Lawyer
Expert in financial and international corporate law. Extensive experience advising FinTech and licensed companies across the EU, UAE, US, and East Asia. Focused on AML/KYC compliance, M&A transactions, company registration and licensing, and regulatory and banking interactions.
Opening a bank account in the USA
A bank account in the USA may be needed to receive income, make everyday payments and handle settlements between a US company and its clients and suppliers. However, for a foreigner, opening a personal account and opening an account for an LLC are different procedures. The bank reviews the applicant’s documents, address, tax information and the purpose of future transactions.
Prikhodko & Partners helps select a suitable service option, review the requirements and prepare the documents. The purpose of legal support is to align the client’s needs with the conditions of the particular institution and reduce the risk of delays caused by incomplete or inconsistent information.
How can a non-resident open an account in the USA?
Foreign citizenship in itself does not exclude the possibility of opening an account. At the same time, citizenship, immigration status and tax residence should be distinguished: information about them may affect the application procedure.
For example, Bank of America states that an applicant with non-resident alien status should provide a physical address outside the USA, a US mailing address, two valid identification documents and a tax identification number where applicable. The bank also expressly states that an SSN is not mandatory for opening an account. These are the conditions of a particular bank and cannot automatically be applied to other institutions. Bank of America requirements.
Before applying, it is advisable to prepare:
- an international passport and a second document from the list accepted by the bank;
- information about actual residence and documents confirming the address;
- a tax identification number according to the applicant’s status and the institution’s requirements;
- contact details and an explanation of the purpose of opening the account;
- documents confirming income or source of funds where required for the review.
The absence of an SSN does not mean automatic refusal, but a passport alone may also be insufficient. Before travelling, the required document package, acceptability of the address and the possibility of servicing an applicant with your status should be confirmed.
Can an account be opened online in the USA?
The possibility of remote account opening depends on the type of account and the institution’s criteria. For example, Wells Fargo requires an SSN or ITIN, a physical US address and a mobile phone number for an online personal account application. For persons without US permanent resident status, the bank provides for an application at a branch. Therefore, an account-opening button on a website does not mean that the procedure is available to a person living abroad. Wells Fargo requirements.
For a US company with foreign founders, remote financial services may be considered. For example, Mercury accepts applications from companies registered in the USA provided they have existing or planned operations in the country. Mercury is a fintech company, while banking services are provided by its partner banks. Mercury terms.
It is important to check territorial restrictions. At the time this material was prepared, Mercury includes Ukraine in the list of countries where a founder’s residence prevents account opening. The criterion concerns the place of residence rather than Ukrainian citizenship itself. Therefore, this service cannot be presented as a universal solution for Ukrainians.
Which bank is best for opening an account in the USA?
A bank should be selected according to the specific objective: personal payments, company operations, international transfers or holding funds. It is important to consider not only fees but also whether the applicant meets the institution’s requirements.
| Bank | What can be considered | What to check before applying |
|---|---|---|
| Bank of America | Personal account for a foreign client | Two identification documents, addresses and applicable tax information |
| Chase | Account for an LLC or corporation | Registration documents, tax identification number, owner information and presence of authorised persons |
| Wells Fargo | Personal checking or savings account | Proof of a physical US address, documents and whether a branch visit is required |
For businesses, ACH fees — electronic payments through the relevant US payment system — wire transfer fees, cash deposit fees and employee access are also compared. For personal use, monthly fees, waiver conditions and ATM charges should be considered.
Account in the USA for an individual
For everyday expenses, a checking account is usually considered. For savings, a savings account may be used, and its terms should be assessed separately. The choice depends on the frequency of payments, the need for a card and the expected account balance.
Particular attention should be paid to proof of address. In particular, Wells Fargo does not accept a PO box or private mailbox as a residential address. If the address is not shown on the identification documents, the bank provides for separate proof — for example, a valid lease agreement or an appropriate statement.
