In a world increasingly exposed to local currency volatility, political and banking instability, and the growing risks of automatic exchange of information (CRS), establishing a bank account in the United States has become a strategic decision for global entrepreneurs and digital companies.
The US banking system is a step ahead:
- It operates in the strongest and most widely used currency in the world (USD).
- It is backed by federal deposit guarantees (FDIC up to $250,000).
- It does not participate in the international CRS standard, offering a higher level of financial privacy.
- And it allows access to financial platforms, payment methods, and interest rates that are often inaccessible from local banks.
Furthermore, the United States offers a robust ecosystem for international business: solid banks, advanced digital infrastructure, credit cards with unmatched benefits, and the possibility of opening accounts even without physical residence in the country, through a US LLC.
At EluTax, we have spent years helping professionals, entrepreneurs, and investors establish their legal structures in the USA and open optimized bank accounts to operate internationally, protect their assets, and optimize their taxation. This article will guide you step by step on how to do it legally, efficiently, and tailored to your profile.
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Affiliate link: if you open your account through it, EluTax receives a commission at no extra cost to you. It does not replace a professional tax consultation.
Can a non-US resident (foreigner) open a bank account in the USA?
Yes, it is possible to open a bank account for a non-resident, but it requires a US LLC o Corporation . The usual practice is to set up a company in the USA and then open the bank account in the name of that entity. Contrary to what many believe, opening a bank account for your LLC or Corporation in the USA can be relatively simple, and in most cases it can be done remotely. At elutax we offer the service of US bank account creation and LLC setup.
Advantages of having a bank account in the USA
Besides the obvious reason, which is that your US company needs a bank account to operate, charge clients, and pay suppliers, contractors, freelancers, or employees, there are other benefits to highlight:
- You have an account in a major international currency
Most international trade is done in US dollars. Having a US account in dollars allows you to receive and send funds without having to convert valuable foreign currency or take on exchange rate losses. - Access to international platforms
If you have an online business, many platforms like Shopify Payments, Stripe, Amazon, 2Checkout, or Google AdSense require you to provide a US bank account to send payouts. From these platforms you can offer international payment links to your clients from various parts of the world. - High-reputation banking jurisdiction
The USA is widely considered one of the most reliable countries in banking matters. Transactions to or from the USA generally do not receive excessive questioning from banks, unlike jurisdictions like Panama, Seychelles, or Malaysia. - Deposit insurance of up to 250,000 dollars
In the USA, the FDIC (Federal Deposit Insurance Corporation) insures bank deposits up to an amount of 250,000 dollars, protecting your funds against a potential bank failure. - Access to US credit card benefits
Having an account in the USA helps you build credit history in that country, which makes it easier to obtain credit cards with bonuses, rewards, and benefits that are usually more attractive than those offered in other countries.
The US banking system is not subject to the CRS
The Common Reporting Standard (CRS) of the automatic financial information exchange framework does not include the USA. This means that US bank balances are not automatically reported to the account holder's country of residence, which represents a benefit from a financial privacy perspective.
Whatis a US LLC?
An LLC (Limited Liability Company) is a type of company in the United States that can be created 100% online as a foreigner. It combines the asset protection of a corporation with the tax flexibility and operational flexibility of a sole proprietorship with access to US banks, payment gateways and being able to issuing invoices.
It is, therefore, the vehicle most used by entrepreneurs, freelancers, investors, and foreign digital companies to operate online businesses while optimizing their taxes.
Key advantages of an LLC:
Limited liability: protects your personal assets against potential company debts or litigation.
Simple management: without complex demands such as annual meetings, accounting books, or rigid structures.
Flexible taxation: by default, profits are taxed directly in the owner's country (passsthrough), although you can choose to be taxed as a corporation if convenient.
Ideal for non-residents: you do not need to live in the USA to have an LLC, and it is the most accessible way to open a bank account there as a foreigner.
Additionally, if you choose states like Wyoming, Delaware, or Florida, you can benefit from low costs, confidentiality, and zero state taxes on profits generated outside the country. If you want us to create your LLC + US bank account in less than 1 week, make click here.
Requirements to open a commercial bank account in the USA.
Before heading to a particular bank, it is advisable to have all documents and items prepared and at hand with due caution:
- Form a US company., ya sea una LLC o una Corporación, y obtener el “Certificate of Formation" (for LLC) or the "Articles of Incorporation" (for Corporation).
- Have a US address.: puede ser la dirección de tu agente registrado, una dirección virtual o una dirección física. Algunos bancos pedirán comprobantes de esa dirección (facturas de servicios, contrato de arrendamiento, etc.). Esta dirección, conocida como “Legal Address", is different from the "Business Address", which will be requested to prove your non-resident status. You must have a recently issued proof of service in your name as justification.
- Obtain an EIN ( (Employer Identification Number) from the IRS (US Internal Revenue Service). This number is equivalent to the tax identification number in many countries. You do not need to have an SSN (Social Security Number) or ITIN to obtain the EIN.
