How non-US residents can apply for a bank account for an LLC
Here are our top 2 recommendations for bank accounts (online) for non-US residents:
Wise is the easiest account to get approved for, followed by Relay.
Wise
Wise is great for:
- getting an account setup (approval is the easiest)
- receiving USD from clients/customers/sales
Wise is not a bank. They are technically an Electronic Money Institution (EMI). And while they hold customer funds in various (and separate) bank accounts, your money is not FDIC-insured (like it is with Relay).
However, many people transfer (most of) their money from the Wise account to their bank account in their home country. And this can help avoid the risk of losing your funds if Wise were to go out of business.
Wise has good reviews and most people enjoy their services. We pay many vendors via bank transfer to their Wise account, and they are all happy with their accounts.
Relay
Relay is not a bank either (neither is Mercury). They are both Financial Technology (FinTech) companies. Meaning they partner with other banks (and those banks hold your funds). Relay and Mercury both provide an “overlay”. It’s like a new UI (user interface) “on top” of the banks. This means they are able to offer FDIC insurance.
We don’t have a lot of experience with Relay yet, however, some colleagues in the industry recommends them for non-US residents.
What about Mercury?
It used to be easier to open an account with Mercury (and they used to be our top recommendation), however, many of our readers have had issues getting approved recently. And Mercury is now asking for US addresses (and no longer accepting a Registered Agent address).
We think this is because Mercury has increased their compliance requirements and is more strict about who they approve and don’t approve.
We’re not saying not to open an account with Mercury, however, it seems more non-US residents have both been denied accounts and have had issues after opening accounts (such as request for proof of US address).
Documents needed to open a US bank account
1. LLC approval documents
Depending on the state where you form your LLC, this will be either:
- Articles of Organization
- Certificate of Organization
- Certificate of Formation
2. Identification
Most people use a passport from their home country. This is the best and most common option.
If you also have US ID, like a US driver’s license, you can use that too.
3. LLC/business address
For Wise, you’ll enter your LLC’s “registered address”. This can be your Registered Agent address.
You’ll also enter your “trading address”. This is where you work. This can be in the US or in any country. It can be a home address or office address. It can also be a co-working space, shop, studio, or factory.
And then you’ll enter your home address.
(Note: The process is similar at Relay, but the names of the addresses are slightly different.)
4. Employer Identification Number (EIN)
If you need an EIN for your LLC, please see how to get an EIN without an SSN.
You will need to show proof of your LLC EIN Number (aka Federal Tax ID Number).
Some banks let you just enter the EIN Number. And others want proof.
If the bank wants proof, you can use:
- Approved SS-4 fax application (with EIN written on it)
- EIN Confirmation Letter (CP 575)
- EIN Verification Letter (147C)
Traveling to the US and opening an LLC bank account in person
You can also open a U.S. bank account for your LLC by traveling to the U.S.
You will need to open an LLC bank account in the same state where you formed your LLC.
The bank that is the most “foreigner-friendly” is Wells Fargo. They are used to opening accounts with non-US residents who don’t have an SSN or ITIN. However, you should call the bank and check on their requirements. Some banks will require you to have an actual US street address.
You can also try calling Chase as well, although, minimum balance requirements and monthly fees are usually higher at Chase than at Wells Fargo.
Call the bank ahead of time
Since all banks have different policies, the most important thing to do is call ahead of time and ask to speak to the branch manager.
Tell them you have a U.S. LLC, that you are a non-US resident, and that you don’t have an SSN or ITIN.
Ask them for all the documentation they require to open an account and take detailed notes.
Ask the branch manager if you can email them your documents to review before you come in.
If everything is good, ask the branch manager if you can make an appointment to meet with them to open the account. This is much better than just showing up at the bank.
We recommend staying in the U.S. for at least 1 to 2 weeks just in case there are any delays or extra things you need to get in order to open your bank account.
Small local banks
You can also open an LLC bank account with any small or local bank.
You can google: “business bank account + (name of city that matches LLC address)“.
Again, just make sure to call the bank to check on their requirements.
Documents needed to open U.S. LLC bank account
- LLC approval (Articles of Organization, Certificate of Organization, or Certificate of Formation)
- EIN Confirmation Letter (CP575) or EIN Verification Letter (147C) from the IRS
- LLC Operating Agreement
- 2 forms of identification (foreign passport and foreign driver’s license)
There may be additional documents that some banks require. Make sure to call the bank ahead of time and ask.
