How US Non-Residents Can Open Business Bank Accounts

When you’re trying to open a business account in the US as a non-resident, it can feel frustrating to find the right solution. 

If you pick the wrong one, you could end up experiencing high fees, limited features, and even unnecessary stress. But if you choose the right one, it can make all the difference when it comes to easily managing your money and giving your business more room to grow.

In this article, we’ll give you the rundown on what accounts to look for, what to avoid, and how to choose the right account that fits you the best.

The Reality for Foreign Business Owners

Expanding your business to the US can allow you to unlock new opportunities, but if you’re not a US resident, opening a business account can be your main source of headache.

A lot of US banks are simply not structured to work with international business owners. Even if you have a fully operational company within your home country, you might encounter problems when you’re trying to open a US business account.

Here are some of the reasons why financial institutions reject some foreign businesses:

• No US Phone Number: Plenty of banks require a US-based SIM card for verification, which most international business owners don’t have.
• No Business Address: If your business doesn’t have a US address, your application may not even be reviewed from the start.
• ID Requirements: Traditional banks typically ask for a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). As someone who doesn’t live in the US, you likely only have a passport and foreign proof of address, which a lot of banks don’t accept.
• Perceived High Risk: Some banks even consider international accounts riskier for opening due to compliance and regulatory issues, which means they frequently decline non-resident applications.

Due to these challenges, you might question yourself, “Who will even accept me?” more than asking, “Who has the best features?”

But don’t worry, although your options can be limited compared to US residents, there are still a lot of excellent options available that specifically offer business accounts for foreign business owners.

What to Look for in a Business Account

Since a lot of traditional US banks aren’t built for international business owners, you need to prioritize finding accounts that actually cater to business owners outside of the US. These are some of the things that you need to look for:

• Accepts Non-Residents: First, you need to check whether or not that financial institution allows non-US business owners to apply. Here’s what to look out for: (1) Accepts passports as a valid ID, (2) Acceptance of non-US proof of address (bank statement, utility bills, etc), or (3) Doesn’t require an SSN or ITIN.

• Offers Online Account Sign-up: If opening an account requires a visit to a bank branch, that is something you'd probably want to avoid because of the hassle, as you’re still operating outside of the country and it is impractical for you to visit a bank physically.

• Low to No Monthly Fees: Some US banks charge very high fees, especially when it comes to business accounts. If you’re a non-resident, you may already face additional charges with currency or exchange fees, so it’s important to avoid financial institutions with unnecessary fees that can add up fast.

• Virtual Debit Cards: When opening an account outside the US, waiting weeks for a physical debit card to arrive isn’t always ideal. That’s why financial institutions that offer virtual cards are a game-changer. They can be used immediately after approval, and can be used right away for online payments and other transactions.

• Internet-Based Customer Support: Customer support for your account should be accessible via chat, email, or a secure message center.  This ensures you avoid costly international calls. Simply offering chat or email isn't sufficient; confirm that they provide support specific to your account through these channels. Some banks may only offer generic support through these mediums, such as answering basic fee inquiries, while requiring phone calls for account-specific matters.

• Higher Transaction Limits: Unlike personal accounts, business accounts typically handle large amounts of money. You’ll want a business account that can support higher daily transactions and allows larger inbound and outbound transactions without extra restrictions.

• International Wire Transfers: Since you have an international business, being able to do international transactions is a must. Look for one that offers low or transparent wire transfer fees, supports multiple currencies, offers fast and reliable payment options, and supports both inbound (receiving) and outbound (sending) international wires.

• Compatible with E-Commerce Platforms: If you use or sell products and services on e-commerce platforms like Amazon, eBay, Etsy, TikTok Shop, Stripe, and more, you’ll need a business account that works seamlessly with these systems so you can receive payouts and process payments without any hassle.

• Offers a US-based Phone Number with a SIM Card: Many US platforms and agencies require a US phone number during business registration and verification. Some fintech providers, like Adro, offer a dedicated US phone number, a physical SIM card, and easy setup even for non-residents.

• Offers FDIC Insurance: Probably one of the most important things to look for. Be sure to check if your funds are held in an FDIC-insured account and your deposits are protected up to the legal limits, which currently is $250,000 per depositor, per bank.

Modern Business Banking Options for Non-Residents

For non-US business owners, fintech platforms like Adro solve many of the headaches that come with trying to open a US business account.

The entire application process is fully online, so you don’t even need to visit a bank or handle complicated paperwork. Modern fintechs accept international documents, which allows you to apply with just your passport and foreign proof of address, with no US Social Security number required.

Once it’s approved, you can get instant access to a virtual debit card, so you can start making payments and running your business right away. You don’t even need to wait for long international card deliveries.

Since business owners typically move larger amounts of money, fintechs offer higher transaction limits and full support for international wire transfers with low fees.

Most importantly, your funds are protected with FDIC insurance, giving you the same level of safety as a traditional US bank account.

The Right Banking Setup as Your Business Grows

Smartly choosing the right business account is not only about looking for the best features; it’s about finding the right setup for you now and as your business grows. The right account can help you stay organized, avoid unnecessary costs, and keep your finances running smoothly.

If you’re looking for a modern and flexible option built for business owners, whether it’s small or large, Adro offers a fast and easy way to open a US business account, with no hidden fees at all.

Get started with our friends at Adro today and take control of your business with confidence.