Before opening an account, it is advisable to determine how it can be used while abroad: receiving notifications, restoring access and changing contact details. For significant incoming payments, it is advisable to prepare an explanation and evidence of the source of funds in advance.
Account in the USA for a business or company
A US LLC with a foreign owner and a foreign company wishing to open an account in the USA have different starting conditions. Registration of an LLC in itself does not guarantee access to banking services.
For preliminary preparation of a corporate application, the following are collected:
- company formation documents — Articles of Organization, Articles of Incorporation or the relevant certificate;
- evidence of the EIN — the company’s tax identification number, where required;
- documents of the owners and persons authorised to manage the account;
- information about the ownership structure, addresses and authority;
- a description of the activities, sources of financing and planned transactions.
The exact package depends on the form of the business. Chase separately specifies the documents for LLCs and corporations, requirements for tax identification numbers and identification of foreign participants. Therefore, the list should be checked for the specific structure.
A separate issue is the business address. For example, Mercury does not accept a registered agent’s address as the actual place of business. Using such an address in the registration documents of a US company does not mean that it will be sufficient for a financial institution.
Foreign currency account in the USA
The term “foreign currency account in the USA” may refer either to a US dollar account for international settlements or to an account for holding euros, pounds or other currencies. These needs should be distinguished when selecting a product.
The ability to send transfers in a foreign currency does not mean that the currency can be held in the account. It is necessary to clarify whether incoming funds will remain in the original currency or be converted, and what exchange rate and fees will apply.
Specialised solutions are available for corporate clients. Wells Fargo, for example, offers U.S. Foreign Currency Accounts as part of its international treasury services. Availability of such a product for a particular company is agreed separately. Wells Fargo international treasury services.
What is included in legal support?
Prikhodko & Partners helps prepare the application taking into account the requirements of the bank’s review. The scope of work may include:
- analysis of the applicant’s status and selection of service options;
- review of registration, tax and identification documents;
- preparation of explanations regarding business activities and source of funds;
- assistance with completing questionnaires and responding to requests;
- clarification of the application procedure and requirements for representatives.
Support is particularly useful where owners live in different countries, the company has a complex structure or the documents contain discrepancies. Lawyers help address deficiencies in preparation, but the final decision is made by the financial institution.
How we support the opening of an account in the USA
- We determine the objective. We clarify the type of account, the applicant’s status, currencies and future payments.
- We review the available options. We determine the requirements regarding documents, address and method of identification.
- We prepare the application. We review the package, questionnaires and explanations for the institution.
- We support the review. We help handle additional requests until a decision is received.
Timeframes depend on the institution, completeness of the documents and complexity of the review. The cost of legal support is agreed separately from bank fees, translations and other related expenses.
Advantages of legal support
- The applicant requirements are checked before the application is submitted.
- Discrepancies in documents are identified at the preparation stage.
- The service option is selected according to actual payment needs.
- The client receives assistance with explanations and additional requests.
Are you planning to open a personal or corporate account in the USA? Contact Prikhodko & Partners to determine the available options, required documents and legal support procedure for your situation.
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Are you currently rebuying in Ukraine?
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Have you already applied to open an account?
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Do you need to open a personal account in the USA?
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Do you need an account for a US company?
Does legal support guarantee the opening of an account in the USA?
No. Lawyers help prepare the documents and guide the application process. The decision depends on the applicant’s review and the rules of the particular institution.
Are a non-resident’s funds protected by FDIC insurance?
Yes, if the deposit is eligible for insurance and is held with an FDIC-member bank. The standard limit is $250,000 per depositor, per insured bank, for each account ownership category. Protection is not limited to US citizens and residents and does not mean a separate limit for each account.
Is obtaining an EIN enough for a company to open an account?
No. An EIN is only one element of the required package. The institution also reviews the company’s registration, owners, authorised persons and other information in accordance with its requirements. Having an EIN does not replace the full review.
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