Over the past year, all US banks (traditional banks, online banks, Neobanks, Fintech platforms, and Electronic Money Institutions) have tightened their requirements and gotten much more strict regarding non-US resident LLC bank accounts. Unfortunately, at this time, we don’t have any solid recommendation. Please check out the conversations below in the comment section. If anything changes, we will update this page. Thank you for your understanding.
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.
Hello Matt
This service popped up in my FB :
https://bluewaterbanking.co/banking-opt-in-page
What do you think about it ?
Hi Matt,
I have a relative who is a permanent resident in FL. He’s willing to be involved and allow me to use his address. Could I make him an authorized representative for opening a bank account? Thanks so much!
Hi Fel, this won’t fly at banks, since they need to know who the beneficial owners are, and the beneficial owners need to sign the paperwork too.
Hi Matt,
I hope you’re doing well. Could you kindly confirm which banks are currently flexible in allowing non-resident LLC owners to open a physical business bank account in the U.S.?
Additionally, I’d like your advice on another option: If I add someone as a partner in my current company, or establish a new LLC in another state in partnership with a U.S. resident, would that improve my chances of successfully opening a business account? Also, is there a minimum ownership percentage that I would need to assign to the U.S. partner for this to be effective?
Looking forward to your guidance.
Thanks and best regards,
Usman Amjad
Hi Usman, at this time, there are no banks that we know of that are ideal for non-US residents. Things are much more strict right now. Even with a US Member, you personally would still have issues being added to the account.
If the biggest bottleneck is actually getting a proof of US business address, would it make sense to lease a real (not just virtual) office and use that as proof? Let’s assume that noone is actually working there.
Hi Alex, I think this is a good idea and it’s worth trying. You’ll just to review the bank’s online registration process and make sure they accept a non-US address for the you, the owner. If that’s the case, you can use the office address you’re renting for the “business address” and your non-US address as the “owner’s address”. Hope that helps. Keep us posted :)
Thank you for the reply, Matt, will try that out!
You’re welcome Alex :)
The company, American Prana, they recommended me to open a bank account with Mercury, but they rejected my application three times. It’s pointless to have an LLC right now because of this.
Hi Brian, sorry to hear about that. It seems over the past year, all the banks have gotten much more strict regarding non-US residents. If anything changes, we will update this page right away. I totally hear you. Without banking, what good is a US LLC for most people.
These banks doesnt apply anymore, Relay is asking for SSN and theres not a lot of options, it looks like Mercury has a monopoly now
Thank you Brian. We’ve become aware. And at this time, we don’t have a solid recommendation. Over the past year, all of the banks have tightened their requirements and gotten much more strict regarding non-US residents. If anything changes, we will update this page right away. Thank you for your understanding.
Hi, unfortunately new Banks regulations and policies are making impossible to open bank accounts as a non-resident, I tried in person(at US) all the mentioned options and none of them are valid anymore, Doola recommended bank is also denying applications, you will need real proof of address (Forget registered Agent, you cannot use this anymore) and letter of commitment to do real business inside the country.
Best regards
Do you think getting a virtual office that provides a phone line utility bill would work? It’s costly but atleast you get a utility bill which is what they require now. My main concern is that they would know that its a virtual address through USPS database and refuse the address.
Hard to say, try one and check here before submitting to the bank:
https://www.smarty.com
But overall there is no clear path forward, all current articles I have read are obsolete after new bank regulations, now they will ask you this …”we require proof that your business has US operations”… and they will request lot’s of ducuments.
Recent request:
we require proof that your business has US operations. Please provide one of the following: 1. Lease agreements, customer contracts, tax returns, utility bills, or bank statements showing US locations or customers. 2. Proof of US employees who live in the US. At least 3 employees if your company is small or 5% if your company is large. This can include payroll records, pay slips, etc.
Point #2 is just to stop you from trying, I believe non resident foreign operated companies are not an option anymore.
The second and third point are just absurd, there is a huge amount of businesses that operate with less than 3 employees. I understand their reasoning behind the first point, but the others aren’t just to legit deter 99% of people looking to open a US LLC. Even if your foreign owned LLC wants to operate in the US, it seems like that is not becoming an option anymore as you need proof of US operations to open a bank account and as a foreigner you would probably need a US bank account to start said US operations.
