For many non-US residents residing outside the United States, the question of whether they can open a physical bank account in the USA often creates confusion. The answer is yes—it is possible for non-US residents living abroad to open a bank account in the USA. This guide will clarify the process and introduce modern banking solutions tailored to non-residents.
Special Requirements for Non-Residents Outside the USA
If you are a non-USA resident living outside the United States and wish to open a physical bank account, you’ll need to take specific steps. One common requirement is registering a company in the USA and appointing at least one USA resident as a member or shareholder of the company.
Here’s how this process works:
- Register your business in any US state.
- Include a USA resident as a member or shareholder in the company.
- The USA resident will visit the bank in person to complete the account opening procedure on behalf of the company.
This approach ensures compliance with US banking regulations, which typically require a physical presence during account setup.
Note: The USA resident must have at least 25% shares in the company.
Key Steps to Open a Business Bank Account
For non-USA residents looking to open a business bank account with the help of a USA resident, follow these steps:
- Choose the Right Bank: Research banks that accommodate non-residents and offer business banking services. Popular choices include Chase Bank, Bank of America, Wells Fargo, PNC, and Truist. These banks provide reliable services for international entrepreneurs.
- Prepare the Necessary Documents: Ensure you have all required documentation ready. For a business bank account, you’ll typically need:
- A valid passport or government-issued ID.
- Your company’s incorporation documents, such as Articles of Organization or Certificate of Formation.
- Employer Identification Number (EIN) from the IRS.
- Proof of address for the business (e.g., utility bills or lease agreements).
- Authorization or resolution for the USA resident acting on behalf of the company.
- Visit the Bank with a USA Resident: The appointed USA resident must visit the bank in person with the necessary documents to complete the account setup. Scheduling an appointment can save time and ensure smooth processing.
Modern Banking Solutions for Non-Residents
If the above requirements are challenging to meet, modern banking solutions offer a more convenient alternative. Financial technology companies like Zyla and Slash provide online business banking services designed for non-residents.
- Zyla: A service by AUS Merchant Services, Inc., Zyla partners with licensed US banks to provide FDIC-insured accounts tailored for business purposes. Note that Zyla’s services are unavailable in New York and Nevada and are restricted to certain business types in Virginia.
- Slash: This fintech company collaborates with FDIC-insured banks, such as Piermont Bank and Column National Association, to offer flexible business accounts. Slash provides features like cashback on transactions, enhanced insurance for eligible users, and global access through debit and charge cards.
Both Zyla and Slash connect users to trusted US banks while offering the convenience of online banking.
Note: Both Zyla and Slash’s services are available exclusively to businesses owned by non-US residents—they do not offer personal accounts for individuals.
Need Assistance?
If you’re unsure about the process or need guidance, we’re here to help. Book a free consultation with our expert today to clarify your options and get step-by-step assistance for opening a US bank account. Take advantage of global financial opportunities with confidence!