How to open a US bank account for companies online as a foreigner in 2023

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Article updated in July 2023

Opening an American bank account used to be a distant dream for many international entrepreneurs. That has changed, and in fact it is possible to have a solution if your goal is to conquer the international market. Better yet, everything is at reach from the comfort of your home country and without bureaucracy. Now, an American visa or social security number will not be required. It has never been so fast to open a US bank account online as a foreigner.

So to answer the main question “how can a foreigner open a bank account online”. It is simple because with only a few steps, Globalfy can help you take your business to the next level. You could get a US bank account by registering your business. If you’re a foreigner who wants to open a US company and do transactions in American large marketplaces, for example, this is your chance. Keep reading and see how you can evolve and unlock growth opportunities.

But first, what are the benefits of an online US bank account combined with an American company?

As a non-American business owner, it’s a huge privilege to have full access to the American economic and entrepreneurial ecosystem. Once you have a US bank account online abroad combined with an international company, you set yourself and your business a apart from your immediate competitors. By reaching that status, you’ll be able to trade with the most qualified providers and clients in the world.

Enter the biggest marketplaces and acquire the best products and services for your daily operations. You won’t even have to leave your home.

Be part of a high-reputation banking system

American banking platforms are much more trusted by international institutions, agencies, and businesses. US banks and neobanks’ high reputation enables them to be quicker and more efficient while processing transactions. This means that if you open a US bank account online, you won’t have to worry about delays in payments or deposits.

Your direct providers will also be more trusting of your business as you’ll get more access to online subscription services.

Avoid expensive interchange fees

A US bank account for non-residents means access to the strongest currency in the world and also an asset to your American company. Almost every country on the planet accepts US dollar while virtually carrying low exchange rate fees.

Open a US bank account online to profit in the US

So can a foreigner open an online bank account in the US and an American company?

Yes! You can create an American company in the US easily with our help. You just need internet connection. Our business formation process is fast and easy. Just follow the process on our platform. With Globalfy, foreign business entrepreneurs can start their global journey and get access to a virtual address once you have your company registered.

About the bank account, you can also do the entire process online and get a business card if you choose the right banking provider. We recommend Mercury, a Globalfy partner, with whom you can open your account and access many benefits. You don’t need to have social security number or ITIN to enjoy the perks of an FDIC-insured banking service.

Having an american company and back account, is now possible for international entrepreneurs.

What documentation do I need to open a US bank account online?

The documentation will depend on the banking provider you choose. But, below is a list of some of those that may be required of you. If you’re a foreign business owner trying to open a corporate account, here are the requirements you need to provide:

  • US State Registration Document and Number
  • EIN or fax confirmation from the IRS
  • US commercial address
  • Valid passport or American Driver’s License
  • If US resident, ITIN or SSN
  • Utility Bill from the last 6 months (can be from any country)
  • No initial deposit or minimum initial balance

Now, do not worry if you haven’t opened your company in the United States yet or are a freelancer trying to get an American bank account to receive payments in dollars. Here’s what you need to do open a US bank account online:

With this documentation, both, companies and individual freelancers can apply for an American bank account.

Drivers license to open US bank account online as a foreigner

How long does it take for my US bank account to be approved?

The time will depend on the banking provider. You should keep in mind that bank account applications are review during working days. The only way for the process to be delayed is if one of the documents provided has any issues. In this case, they will get in touch with you in a manner of hours to let you know about the delay. You’ll have to provide updated info for the issue to be solved as soon as possible.

What is the difference between Fintechs and traditional banks?

Fintechs or neobanks operates on a global level, providing banking services to customers all around the world. The main difference between online banking vs. traditional banking is that virtual banks are much more dynamic when offering solutions to the users.

The robust physical infrastructure of traditional banks can also be a liability when it comes to providing fast answers to the public. Neobanks allows you to open a US bank account online without having to visit any physical branch or contact any rep. Alternative banking platforms are also built for customers to get an all-in-one experience. So instead of going through different apps and platforms for each banking product, they provides an inclusive solution for you to manage your money in one place.

Open a US business online as a foreigner now

Globalfy’s services are available all over the world. Get your US business now and enjoy the perks of the American financial network. You won’t need social security number or ITIN to get an FDIC-insured bank account in USD. Apply now and get everything up and running!

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