Are you still looking into it or have you given up? I will be sure to update if I reach something useful.
I’m still looking, but 99% to the point to give up, moving forward in time is clear they are not interested in this type of business anymore, so maybe is not good to pursue and force to do business in a place is trying to dump you, lot’s of new regulations and policies are moving into this direction.
Is there a need to keep the LLC and operate it? i don’t see the need anymore since i can’t use its BANKING system
if you have no use for it then it’s better to dissolve it so that you aren’t required to pay any annual state fees, file taxes etc
true
It says “one of the following”. You don’t need to meet all 3 criteria. Just one of them is sufficient.
For which one? Don’t understand what you mean
Hi Mohamed, no, these “tricks” don’t work. Banks are under strict regulations and have access to multiple “address databases”. These databases can tell companies if an address is a virtual address, mailbox rental, CMRA (commercial mail receiving agency), Registered Agent address, and more. Plus, even if you got an account open using of one these “tricks”, there’s a good chance they find out in the future… and now your account could get closed. So basically, I don’t recommend these types of temporary hacks. Also, banking regulations for non-US residents have become much more strict over the past year. Unfortunately, at this time, we don’t have any bank recommendation (they’ve all become more strict).
Hello Matt, yeah I kinda figured it would have been risky to do so. I shifted my business to do business in the US, I feel like that’s the only way currently. I have been able to open a mercury account but still haven’t deposited anything so let’s hope they don’t shut my account down when I do; because I saw that they do that sometimes to non-US residents.
Hey Mohamed, great news to hear about the Mercury account. That’s a positive. I’d start using that (maybe lightly to start lol) and if possible, in the near future, diversity and open a 2nd bank account.
Yes, exactly what I was thinking, since most banks require contracts with customers etc to prove that you infact have operations in the US, whilst mercury gives you the option to say that you are planning to have customers in the US within the next 6 months. So let’s hope it all works out!
Smart thinking :) I hope it works out too.
Hi Alss, thanks for sharing. I’ve been monitoring the changes across the banking industry as it relates to non-US residents, and it seems there’s been large changes. It’s extremely difficult (in fact, I currently don’t know of any legitimate solutions) to open an account without an actual US presence (and residing personally in the US). I’m curious, which banks did you go to in person, and what was their general message?
I got denied with Relay – with no explanation – and you can’t ask why.
I don’t trade in any of the prohibited field nor live in a prohibited country ;-(
+1-8882059304
Call their support.
At least Relay has someone human to speak with.
Mercury rejected my application with some BS generic email response. If you ask what is missing / wrong in your application, they response with “we cant say, but you are welcome to try again”.
Hi Alex, sorry to hear about that, and thanks for letting us know. It seems that there have been changes across the board with all banks over the past year regarding non-US resident accounts. We haven’t been told specifically why, but from what I gather, the non-US resident accounts carry extra risk that some banks (or federal banking policies) are no longer comfortable with.
Hi,
I used Wise before but it makes me nervous that they are not FDIC insured. Relay asks for a US Address also, which might trigger the US nexus on our LLC. I dont know if this helps, but I reached out to Mercury and they answered this:
Thanks for getting in touch, we appreciate your interest in Mercury!
We collect several addresses during the application period. Your registered agent is fine for your business’s legal address, and then you can use your residential address in Germany for your physical address (if you do most of your work from home).
I’ll provide some general eligibility information below:
In order to apply for a Mercury account, your company must be formed and registered in one of the following jurisdictions:
The United States
The British Virgin Islands
The Cayman Islands
The United Arab Emirates
Bahamas
Bermuda
Singapore
Jersey
Please note that, for non-US entities, we are only able to support startups, e-commerce and venture capital companies at this time.
You don’t need to live in the US or be a citizen yourself – we’re happy to accept international founders! (With the exception of founders from countries prohibited by our banking partner https://mercury.com/help/prohibited-countries).
For US companies, you must either already have (or plan to have) operations in the United States AND already serve or plan to serve US customers within two years.
Additionally, your company cannot operate in one of our banking partner’s restricted industries, which can be found in our FAQ.
To complete the application, you’ll also need the following documentation:
Your company’s formation documents (such as your Articles of Incorporation).
