Open a US business bank account for non resident

Set up a bank account in the United States, You might be wondering, how can an individual open a  US  bank account as non-US, in the United States? The answer is undoubtedly you can! Non-us may find the process difficult to open a US bank account, but it is not impossible. Setting up a US bank account is worthwhile whether for business, vacation, or personal purposes. Banking in the United States has numerous advantages. However, read on to learn how to open a US bank account.

If you are a non-resident citizen visiting the United States ( non US looking to open a US bank account), there are several banks that may create bank accounts (us bank account for non us) for you. It can be both personal and business account based on your requirement. Being a foreigner, to open a personal bank account, you may need to carry your passport for Id proof. Some banks may ask you to provide secondary address proof.

If you intend to start a business, you may also need to bring your business registration documents. The most typical documents required by the bank are the state article, operating agreement, IRS EIN letter, and your personal identification. Please keep in mind that this is not a complete list of papers necessary. The list of documents required may differ from different bank to bank.

Non-resident who is unable to visit the United States: US bank account for non us, without visit

If you are a foreigner living in your native country and are unable to go to the United States, you can still create a open a US business bank account as non resident . You do not need to visit the US or not necessary to have a SSN. You can open a US bank account as non US, without visiting the branch or having no SSN. However, the possibilities are limited. Additionally, you might not be able to acquire information straight from the bank online or speak with a representative, etc.

Since you have no prior contact with the bank, creating a personal account without visiting the bank will be a lot more difficult operation. You may be able to obtain business accounts through firms such as UCB Business Solutions. UCB Business Solutions has been helping a number of businesses and individuals in creating US business bank account for non resident.  We create online US bank account for non residents, without visiting. All paper works are done online, which you will print, sign, scan and send us back. 

It is a significant question why US banks do not allow non-resident aliens to open business accounts. However, there are other reasons for this, including:

• As a result of fraudulent acts, it is impossible to track down or recoup the losses.
• They leave the account with a credit, which the bank will turn into a liability. The customer is disputing a cheque/wire payment, and the account holder has already withdrawn funds from the account.
• The account holder opened a merchant account with a processor and conducted transactions. The consumer may charge back the amount after withdrawing it owing to product/service difficulties.
• The account holder obtained a loan from a third party and abandoned the account without repaying it.
• Due to a variety of factors, including the one mentioned above, it has become impossible for non-US residents to open a business account with USA Bank without physically visiting the location.

For a US bank, the options are quite restricted. I’ve included a few examples below.

Make use of a correspondent bank

A correspondent bank is a financial institution that is linked to a bank in another nation. If you are a client of a bank that has this type of partnership with a US-based bank, you can take advantage of it. It is worth noting, however, that this does not guarantee that you will be able to set up a US ledger. Contact your bank and ask a question to confirm whether this is an opportunity for you.

Open an international account

The benefit of living in a globalised society is that it is simple to connect to global administrations. Setting up an overseas bank account is now easier than it has ever been.

 

Despite the fact that there is a warning – it might be important speculation, such an account might be useful if you don’t have a US address. There is also a criterion that requires you to maintain some level of equilibrium. UCB Business Solutions had established several firms in the United States for foreign people, particularly Indian corporations, and had also gotten an EIN and a bank account. If you already have a corporation in the United States and are seeking a single bank account, they will offer you one by preparing a state resolution form.

Here are the advantages of opening a US bank account as a non-citizen prior to arrival in the US:

1. Foreign citizens can avoid high banking costs for international wire transfers and currency conversion by creating a US bank account online before arriving in the country.
2. You may use your US Bank personal account to prepay utilities like electricity, gas, water, and phone service, as well as any other bills like rent, university fees (if applicable), and so on.
3. Most of these banks will issue a virtual debit card for instant usage, which may also be used for US online shopping and payments to other merchants via systems such as Google Pay, Apple Pay, and Samsung Pay, among others.
4. You may use your US Bank personal account to connect to P2P (peer-to-peer) payment platforms such as PayPal, Venmo, Zelle, and others, making migrating to a new nation much easier.
5. Opening a bank account in the United States is usually less expensive than using a prepaid travel card, such as a forex card.
6. Some international-focused banks may open a credit card account as well as your US bank account without requiring an existing US credit history. Furthermore, it will assist you in developing your US credit score (FICO score), which is an important component of establishing your financial life in the US.
7. The FDIC (Federal Deposit Insurance Company) insures funds in your US bank account up to $250,000.

To reduce your burden, please feel free to contact UCB Business Solutions if you require assistance in establishing your US company setup or opening a bank account in the US. We are delighted to assist you!

For further information you can also read a number of articles on our website related to “how to get a US bank account for non residents” or “get a US bank account for non residents”