Open Business Bank Account in USA For Residents & Non Residents
Why Do You Need a Business Bank Account?
A business bank account is essential to separate your personal and business finances. It helps you manage business expenses, receive payments, and build business credit. Whether you are a US resident or a non-resident, having a business bank account makes your operations smoother and more professional.
Types of Business Bank Accounts in the USA
Checking Account (Most Common for Business Owners)
A business checking account allows you to send and receive payments, pay bills, and manage business transactions. It's best for daily business operations.
Savings Account
A business savings account helps you store money securely while earning interest. It is ideal for businesses that want to save for future expenses.
Merchant Account
A merchant account allows you to accept credit/debit card payments from customers. This is useful for businesses that sell products or services online or in-store.
Foreign Currency Account
For businesses dealing with international transactions, a multi-currency account allows you to hold and send money in different currencies without high conversion fees.
Bank Account Opening for US Residents vs. Non-Residents
| Feature | US Residents | Non-Residents |
|---|---|---|
| Social Security Number (SSN) | Required | Not Required |
| Employer Identification Number (EIN) | Required | Required |
| US Address | Required | Some banks require it, but alternatives are available |
| Physical Visit Required | Not always | Depends on the bank |
| Online Account Opening | Possible | Limited options |
| Best Banks for Each | Chase, Bank of America, Wells Fargo, Citibank | Mercury, Relay, Wise, Payoneer |
Best Banks for Business Accounts (For US Residents)
If you are a US resident, you can choose from the top traditional banks that offer excellent business banking services:
Chase bank
- Best for startups and small businesses
- Low fees if minimum balance is maintained
- Offers physical branches across the US
Wells Fargo
- Best for businesses that need loans and credit lines
- Low initial deposit requirement
- Business debit and credit cards available
Bank of America
- Best for businesses that need multiple accounts
- Cashback and reward options available
- Free online banking tools
Citibank
- Best for businesses with high transactions
- Offers global banking services
- 24/7 customer support
Best Banks for Non-Residents (No SSN Required)
If you are a US resident, you can choose from the top traditional banks that offer excellent business banking services:
Mercury Bank (Best for Tech Startups & Online Businesses)
- online account opening (No SSN required)
- No monthly fees, no minimum balance
- Virtual and physical debit cards available
Wise Business (Best for International Transactions)
- Open an account from anywhere
- Hold and send money in multiple currencies
- Low conversion fees for global transactions
Relay Bank (Best for Businesses That Need Multiple Accounts)
- No SSN required, easy EIN-based setup
- Create multiple checking accounts for budgeting
- Supports international wire transfers
Payoneer (Best for Freelancers & Online Sellers)
- Receive payments from international clients
- Integrates with Amazon, eBay, Fiverr, and Upwork
- Withdraw funds to local bank accounts
Document Required for Opening a Business Bank Account In USA
Regardless of whether you are a resident or non-resident, most banks require the following documents:
Business Name & EIN (Employer Identification Number)
This is your business tax ID, which you get from the IRS.
Owner’s Passport or Government ID
For identity verification.
Business Address
Can be a US-based virtual address for non-residents.
Business Registration Documents
LLC or Corporation formation documents.
Operating Agreement
Required for LLCs to outline ownership and management.
Initial Deposit
Some banks require a minimum deposit to open the account.
Need help choosing the best bank? Contact US Startup Filing INC., and we’ll guide you through the process!
Questions & Answers for US Bank Account
Can I Open a US Business Bank Account Without a Social Security Number (SSN)?
Yes! If you are a non-resident, you do not need an SSN. Instead, you will need an EIN and valid business documents.
What Is the Best Bank for Non-Residents?
Mercury and Wise are the best for non-residents because they allow remote applications with no SSN requirement.
Do I Need to Visit the US to Open a Business Account?
For traditional banks like Chase & Wells Fargo, yes. But for online banks like Mercury & Wise, you can open an account remotely.
Can I Accept International Payments With a US Business Bank Account?
Yes! Wise, Mercury, and Payoneer offer multi-currency accounts for international transactions.
How Long Does It Take to Open a Business Bank Account?
- Traditional Banks: 1-2 business days (if all documents are provided).
- Online Banks: Same-day approval in most cases.