An IRS-issued EIN document (for US companies only) or an equivalent tax document.
For US companies only: form CP575, form 147c, completed SS-4, or a screenshot of your EIN number confirmation from the IRS’s website may be acceptable on a temporary basis in place of the EIN.
An international passport or US government ID for each founder or majority owner of the company.
Hi everyone,
Hoping to finding some advice or suggestions from anyone who’s been in a similar situation. I run a small business, and I’ve been using Mercury for my banking needs. Recently, I received a notice from Mercury saying that my business account, holding over $2,800, has been locked due to a compliance issue.
What’s frustrating is that they’ve given me no clear reason why the account was locked, I’ve tried reaching out multiple times to ask for at least a window to move my funds, but they’re not responding or providing any way to access the money.
Steps I have taken so far with no success:
Reached them out via email.
Trying contacting their banking service partner (Choice Financial Group)
Called them: The response was “It’s a compliance team issue and support can not do much in it”
I will update this thread with further steps I take and the outcome.
Hey man, have you reached anything? I wanted to ask does your business operate in the US or not?
Hey Mohamed,
No response from Mercury Bank yet. Yes, we still operate our business in the U.S.
Damn man, I wish you all the luck. You can try dm’ing the ceo, https://x.com/immad/status/1735689116657045923?s=46. Anyway, they are legally required to give you access to your account once their investigation is over (if it shows that you did nothing wrong ofc). Did you have a stripe or an accounting software like xero connected to it to help show that you are legit? Also may I ask what bank you are using now?
Hi Mohamed,
Thank you for sharing this. No I don’t use those payments gateway. Right now I’m using wise account to receive the payment from my customer
I thought I was the only one facing such an issue but many are affected. Got rejected by Airwallex and then Relay initially accepted my application but within a months’ time closed my account. I was repeatedly asked to submit additional documentation related to contractual arrangements with clients in US, utility bills/lease agreements w.r.t physical address proof outside US and I made all the submissions. APPARANTLY I’M NOT WELCOME. I got in touch with these guys working for a UK company (Stellarstart Global) and they were able to get me Wise and Mercury at a nominal cost. I gave them the evidences, they asked, and they assisted with the documentation requirement. I do not know if we need to tweak our approach while working with these banks but they got me a bank account for my business to function. They are lawyers, solicitors, attorneys so they might be adopting a different approach. I spent a lot of time trying to figure out if I did something wrong while submitting the details with Relay because its the same damn information. I checked my profile, business info in Wise & Mercury and everything is what its supposed to be. They can also get Relay for my business but after 6 months since the application was recently rejected, is what they mentioned. Its been two months and haven’t received anything from these banks. My business has made more than 10k but one thing’s for sure, it will take me sometime to build trust in the US banking system after Airwallex and Relay debacle.
Hey Ahmed, thanks for sharing this. And such a bummer man. Really sorry to hear this.
Hi Marco, super helpful. Thanks for sharing. I wouldn’t think that sharing a US address with Relay would trigger ETBUS. And yes, because Wise isn’t technically a bank, it’s best to use to move/transfer/collect money, and then send it to your personal bank account in your home country.
Hi Matt,
Great resource. Obviously it is getting a lot harder to actually use an LLC as a non-resident alien due to the fact that opening a bank account (integral to functioning company) has become such a nightmare.
I generate around $150-200k a month in revenue, I do not really want to even use a fintech at all. Do you have any information on brick and mortar banks that are still interested in opening accounts for non-resident owned LLC’s?
I am happy to fly the US to arrange it and pay someone for assistance and any fees the bank would impose including private banking options but it seems like most avenues are closed right now.
Obviously a lot of frustrated people in the comments, I will keep exploring the options and if I do find anything I will report back as well!
Thanks,
Stan
Hey
Did you ever get an answer to this? I prefer to deal with a larger bank as well and don’t mind to fly to the U.S. to get it opened.
I heard Chase but not sure if that still holds true.
Hi Dan, I’d recommend calling a few branches (ask to speak with the branch manager), tell them your situation, and ask to email them all LLC docs for their compliance team to review (before any travels). I’d recommend checking out Wells Fargo too. Probably a good idea to speak with 3-5 banks.
