Mercury is a financial technology company, and not a bank. Banking services are provided by Choice Financial Group and Evolve Bank & Trust®, Members FDIC.
Mercury also offers up to $5M in FDIC insurance so you can keep your funds safe.
How non-US residents can apply for a bank account for an LLC
Make sure your LLC is approved and has an EIN Number (see how to get an EIN without SSN) before applying for a U.S. LLC bank account.
Foreigners (non-US residents) can open a U.S. LLC bank account.
You don’t have to be an American citizen or a U.S. resident alien to apply for a business bank account in the U.S.
2023 update for non-US residents: Mercury
Non-US residents can apply for an LLC bank account online with Mercury.
Before Mercury, opening an LLC bank account was difficult.
You usually had to travel to the US (to the state where you formed an LLC) and open a bank account in person.
However, you can open a bank account with Mercury online. No need to travel to the US.
Mercury features:
- no monthly fees
- no minimum balances
- no transaction fees
- no hidden fees
- earn interest on your money
- send and receive checks
Note: You cannot deposit cash into a Mercury bank account.
Sending and receiving money with Mercury:
- sending money via ACH = free
- receiving money via ACH = free
- sending domestic wire (in US) =
$5now free - receiving domestic wire (in US) = free
- sending international wire =
$20now free - receiving international wire = free
To open an account with Mercury, you will need:
Tip: To increase your chances of being approved, please do the following:
- Make sure your passport photo isn’t cropped too much (make sure all 4 corners are in the photo and show the entire passport).
- Make sure your passport photo is in JPG or PNG format.
- Make sure your documents are in PDF format.
- Make sure your documents are legible (can be read).
- Make sure all edges and corners of documents are visible.
- Include a website link if you have one.
- Include a detailed description of your business. In the description, include any links to yourself or your work, for example, a LinkedIn profile. The more details you provide Mercury, the better.
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
You will need to send Mercury a stamped and approved copy of your LLC approval documents. You can upload these documents during the online registration process.
If you need help forming an LLC, make sure to follow our LLC filing instructions.
2. Identification
Mercury only accepts a passport for non-US residents.
They will also ask for your phone number and other contact information.
3. LLC address
You need to provide Mercury with your LLC’s address.
This can be the office location of your LLC, or your home address.
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 (also called a Federal Tax ID Number).
Mercury accepts the following for proof of EIN Number:
a. Approved SS-4 with EIN written on it
If you applied for your EIN by fax, the IRS will fax you back your SS-4 and write your EIN Number on it.
b. EIN Confirmation Letter (CP 575)
Regardless of the method you choose to obtain your EIN Number, the IRS will always mail you an EIN Confirmation Letter (CP 575).
The CP 575 Letter will be mailed to the address you listed on 4a and 4b of Form SS-4. If you listed your Registered Agent’s address, your Registered Agent will notify you after they receive it.
c. EIN Verification Letter (147C)
An EIN Verification Letter (147C) is another official letter from the IRS that can be used as proof.
You will need to order one from the IRS. It’s free.
Here are the instructions: How to get an EIN Verification Letter (147C) for LLC.
5. Complete the Mercury application and verify your email address
After you submit your application to Mercury, make sure to check your email and click the verification link.
You’ll also need to:
- enable 2-factor authentication for security
- add any team members (if applicable)
- and choose an address where you want your debit card mailed
Mercury approval time:
Mercury will review and approve your application in 1-2 weeks. You’ll receive an email notification from them after they review your application.
Traveling to the US and opening an LLC bank account in person
You can 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.
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,
I already regester LLC in Florida and got EIN but I am not able to creat account with WISE/NOVO/RELAY as the all required to visit physically, should I really visit US to just for opening business bank account or is there any other service can help me in this regsrd.
please assist
Mercury no longer accepts virtual office and registered agent addresses.
Correct I just had the same problem. is not allowing to use registered agent address
Hi there Rodrigo I am in a similar situation like you. Have you found a way around it or are you going for some other bank account?
use wise
I see they allow residential utility bill even international, I guess the LLC owner residential address
Did you find a new option?
Hi Matt
Mercury bank does not open accounts with Sole Proprietorships. But even though you state that it is a private company, it fills all the forms. When I say I don’t have a passport, it is said that you have to get a passport. When you spend a lot of money and get a passport and come to a conclusion. He’s texting you. says; We only open accounts with LLCs, not sole proprietorships. Waste of effort, effort, money. Ugh….
Mercury rejected my application because my Ipostal address.
use your registered agent address
for a c-corp mercury is not accepting registered agents address.
I was able to create a bank account for my LLC on WISE, everything quick and easy.
Can you name me the bank accounts we can open on virtual LLC (Non resident). Wise and mercury both get blocked after sometime. Would appreciate if you can name me a few, it’ll be a huge help
Hi! thank you so much for the article! It seems very helpful. I work for the entrepreneurs who set up an LLC in the USA for international sales so we need an american bank account for the bank letter of credit. Which bank would you recommend?
@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.
Mercuy refused to open my account. I have a WY LLC. They told no reason. im confused.
@Bastian what kind of business do you have? they restrictions on specific types of businesses
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.
Hey Barry, you had any luck with this? I’m in the same boat.
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
@Asad Mahmood depending on the type of business and goods that you are selling, there is a list of restricted businesses that Mercury and other banks consider high risk. what kind of a business do you have? do you have a US address and phone number?
Asad, how you came to know that your application got rejected due to your nationality i.e. Pakistani?
Did you provide a registered agent address and US phone number? I guess, the banks usually filters and looks for such requirements.
Pakistan is on the list of prohibited countries in Mercury.com
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.
I and my partner would like to establish an LLC in Texas , USA mainly to export garments from Pakistan to be supplied to a company in Texas,USA and all payments from the buyer will be deposited in a local non resident account that we plan to open in Texas , USA,
The amount will be deposited by our buyer in our bank account in Texas and will be remitted from Texas bank account to a bank account in Pakistan.
Is it possible to register an LLC in Texas , open a bank account and register a brand in US without us visiting US online , if so Kindly let us know how we should proceed and the cost ?
Best regards,
Yousuf Ismail
You may have figured out the issue by now. For information only, yes it is possible, and you can file an LLC in any state as a non-US resident.
Hi Matt,
Hopefully, you are doing well.
I have opened the LLC by learning from your platform and am now unable to open the Mercury Account as they are not accepting Pakistan as Owner’s home address.
Can you suggest any other solution?
Regards,
Riz
how you came to know that they are not accepting Pakistan as Owner’s home address? any reply from Mercury or just assumption?
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.
@Julia open an LLC in Wyoming. the cost is about $200 through an agent.
get an address and a virtual number. I recommend companies like iPlum or virtual numbers. make sure to choose a number with Wyoming area code.
Apply with Wise (Formerly TransferWise), Mercury, and if you are planning on accepting credit cards, and i highly recommend doing that, then also apply with Stripe. Furthermore, apply with Payoneer. You would have to add your outgoing and incoming banks, where you would send your money to, such as Mexico. this is the best way of doing it.
Depending on the type of business that you are running, some business models aren’t accepted with most banks, such as: online gambling, hosting and domain services, and similar. Suerte. Good luck!
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.
are you able to get a mercury account finally? can you share latest info pl
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 :)