Having some of the most attractive conditions for doing business, the US attracts crowds of of foreign investors on an annual basis. They all wish to register a company in the United States, obtain a US business license or open an account with a US bank.
Opening an account with a US bank will allow you to conveniently manage your accounts and carry out non-cash payment transactions remotely.
Those planning to open an account with a US bank have several options:
- opening a personal account in the USA;
- opening a corporate account for a company;
- opening an investment account in the USA for both individuals and legal entities.
Opening an Account for a Non-Resident in the US
You have 2 options:
- Our experts will help you prepare the necessary documentation, after which you will go a US bank of your choice (may require opening a tourist visa) and submit them in person. We can also assist you in opening a bank account in the US or invite bank employees to our US office to solve any problems you may be facing;
- We can provide you with professional support in preparing all the required documents and opening an account in America remotely.
Of course, the second option makes more sense. By choosing it, you will avoid unnecessary expenses and achieve the desired result in the shortest possible time.
Opening a Personal Account in the US
Opening an account with an American bank for an individual requires completing the following steps:
- provide a copy of a passport;
- provide a document confirming the address of residence (can be a copy of a bank certificate acknowledging payment of utility bills (translated into English) and a bank account statement).
- provide Social Security Number (SSN).
Even if you do not have an SSN, you can still open a personal account with a US bank. And the reason for that is quite simple: you are a foreigner.
Procedure for opening a bank account for an individual is as follows:
- open an account with a US bank by filling out an application form and attaching the required documents to it;
- provide us with the completed application form & documents;
- we will send your application form and documents to the manager of the US bank;
- the bank will notify you of opening an account.
Personal Account Management
By opening a personal account with a US bank you can:
- manage assets through convenient online banking (make payments in the United States, make international payments and have access to the history of your transactions);
- use a debit card for purchases or accumulation of funds (VISA/Mastercard);
- use a checkbook to pay bills;
- make bank transfers (online or via fax).
Opening a Corporate Account
First of all, you will need to register a company in the US. Please note that if you have an existing business in the Czech Republic or China, you will not be able to open an account with an American bank.
We recommend registering an LLC in America, a corporation (Corp.) or a branch (B).
To open a corporate account in the US for a legal entity, you will need to perform the following steps:
- register a company in the US;
- get a tax payer number (EIN) by registering with the IRS;
- register a local physical address.
Opening an Investment Account in the US
Opening an investment account with a US bank (i.e. an accumulative account used for investment projects) requires consulting with a licensed broker about distribution of bonds (state, regional or belonging to certain enterprises); shares (largest and most influential US companies) and startups.
You will need to decide how much money you should invest in each of the above items.
Closing a Bank Account in the USA
You can close your account with a US bank even without a warning or providing an explanation.
One reason for doing so may be suspected money laundering activities or violation of the rules for the safe conduct of business activities. Try to manage your payments wisely: you should not deposit funds into your account and then transfer all of them within a short period of time. Also, you should not withdraw large amounts of money or make transfers to «hot spots» (war zones) too frequently.
Things to Be Kept in Mind
Those wishing to open an account with a US bank are strongly advised to keep in mind the following information:
- Personal data of a bank account holder is not disclosed to anyone (an exception can only be a court decision);
- an owner of a personal, corporate or investment account can have access to an open account and fully dispose of their funds;
Which Banks Should You Choose?
If you have decided to register an American company and open an account in America, you can choose on the following banks:
- Bank of America;
- Banesco USA;
- Fremont Bank;
- JPMorgan Chase Bank;
- Preferred Bank;
- US Bank;
- Silicon Valley Bank.
You can also open an account with one of the following EU banks:
- ABC Banking Corporation (Mauritius);
- Alpha Bank (Greece, Cyprus, Romania);
- ANZ Bank (Australia);
- Bank Alpinum (Liechtenstein);
- FIO Banka (Slovakia);
- JSC Terabank (Georgia);
- Julius Bank (Switzerland);
- MKB Bank (Hungary);
- Noor Bank (UAE).
Interested in opening an account with the Bank of America? Need advice on opening an account in England? Why not contact YB Case?