Eternity Law International — News — Opening a US Bank Account: Tips, Requirements, and Benefits

Opening a US Bank Account: Tips, Requirements, and Benefits

Published:
August 9, 2024

Financial niche is well-developed in USA-market. Clients may get privileges of a widely-covering selection of financial-related services and tools and create accounts for themselves or their business-projects. Process of opening a bank account in the USA for non-residents varies based on the state chosen for business-activities. Nevertheless, there’re general norms and parameters to be observed and applied.Our team of experts is ready to grant you fully-covering support and comprehensive professional assistance in getting offshore bank accounts, and in onshore spaces. Our goal is to make your commercial journey efficient, profitable and quick to implement.

Possibilities and general nuances: online bank account opening in the USA

It should be noted next-mentioned: independent remote USA-account getting is a rather complex process and often impossible to successfully implement, since banking establishments request personal presence to meet with managers. To open a bank account in the USA it’s obligatory to meet next-mentioned norms and rules:

  • customers verification programs;
  • KYC-principles implementation;
  • measures to combat illegal funds circulation.

These norms make it quite complicated to get accounts with local banking institutions online, since almost all procedures require clients to be present personally. If you turn to our experts, we may help you get accounts on fully remote basis, maximizing the time and effort you can devote to growing your business-project.

Some banking establishments are trying to attract new clients, incl. non-residents, and grant opportunities to get accounts via the Internet. Particularly, Wells Fargo Bank gives possibilities to apply for account-creation online or by phone. This banking unit carefully vets the existing business-project and all associated persons, providing instructions and a list of obligatory documentation for account-opening.

Requirements for opening a bank account in the USA

US account-opening procedures vary by establishments, so exact paperwork needed is difficult to predict. Norms and rules vary greatly in each banking establishment and are based on each client’s characteristics. If you’d like to get an account in a US-bank, please turn to our managers. Inform your intention and indicate that you are a non-resident-person. We’ll select ideal options and help you in a completely-covering way. Our firm provides everyone with professional assistance in opening accounts in Armenia, Moldova, Belgium, France and any space in Europe and Asia.

Financial establishments may require different documentation, but generally next-mentioned minimum standards are needed to get accounts of commercially-intended direction. Individual lists depend on the selected state.

  1. Firm Statute.
  2. Notarized certificate of state registration.
  3. Foreign passports and other documents confirming identities (driver’s license or ID-card).
  4. Documental evidence of business-address, EIN-confirmation (incl. letter from IRS assigning EIN-number) and others.

Individuals usually need to provide foreign passport or another documentally-approved identification. Depending on specific establishment for opening a bank account in the USA as a foreigner, supplementary documentation may be needed; banking representatives will inform you about it during discussion. These norms apply to individuals and legal entities. For more accurate advice and obligatory documents specifically in your case, please contact us. We’ll provide fully-covering support and advise you at every stage.

How to open a bank account in the USA from abroad

Opening a non-resident bank account in the USA needs compliance with strict rules. These norms are due to strict regulations set for the financial niche; violation of these rules may lead to bank’s license revocation. Non-US-residents may get accounts, incl. offshore ones (it can only be used outside US-territories). It’s essential to bear in mind that rules for launching and serving aliens may vary from state to state. Best banks in the USA for non-residents are Revolut, Chase, Wells Fargo and Bank of America.

Particularly, Delaware state is one of most loyally-minded jurisdictions for foreign businesses. Plenty of firms get accounts here and register to conduct offshore-activities. Nevertheless, account-opening norms for foreign clients and businesses may vary, so it’s essential to check local regulations in advance. 

Very often it’s impossible to get accounts in American banking establishments virtually without personal meeting. In that event, you’ll need to personally visit the branch and undergo interview with manager. Remote account-opening via the Internet isn’t provided in some states.

Strengths of opening a business bank account in the USA

  1. USA has one of most well-developed banking systems worldwide, providing maximum protection and government insurance for customer funds. Such accounts give businesses possibilities to pay employees, conduct transactions with minimal fees locally, and accept payments from customers without hassle.
  2. American financial establishments grant plenty of services to generate passive income: investing in retirement savings and buying shares through mobile apps.
  3. Mobile apps are considered one of most convenient and technologically-advanced worldwide. They give you possibilities to perform different transactions, set up automatic bill-payments, control expenses, invest and quickly contact support.

Getting USA-accounts grants plenty of privileges, including highly-set security and technologically-progressed capabilities, making it beneficial for businesses and personal finances.

Banking tariffs: opening and servicing accounts

Tariffs for getting and servicing personal and corporate-directed accounts vary greatly. It’s difficult to give a specific cost, since conditions vary and are updated periodically.

By contacting our firm’s highly-qualified lawyers, you’ll greatly simplify the process. We’ll prepare all obligatory papers and save you from all kinds of errors and unnecessary red tape. Nevertheless, remember that banking establishments evaluate the activities of their clients differently.

Reasons why accounts may be closed

  1. Suspicious transactions: you begin to conduct suspicious transactions, for example, you receive 1-million-USD-payment and then divide it into three 333-thousand-USD-payments. It may be considered illegal monetary means  and may cause negative reactions.
  2. Large payments to “hot spots”. Transferring large amounts to high-risk countries – eg. Afghanistan or Iran – may raise suspicions.

To avoid such situations, we grant widely-covering range of consulting and legal services. Our experts help you organize your financial-related activities in such a way as to minimize the risks of account closure.

To summarize, we may note that foreign company opening a bank account in the USA is a procedure being better to entrust to experts than to try to handle it on your own. It may save you time and effort. Preparing and completing all mandatory paperwork may be labor-intensive and time-consuming, especially since registration process may last several weeks or longer, depending on selected banking establishment.

To avoid these difficulties, our team grants professional assistance. By contacting our experts, you’ll get highly-qualified support. We’ll collect all obligatory documents and ensure successful getting of a personal or business-account in any American banking branch you choose.

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