Proof of address
With some banks, you may be able to use your LLC’s address as listed in your state documents and EIN Letter from the IRS.
However, other banks require additional documentation to show “proof of address”. Things like a lease, utility bill, or phone bill are sometimes required by certain banks.
Make sure you call and fully understand what’s needed before you visit the bank.
If you need to open a bank account in person and need proof of address, Northwest offers a Virtual Office service that includes a business address and lease.
U.S. phone number
Having a U.S. phone number will make the bank feel more comfortable doing business with you.
You can get a U.S. phone number and use it as both your cell phone number and your LLC’s business phone number.
You can get a U.S. SIM Card when you visit or you can get a digital phone number that forwards calls to your cell phone (a U.S. cell phone or a non-U.S. cell phone).
The service we recommend is Phone.com. They have good customer service and their plans are only $10-13 per month. You get a U.S. telephone number, call forwarding, and get voicemail messages sent to your email.
You can also use Google Voice or any other VOIP provider.
Beneficial Ownership
In 2018, the Financial Crimes Enforcement Network (FinCEN) rule about “Customer Due Diligence Requirements” went into effect.
This rule (also called Beneficial Ownership Rule) is required for all banks opening business bank accounts. They must identify the true owners of business before they can open a bank account.
The purpose of the Beneficial Ownership rule is to prevent illegal financial activity, like money laundering, fraud, and tax evasion.
The bank will provide you a Declaration of Beneficial Ownership form to complete before they open your account.
OFAC Restricted Countries
Because of U.S. sanctions, you won’t be able to open a bank account if you reside in:
- Belarus
- Burundi
- Central African Republic
- Cuba
- Democratic Republic of Congo
- Iran
- Iraq
- Lebanon
- Libya
- Nicaragua
- North Korea
- Somalia
- Sudan
- South Sudan
- Syria
- Ukraine/Russia (Crimea)
- Venezuela
- Yemen
- Zimbabwe
The U.S.-sanctioned countries list changes from time to time, so you will need to check the Sanctions Programs and Country Information issued by the U.S. Department of Treasury.
LLC Banking Resolution
A Banking Resolution is a document that describes which LLC Member(s) have the authority to open a bank account.
The bank will provide you with their own Resolution form, so you don’t have to prepare one ahead of time.
Tip: If you see a website charging extra money for a Banking Resolution, it’s not going to be very helpful, since the bank will just use their own form.
Monthly banking fees
Most banks have different “levels” of business bank accounts. They all have different names (depending on the bank), but they are usually as follows:
- basic account (works for most people)
- intermediate account
- advanced account (for large commercial businesses)
The intermediate and advanced accounts require you to keep more money at the bank (deposits) and they charge higher monthly fees.
Most of our readers just stick with a basic business checking account for their LLC.
Usually, banks will not charge a monthly fee if you keep a $1,000 – $2,500 balance in the bank at all times.
If a bank does have monthly fees, they are usually $10 – $15 per month.
Initial deposit amount
Ask the bank ahead of time about the initial deposit requirement. This is how much money you must put into the account when you open it.
For non-US residents, we recommend using cash (USD) when making the first deposit. However, if you already have a US checking account, then you can write a check to your LLC for the initial deposit.
Some banks want $500 or $1,000 for the initial deposit. However, other banks only require you to deposit $100 to open an account.
Minimum balance requirements
Some banks charge a monthly fee if your balance goes below a certain amount.
For example, for most LLC bank accounts, you must keep $500 to $2,500 in the account (at all times) to avoid monthly fees.
This minimum balance requirement varies among banks, so just call the bank ahead of time and ask.
Again, if there are monthly fees, most banks charge $10 – $15 per month.
Note: Chase and CitiBank have higher balance requirements; $2,500 or $5,000. These banks also have higher monthly fees. On the other hand, Wells Fargo and TD Bank have lower monthly fees, or no fees at all.
Business debit card for your LLC
Call the bank and ask when you will get a debit card for your LLC bank account.
Most banks will give you a debit card right after they open your account.
However, some banks will mail your debit card in 1 to 2 weeks.
