How to Open a US Bank Account for Your Foreign-Owned LLC
A US business bank account is essential for receiving payments, paying expenses, and managing your LLC's finances. Here's how to get one as a non-resident.
Key Takeaways
- You do NOT need to visit the US to open a business bank account
- Mercury and Relay accept foreign-owned LLCs fully online
- You need your EIN, Articles of Organization, and Operating Agreement
- Your registered agent address can serve as your US address
What You Need to Open a US Business Bank Account
Every bank has slightly different requirements, but most will ask for the following documents:
EIN (Employer Identification Number)
Your LLC's tax ID number from the IRS. This is the single most important document. You cannot open a US bank account without it.
Articles of Organization
The document filed with your state when your LLC was formed. Proves your LLC legally exists.
Operating Agreement
Internal document outlining ownership and management. Many banks require this even for single-member LLCs.
Government-Issued ID
Passport for all members/owners. Some banks also accept national ID cards from certain countries.
Proof of Address
Utility bill, bank statement, or government document showing your home address. Some banks accept your registered agent address for the business address.
EIN Confirmation Letter (CP 575)
The official IRS letter confirming your EIN. If you applied by fax, this arrives 4-8 weeks after application.
Don't have an EIN yet? Foreign-owned LLCs must apply by mail or fax (online applications require an SSN/ITIN). Processing takes 4-8 weeks.
Apply for your EIN with our SS-4 filerBank Comparison for Foreign LLC Owners
Not all banks welcome foreign-owned LLCs. Here's how the most popular options compare.
| Bank | Type | Monthly Fee | No US Visit | No SSN | Multi-Currency |
|---|---|---|---|---|---|
| MercuryPopular | Online | Free | |||
| RelayPopular | Online | Free | |||
| Wise Business | Online | $31/mo | |||
| Payoneer | Online | Free | |||
| Lili | Online | Free | |||
| Airwallex | Online | Free | |||
| Wells Fargo | Traditional | $10/mo | |||
| Chase Business | Traditional | $15/mo | |||
| Bank of America | Traditional | $16/mo |
Mercury
OnlinePopularMost popular for remote founders. 100% remote application. As of 2025, Mercury no longer accepts registered agent addresses — you need a real US business address (not CMRA). FDIC insured up to $5M. Integrates with Stripe, QuickBooks. Free ACH; international wires $20–$44.
Relay
OnlinePopularFree business banking with up to 20 checking accounts and 50 Visa debit cards. $3M FDIC insurance through sweep program. Great backup if Mercury denies. Free domestic wires; international wires $50 (free on Pro plan at $30/mo).
Wise Business
OnlineHold and convert 40+ currencies at mid-market rates. Requires paid plan ($31/mo) for US routing + account numbers. Not FDIC insured. KYC has tightened significantly in 2025. Best used alongside a real US bank account, not as primary.
Payoneer
OnlineProvides US receiving account numbers (not a full bank account). Built for marketplace sellers (Amazon, Fiverr, Upwork). Free to receive; 1–2% FX markup on withdrawals. No US LLC required. Cannot send ACH/wires like a real bank.
Lili
OnlineAccepts foreign LLC owners with 100% remote application. No SSN required. May accept a foreign business address (one of few). Good for freelancers and solo entrepreneurs. Gaining traction among non-residents.
Airwallex
OnlineOpens local routing details in 20+ currencies and 60+ markets. Can open a USD account even without a US entity. Free Explore plan; Grow plan $99/mo. Ideal for businesses operating across multiple countries.
Wells Fargo
TraditionalMost foreigner-friendly of the big US banks. Does NOT require SSN/ITIN for business accounts. Requires in-person branch visit. Visit a branch in a major city (CA, NY, TX) experienced with international clients.
Chase Business
TraditionalLargest US bank network. Requires in-person visit and US residential address proof. More restrictive than Wells Fargo for non-residents. Difficult for fully remote foreign owners.
Bank of America
TraditionalNationwide branch access. Requires in-person visit and SSN/ITIN. More bureaucratic than Wells Fargo for foreign-owned LLCs. Waivable fees with minimum balance.
