FAQ About the USA Bank Account
Yes, absolutely, your company can open a bank account in any country, both in the USA and outside the USA. Please note: if your company has a bank account outside the USA, it must be reported under the Foreign Bank and Financial Accounts (FBAR) requirements. We invite you to read this page on the subject: https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar
Usually, it will not be possible to open a bank account for your US company if the partner resides in one of these countries: Afghanistan Albania Angola Bangladesh Belarus (Republic of Belarus) Bhutan Bosnia and Herzegovina Burkina Faso Burundi Cambodia Cameroon Central African Republic Congo (Democratic Republic of the) Congo (Republic of the) Croatia Cuba (Republic of Cuba) Eritrea Gambia Haiti Indonesia Iran (Islamic Republic of Iran) Iraq Kyrgyzstan Latvia Lebanon Lesotho Liberia Libya Maldives Mali Mozambique Myanmar (Burma) Nepal Nicaragua Nigeria North Korea (DPRK - Democratic People's Republic of Korea) Pakistan Palestine (State of) Philippines Russia (Russian Federation) Somalia South Sudan Sudan Syria (Syrian Arab Republic) Ukraine Uzbekistan Vanuatu Venezuela (Bolivarian Republic of) Vietnam Yemen Zimbabwe
Some banks allow accounts to be opened remotely. Please contact us to confirm this.
We work with all US and foreign banks that accept account openings for US companies. Please contact us to obtain the list of available banks.
This is indeed possible, but not before 6 months of activity, so that the bank can review your company’s banking history. Collateral (real estate, shares, etc.) may be required for non-residents.
The bank will provide you with its SWIFT code and ABA routing transit number (ABA RTN), allowing you to receive funds by bank transfer. IBAN and SEPA do not exist in the USA. You can cash checks (they must come exclusively from a US bank) and receive payments by card (Visa, MasterCard, American Express, and Discover) through the invoicing software.
In cash at a bank branch, by bank transfer, check, or bank card.
Banks only offer a USD account.
Yes, absolutely. Through the billing software, you can receive payments via Visa, MasterCard, American Express, and Discover cards. You can also sign up for all existing payment processors in the USA: PayPal, etc.
Banking secrecy applies in the USA. However, we advise against using a company in the USA to avoid declaring income in your country of tax residence. The US tax authorities have also announced that they would not accept the American system being used by a foreign tax resident to avoid declaring income in another country. It is preferable to pay a minimum amount of tax in the USA and then use tax treaties to legally limit the overall tax burden.
The minimum deposit is only USD 25.
We have no control over or access to your bank account.
Your company in the USA can open as many bank accounts as you wish in the USA and outside the USA. Within the same bank, it is only possible to open one account per company.
This is possible by providing proof of residence in the USA dated within the last 2 months. Your presence there is usually required to open it.
All fees related to registering your company and our assistance with opening your bank account are included in our package. Some banks charge account opening fees, which will be deducted directly from the company’s account (these fees do not pass through us).
We confirm that Wise accepts applications to open bank accounts for companies in the USA. Wise is usually recommended if you need a multi-currency bank account and make transfers in foreign currencies.
US banks usually provide a debit card when the account is opened. It will be sent within 7 days to your company’s registered office. We can resend it to your chosen address anywhere in the world by express mail. This bank card can be used to pay online (it has the CVV/CVC security code on the back). It is also possible to request a credit card (even if you do not have an SSN).
Internet banking is available at all the banks we work with. It enables you to carry out all your usual banking transactions (checking accounts, transfers to the USA and abroad, downloading bank statements, integration with accounting software, etc.).
Opening a bank account for a company is a decision made solely by the bank. We therefore cannot be held responsible if a bank account is not opened. Consequently, our package includes an obligation of means rather than an obligation of result, since we cannot guarantee something that depends not on us but on a third party (the bank). This obligation of means consists of assisting you with opening your bank account, BUT we are not authorized to replace you in this process or act on your behalf (for example, if the bank asks you for additional information about your business, we cannot respond in your place). For online banks, our assistance is limited to providing you with a link to complete the account-opening form. For traditional banks, depending on the bank, our assistance consists of presenting your application to the bank and/or accompanying you there.
The United States does not participate in the Common Reporting Standard (CRS), also known as the Automatic Exchange of Information (AEOI) established under the OECD. The U.S. tax authorities have stated that they would not accept the U.S. system being used by a foreign tax resident to avoid declaring income in another country. We advise against any aggressive tax strategy that could place you in a fraudulent situation in your country of tax residence, especially since it is possible to legally optimize your overall tax burden (corporate and personal) through tax treaties.
The bank automatically issues a debit card when the account is opened. This is not a credit card, which means that all payments made with this card are automatically debited from your account. This may cause problems with certain merchants that require a credit card (usually car rental companies and airlines). Please note that it is difficult to obtain a credit card in the USA without an SSN (Social Security number), which limits it to U.S. residents. However, some credit card issuers agree to issue cards without this number (contact us).
We invite you to contact us to receive a detailed breakdown of all bank fees by email.
When opening your bank account, whether personal or business, the bank will always check whether your name appears in the "World-Check" database. Your name may appear there simply because of an error or because you share the same name as someone else. If this is the case, here is an email address you can use to correct the information concerning you: contact@world-check.com. You can also check whether you are listed on World-Check by clicking here.
It is entirely possible to open a bank account in the USA (with MERCURY or CHASE, for example) without being a US resident or citizen. Opening a personal bank account requires proof of address in the USA (a water, electricity, telephone bill, etc.), even if the person is not a US resident or citizen.
It is not possible to open a multi-currency bank account with a US bank because of a federal provision prohibiting it. However, this is possible with WISE (because it is located outside the US). WISE’s fees are listed here: https://wise.com/gb/multi-currency-account/pricing