Opening a US Bank Account During Your Visit

Opening a US bank account as a non-resident can be a challenging process, but making a trip to the US can significantly simplify things. For LLC owners, having a US account is essential for separating business finances, managing transactions, and building credit. By visiting a bank in person, non-residents can navigate the process more smoothly, often facing fewer restrictions and quicker approvals than remote applications.

Why visit the US to open a bank account?

Visiting a US bank branch in person has its advantages. The verification process tends to be quicker, with bank representatives able to review your documents on the spot, leading to faster account opening. In-person visits also offer a wider range of account options since some banks may be more flexible with their requirements when dealing directly with a client.

Being physically present can also help overcome the challenges faced by non-residents when applying remotely. Many banks have more stringent rules for online account openings, often requiring a Social Security Number or a US address. When you’re at the branch, bank representatives can better assess your situation, making it easier to meet KYC (Know Your Customer) and AML (Anti-Money Laundering) requirements. This personal interaction makes the process more transparent and increases your chances of successfully opening an account.

Preparation before visiting the US

To make your visit to a US bank branch smooth and successful, proper preparation is key. Here’s what you should do before heading to the US:

1. Choose the right bank and account type

Research banks that are open to non-residents and friendly toward LLCs if you’re opening a business account. Look into their requirements, account types, fees, and features. Traditional banks, credit unions, and online banks all have different policies, so pick the one that aligns with your needs.

2. Prepare your documents

Ensure you have all the required paperwork ready. This typically includes:

• Two IDs: international passport and a secondary ID (e.g., driver's license or Alien Identification Card).
• Proof of US Address: utility bill, lease agreement, or similar document.
• US Phone Number (if required).
• ITIN (Individual Tax Identification Number) or SSN (if eligible).
• IRS Form W-8BEN.
• Letter of Good Standing from your foreign bank.
• LLC Documents (if applicable): Articles of Organization, EIN, and Operating Agreement.
• Minimum Deposit (cash or check).

3. Understand bank-specific requirements

Contact the bank or specific branch you plan to visit and confirm their document requirements. Some branches may have different policies based on state laws or bank-specific rules. Confirm:

• If an ITIN is needed or if they can open the account without it.
• What type of US address proof is acceptable.
• The minimum deposit required.
• Whether any additional documents or identity verification is needed.

4. Schedule an appointment

Some banks prefer or require an appointment to open an account. Booking in advance can save time and ensure you have a dedicated time slot for a smoother process.

Preparing these essentials will help streamline your account opening experience and reduce any last-minute hurdles during your US visit.

Bank of America

Bank of America is known for being one of the most accommodating banks for non-residents. They offer both personal and business accounts, provided you make an in-person visit to a US branch. To access online banking, you'll need an ITIN. Fees and requirements vary by state, but monthly service fees and initial deposits are generally low. With a 3% foreign transaction fee, you can still save on withdrawals abroad by using their international partner ATMs. Overall, they rank highly in loyalty among non-resident clients.

Wells Fargo

Wells Fargo, the third-largest US bank by assets, has long been a go-to for Latin American clients, often not requiring US address proof. Founded in 1852, the bank is currently consolidating branches and winding down non-resident services, focusing on US-based customers. The process, which started in January 2021, could affect account availability for non-residents. Some branches may allow account opening without an ITIN, but having one is recommended as it may be required later. Remember to request international payment capabilities when setting up your account, as they’re not enabled by default.

How to open a business account for an LLC

Opening a bank account for your US LLC is generally more straightforward than for a personal account, but it does come with unique requirements. Make sure your LLC is officially approved, and you have an EIN (Employer Identification Number). In most cases, you’ll need to visit the US to set up the account.

When choosing a bank, focus on one that accepts your LLC’s registration address. Always call ahead and speak with a branch manager to explain your non-resident status, lack of an SSN or ITIN, and to ask for the specific documents required. Try to email your documents beforehand for review and schedule an appointment to ensure a smoother process.

Consider staying in the US for at least 1–2 weeks to handle any unexpected delays or requirements. Wells Fargo is a popular choice for non-resident LLCs, but be mindful of recent internal changes that could affect their policies.

Documents needed for a US LLC bank account

Each bank’s requirements may vary, so it’s crucial to confirm details with the specific branch before your visit. Common documents include:

• LLC approval documents: Articles of Organization, Certificate of Organization, or Certificate of Formation.
• EIN confirmation letter: CP575 or 147C letter from the IRS.
• LLC Operating Agreement.
• Two forms of identification: such as a foreign passport and driver’s license.

Additional requirements could include:

1. Proof of address: some banks may accept your LLC's registered address, while others may need a lease or utility bill.
2. US phone number: essential for communication; consider getting a US SIM card or a digital number that forwards calls.
3. Beneficial ownership: you must declare the LLC’s true owners under the Financial Crimes Enforcement Rule, using a form provided by the bank.
4. LLC Banking Resolution: a document authorizing specific members to open the bank account, provided by the bank.

Once you have these documents in order, you’re ready to approach a bank that is convenient for non-residents and LLC owners.

Mercury

Mercury is designed for tech startups and allows non-residents to open a business account remotely. No physical presence in the US is required, except for certain sanctioned countries. You can even use your registered agent’s address as your LLC address.

Pros of Mercury:

• No monthly fee, minimum balance, or transaction fees
• No hidden fees, and interest earned on deposits
• Ability to send and receive checks
• FDIC insurance coverage up to $250,000

Approval typically takes 1-2 weeks. Remember to indicate you'll be conducting business with US companies to enhance approval chances.

Chase Bank

Chase Bank is another great option for LLC owners, known for its reliability and range of business credit cards. Although fully remote account opening is not possible, registration can be initiated online.

Key features:

• To avoid maintenance fees, maintain a minimum balance of $2,000.
• Offers business credit cards with travel rewards.
• Ability to open a linked personal account for non-residents.

Note that policies change frequently; some proof of address documents, like rental agreements, may no longer be accepted.

Final thoughts

Opening a US bank account as a non-resident has become more complex, with many banks tightening requirements or discontinuing services. However, options still exist, like Bank of America, Wells Fargo, Citibank, JPMorgan Chase Bank, TD Bank, and others. Fintech solutions like Wise, Payoneer, and upcoming services like Zenus Bank also offer alternatives.

A common misconception is that you'll immediately receive a credit card when opening a US account. In reality, building a credit history is required before being eligible for one. Until then, only a debit card will be issued.

For guidance on setting up a US company and opening a business account, you can reach out for expert advice tailored to your e-commerce needs.