If the bank will mail the debit card, ask them which address it will be sent to. Make sure you can receive mail there. Or ask the bank if they can mail your debit card to your address outside of the U.S.
Do I need an SSN to open an LLC bank account?
No, you don’t need a Social Security Number (SSN) to open a U.S. LLC bank account.
Do I need an ITIN to open an LLC bank account?
No, you don’t need an Individual Taxpayer Identification Number (ITIN) to open a U.S. LLC bank account.
In fact, you can’t even apply for an ITIN unless you have a U.S. tax reporting requirement. If you do need an ITIN or have questions about U.S. taxes, we recommend talking to GW Carter. They specialize in working with non-US residents.
References
Wikipedia: Know your customer
LexisNexis: The USA Patriot Act
FINRA: Anti-Money Laundering (AML)
Wikipedia: Customer Identification Program
FinCEN: History of Anti-Money Laundering Laws
US Department of the Treasury: Where is OFAC’s Country List
Electronic Privacy Information Center: USA Patriot Act (HR 3162)
CFPB: Can I get a checking account without a social security number
Department of the Treasury: 31 CFR Part 103 (Billing Code: 4810-02)
US Code: 31 USC 5318, Compliance, exemptions, and summons authority
US Department of the Treasury: Sanctions Programs and Country Information
US Code: 31 USC 5318A, Special measures for jurisdictions, financial institutions
US Code: 31 U.S. Code § 5318. Compliance, exemptions, and summons authority
National Association of Securities Dealers: Special NASD Notice to Members 02-21
US Department of the Treasury: Office of Foreign Assets Control – Sanctions Programs and Information
GPO: CFR 2010 Title 31 Volume 1 Section 103-121 (Subpart I—Anti-Money Laundering Programs)
FinCEN FIN-2016-G003: FAQs Regarding Customer Due Diligence Requirements for Financial Institutions
Matt holds a Bachelor's Degree in business from Drexel University with a concentration in business law. He performs extensive research and analysis to convert state laws into simple instructions anyone can follow to form their LLC - all for free! Read more about Matt Horwitz and LLC University.
Hi Matt, thanks for your efforts. Honestly, I’ve just stopped on a dime with opening US LLC as a non-resident due to these issues with opening a US bank account. I have 2 questions; maybe you can help with them: 1). In case I manage to arrange a proof of US address for my future LLC (and get approved by, say, Wise), does it mean that, from now on, the LLC is taxable in the US and not a pass-through/disregarded anymore? 2). Are there any banks outside of the US accepted by Stripe that would be willing to open a bank account for the US non-resident LLC and be OK with the EU operating address, owner EU private address, and/or Registered Agent’s/Virtual Office US addresses? I know it’s a detailed question that screams for a paid advice but at least I’ve tried :)
Relay does not allow accounts for companies with no presence in the USA. From Relay customer service:
Relay currently accepts U.S. entities with owners holding non-U.S. citizenship as well as being based outside of the U.S. However, Relay requires the entity to have an operating presence in the U.S. including a U.S. business address and phone number among others. If you’re currently not registered in the United States, you unfortunately cannot sign up for an account.
Hi,
Wise is not offering USD accounts. Most other banks asking SSN and Physical address. Can you suggest some bank for LLC without these 2 requirements
Thanks
Hi Matt! I’m planning to start LLC for etsy/shopify business. My residence is in Russia – Is it a problem in future to open a bank account? What can you recommend in my case?
Russia is among the blacklisted countries submitted by the U S government you can check the article on it
Can I use my company documents to apply for a B1/B2 visa and open a bank account in the USA?
Hi Muhammad, I’m not sure about this, as I’m not knowledgable about US visas. Thank you for your understanding.
Hi Matt, I am just in the process of forming my LLC, and I am using the address from Shipito service as business address.These are real addresses, not the registered agent address. Won’t this be considered legit and accepted by banks without any form of Utility bill or Lease agreement?
Hi Raymond, no, an address like that won’t be accepted. It will be flagged. First, “real address” is just a marketing term. All addresses (whether a house, an office, a mailbox, a virtual office, or a PO Box) are a “real address”.
