FAQ: How to use an american business bank account

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Let’s start by understanding what an American business bank account is. These are bank accounts designed especially for businesses, mainly SMEs and entrepreneurs. They can be scalable to larger companies, so they are very favorable for growing business models. With it, you can manage your company’s money in a simple and efficient way, and perform all kinds of financial transactions, since they have fewer restrictions.

If you are a foreigner, it is worth mentioning that it is no longer necessary to be a U.S. resident to enjoy the benefits of the U.S. economic system. In this article you will learn all about how to open your business bank account and get all the answers to the main doubts related to this topic.

Cash representing the american business bank account

These are the most frequently asked questions about the use of an American business bank account, and what it offers to foreign entrepreneurs.

What are the functions of an american business bank account?

Business accounts have many functions that a personal account does not have. For this reason, they are known as the all-terrain car of corporate finances for small and medium-sized businesses. Thanks to this type of account, you can make payments and transfers much easier and faster. You can also receive money from customers and suppliers, and even access online and mobile banking services.

This type of accounts usually offer profitability to their customers and are considered safer than personal accounts. Having one will allow you to separate personal and business finances, allowing for greater financial control.

What are the advantages of an american business bank account?

The good thing is that you have all the functions of personal bank accounts that you probably already know, with the advantage that they are adapted to the business environment and will allow you to have more freedom. Among the main advantages are:

  1. Possibility of having an integrated accounting system that will allow you to manage all your financial movements and have greater budgetary control.
  2. Accessibility to assets for cash withdrawals and deposits, checks and remittances. This also includes the liquidity of the company that can be immediate for the management of resources.
  3. Additional security, since usually higher amounts are handled than in a personal account. It also allows you to separate your personal and business finances.
  4. This type of accounts have greater availability and flexibility, since you can consult the statements and movements quickly and securely; the account can be managed for multiple users, in addition to being able to generate business cards.

At which bank can I have my American business bank account?

Once you open your company in the United States with the help of Globalfy, you can go to the bank of your choice and ask for this service. Some more traditional banks will require you to have a SSN, and if you are not a resident, you will not have access to it. The advantage is that more banks are opening their doors to foreigners and request documents such as passport and ITIN. You will have access to the latter if you open your company with us. There are also options such as fintech or neobanks where you will find options like Mercury, PayPal, Wise, etc. In them you will find a reliable option, more flexible and with great benefits, especially if you are a foreigner.

What is an ACH transfer?

ACH is an electronic money transfer between banks that allows you to withdraw money from one account or “push” it online to accounts at other banks. It is one of the main ways to send or receive money online.

Why is having a U.S. business account vital?

Since your company will be in the United States, you will require a banking service to organize your finances, make and receive payments, request loans or economic support, among others. Not to mention that your profits and expenses will be in dollars and you will avoid unnecessary conversion. And the most important thing is that you need a bank account to be able to manage the accounting of your company and to have support for your declarations before the IRS.

What are the services and benefits of this type of account?

Usually these types of accounts offer financing for your business, lower interest rates, unlimited income, multiple access, and accounts suitable for different currencies. Additionally, many banks seek to build loyalty among their business customers and offer benefits such as multi-accounts, rewards and gifts for usage and amounts, and free cards.

What requirements does the financial institution usually ask for?

You must take into account that the required documents will depend on the internal policies of the financial institution, but we can give you some of the most common ones:

  1. A document that legally validates the constitution of your company.
  2. A document that validates that you are a person who can comply with tax obligations in the United States (ITIN).
  3. Identification to corroborate the identity of the legal representative of the company. In this case, it can be a passport.
  4. Financial documents. You may be asked for recent financial statements to evaluate the financial health of your company.
  5. Address to send you official correspondence. Some banking entities will ask you for an address to send official paperwork and documentation. The advantage is that when you open your company in the United States with Globalfy, you will have a virtual address service.

Can I apply for a physical card?

Usually, when you open a business bank account, you will have access to both digital and physical cards linked to your account. If you are initially only offered digital cards, you can ask if they can offer you a physical card.

Do I have to notify my bank if I travel to other countries in order to use my card?

If your card is approved for international purchases, you will have no problem. Otherwise, you will need to contact your bank in order to use it for your international travel.

Buildings of important banks that offer american business bank account

Will I be able to apply for loans for my company?

One of the main benefits of having a business bank account is being able to apply for loans to grow your business abroad. Just look for an institution that offers good benefits and interest rates.

Can I make cash withdrawals from ATMs located outside the U.S.?

You should verify the agreement that your banking institution has in this regard.

Can I deposit cash at ATMs?

You should verify the agreement that your banking institution has in this regard.

Can I cash checks with my U.S. business bank account?

You should verify if the banking platform you will use can process checks.

Can I make international wire transfers with my U.S. business bank account?

Many corporate bank accounts have the advantage of being able to do so since they have a foreign IBAN. However, other banks do not offer this service directly and you will have to go to a third party to send or receive international transfers, in this case, you can use tools such as Wise.

Learn more about Globalfy’s business opening services.

Accessing a business bank account is much easier when you already have a U.S. company. Remember that Globalfy can help you with this. Not only will you open your company, but you will also get exclusive benefits such as: virtual address, registered agent, compliance calendar and personal attention in Spanish, English and Portuguese. Purchase one of our plans today. Remember that in case you need more information or have more specific questions, you can contact customer service and we will gladly help you.

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