If you are a foreigner who owns a limited liability company (LLC) in the United States, you may wonder how to open a bank account for your business without traveling to the US. Fortunately, there are some banks that offer online banking services for non-resident LLC owners. In this article, we will introduce four of them and compare their features, requirements, and fees.
Mercury
Mercury is a financial technology company that provides online banking services for startups and small businesses. Mercury is not a bank itself, but partners with Choice Financial Group and Evolve Bank & Trust, which are FDIC-insured banks. Mercury allows non-US residents to open an LLC bank account online, without visiting the US. Mercury offers the following features:
- No monthly fees, minimum balances, transaction fees, or hidden fees
- Earn interest on your money
- Send and receive checks
- Send and receive money via ACH and wire transfers (domestic and international)
- Access to a debit card and virtual cards
- Integrate with accounting and payment platforms like QuickBooks, Stripe, and PayPal
- Manage multiple users and permissions
- Track your cash flow and spending
To open an account with Mercury, you will need the following documents:
- LLC approval documents (Articles of Organization, Certificate of Organization, or Certificate of Formation)
- LLC Operating Agreement
- EIN Confirmation Letter from the IRS
- Passport photo of the CEO and any other authorized users
- Proof of address of the CEO and any other authorized users
- Website link and detailed description of your business
Mercury may also ask for additional documents or information, depending on your business type and activity. Mercury reviews each application manually and may take up to a few weeks to approve or reject your account.
TransferWise
TransferWise is another financial technology company that offers online money transfer and banking services. TransferWise is not a bank, but works with partner banks in different countries to provide local bank details and accounts. TransferWise allows non-US residents to open a multi-currency account, which can be used as an LLC bank account in the US. TransferWise offers the following features:
- No monthly fees or minimum balances
- Low and transparent fees for currency conversion and transfers
- Send and receive money in over 50 currencies
- Access to a debit card and virtual cards
- Integrate with accounting and payment platforms like Xero, Stripe, and PayPal
- Manage multiple users and permissions
- Track your balance and spending in different currencies
To open an account with TransferWise, you will need the following documents:
- LLC approval documents (Articles of Organization, Certificate of Organization, or Certificate of Formation)
- LLC Operating Agreement
- EIN Confirmation Letter from the IRS
- Passport photo of the CEO and any other authorized users
- Proof of address of the CEO and any other authorized users
- Proof of business address (such as a utility bill or bank statement)
- Website link and detailed description of your business
TransferWise may also ask for additional documents or information, depending on your business type and activity. TransferWise usually verifies your account within a few days, but it may take longer in some cases.
Payoneer
Payoneer is a global payment platform that offers online banking services for freelancers, entrepreneurs, and businesses. Payoneer is not a bank, but partners with various banks around the world to provide local bank details and accounts. Payoneer allows non-US residents to open a US bank account online, without visiting the US. Payoneer offers the following features:
- No monthly fees or minimum balances
- Low and transparent fees for currency conversion and transfers
- Send and receive money in over 150 currencies
- Access to a debit card and virtual cards
- Integrate with accounting and payment platforms like QuickBooks, Stripe, and PayPal
- Manage multiple users and permissions
- Track your balance and spending in different currencies
To open an account with Payoneer, you will need the following documents:
- LLC approval documents (Articles of Organization, Certificate of Organization, or Certificate of Formation)
- LLC Operating Agreement
- EIN Confirmation Letter from the IRS
- Passport photo of the CEO and any other authorized users
- Proof of address of the CEO and any other authorized users
- Website link and detailed description of your business
Payoneer may also ask for additional documents or information, depending on your business type and activity. Payoneer usually verifies your account within a few days, but it may take longer in some cases.
Novo
Novo is a digital banking platform that provides online banking services for small businesses and startups. Novo is not a bank itself, but partners with Middlesex Federal Savings, which is an FDIC-insured bank. Novo allows non-US residents to open an LLC bank account online, without visiting the US. Novo offers the following features:
- No monthly fees, minimum balances, transaction fees, or hidden fees
- Earn cash back and discounts from partner brands
- Send and receive money via ACH and wire transfers (domestic and international)
- Access to a debit card and virtual cards
- Integrate with accounting and payment platforms like QuickBooks, Stripe, and PayPal
- Manage multiple users and permissions
- Track your cash flow and spending
To open an account with Novo, you will need the following documents:
- LLC approval documents (Articles of Organization, Certificate of Organization, or Certificate of Formation)
- LLC Operating Agreement
- EIN Confirmation Letter from the IRS
- Passport photo of the CEO and any other authorized users
- Proof of address of the CEO and any other authorized users
- Website link and detailed description of your business
Novo may also ask for additional documents or information, depending on your business type and activity. Novo reviews each application manually and may take up to a few weeks to approve or reject your account.
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