However, there are very robust address databases in the states, and nearly every address is “coded” by the US Postal Office (and other 3rd party databases). Additionally, services like these, under the hood, are all CMRAs (Commercial Mail Receiving Agencies). Meaning, in order to accept mail on behalf of others, all address providers must become a CMRA, and they must receive a signed and notarized USPS Form 1583 (Application for Delivery of Mail Through Agent). And these addresses are marked in databases as CMRAs. And all CMRA address will get flagged by any bank (and often other financial institutions, as well as credit card companies).
And even if it didn’t get flagged (by some odd chance), if the bank asked for proof of address, you likely wouldn’t be able to prove that you “live there”. Meaning, the banks want a residential US address. Apologies for the not-so-great news.
Thanks Matt for your sincere information. Now my concern is: do banks care about “my residence” or “my LLC business address”
You’re welcome Raymond. The care about both.
hey matt, this post is quite old. but i hope you can reply. i have a situation. i will really appreciate if you could tell me solution for it. i am a non-us resident, a friend of my who holds us green card, we both opened a llc in new jersey. we were 50% partner each. we have done everything. but no bank is opening our bank account. i am not in usa and i have never been to usa. my friend is there and we cant figure out how to open an account in bank. we need physical bank account not online bank. we are planning to import from the third country we need proper documentation of our transaction so it helps us in custom clearance. i cant come to usa to be physically there. can you suggest any solution.
Hi Umar, a lot of non-US residents are having trouble opening US bank accounts at this time (due to more strict requirements re: proof of US address). In this situation, what some people do is just have the bank account opened only in the US business partners name. It’s not 100% above board, but it’s commonly done.
Hey Matt, I am also facing the same issue, could suggest me a bank.
The information is inaccurate. Relay requires a physical US address now during signup. Wise also requires verification of a physical US address after some time (same as Mercury). In addition, Wise does no longer open a local USD account which is required for Stripe etc.
and what’s the solution ?
Hi Mat, thank you for your comment. I know things have recently become more strict at a number of banks. What part of the article is inaccurate? Have you found any solutions yet?
The banks asked for a physical adresse for llc and should be different of the registrant address
My guess is that any NeoBank or FitTech now has more strict regulations/rules to follow… since things seemed to “tighten up” this year. I just looked at the onboarding process for Wise a few weeks ago, and I was pretty sure they didn’t ask for this (a US physical address), and just allowed non-US residents to use their address in their home country.
Dear Matt,
I am Non-US resident I registered my LLC in Florida with EIN number and I used my registered agent address same as my business address and I dont have any personal physical address in U.S.A. so how can I open a bank account in mercury or relay ?
Hi Binish, it seems right now most people are having issues, since all the online banks are requiring proof of address. We don’t have a great solution/recommendation at this time, and I apologize about that. It seems the banks have gotten more strict sometime this year.
I can only fully agree. It seems impossible to open a bank account for an LLC with a PMB address. Even a lease agreement isn’t enough; they also require a utility bill, which is impossible to provide for a small office in a large office unit. I’m restless—I’ve been to every bank in person, and even online banks are now rejecting applications.
Hi Coco, I can confirm I’m seeing and hearing the same thing. Meaning, it has to be a real, actual physical address… and the proof of address has to be legit. Did you visit the states and go to banks… if so, which ones?
My LLC is registered in California. I visited Bank of America, Chase Bank, Wells Fargo, and Citibank. Even online banks like Novo and BlueVine have rejected my application. I have also called these big banks in Texas and Florida, and they have also declined. I was even willing to relocate the LLC to those states, but that is not possible. If I rent a physical office, I would only receive a lease agreement and utility bills, even though the address is legitimate. I cannot provide any other bank statement because I cannot open a bank account without an SSN and without a private address. I am also unable to rent a private apartment with an ESTA. I want to move here with the E2 investor Visa. Before the Visa gets approved I have to form an LLC and get a Bank Account.
I feel your frustration. And I wish I knew the immediate answer. If you’re in the US, I was going to recommend that you try Wells Fargo. But it sounds like you already did. What were you told when you went there? And did you speak with the branch manager? Wells Fargo has traditionally been more friendly and accommodating to non-US residents.
Yes I’m currently in the US and went in person to each bank in one morning and speak to each manager. All told me that I have to get a real Adress with a lease agreement and a utility bill or a bank statement or I have to be a resident.
