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.
Make sure your business name is approved before you open a bank account. You can search business name availability to avoid delays during the application process.
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!
Most U.S. banks require your LLC formation documents before you can open a business account. If you haven’t registered your company yet, start with our LLC registration services to get your documents ready.
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.