If you've already registered your LLC or your corporation in the USA, you need to open a business bank account.
Having a business bank account will not only make various financial operations easier, it is also essential to maintain the corporate veil that LLCs and corporations give you.
However, this can be a complex decision because of the wide variety of solutions available, each with its own specific requirements.
For this reason, below is a roundup of the best business bank accounts, along with their pros, cons and features. Let's get started!
Mercury
- Cost: $0
- Minimum: $0
- APY : N/A
Mercury is one of the best business bank accounts for non-residents because it can be used with no monthly fee and no minimum balance, which helps small entrepreneurs who don't want large expenses.
In addition, its online banking platform is especially well suited to tech-focused startups, since it provides a wide range of digital tools and access to a read-and-write application programming interface (API).
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Relay
- Cost: $0
- Minimum: $0
- APY : 1%-3%
Like Mercury, Relay is another business bank account with no monthly fees and no minimum deposit. It also doesn't charge fees for incoming transfers, and transactions between accounts are unlimited.
In this case, one of its most attractive features is that it integrates with other financial and management tools so you can run your business better.
We specifically recommend Relay for those who need several bank accounts for their company and want a business checking account and a high-yield savings account.
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Globalfy
- Cost: $49 per month
- Minimum: $0
- APY: N/A
Globalfy is an all-in-one platform for doing business in the United States easily, which includes a bank account that can be opened without an ITIN or SSN.
The platform lets you send and receive payments to and from anywhere in the country and the world, through systems such as Amazon, Stripe, PayPal and credit cards.
In addition, Globalfy provides a debit card so you can use your account balance quickly and effectively, whether to buy goods or pay for services.
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Doola Banking
- Cost: $297 per year
- Minimum: $0
- APY : N/A
In 2022, Doola launched its banking product, Doola Banking, which lets company founders open a bank account in the United States without much hassle.
Doola's suite of banking services includes a checking account that offers wire transfers both domestically and internationally.
In addition, it provides virtual cards and physical debit cards, which are sent by regular mail to business owners anywhere in the world.
One of the big advantages of having a bank account like Doola is that it makes it possible to attract U.S. investors who can fund your company.
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Chase
- Cost: $15 per month
- Minimum: $0
- APY : 0.01%
The Chase Business account, from the commercial division of JP Morgan Chase & Co., is a great option for non-residents who want a bank account in the USA.
Although it charges $15 per month, the fee doesn't apply if you keep a minimum balance of $2,000. It also lets you earn a $300 sign-up bonus.
The bank's most important strength is its solid track record and strong corporate backing, as it is one of the largest and most important financial companies in the world.
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Revolut Business
- Cost: $0
- Minimum: $0
- APY : 3.25%-4.25%
Revolut Business is a great option for opening a bank account. It offers a quick and simple way to manage your company's finances.
It's the ideal platform for transactions abroad because it gives you a local account in pounds sterling, dollars or euros.
We particularly recommend this option for entrepreneurs who do business with companies based in the United Kingdom, the United States or the European Union.
Another advantage is the possibility of earning an annual yield of 4.25% by signing up for the Metal or Premium plan. On the other hand, your money will earn 3.25% on the standard plan.
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Bank of America
- Cost: $16 per year
- Minimum: $100
- APY: 0.01%-0.04%
Opening a business account with Bank of America brings several advantages. One of them is fee-free electronic transactions.
We recommend this bank for those who handle large amounts of cash, since it allows deposits with high limits.
Bank of America offers two plans: Business Advantage Fundamentals™ Banking and Business Advantage Relationship Banking.
The first lets you deposit up to $7500 for free and then charges 30 cents for every $100 deposited. With the second, the free limit rises to $20,000.
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Payoneer
- Cost : $29.65 per year
- Fees: Variable
- APY: N/A
Payoneer lets you create an online account that allows companies and freelancers to make and receive payments in different currencies at a relatively lower cost than international transactions usually have.
With Payoneer, companies can invoice their clients in their own currency, receive payments, withdraw funds and even pay suppliers, all from the same account.
The cost is $29.65 per year, but it's only charged if the total transactions made don't exceed $2,000.
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Wise
- Cost: $0
- Availability: 160 countries
- APY: 4.33%
Wise has a ton of features and tools, but we particularly recommend it because it doesn't add markups on currency exchange.
However, its services can be quite costly, since it charges fees on every transfer, which are higher than on other platforms.
The amount of the transaction fees depends on the amount transferred. For example, if you send $100, Wise takes a fee of $3.05 USD.
Among its other advantages, we can mention the ability to operate with multiple exchange rates and the speed at which transactions are made.
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Airwallex
- Cost: $0
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Format: 100% online
- APY: N/A
Airwallex is a very good alternative for business accounts that operate internationally.
The standard option offers different advantages, such as the ability to hold business accounts in different currencies, avoiding double conversion.
In addition, through a very simple process, you can issue virtual debit cards to be used linked to your account.
Finally, with Airwallex you can make international transactions in up to 23 different currencies, without excessive fees or long transfer wait times.
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Tips for opening a business bank account
If you're a non-resident and thinking about opening an LLC account in the United States, make sure your company has been approved and that you already have your EIN number. Any bank where you open a business account in the USA will ask you for it.
Why not use a personal account as a business bank account?
Using a business bank account helps maintain the corporate veil that limited liability provides, ensuring that personal and business finances are clearly separated and thus protecting the owners' personal assets.
In addition, a business bank account makes bookkeeping and financial management considerably easier, since it lets you quickly and easily identify the transactions related exclusively to the business.
How to choose your business bank account
Before choosing which bank you want to work with, you need to be clear about how your business works, what kind of transactions it makes and in which currencies.
There are many options and each one suits different lines of business. It's also essential to weigh the costs and benefits, which can be analyzed based on transaction speed, fees and monthly prices.
What are the requirements to open a U.S. bank account for my business?
You can open a bank account in the United States without needing a visa or traveling there. The basic requirements are submitting all your LLC and personal documents that each bank may request.
Some account opening processes tend to take longer than others; it depends on each platform.
What documents do I need to open a business bank account?
To open a business bank account you need the following documents: Proof of registration of the LLC, corporation or legal entity you've chosen and all the reports derived from it.
You'll also need the EIN confirmation letter (CP575), which will be your federal tax identification number.
Banks also usually request the LLC's operating agreement, which is a document signed by all the partners that sets out the company's internal rules.
Finally, two forms of identification are usually requested, such as a national ID card or a passport.
Written by
Ignacio Navarro
Ignacio Navarro is a Certified Public Accountant, founder of Start Companies and a specialist in U.S. companies for entrepreneurs, freelancers and digital businesses in Latin America. With training in international taxation and studies at UCEMA, he advises non-resident clients on forming and maintaining LLCs, opening bank accounts, invoicing, accounting and taxes. His experience combines tax strategy, compliance and practical vision for operating in the U.S. in a simple, organized and professional way.