Wow, interesting thank you for letting me know. The only other thing I can think of is calling, or visiting, another Wells Fargo branch and see if they say the same thing. Do you currently live in CA and do you have an address there?
I don’t live here so far because I have to wait until my visa gets approved. So I don’t have a private Adress here.
Hi Coco, I see… I understand. Apologies this is such a hassle. I wish there was an easier way. If I come across anything that works, I’ll let you know.
My current conclusion is that you can no longer operate a business (e.g. open and maintain bank accounts) without an actual physical presence. To verify the physical address, a utility bill or bank statement in the name of the entity is required (sometimes even a lease agreement is not enough, e.g., for SAM/CAGE). For a US LLC, it is very difficult to obtain such documents legally outside of the US unless your company is locally registered as a foreign entity, in which case you will face numerous tax implications. In the US, you can obtain a physical presence with a utility bill, but the LLC will then become taxable in the US. Some people claim that you can establish a physical presence through an agent like VPM (TrueLease) without becoming taxable in the US. I have no idea whether this has any legal basis. One thing to note is that Mercury is already rejecting TrueLease addresses from VPM, so I highly doubt this is a long-term solution (other banks will follow).
This is also currently what we’re hearing and seeing, and it’s really unfortunate. My hunch is that some regulatory pressure got put on the NeoBanks/FinTech companies sometime in 2024, and in turn, they added these additional strict requirements. Because when some of these banks first came out, they’d let you use your Registered Agent address for everything (and they didn’t ask for a proof of anything). Things seem much different now. And since TrueLease isn’t an actual thing, and all virtual/mailbox addresses get flagged by banks (because under the hood, they are all technically CMRAs, Commercial Mail Receiving Agencies). Unless you have an actual (real) physical address, with proof, it seems kind of risky to place your capital with these banks.
I thought Wise was going to be the new/current solution, but many readers are saying they’ve had issues. I just went through the Wise onboarding/registration process at the end of July. I saw “Registered Address” (aka Registered Agent address), “Trading Address” (I believe this can be in any country or a virtual office), and “Your address/home address“. For the “Home address” part, I don’t see an option to select a different county, and it says “You may need to provide proof of this”. Maybe this is the exact thing that’s new/causing issues. Can anyone confirm? I’ve also sent an email to the Wise team asking for clarification. I’ll make an update here and/or on this page once I get any new information.
Another issue with Wise is that they have (temporary) suspended local USD accounts: https://www.reddit.com/r/transferwiser/comments/1e54944/why_is_there_a_waitlist_to_get_your_usd_account/
You can still receive USD through the GBP account using SWIFT, but not through ACH.
Interesting, and solid find. Thank you for sharing Mat. Do you know of any alternative banking solutions at this time?
Hi Matt, any news for
” For the “Home address” part, I don’t see an option to select a different county, and it says “You may need to provide proof of this”. Maybe this is the exact thing that’s new/causing issues. Can anyone confirm? I’ve also sent an email to the Wise team asking for clarification.”
i’m waiting that to form a non-resident LLc, cause if i cannot open Wise or bank i will not form an LLc. Thanks a lot
@Matt Horwitz thannnnkkk youu very much. the website name llcuniversity.com is false, There is information, more than university.
I am in Azerbaijan. I have a LLC in the Wyoming USA with name Energylogo LLC, I have also payonmer, EIN number for my company and also iPostal address. I am going to work as a freelancer in Upwork. For Upwork verification, I need a Mercury Bank statement.
But I saw here are some peopl with negative review. They wrote Mercury don’t accept our documents wirhout any reason.
Mr. Horwitz, what can I do now?
Tural, you’re very kind lol… thank you! Personally, I like Mercury. Yes, not everyone gets accepted, but most people do. So said another way, I don’t think there’s any harm in applying for an account. Hope that helps.
Hi Tural,
Where you able to open a bank account? What solution did you finally land at?
Thanks!
Is it difficult for a US LLC and (non resident) to open a brokerage account with fidelity, vanguard etc ?
Hi Barry, I’m not sure. I recommend contacting the brokerage to see if they can open accounts for LLCs with non-US resident owners.