Bank-by-Bank Breakdown
Mercury -- Best for Remote Founders
Mercury is the most popular banking choice for foreign-owned LLCs. The entire application process is online -- no US visit, no SSN, no ITIN required. Mercury provides a full US checking account with ACH, wire transfers, and a debit card.
- 100% online application
- No SSN or ITIN required
- Free ACH transfers and incoming wires
- Integrates with Stripe, QuickBooks, Xero
- Treasury feature for earning yield on idle cash
Relay -- Best for Budgeting
Relay offers free business banking with up to 20 individual checking accounts, making it easy to separate funds for taxes, operations, and savings. Also fully online-friendly for foreign owners.
- Up to 20 separate checking accounts
- No monthly fees, no minimum balance
- Profit First budgeting built in
- Integrates with QuickBooks and Xero
Wise Business -- Best for Multi-Currency
Wise Business lets you hold and convert 40+ currencies at the real mid-market exchange rate. Ideal if you receive payments from international customers or need to pay contractors in different currencies.
- Hold 40+ currencies in one account
- Mid-market exchange rates (no markup)
- Local bank details in USD, EUR, GBP, and more
- Batch payments for contractors
Traditional Banks (Chase, Bank of America)
Traditional banks offer the largest ATM and branch networks, but they are significantly harder for foreign LLC owners. Most require an in-person visit to a US branch and an SSN or ITIN. Consider these only if you plan to visit the US regularly or already have an ITIN.
- In-person branch visit usually required
- SSN or ITIN typically required
- Monthly maintenance fees ($15-16/mo)
- Largest ATM and branch network in the US
Step-by-Step: Opening Your Account
- 1
Get Your EIN First
You cannot open a US bank account without an EIN. If you don't have one yet, apply using Form SS-4. Foreign owners must apply by fax or mail (4-8 weeks processing).
Apply for EIN - 2
Gather Your Documents
Prepare your EIN confirmation letter (CP 575), Articles of Organization, Operating Agreement, and a valid passport. Having all documents ready speeds up the application.
- 3
Choose Your Bank
For most foreign LLC owners, Mercury or Relay is the best choice. If you need multi-currency support, consider Wise Business. Only choose a traditional bank if you can visit the US in person.
- 4
Complete the Online Application
Fill out the application form with your LLC details, upload your documents, and verify your identity. Most online banks complete the review within 1-5 business days.
- 5
Fund Your Account
Once approved, make an initial deposit. You can typically fund via wire transfer from your home country or through a Wise transfer. Some banks have no minimum deposit.
- 6
Set Up Your Payment Processor
Connect your bank account to Stripe, PayPal, or your preferred payment processor to start accepting customer payments through your LLC.
Tips for Foreign LLC Owners
US Address Requirement
Some banks require a US address for your business. Your registered agent address (included with most formation services) typically works for this purpose. You do NOT need to live in the US.
SSN/ITIN Not Always Needed
Online-friendly banks like Mercury and Relay do not require an SSN or ITIN. Traditional banks almost always do. If you do not have either, stick with online banking options.
Keep Business and Personal Funds Separate
Never mix personal and business funds. This protects your LLC's limited liability status and makes tax reporting much easier. Use your US business account exclusively for LLC transactions.
Application Denials
If one bank denies your application, try another. Each bank has different risk criteria. Mercury tends to be the most accepting of foreign-owned LLCs, but Relay and Wise are also good alternatives.
Need Help Setting Up Your Bank Account?
doola's Business-in-a-Box package includes bank account setup assistance as part of their formation service. They guide you through the entire process -- from LLC formation to EIN to opening your bank account.
Get Started with doolaRelated Resources
Apply for Your EIN (Form SS-4)
Get your LLC's tax ID number from the IRS -- required before opening any bank account.
Start Your Foreign-Owned LLC
Step-by-step guide from formation to first tax filing.
File Form 5472
Required annual filing for every foreign-owned single-member LLC.
Penalty Calculator
See what happens if you miss your filing deadline.