Business account in USA: FAQ on how to open one

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Online banking is the most awaited solution for entrepreneurs and business owners around the world. Now, thanks to technology, you can have a business account in the USA and charge your customers in dollars, just with a computer and internet access. Increase your company’s profits and enter the most vibrant market in the world.

Opening a business bank account from abroad and without U.S. residency is really easy. You don’t have to leave your country, let alone your home. Many neobanks allow you to open your account online and get a corporate VISA debit card.

Here you will find the most frequently asked questions about a US business bank account. If you need a little more guidance on how to use the account and the banking service itself, you can also consult this other FAQ post.

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In case any of your doubts or queries are not covered in the following text, we suggest you contact your offshore banking service provider. They will give you the exact answer you need.

Can I apply for a business account in USA if I am not a resident or am not physically in the U.S.?

Yes! If you are a US company, this process will be much easier, as you will have access to legal documentation to back you up, such as an EIN. Also, many neobanks only have online services, so if you apply for an account with them, you won’t have to travel anywhere.

What documentation do I need to apply for a business account in USA?

Usually the company will ask you for:

  • U.S. state registration number and document.
  • EIN Letter (Forms CP575 or 147C)
  • U.S. address
  • Valid website

By members of the company with at least 25% control/ownership:

  • Valid passport or U.S. driver’s license.
  • If a U.S. resident, ITIN or social security number.
  • Utility bill for the last 6 months (from your home country)

Can a business account in USA from a fintech replace a traditional bank account for my company?

Yes. Although many fintechs are not actually banks, they can provide comprehensive banking services with the support of banking partners that are FDIC members.

Does my company have to be registered in the U.S. to apply for a business bank account?

Yes, in case your company has not yet been registered in the United States, our plans include all this process so that you can start your operations in the country. You can do it all in a few steps and from abroad, 100% online.

Which companies can apply for a business bank account?

Each bank or neobank has its own policies, but in many cases, opening accounts to businesses related to: gambling, ATM systems, pornography, cryptocurrency trading or any activity illegal under US federal law (even if it is legal in some states, e.g. cannabis distribution) is prevented. You will need to check this information with your banking service provider.

EIN application to have a business account in USA

Does Globalfy still open business bank accounts?

Globalfy’s online banking service closed its operations in March 2024. Currently, we only offer services related to the opening and management of companies in the U.S. Therefore, we now have the support of our ally Mercury for these issues. The advantage is that if you prefer another provider, you will be able to use them without any problem, it’s your choice!

What are IBAN, BIC or SWIFT codes?

The IBAN code is used to identify the account number, while the BIC or SWIFT code corresponds to entities and branches.

Why is it important to have the IBAN in mind when opening my account?

When you use a banking provider, you should verify that they provide the IBAN service, so that you do not have problems with international transfers, especially in the European Union. IBAN is the acronym for International Bank Account Number.

It is a bank code that identifies a unique account for making payments in Euros. It consists of 4 initial characters corresponding to the country code plus the control code, followed by the account number. With only this information you can make payments or transfers to any country of the SEPA Zone (34 countries, 28 of the European Union).

Which is the best bank to open a business account in USA as a foreigner?

It will depend on your preferences and the solutions offered by each banking provider. In the following article you will find some options to consider. Click here.

How does Globalfy’s partnership with Mercury work?

Customers who once had a Globalfy banking service were transferred to Mercury so that their financial activities could continue in the U.S. Those customers who could not be contacted received a check to their registered address with all their funds. Those customers who could not be contacted received a check to the registered address with all their funds (read more about it here).

It was because of this migration that we created an integration from our all-in-one platform, so you can access all your banking information from there, with just one click.

Does virtual banking integrate with Shopify’s sales platform?

You will be able to receive your payments from Shopify or any other marketplace into your virtual business bank account seamlessly. Consider that there is no need for a direct or native integration with Shopify and/or any other e-commerce platform.

How does virtual banking make money if I am not charged for opening my account or a monthly fee?

These types of banks usually make money from interchange fees or transaction fees, a small fee that credit card processors charge merchants each time a credit or debit card is used. Users do not pay this fee or see it reflected on their balances.

They also generate revenue by offering premium services such as interest on loans, or by selling analytics data to third parties, in consideration of the personal data policy and in compliance with applicable regulations.

Learn more about Globalfy’s business opening services.

Globalfy is the solution for hundreds of business owners around the world who want to expand their business and start invoicing in dollars. Remember that opening your business in the USA is very simple with the purchase of any of our plans. Thanks to this, you will be able to access the USA business bank account in a faster and easier way.

In case you need more information or have a more specific question, please contact our customer service and we will be happy to help you.

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