Dear Sir,
Please we have US LLC and EIN for our business in US, Mercury bank refuse to open bank account for our LLC as I belong to Pakistan, its is a humble request to allow LLC with EIN owner to open bank account with Mercury bank
thank you in advance
Asad Mahmood
Hi Asad, we have no control or influence over Mercury bank. You could try opening an account with Wise.
Ok sir thank you
Hello Matt. I just discovered your website. I wish I had found it earlier. There are a lot of essential pieces of information.
There is something I would like. Can I also open my US bank account for my company in the USA from Citibank’s or Wells Fargo’s Frankfurt branch?
Is it possible that from abroad branches?
Thank you.
Thanks Utku! Yes, that is often times possible. However, you’ll need to contact the local branches and see if they can do it. My guess is there’s a higher chance it’s possible with Wells Fargo. When calling, ask to speak to the branch manager.
hello Matt; First of all really appreciates you to discover this helpful platform and info for business persons regarding LLC based bank accounts, i registered my company formation in Texas by name of Baba Entrepreneurs and i am using transfer wise but its uk based account,i am interested for mercury bank or wells fargo kindly can you guide me that can i open an bank account in wells fargo if one of my some relative visit the branch in usa regarding my account and another question is that how i can get my Ein verification letter(147C) and i want to share one of my good experience that i have never seen friendly country like Azerbaijan when last year i was on my vacations in baku and i open an personal bank account just with my passport id in bank of Respublica they also helps me to install an app on my cell fone to utilize the online banking and most of amazing is that they provide me two account numbers one of in dollar currency and another one is their local currency Mannat,well at the end am again thankful for providing this helpful platform and awaiting for your best guideline ,stay blessed and happy always.
Hi Imran, to open an account with Wells Fargo, you’d need to visit the US. And you’d want to call the bank ahead of time before just showing up. It’ll be a lot easier to open an account with Mercury, since you can do that online. Hope that helps.
Hi Sir I have an LLC which option I should to choose in this options, for example, The option is that, Is your company of Any of the following
Hi Sami, I don’t understand your question. Can you please rephrase it? Thanks.
Hi! I want to open a LLC account to receive my salary from a company in the US. However I’m a Mexican resident (currently living here) so I need to be able to send my money from the US to here with low fees (I do have a mexican bank account). And also need to send some money to Brazil (I’m a citizen and still have bank accounts there). I really don’t know how to do it. Need to find a bank that allows me to use wise or that gives me a debit card I can use in Mexico (with reasonable fees) and find a way to send money to Brazil without paying high fees. Do you recommend something? I feel very lost!
Julia,
have you considered Paypal?
“I want to open a LLC account to receive my salary from a company in the US. ” You may want to explain that a bit more? Sole LLC is your money any ways.
Hi Julia, I’d check out TransferWise (aka Wise) and see if that helps.
Hi,
Being non US resident, I am looking for some guideline in the TAXs. Like
1) I would like to know about the Taxs charged to me being in Wyoming state as we have the foreign LLC. Also about the Tax brackets.
2) Also i would like to know about the Taxs implemented on the owner of the company.
(Self employment Tax).
Also if anyone can recommend an accountant specialized in foreign LLC filing.
Thanks alot.
Hi John, we have recommendations for non-US residents on this page: accountant for LLC.
So…. I’ve been advised by Wells Fargo that LLC owners need to reside in US. You don’t have to be a permanent resident or citizen. You would however need a US address where you reside.
Thank you Lee, this is helpful to know. We added an update about it in the article.
Thank you for detailed information. This is the best website that contains comprehensive information and thorough analysis of forming LLC in the US.
Keep it up!
Thank you!
You’re very welcome Henry! Thanks for the kind words :)
I am from Pakistan. I have created a mercury bank. but he refuse my application. I already submit my LLC documentation and EIN Number. Butt Still Reject my Applicaiton.
Will you please help me. What is the matter ?
Regards
Noman Butt
Hi Noman, Mercury does reject applications, but they don’t say why. Here are some other alternatives: Wise, Doola, and Relay.
Can you open a mercury with foreign LLC such as Australian LLC? To avoid getting a US based LLC all together?
Hi Jake, I’m not sure, but you can contact Mercury and ask. I believe they only open accounts for US companies. Feel free to reply back with your findings as I’m sure it will help other readers. Thanks :)