Opening a bank account in the USA: your path to a US business account
Planning to move to the USA or set up a US company? Either way, opening a US bank account is one of the most important steps. But which account at which bank is the right choice for you? Can you open it before you arrive in the USA? You will find the answers to all of these questions here.
Planning to move to the USA or set up a US company? Either way, opening a US bank account is one of the most important steps.
Opening a bank account in the USA is a fairly straightforward process that takes just a few steps, but there are still a few points to weigh up before you decide. Not every bank suits every industry or your individual needs equally well. In general, you can choose between 2 options: an account with a neobank, or an account with a traditional bank, for which you need a US director.
Of course, Mount Bonnell Advisors can support you with every aspect of setting up your company in the USA, and that includes opening your bank account.
Which US bank is the best?
The answer depends largely on your specific financial needs. Different banks offer different features, fees and services.
A good place to start is researching which banks have the best offers for your needs. You can compare checking accounts, savings accounts, loan rates and other banking products online before deciding which bank suits you best.
Compare monthly fees, minimum deposits, customer service ratings or any other criteria that matter to you. Which bank is right for your business ultimately depends on many factors specific to your situation.
Do your research and take the time to find the perfect bank for you, or leave the job to us. Mount Bonnell Advisors will gladly help you find the ideal solution for your needs and then open your account at the bank of your choice.
Opening a US bank account: choosing the right bank
There are plenty of banks in the USA. But which one is right for you? The best-known banks are probably the best place to start, since they are likely to have the most experience with immigrants.
Of course, Mount Bonnell Advisors can handle the account opening for you at a major traditional US bank.
Fintech providers such as Mercury or Wise, which are not banks themselves, offer a very interesting alternative. As a rule, we can highly recommend an account like this. You benefit not only from a simple process but also from significantly lower costs.
What are the advantages of a neobank account?
What are Mercury and Wise?
Mercury and Wise are not banks: by its own account, Mercury is a fintech whose accounts are held at partner banks, and Wise is a payment services provider. Neither has any physical branches.
Day to day, your account, account details, transfers, mobile banking and so on work just like at a bank. You get a regular Visa or Mastercard and can handle all your business conveniently online. The account fees are low.
The key advantage for you is that the account can be held directly in your name as managing director. To open a business account at a traditional bank, you absolutely need a person living in the USA. So you save time and the extra cost of a US director.
If you have any doubts or further questions about opening an account with Mercury or Wise, Mount Bonnell Advisors is always happy to help you find the perfect solution.
How do you open a US bank account?
Opening a US bank account is fairly simple and can be done in several ways. The usual method, of course, is to visit a local branch and apply in person.
Another option is to apply online. Some banks offer this, and it is often faster than applying in person. Even with an online application, though, you will usually need to visit a branch at least once, mainly to verify your identity.
Opening an account in the USA: which documents do you need?
Just like at home, opening an account in the USA comes with certain regulatory requirements. Not every bank asks for the same things, but as a rule you will need the following documents:
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Proof of identity (e.g. passport and driver's license)
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Proof of address via a utility bill
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Where applicable, a valid visa / green card
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Possibly a Social Security Number or ITIN (Individual Taxpayer Identification Number)
Can I open a US bank account before I arrive?
Normally, you cannot open an account in the USA before you arrive.
One option is to open an account with a provider such as Mercury or Wise.
The other option, of course, is to have the account opened by the US director we provide. The director can open your company's account as soon as the company is registered. You do not need to be there. The director hands you the debit card and online banking ID, until you can come to the USA yourself to introduce yourself at the bank and show your ID.
Your visit to the bank in the USA after the account is opened
We advise all clients to travel to the USA within the first six months after forming their company. You go to the bank together with your company's director, show your ID and are then added to your company's account as an authorized signer. You receive your own online banking ID and your own debit card.
Which US account is best for you?
We are happy to help you decide which option best fits your business needs.
Do you have more questions about your US bank account or anything else concerning your business in the USA?
Here you can book a one-hour consultation to go through your detailed questions about setting up a US company.
Whether it is tax advice, US business visas, company formation, US market entry, bank account opening or much more: we support you every step of the way.
Consultation & implementation
If you'd like to find out what this means for your own situation, the best step is to book a consultation.
