Looking for the best business bank accounts for startups? Opening a U.S. business bank account is an essential step for international entrepreneurs entering the American and global markets.
The right banking solution can help you manage payments, organize expenses, streamline bookkeeping, and support your company’s growth from day one. In this guide, we compare some of the best business bank accounts for startups and SMBs, including fintech platforms and traditional banks offering features for global founders. Some of the best business bank accounts for startups also offer integrations with bookkeeping and expense management tools.
How to choose the best business bank accounts for startups
When choosing a business bank account for your startup, it’s important to compare fees, international transfer options, integrations, and online banking features. International founders should also check whether the platform supports non-U.S. residents and remote account opening.
Why choosing the best business bank account for startups matters
Opening a bank account in the United States as an up-and-coming entrepreneur or foreign business founder is not so difficult nowadays. You can now register your company in the country and get a bank account 100% online. Take advantage of all the possibilities the world’s biggest economic market has to offer.
Now, these are all the ways a business bank account can play a critical role in your success.
- For tax deductions. Being able to separate personal from business expenses is key when filing for tax deductions to the IRS. This way, you can also avoid being audited or even penalized.
- Bookkeeping and tax software integration. Your bank account can connect with full-stack bookkeeping software to create reports automatically.
- For legal protection. Separating personal from corporate expenses can also help you in case of legal liability claims.
- To receive payments. a US business bank account is the best way to connect all your payment methods and receive your earnings, from marketplaces to subscriptions.
- To boost efficiency. By opening a business bank account you can generate either virtual or physical (or both) debit cards for each company department. You’d be able to delegate tasks and keep track of expenditures in a more organized fashion.
Now, let’s see the top banking platforms for international startups and small businesses.
1. Mercury
Mercury* is another fintech providing USD bank accounts for startups and small businesses worldwide. They specializes in offering online, financial services to non-US resident entrepreneurs. You don’t need a social security number or ITIN to apply for a bank account, only your company’s formation documents, your EIN, and your passport.
The opening of the account and the financial service carry no fees at all. The best part is that Globalfy is partner with Mercury. So, if you decide to go with them, you will find an integration with the app on our all-in-one platform.
* Mercury is a fintech company, not an FDIC-insured bank. Banking services provided through Choice Financial Group and Column N.A., Members FDIC.
Deposit insurance covers the failure of an insured bank. Checking and savings account deposits may be held by sweep network banks. Certain conditions must be satisfied for pass-through insurance to apply.
2. Lili
Lili is a fintech platform designed for small businesses and global entrepreneurs managing U.S. business finances. It offers a 100% online U.S. business banking experience, allowing founders to open and manage an account remotely without requiring a Social Security Number (SSN).
The platform supports domestic and international wire transfers and provides a Visa® debit card that can be used worldwide with no foreign transaction fees, making it easier to manage business expenses abroad. Lili also combines banking, payments, and invoicing in one intuitive platform.
Globalfy is a partner of Lili, enabling our clients to open their Lili business accounts directly from the Globalfy platform as part of our all-in-one solution for forming and managing a U.S. business.
3. Bank of America
Bank of America is one of the most reputable banking institutions in the world. Opening a BofA Fundamentals Business Checking bank account can give you many benefits.
The monthly fee is only US$16 and the first 200 transfers you make are free of charge. The extensive brick-and-mortar structure and network of Bank of America will guarantee you more protection in case you visit or reside in the US and are looking for on-site assistance availability.
The major drawback to opening a BofA account as a startup or SMB is that you’ll need a US$100 initial deposit. Although, just like with any other major banking institution in the United States all deposits up to US$250,000 are insured by the FDIC.
4. Wise
Wise is one of the most widely used fintechs right now. The platform provides bank accounts in dozens of different currencies. Entrepreneurs and freelancers from all over the world use Wise to exchange currencies and pay web services, employees, collaborators, and providers.
Even though Wise is one of the best bank accounts for startups in the world for its low fees and availability, the platform does not offer any deposit security nor can it be matched with money transfer apps such as Zelle or Cashapp.
Depending on where you reside, you can also get a Wise debit card and withdraw money from an ATM (fees vary depending on the country).
5. Brex
Brex is a fintech platform built for startups and small businesses looking to manage banking, payments, and expenses in one place. The platform combines business checking, cash management, and treasury features, helping companies simplify their financial operations as they grow.
One of Brex’s main advantages is the ability to earn yield on idle cash while still maintaining quick access to funds. Businesses can also benefit from no monthly fees, no minimum balance requirements, unlimited same-day ACH transfers, and up to $6 million in FDIC insurance through partner banks.
Brex also offers built-in bill pay, invoicing, spend management tools, and accounting integrations, making it easier for founders to manage finances without relying on multiple separate platforms.
6. Chase
Chase is a major American banking institution with more than 4,700 physical branches in the country. Their Business Complete Banking account offers several benefits for SMBs and startups.
The monthly maintenance fee is only US$15 and no minimum opening balance or initial deposit is required. The fee per domestic ACH transfer is US$0.40 (free for the first 20 operations) and for ATM withdraws is US$2.50 (more fees may apply for non-Chase ATMs).
Best business bank accounts for startups: final thoughts
Some banks with a longer history will ask you for your ITIN information to create your business bank account. Therefore, with Globalfy you will have the peace of mind of having created a company in a fast and secure way, so you can present all the documents requested. With Globalfy’s plans, you will have access to different services such as:
- Business formation in the USA
- Virtual Address
- Bookkeeping
- E-commerce fulfillment
- Registered Agent
- Compliance Calendar
- EIN and ITIN processing
Choosing one of the best business bank accounts for startups can help founders manage international payments, streamline operations, and build a stronger financial foundation for long-term growth.
Get one of our plans and get all the support of a company to expand your business. Enjoy all the advantages of the U.S. financial structure without leaving your country.