Hey Stan, you are absolutely correct. Things have become really challenging the past 12 to 18 months. There really isn’t anyone to pay to assist (that I know of, that isn’t a scam). And most banks are going to be more concerned about KYC and AML rules as opposed to just getting you into a private client account/service (that could come later down the road). So even generating 7 figures per year isn’t going to help you “skip the line” or get any preferential treatment, unfortunately. You have to go about it the same way as anyone else. I recommend calling a few Wells Fargo branches, and asking to speak to a Senior Branch Manager. Tell them your story and let them know the details. Then if they are open to it, ask to send all docs electronically and ask them to send to their compliance department ahead of any travel for “pre approval” (not an official term). You can also do the same with Bank of America. I prefer Wells Fargo personally, but you might want to consider account “diversity” too and open up as many LLC bank accounts as you can. Also, it’s helpful to call branches in major cities that may already cater to international folks. Ex: Miami and New York City. Hope that helps.
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 :)
Hi Peter, you’re welcome. I totally hear you. And honestly, banking wasn’t an issue just a couple years ago, but starting in 2024, things got much more strict for non-US resident LLC bank accounts. At this time, I don’t have a recommendation for a good online bank. They’ve all gotten strict. If you end up getting a real US street address (ex: a friend or family, and not a virtual office or mailbox rental address), and you’re able to visit the US, there’s a good chance you could open an account in person. Of course, you should call the banks ahead of time before any travel. However, now that I said that… if you get a real US address, probably a lot easier to apply for an online bank account with all the major banks/companies.
Thank for replying! Actually, I pulled the trigger and opened a non-resident single member LLC (in TX, thinking maybe the banks got tired with seeing Wyoming and Delware all the time :) ). Yesterday I applied to Mercury (giving them my non-US, home country proof of addres as a trade address + registered agent address as a company official address) and…got approved the same day. In the meantime, Wise rejected me as they want the proof of address from my non-US home country (in EU) but it has to have my LLC’s company name on it, not just my personal name. So, I need to get the utility bill for my XXX LLC EU trade address (“place I mainly do business”), not the utility bill issued to me as the. I hope it can help the others. OFC, I’ve got no idea if Mercury doesn’t change their mind in the future and kick me out, so I need to open at least one more account with some other institution. Rely rejested me as well – they want a US trade address and it cannot be a virtual office or reg agent’s address. I even have a lease contract with my Reg Agent, with a separate STE number, but Rely still treated is as a reg agent’s address (cos basically the street number is the same).
hello, i have the same issue with wise, i opnned it months ago and now they want the trading address verification to include the business name, as i am a non resident myself i don’t know how to solve this issue did you manage to find a fix for it?
and did mercury accepted ur registered agent address as ur business address i was hesitant to apply to them in fear they might reject me for this reason
Peter, kannst du mich per Mail anschreiben bitte?
Ich habe das selbe Problem.
Würde gern mit dir in Konakt bleiben diesbezüglich. Es ist immerhin existenzbedorhend.
Mail unter drz -ät zeichen- yzga punkt de
Hi Peter, thanks for the update. Great news that you got approved with Mercury. However, I certainly agree with your thinking: open another bank account and diversify. Yeah, pretty much all the “virtual” addresses (“real lease” addresses) are getting flagged these days by banks. Hope things are still going well :)
Hey Peter, how’s it going, im in the same boat as you, except I haven’t registered my LLC just yet. Ive been considering NM or WM but then I saw all the problems non-residents are having lately. Do you think I should hold off?
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.
Thank you for sharing this Agustin. This is super helpful.
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 Fauzia, at this time, I’m not aware of any other options. Hopefully new products and services for non-US residents become available. However, that is based on US laws and internal banking policies.
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
Hi Nikita, unfortunately, that will be a problem. Russian nationals can’t open US bank accounts at this time. And I’m not aware of a work-around.
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.
Hi Muhammad, all of the online banks have gotten much more strict, so at this time, I don’t have any recommendations. If anything changes though, we’ll update this page. Thanks for your understanding.
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
Hi Stefano, I’m not 100% sure at this time, since there has been a number of changes (things getting more strict with banking and non-US residents). Did you hear anything back from Wise support?
@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 :)