5 best business bank accounts for startups and SMBs

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Opening a business bank account is essential for all international entrepreneurs. Setting your company’s own financial foundation is crucial when entering the American and global markets. Do not waste more time and get a specialized banking service for your business. Keep reading and check out the best business bank account for startups and SMBs. See the best options and compare fees, services, and banking products.

But first, let’s see why it is so crucial to open a business bank account, especially in the United States.

Man looking at business discounts at the notebook

Why do I need to open a bank account for my startup?

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, FDIC-insured banking 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 banking 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.

2. 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.

3. 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).

4. Global 66

With Global66 you can have a global account that generates a 6% return on your account in dollars. You will be able to pay, receive, convert and send money internationally. You can create your account online in less than 5 minutes and have your account ready to start immediately. Thanks to the possibility of converting your local currency to dollars and vice versa, you will have more flexibility, but you must keep in mind that currently there are only 8 currencies for the exchange. Despite that, you will be able to make transfers to more than 70 international destinations.

This digital bank also offers you the possibility of having a physical card that you can use all over the world. With this smart card, you will not have to pay handling fees. Additionally, it allows you to generate a collection link, so you can receive your money in dollars.

5. 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).

Bank ATM

You can open your LLC in the United States and get the full support of a company to open your U.S. account.

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

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.

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