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How To Open A US Bank Account For Business in 2024 

US Bank Account
Read Time: 5 min

Expanding your business to the US market has exciting opportunities, but navigating the financial landscape can seem scary. One crucial step is opening a US bank account for your business. This guide simplifies the process, guiding you through requirements, benefits, procedures, and popular options. Whether you’re a seasoned entrepreneur or a curious startup, this blog equips you with the knowledge to make informed decisions and confidently establish your financial presence in the USA.

Table of Contents 

Requirements to Open a US Bank Account for Businesses

Opening a US bank account for business requires specific documentation and eligibility criteria. Here’s an overview:

  1. Business Formation: Your business must be legally registered in the USA as a sole proprietorship, partnership, corporation, or LLC. Have relevant documentation like formation certificates or operating agreements ready.
  1. Identification: Proof of your identity and business ownership is crucial. Acceptable documents include passports, driver’s licenses, and government-issued photo IDs for owners and authorized signatories.
  1. Tax Identification: Businesses operating in the USA generally require an Employer Identification Number (EIN) issued by the IRS. Exceptions might apply to specific business structures.
  1. Business Information: Prepare your business address, website, industry, and estimated annual revenue.
  1. Banking Documents: Depending on the bank, you might need business licenses, permits, financial statements, and business plans.

Benefits of Opening a Bank Account in the United States

Having a US bank account streamlines your business operations and offers several advantages:

  • Professional Image: Demonstrates your commitment to the US market and builds trust with clients and partners.
  • Convenient Transactions: Accept and make payments in USD, simplify domestic financial operations, and avoid foreign exchange fees.
  • Easier Credit Access: Establish a credit history to qualify for loans, lines of credit, and other financial products.
  • Efficient Payroll Management: Pay US employees and contractors seamlessly through local bank transfers.
  • Tax Compliance: Facilitate tax payments and reporting as required by US regulations.

Also Read: Sole Proprietorship Taxes 

What Corporate Entity Types Are Available in the US?

Choosing the proper business structure impacts your bank account application. Here are the standard options:

  • Sole Proprietorship: Sole Proprietorship is the simplest structure, but the owner and business are legally indistinguishable. Limited liability protection is not available.
  • Partnership: Two or more individuals own and operate the business, sharing profits and liabilities. Different partnership types (general, limited, etc.) have varying legal implications.
  • Limited Liability Company: Also known as LLC, is a business entity that provides several advantages to its owners. It allows for a flexible partnership structure and shields the owners from unlimited liability, which makes it a popular choice among small businesses.
  • Corporation: Separate legal entity from its owners, offering liability protection and potential tax benefits. More complex structure with stricter regulations.

How Much Does It Cost to Open a Business Account in the USA?

Opening fees and ongoing maintenance charges vary depending on the bank and account type. Expect fees for:

  • Account opening: One-time fee to set up the account.
  • Monthly maintenance: Recurring fee for account upkeep.
  • Minimum balance: Some accounts require maintaining a minimum balance to avoid charges.
  • Transactions: Per-transaction fees for check deposits, wire transfers, or ATM withdrawals.

Carefully compare bank fees and choose an account that aligns with your transaction volume and budget.

Can an Outsider Open a Bank Account in the US for Business Purposes?

Yes, non-US residents can open business bank accounts, but the process might involve additional requirements and restrictions. Some banks cater specifically to foreign businesses, while others have stricter eligibility criteria.

Be prepared to provide additional documentation like:

  • Passport or valid visa.
  • Proof of US business operations (physical office, local employees, etc.).
  • Evidence of business activity in the US (contracts, invoices, etc.).

Navigating the process as a non-resident can be complex. Get advice from a financial expert or a professional experienced in cross-border banking.

US Bank Account

What is the online process to open a business bank account in the United States?

Many banks offer online applications for business bank accounts. The process typically involves:

  • Choosing an account type and bank that fits your needs.
  • Completing an online application form.
  • Submitting electronically scanned copies of required documents.
  • Scheduling a video call or visiting a branch for verification (depending on the bank).
  • Funding the account with an initial deposit.

While convenient, ensure the online platform is secure and user-friendly. Read the terms and conditions carefully before submitting.

Which Bank is Best for Business Accounts in the US?

Unfortunately, there’s no single “best” bank for US business accounts. But ultimately, the choice will vary depending on your specific needs and priorities. Here are some factors to consider:

  • Industry Focus: Some banks specialize in specific industries, offering tailored products and services relevant to your business sector.
  • Transaction Volume: Choose a bank with fee structures aligned with your expected number of transactions (deposits, withdrawals, transfers).
  • Technology & Online Banking: Prioritize banks with user-friendly online banking platforms and mobile apps for convenient account management.
  • Branch Network: Consider if having physical branches for in-person assistance is essential for your business.
  • Customer Service: Evaluate the bank’s reputation for responsive and helpful customer service.
  • JPMorgan Chase: Extensive branch network, diverse account options, caters to large and small businesses.
  • Bank of America: Widely recognized, with comprehensive services and convenient online banking features.
  • Wells Fargo: Strong national presence, various account types, competitive rates.
  • Citibank: Global reach, suitable for businesses with international operations.
  • TD Bank: Competitive fees, strong regional presence, focus on small businesses.

Important Note: This is not an exhaustive list; each bank has strengths and weaknesses. Review different options, compare offerings, and read customer reviews before deciding.

USA Business Banking Fees

Understanding standard bank fees is crucial for budgeting and managing your account effectively. Here are some key ones:

  • Monthly maintenance fees: Recurring charges for account upkeep are usually waived if you manage to maintain a minimum balance in your account.
  • Transaction fees: Per-transaction charges for ATM withdrawals, wire transfers, check deposits, and ACH transfers.
  • Minimum balance fees: Penalties for falling below a required minimum balance in your account.
  • Wire transfer fees: These are charges while sending or receiving wire transfers, often with additional costs for international transfers.
  • Check fees: Costs associated with issuing and depositing checks, varying by check type and processing speed.
  • Inactivity fees: Charges assessed for accounts with no activity over a specific period.

Pro Tip: Negotiate fees whenever possible! Especially for larger businesses, banks might be willing to offer lower fees or waive certain charges based on your expected account activity.


Opening a bank account in the US is a strategic step to expand your business and simplify financial operations. With careful planning, research, and understanding of requirements and fees, you can choose the right bank and account type to support your business goals. Remember, seek professional advice as a non-resident business owner to navigate specific complexities or regulations.

By following this guide and considering your unique needs, you’ll be well-equipped to confidently open a US bank account and establish a solid financial foundation for your business in the exciting US market.

This information empowers you to make informed decisions about opening a US bank account for your business!

US Bank Account