- Prepare an Operating Agreement for the LLC, and in some cases a Banking Resolution. You can request these documents from your trusted tax advisor.
- Registration Registration: Verify your identity for key company members (for example: passport, driver's license, or national identity document).
- Have a US phone number. Some banks verify if the number is VOIP or a legitimate number. Applications likeHushedare very good for this type of requirement.
Is an SSN or ITIN needed to open a business account?
Not necessarily. Some banks accept applications even if you do not have an SSN or ITIN. However, having one can expand your banking options. Nevertheless, the company's EIN is essential. For more information on the ITIN, see [link to Elutax blog about ITIN, which is on the web].
Types of Banks in the USA as a Non-Resident
Here are several types of banks, depending on whether or not you can travel to the USA and the banking security you want.
1. Traditional banks + remote opening (if you cannot travel)
Some banks with physical branches allow accounts to be opened remotely, especially if you have contacts or know someone inside the bank. A high initial deposit is usually required (between $10,000 and $100,000). Banks like Bank of America or JP Morgan Chase might accept these remote applications if the profile is right.
2. Traditional banks + correspondent bank (if you cannot travel)
If your local bank has relationships with a US bank, you can ask for assistance to open a US account. For example, if you are a Citigold or HSBC client in your country, your bank could help you with an account at Citibank USA or another allied institution.
3. Neo-banks / digital banks (remote opening)
Neo-banks (virtual banks) are gaining ground, and many allow remote opening even for non-residents. Their accounts are usually FDIC-insured and offer modern services: issuing virtual and physical cards, international transactions, competitive or even free fees for international transfers.
Advantages compared to traditional banks:
- They usually do not require a minimum deposit to open the account.
- Fees for international wires are usually lower, in some cases free.
- Greater flexibility for non-residents and individuals whose operations are online.
Among the recommended neo-banks:
- Mercury: plataforma online amigable para no residentes, sin tarifas mensuales. Se puede solicitar en unos 15 minutos. Ojo: su tarjeta cobra un 3% al pagar en una divisa que no sea el dólar. Abrir cuenta en Mercury.
- Lili: la más fácil de abrir si vives en Latinoamérica, Reino Unido o Canadá. Te verificas con tu pasaporte y el EIN, sin SSN; no cobra cuota en su plan Core ni comisión al pagar con la tarjeta en otras divisas. De momento no acepta residentes en España ni en la UE. Abrir cuenta en Lili.
- RelayFi: permite integraciones contables, aprobación de pagos, emisión rápida de tarjetas. Su web es relayfi.com.
- Brex: allows applications for non-resident accounts, but requires a physical US address for approval. Its website is https://dashboard.brex.com/signup.
- Wise: aunque no es estrictamente banco (sus cuentas no están aseguradas por la FDIC), permite tener cuentas en varias monedas, recibir pagos locales y hacer conversiones con tarifas transparentes. Abrir cuenta en Wise.
- Airwallex: ofrece cuentas en varias divisas, depósitos sin tarifas, y sus cuentas en dólares están aseguradas por la FDIC. Abrir cuenta en Airwallex.
¿No sabes cuál te conviene? Responde 5 preguntas y te decimos qué bancos abrir, en qué orden y cuáles te van a aprobar. Hacer el test de banca gratis
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4. Traditional banks + in-person opening (if you can travel)
If you can travel to the USA, your options expand. You can go to a bank branch and open the account directly. Depending on the branch, some will ask for an SSN or ITIN, but others may waive those requirements if you explain your non-resident status. They will also ask for your company's EIN and proof of business address (utility bills or lease agreements).
Recommendations:
- Choose large banks with international networks that have experience with non-resident clients.
- Visit branches in states with a large foreign population, such as Florida.
Bring all the aforementioned documents with you and be prepared to show proof of the company's address.
Frequently asked questions
Can I open a bank account in the USA without traveling?
Sí. Con un neobanco como Mercury, Relay o Lili lo haces 100% online con el EIN de tu LLC, tu pasaporte y los documentos de constitución. Los bancos tradicionales como Chase o Bank of America suelen pedir que vayas a una sucursal o que tengas un contacto dentro del banco.
¿Necesito SSN o ITIN para abrir una cuenta bancaria en USA?
Para una cuenta de empresa en un neobanco, normalmente no: basta el EIN de la LLC y tu pasaporte. Algunas sucursales de bancos tradicionales sí piden SSN o ITIN, aunque otras lo dispensan si explicas que eres no residente.
¿Qué banco me conviene si vivo en España?
Mercury como cuenta principal en dólares, y una cuenta multidivisa como Wise o Revolut Business si cobras o pagas en euros. Lili, por ahora, no acepta residentes en España ni en la UE. Si no sabes por dónde empezar, el test de banca de EluTax te dice qué abrir según tu perfil.
Esta información es orientativa y de carácter general. No constituye asesoría fiscal personalizada. Consulta con un asesor cualificado antes de tomar decisiones fiscales o societarias.
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