7 Best Business Bank Accounts for LLC for Non-US Residents

Owning a company within the US ultimately also requires that you have a US business bank account for the smooth running of the enterprise. While it could sometimes be a daunting task to open a bank account as a non-US resident, there are some banking platforms that allow you to seamlessly open an account with them.

In fact, you most times do not need to visit the US to successfully complete a business account application process, as you can do that remotely. That being said, we’ve outlined the 7 best business bank accounts for LLCs for non-US residents in this guide.

7 Best Business Bank Accounts for LLCs for Non-US Residents

Here are our 7 best business bank accounts for LLCs for non-US residents.

1. Wise

Popularly and formerly known as TransferWise, this financial banking platform has been operating since 2011. Wise offers many financial and banking services to many business owners who are non-US residents. By having a business bank account with this platform, you would gain access to many accounts with several foreign currencies. This means you aren’t only limited to processing and receiving payment within the US alone, but you have access to receiving funds within several countries in the world and with many currencies. Beyond that, there is a fair transfer fee and you can rest assured that all transfer processes will be transparent enough.

2. Mercury

Mercury remains one of the top online business banking platforms for non-residents of the US. You can easily open a business checking and business saving accounts with them without having to worry about monthly fees. Most businesses prefer Mercury because of its user friendly platform, which renders a simple, easy process of opening an account. In just a few minutes, you’d be able to open a business account that is FDIC-insured. By having a business bank account on this platform, you’d be able to enjoy API, zero monthly fees, debit cards, both virtual and physical one, ACH bank transfers, mobile banking system, unlimited transactions, etc.

3. Brex

This is one banking platform that has been gaining more popularity in recent years. The bank focuses mainly on providing its services to start-ups and it has been known for supporting US business owners who are nonresidents. It specifically offers a no credit check option, making it a more suitable option for non resident business owners.

You can also process and receive cards for your virtual and physical transactions. Also, the banking platform also offers users a business charge card, which you can use for various transactions and purchases. With that you are awarded for each purchase made with the card. While many non-US residents can open a business bank account with Brex, a US physical address is required to get an account processing approved.

4. Worldfirst 

Founded in 2004, Worldfirst is one of the global FinTech companies helping several small businesses around the world bridge the gap and difficulties associated with sending and receiving payments among nations. With an account with this banking platform, you have access to carry out business transactions with many countries of the world and in different currencies.

The platform also offers a two factor authentication app that helps reduce fraudulent activities to the minimum. There is also an automatic transfer option, which allows you to easily set a rule for withdrawals or payments. With a business account on Worldfirst, you can easily integrate with many online marketplaces and more so you do not need an account opening and maintenance fees.

5. Novel bank

This banking platform has been specially recognized for supporting global businesses and startups. With a novel bank, you can carry out so many financial transactions seamlessly. There is access to ACH transfer which is totally free, however carrying out wire transfer comes with some charges. Beyond that, the platform provides a user friendly mobile app that allows you to track your spending. While it is totally free to use the platform, you can equally subscribe to a premium version, which allows you to explore more banking services.

6. RelayFi

RelayFi is another online banking platform which allows LLC business owners to easily open a business bank account as a non-US resident. With this bank, you can easily automate and process many bill payments. Also, you have a chance to use debit cards, either physical or virtual ones. Beyond that, the banking platform makes it easier for your business to store accounting records and more so you can easily integrate your bank information with accounting tools like Xero and Quickbooks. Most importantly, the banking platform doesn’t require monthly fees or a minimum deposit. With the user friendly mobile app, you would be able to process your business transactions effortlessly and on the go.

7. Airwallex

This is another banking platform that operates just like Wise. Airwallex allows you to use most of their services at relatively low fees. With a business bank account on this platform, you will also gain access to many bank accounts with varying currencies. Making deposits with the platform is free and, unlike Wise, Airwallex USD accounts are FDIC-insured. It also offers debit cards, and this is made available to many countries. Beyond that the platform also allows for the processing of credit card payments.

What to Consider when Choosing a Business Bank Account Service Provider As a non US resident.

When selecting a bank to open a business account with within the US as a non-resident, there are a few factors you would want to consider before making a selection. 

1. Pricing

Firstly, you would want to check what the monthly account fee is like. While some service providers allow a free business bank account and don't charge a monthly fee, others do charge a fair price for this. Basically, this fee will be used in maintaining your account monthly.

