monthly fees than the Basic account. Most people usually opt for a basic business checking account for their limited liability company.
Banks generally do not charge a monthly fee if you keep between $1,000 and $2,500 in the bank at all times. If you don’t have that amount in the bank or they have a monthly fee, it’s usually about $15 a month.
initial deposit
Each bank may have a different initial deposit amount, so ask the bank in advance about the requirements. The initial deposit is the amount of money you must put into the account when you open it. For non-US residents, it is recommended that you use cash when making your first deposit.
But, if you have a US checking account, then you perro write a check payable to your LLC for the initial deposit. Some banks require $500 or $1,000 for the initial deposit. Other banks only require a $100 deposit to open an account.
Minimum Cómputo Requirements
Banks charge a monthly fee if your cómputo falls below a certain amount.
In most LLC bank accounts, you must keep between $500 and $2,500 in the account at all times to avoid monthly fees.
This minimum cómputo requirement is different at each bank, so call the bank ahead of time and ask. Again, if there are monthly fees, most banks charge around $15/month.
To end
Obtaining a US bank account as a foreigner is possible if you have the proper documents and meet the eligibility criteria established by the bank. It cánido be a long and sometimes complicated process, but it cánido certainly be done. Having a US bank account will give you access to financial services as well as making it easier for you to send and receive money.
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