How to Open a US Bank Account as a Foreigner

Step 1: Form a US-Based Business Entity

If you’re wondering, can a foreigner start a US business? Yes. With the right paperwork and guidance, it’s completely possible, and you need to have a business bank account.

Before you can open a US bank account, you need to have a registered business in the United States. Most banks won’t allow foreigners to open a business account unless there’s a legal entity behind it, like a Limited Liability Company (LLC) or corporation.

Forming an LLC for foreigners is usually the easiest and most flexible option. LLCs are relatively quick to set up, affordable, and don’t require US citizenship or a Social Security number.

Here’s what you’ll need to do:

• Choose a State: Delaware, Wyoming, and Florida are popular among foreign founders because of their business-friendly policies and straightforward registration processes.
• Pick a Business Name: Make sure the name isn’t already taken in your chosen state. You can search this through the Secretary of State’s website.
• Appoint a Registered Agent: This is a person or company in the US who receives legal documents on behalf of your business.
• File the Formation Documents: These are typically called Articles of Organization or Incorporation. You’ll submit these online or by mail, depending on the state.
• Pay the State Fees: These vary depending on the state but typically range from $50 to $300.

Once your company is officially formed, you’ll receive documents such as the Certificate of Formation, a key requirement when applying for a US bank account.

Step 2: Get an EIN from the IRS

After forming your US business, the next important step is getting an Employer Identification Number (EIN) from the IRS. This is like a Social Security number for your business—and banks will always ask for it when you try to open an account.

Even if you don’t have any employees, you still need an EIN to:

• Open a business bank account
• File taxes in the US
• Apply for business licenses or permits
• Work with payment processors like Stripe or PayPal

The good news is that it’s free to get an EIN.

Here’s how foreigners can apply:

• Fill Out IRS Form SS-4: You’ll need to provide your company name, business address, and a US phone number (if available).
• Leave the SSN/ITIN field blank: If you don’t have one, that’s okay. The IRS allows foreigners to apply without it.
• Submit by Fax or Mail: Since online applications require an SSN, you’ll need to fax or mail your form to the IRS. Processing typically takes 4–6 weeks.

Once approved, you’ll receive an official EIN confirmation letter (CP 575), which you’ll need for bank applications. Getting your EIN is a key part of figuring out how to open a US business bank account, so don’t skip this step.

Step 3: Gather Required Documents

If you’re wondering how to open a US bank account for non-residents, having the right paperwork is half the battle. US banks are strict when it comes to verifying your business identity and ownership, especially when you’re applying from abroad.

Before you head to a bank or fintech provider, prepare the following documents:

• Company Formation Documents

These are the articles of incorporation or formation documents that prove your business is legally registered in the US

• Employer Identification Number (EIN)

This is your tax ID issued by the IRS. Make sure you have the official letter (CP 575) or a substitute confirmation 147C letter.

• Operating Agreement or Bylaws

Some banks will ask for your company’s operating rules, especially if you’re an LLC or corporation with multiple owners.

• Proof of Identity

A valid passport is usually accepted. Some banks may also ask for a second form of ID, like a government-issued driver’s license.

• US Business Address

You don’t need to live in the US, but you should have a registered business address or mailing address. A virtual mailbox service often works.

• ITIN or SSN (if applicable)

Not all banks require this, but having one can make the process faster. If you don’t have it, consider applying through a registered agent or using fintech alternatives.

Remember this tip: Always check with the specific bank or provider first. Requirements may vary depending on whether you’re applying online or in person.

Step 4: Choose the Right Type of Bank

When looking for foreigner-friendly banks US founders can trust, it’s important to know your options. Not all banks are equally easy to work with, especially if you’re applying from outside the country.

There are two main types of institutions you can choose from:

Traditional Banks (Bank of America, Chase, Wells Fargo, etc.)

These are the large, well-established institutions with physical branches across the US

Pros:

• Familiar names with strong reputations
• In-person support (if you plan to travel to the US)
• Full range of services like credit cards, loans, and merchant services

Cons:

• Often require in-person visits to open an account
• May ask for US residency or a Social Security Number (SSN)
• More paperwork and slower approval times

Fintech Platforms (Adro, Mercury, Wise Business, etc.)

These are online banking alternatives built for startups and remote founders.

Pros:

• Fully online account opening
• No need for US residency or SSN
• Low fees, real-time FX rates, and modern features
• Integrates with accounting tools like QuickBooks or Xero

Cons:

• Limited or no physical branches
• May not offer all services that traditional banks do (e.g., cash deposits or loans)

If you’re based outside the US, fintech platforms often provide a smoother and faster experience. Many were built with global entrepreneurs in mind, making them a popular choice for foreign founders setting up their first US business account.

Step 5: Submit Application and Complete KYC

Once you’ve gathered your documents and chosen the right bank, it’s time to apply.

Whether you’re going with a traditional bank or a fintech platform, the application process usually involves Know Your Customer (KYC) checks. These are standard identity verification steps that banks follow to comply with US laws and prevent fraud or money laundering.

Here’s what to expect during this final step:

Submit Your Application

• Most fintech banks let you apply entirely online
• Traditional banks might require an in-person visit or video interview
• You’ll fill out personal and business information, including your US company details and EIN

Upload Verification Documents

The bank will ask you to upload:

• A government-issued passport or national ID
• Proof of your US business (e.g., Articles of Incorporation or LLC Agreement)
• EIN confirmation letter from the IRS
• Business address (virtual or physical)

Complete a KYC Interview (if needed)

Some banks may request a quick video call to verify your identity and ask basic questions about your business. This is common with both fintech and traditional options.

Wait for Approval

Depending on the bank, approval can take from a few minutes (with fintechs) to several days or weeks (with traditional banks). Once approved, you’ll receive your account details and access to online banking. Ensure that your business documents align with your personal ID details to avoid delays.

Tips for a Smooth Approval

Opening a US business bank account as a foreigner can go a lot smoother if you follow a few smart tips. These help prevent delays, rejections, or requests for more documents.

Here’s how to make your application process faster:

• Double-Check All Documents Before Applying

Make sure everything is up-to-date, legible, and consistent, especially your business name, address, and your full name as it appears on your ID. Even small mismatches can slow things down.

• Choose Banks That Accept Non-US Residents

Not all banks do, so research ahead. Look for banks or fintech platforms that are known to work with foreign founders. Many fintech banks are designed for global entrepreneurs and don’t require US residency.

• Use a US Address Service

Many banks require a US business address. A virtual mailbox or registered agent service that gives you a US mailing address can help you meet this requirement legally and easily.

• Keep Your Business Purpose Clear and Simple

When asked about your business, give a short and clear explanation. Avoid complicated or vague descriptions; banks want to quickly understand what you do.

• Be Ready for Follow-Up Questions

Some banks may reach out for extra clarification. Respond promptly and politely. A fast response can keep your application moving forward.

• Start with a Fintech Bank

If you’re in a hurry or don’t have a US presence, a fintech platform like Adro, Mercury, or Wise can often approve your application in days, not weeks.

Final Thoughts

Opening a US bank account as a non-resident may seem overwhelming, but if you prepare, it’s going to be straightforward. From forming a US business entity to submitting your documents and choosing the right bank, each step brings you closer to smooth business operations in the US

If you’re wondering how to open a US bank account as a foreigner, remember that having the proper documents, a clear purpose, and the right support can make all the difference.

Need help getting started with your EIN? Visit EINwaittime.com for simple guides, how-tos, and checklists on what you need to know. Let’s make setting up your business in the US as a non-resident easier, one step at a time.