2. Support

You would also want to be sure of the kind of support that is available to bank users. Are you able to reach their customer support service via email, chat, or phone call? Are there FAQ sections that answer most of the likely questions you might have or are they available to respond to your queries 24/7. All of these and more would be checked to be sure their support service is active.

3. Fees

When it comes to selecting a US business bank account as a non-US resident, you need to be vigilant of every fee that is associated with every account service provider. Fees range from transaction fees, account opening fees, ACH transfer, wire transfer, overdraft fees and many more. Many banks charge at a varying rate for each fee and moreover, you would find that while some banks have all these fees and more, some have just a few. It is therefore important to be conversant with every fee charge attached to a business bank account before proceeding.

4. Introductory offers

You would also find that many of the banks give introductory incentives to new account owners. This could be in the form of discounts on the bank account fees and other charges. While this strategy has been proven to help these banks attract new customers, it is important that you check other criteria before choosing a business bank account rather than focusing only on this factor. This way you would be able to align your business goal together with the kind of service rendered.

5. Interest rates

The interest rate among banks will also need to be checked. Either you are also opening savings or checking a business bank account, you would also need to be sure of what the interest rate is like. 

6. Application processing

Application processes and requirements could differ in some ways. While opening a business bank account with some service providers could take a few minutes to an hour, others could take more time. You would want to be sure of the basic requirement of the bank you're considering and, more so, be sure of their application processing time. Considering the banking platforms that allow you to open an account remotely thus will be best for non-US residents as you wouldn’t need to travel to get a business account. 

Requirements to Open a Business Bank Account for an LLC as a Non US resident

For you to be able to open a business bank account for your LLC as a non US resident, there are a few documents and requirements to meet up to. Here they are. 

1. Certificate of Formation: This would be obtained after registering your business with a state of your choice. There are many states you can form your business with, however, many non-US residents prefer Wyoming, Delaware, Nevada, New Mexico, etc.
2. Get a US address: Different banks have their varying requirements when it comes to providing a US address. While some banks will require your registered agent address, others could request for your mailing address or physical address. In some cases, you might also be asked to provide a proof of address document like a utility bill.
3. An Employer Identification Number, EIN, would also need to be presented. This can be obtained from the Internal Revenue Service. 
4. An Operating agreement might also be required in some cases. This would be prepared following the LLC formation by the members of the company.
5. A proof of identification is also needed: This would be required for the members of the LLC and it could be in the form of a driver's licence, national ID card etc.
6. Lastly, you might also be required to provide a US phone number.

Benefits of Opening A Business Bank Account for your LLC as a Non US Resident

Having a business bank account for your LLC as a Non US resident comes with a lot of benefits. Here are some of them you should know.

1. Easy business transactions

With a US business bank account, it becomes much easier to carry out many business transactions and receive payments. You will be able to process, send and receive funds from different parts of the world and since USD is globally recognized as a means of payment in most countries, many customers and suppliers will be willing to deal with your business using USD rate. With a local business account, this might not be easily achievable. 

2. USD Banking comes with high reputation

The US is one of the most reputable countries in the world and so banking activities done in USD aren’t really scrutinized like other nations. When you send and receive payment in USD, you would be rest assured that your transaction will be processed and successful within a few minutes. This isn’t usually the case with most other countries and currencies. Even when your transaction involves a lot of funds, you would rarely be scrutinized compared to other nations.

3. Provides access to online marketplace

With online platforms like Amazon and Shopify etc, you will be able to sell your product throughout the world. However, receiving payment is made possible through business bank account like Wise, Mercury and more. Also, if you render services on Upwork, Fiverr and others, a US business bank account would allow you to easily receive payments.

4. Helps you gain access to credit card perks

With a US business bank account, you can easily build your credit score. This could help you attain a great credit score, which would be vital in signing up for credit card programs and with these programs, you will be able to access huge bonuses and perks.

5. US Banking Structure doesn’t involve CRS

Unlike many other countries of the world, the United States is currently not participating in CRS. CRS means Common Reporting Standard, and it is an initiative concerned with sharing financial account data or information among several governmental jurisdictions. With this, you can be rest assured that your financial account balance or information isn’t shared with your home country. This way, you can maintain the privacy that you want.

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Conclusion

As a non-resident with a business located in the United States, having a US business bank account is vital as it allows you to easily receive,  process or send more payments. Not only that, there are more benefits attached to having a US business account, as discussed in this guide. We’ve therefore provided a list of the 7 best business bank accounts for LLC for non US residents.