If you have already registered your LLC or your corporation in the USA, it is necessary that you open a business bank account.
Having a business bank account will not only facilitate various financial operations, but it is also essential to maintain the corporate veil that LLCs provide you and corporations.
However, this can be a complex decision due to the high variety of solutions that exist, and each one has its specific requirements.
For this reason, below is a compilation of the best business bank accounts, along with their pros, cons and characteristics. Let's get started!
Mercury
- Cost: $0
- Minimum: $0
- APY: N/A
Mercury is one of the best business bank accounts for non-residents because it can be used with no monthly cost or minimum capital, which helps small entrepreneurs who do not want to have large expenses.
In addition, the online banking platform is especially conducive to technology-focused startups, as it provides a wide range of digital tools and the possibility of accessing a read-write application programming interface.
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Relay
- Cost: $0
- Minimum: $0
- APY: 1%-3%
Like Mercury, Relay is another business bank account that does not generate monthly costs or have a minimum deposit. They also do not charge fees for incoming transfers and transactions between accounts are unlimited.
In this case, one of the most attractive points is that it offers integration with other financial and management tools so you can better manage your business.
We recommend Relay specifically for those who need multiple bank accounts for their business and want a high-yield business checking account and savings account.
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Globalfy
- Cost: $49 per month
- Minimum: $0
- APY: N/A
Globalfy is an all-in-one platform to do business in the United States easily, which includes a bank account that can be opened without ITIN or SSN.
The platform allows you to send and receive payments to and from any part of the country and the world, through systems such as Amazon, Stripe, PayPal and credit cards.
In addition, Globalfy provides a debit card so that you can use your account balance quickly and effectively, either to purchase goods or acquire services.
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Doola Banking
- Cost: $297 per year
- Minimum: $0
- APY: N/A
In 2022, the company Doola launched its banking product Doola Banking, which allows business founders to open a bank account in the United States without many complications.
Doola's suite of banking services includes a checking account that offers electronic transfers both domestically and internationally.
In addition, it provides virtual cards and physical debit cards, which are sent by correo convencional a los emprendedores de empresas en cualquier parte del mundo.
Una de las grandes ventajas de tener una cuenta bancaria como Doola es que posibilita la atracción de inversores estadounidenses que puedan financiar tu empresa.
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Chase
- Cost: $15 per month
- Minimum: $0
- APY: 0.01%
The Chase Business account, from the commercial division of JP Morgan Chase & Co., is a great option for non-residents who want to have a bank account in the USA.
Although it charges $15 per month, the fee does not apply if you have a minimum balance of $2,000. Plus, you can earn a $300 sign-up bonus.
The most important point of the bank is its solid track record and strong corporate support, since it is one of the largest and most important financial companies in the world.
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Revolut Business
- Cost: $0
- Minimum: $0
- APY: 3.25%-4.25%
Revolut Business is a great option for opening a bank account. It offers a quick and easy way to manage your company's finances.
It is the ideal platform for carrying out transactions abroad as it allows you to have a local account in pounds sterling, dollars or euros.
We particularly recommend this option for those entrepreneurs who carry out operations with companies based in the United Kingdom, the United States or in the European Union.
Another advantage is the possibility of obtaining an annual return of 4.25% by contracting the Metal or Premium plan. On the other hand, the return on your money will be 3.25% with the standard plan.
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Bank of America
- Cost: $16 per year
- Minimum: $100
- APY: 0.01%-0.04%
Opening a business account at Bank of America brings several advantages. One of them is carrying out electronic transactions without commissions.
We recommend this bank for those who handle large amounts of cash because it is possible to make deposits with high limits.
Bank of America offers two plans; Business Advantage Fundamentals™ Banking and Business Advantage Relationship Banking.
The first of them allows to deposit up to $7,500 for free and then charges 30 cents for every $100 deposited. With the second, the free limit amounts to $20,000.
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Payoneer
- Cost: $29.65 per year
- Commissions: Variable
- APY: N/A
Payoneer offers the possibility of creating an online account that allows companies and freelancersto make and receive payments in different currencies at a relatively lower cost than international transactions. but it is only charged if the total transactions made do not exceed $2,000.
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Wise
- Cost: $0
- Availability: 160 countries
- APY: 4.33%
Wise has a ton of features and tools, but we particularly recommend it because it doesn't apply surcharges to currency exchanges.
However, its services can have a considerable cost, since it charges commissions for each transfer, which are higher than on other platforms.
The amount of commissions per transaction depends on the number being transferred. For example, if you send $100, Wise earns a commission of $3.05 USD.
Among other of its advantages, we can mention the possibility it offers to operate in various exchange rates and the speed with which transactions are carried out.
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Airwallex
- Cost: $0
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Format: 100% online
- APY: N/A
Airwallex is a very good alternative for company accounts that operate internationally.
The standard option offers different advantages such as the possibility of having commercial accounts in different currencies, thus avoiding double conversion.
At the same time, through a very simple process, it is possible to issue virtual debit cards so that they can be used linked to your account.
Finally, with Airwallex you can carry out international operations in up to 23 different currencies, without incurring commissions. excessive transfers or long waiting times for transfers.
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Tips when opening a business bank account
If you are a non-resident and are thinking about opening an LLC account in the United States, make sure that your company is approved and that you already have the EIN number. This will be requested by any bank with which you open a business account in the USA.
Why not use a personal account as a business bank account?
Using a business bank account helps maintain the corporate veil that limited liability offers, ensuring that personal and business finances are clearly separated and thus protecting the owners' personal assets.
In addition, a business bank account considerably facilitates accounting and financial administration, as it allows transactions related exclusively to the business to be easily and quickly identified.
¿Cómo elegir tu cuenta de banco de empresa?
Before choosing which bank you want to operate with, you must be clear about how your business works, what type of transactions it carries out and in what currencies.
There are many options and each one adjusts to different types of business. On the other hand, it is essential to evaluate the costs and benefits that can be analyzed according to the speed of operations, commissions, monthly prices.
What requirements are there to open a bank account in the United States for my business?
You can open a bank account in the United States without the need for a Visa or traveling there. The basic requirements are to have the presentation of all the documents of your LLC and the personal ones that each bank may request.
Some account opening processes tend to be longer than others, it will depend on each platform.
What documents do I need to open a business bank account?
To open a business bank account you need the following documents: Proof of registration of the LLC, corporation or legal entity you have chosen and all reports derived from it.
At the same time, it is necessary to have the EIN confirmation letter (CP575) which will be the identification number for the federal tax.
Also, banks usually request the operating agreement of the LLC, which is a document signed by all the partners in which they establish the internal regulations of the company.
Finally, two forms of identification are usually requested, such as an ID card or a passport.
Written by
Ignacio Navarro
Ignacio Navarro is a Certified Public Accountant, graduated in 2020 from the National University of Tucumán. Founder of Start Companies since 2023, he advises clients worldwide on forming LLCs in the United States and on proper tax filing. His expertise combines legal, tax, and practical knowledge, offering a comprehensive service that spans from company formation to bank account setup and sales platform integration.
