Opening a bank account in the USA

Opening a bank account in the USA

Is it possible for a non-citizen and a non-resident to open a bank account in the USA? Yes. In this article, we will analyze how to do this to a person without an American passport remotely, as well as take a look at current conditions.

How to open a bank account in the USA: what is important to know

In the USA, there are strict rules of the banking regulatory system, according to which all banking institutions must comply with the standards of the AML and TF policy, as well as the KYC principle. Opening a bank account in the USA can be quite a complicated procedure due to the requirements of the financial market supervisory authorities, but having an appropriate level of training and duly prepared documentation will simplify obtaining an American account. First, it should be noted that the success of such a procedure largely depends on the goals of the opening. It is easier to do this if you often visit the country and plan to move to study, work or open a business. Therefore, it is important to clearly define what an American account is needed for. This question will be provided in the documents, as well as when communicating with bank employees.

Advantages of a bank account in the USA

By opening an account in America, you get access to your funds and can avoid significant fees while you are in the country. If you work with a local company, then you will not have difficulties receiving salaries. Also, American accounts, as a rule, offer the highest percentage of income from deposits, in comparison with banks in the EU or Asia. Moreover, it will be much safer, faster and more convenient for you to make money transfers and online payments.

Despite all the difficulties, our company has found an opportunity to open accounts in the USA remotely for companies whose founders are non-residents of the USA.  Several of the possible options for opening a bank account that we offer include:

  1. Remote account opening in the following institutions:
  • Bank of America
  • JPMorgan Chase
  • Wells Fargo
  • HSBC
  • S. Bank
  • First Citizens Bank
  • Bank of the West
  • East West Bank
  • KeyBank
  • Union Bank

The opening takes 1-2 weeks. The price is negotiated individually depending on the client’s case, the requested quantity and configuration of accounts.

  1. Remote account opening in a regional Relay Financial Bank

The opening takes approximately 3-5 days.

We can only open business accounts for American companies registered by your clients. We can also provide assistance in registering an American company.

In general, there are two processes:

  1. For small regional or “online” banks – we collect documents and necessary information and open an account through the partner interface. The process takes no longer than a week.
  2. We act as a financial director for a client company in the USA and open an account. To do this, changes are made in the structure of the company with the minimum possible involvement. We do not own a share and do not claim anything, but we are part of the company, which allows us to open accounts, trading accounts (Stripe, PayPal, PaymentCloud, etc.) and keep accounting records. To set clear frameworks, the corresponding agreement is signed with the client. The opening of an account is usually achieved through an Operating Agreement (for LLC) or Bylaws (for Inc) on the appointment of a financial director. The termination of such an employee is not recommended, since this way the account is at risk of closure. In fact, there will be no signatory in the company. It is possible to “transfer the account” directly to the client upon arrival in the US or to a trusted person.

For the option of banks, in which the presence of a financial director is required, there is a ‘bank management’ commission for account maintenance. This includes compliance, resolving issues with the bank, providing additional documentation to the bank, unblocking the Internet login (often occurs due to the fact that customers are from abroad), processing and sending payment checks, working with cash and other aspects.

If you want to open a bank account in the USA, please contact our specialists. You can also see our offers in the categories “Ready-made companies”“Licenses for sale” and “Banks for sale”.

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