- →
-
Contact Form
-
A US business bank account is opened in the name of a US company: an LLC or a corporation formed in one of the states. A non-resident can own either; an S corporation is closed to non-resident alien shareholders. Before a bank or platform looks at the owners, the company needs its state formation document, an EIN from the IRS and a clear record of who owns it. For a Delaware company, the state-specific points are on our Delaware bank account page.
An EIN is the nine-digit number the IRS assigns to corporations, partnerships, sole proprietors and other entities for tax filing and reporting. Under FinCEN’s Customer Identification Program rule, a company formed in a US state is a US person, and the identification number a bank must obtain from a US person is its taxpayer identification number. Mercury, for example, asks for the IRS paper itself: the CP 575 notice, a 147C letter or the SS-4 returned by the IRS. A single-member LLC wholly owned by a foreign person also needs the EIN to file Form 5472.
The IRS online application needs a legal residence or principal place of business in the US and a responsible party with an SSN or ITIN, so an owner abroad without either applies another way: by phone on 267-941-1099 (not toll-free, 6:00 a.m. to 11:00 p.m. Eastern time, Monday to Friday), by fax, with the EIN generally back within 4 business days, or by post, which takes about 4 weeks. A responsible party who has no SSN or ITIN and cannot obtain one writes “foreign” on line 7b of Form SS-4. The IRS issues one EIN per responsible party per day.
The beneficial ownership rule defines whose details the bank needs: every individual who directly or indirectly owns 25% or more of the company, plus one person with significant control, such as the managing member or chief executive. For each of them the bank collects what its Customer Identification Program requires of an individual: name, date of birth, residential or business street address and an identification number, which for a non-US person can be a passport number and country of issuance. Banks may ask for more: Chase’s checklist covers every owner of 10% or more, with country of citizenship and a tax number, which may be a foreign one.
Mercury, Relay and Revolut Business say on their own pages that they open accounts for US companies whose owners live outside the US. None of them is a bank: each provides its accounts through a partner bank. Wise is a money services business.
| Provider | What it is | Owners abroad | Address and US ties |
|---|---|---|---|
| Mercury | Fintech; banking services through Choice Financial Group and Column N.A., Members FDIC | Founders anywhere, no US citizenship or residence needed, except residents of its excluded countries | An international residential address is accepted as the place of business, registered agent and PO box addresses are not; existing or planned US operations, which it may ask you to prove |
| Relay | Fintech; banking services by Thread Bank, Member FDIC | US-registered businesses owned by non-US citizens or residents, with an operating presence in the US | Physical US address, no PO boxes or virtual mailboxes |
| Revolut Business | Fintech; its US business terms name Lead Bank, Member FDIC | Residents of eligible countries, including Canada, the UK, Switzerland, the UAE and the EEA except Bulgaria | A document proving the company’s physical presence in the US, and proof of the EIN |
| Wise Business | Money services business; says it is not an FDIC-insured bank | Non-US beneficial owners send a copy of photo ID | Trading address cannot be a PO box, registration agency, mail-forwarding service or virtual address |
| Chase | Bank | Not stated; passport details accepted from non-US citizens without a green card | Online only for single-member or single-manager LLCs and corporations with one authorising representative; in a branch, every member of a member-managed LLC attends |
Where you live matters more than your passport. Mercury decides by country of residence, and besides sanctioned countries its excluded list names Croatia and Latvia, both EU members, as well as Ukraine, Nigeria and Pakistan. Revolut accepts residents of the EEA except Bulgaria. Owners in Ireland, Norway, Poland or Canada clear both lists; an owner in Bulgaria clears Mercury’s but not Revolut’s.
The standard FDIC insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. An LLC or corporation falls in the corporation, partnership and unincorporated association category: all its deposits at one bank are added together and insured up to $250,000, separately from the owners’ personal deposits, provided it is operated primarily for a legitimate business purpose rather than to increase cover.
A fintech platform is never FDIC-insured itself. Money sent to it qualifies only once it is deposited at an insured bank and records show who owns how much, which the FDIC calls pass-through coverage, and deposit insurance does not protect against the platform’s own insolvency.
The United States does not use IBANs. A payer inside the US needs the account number and the bank’s ABA routing number, and a payer abroad uses the bank’s SWIFT code. The US is outside SEPA, so a customer in Ireland, Poland or Norway pays by international transfer.
No formation agent can deliver the account itself, because the bank or platform decides; Mercury states that it cannot guarantee approval even on a reapplication. A ready-made shelf company changes the timing rather than the decision: where it already holds an EIN, the change of responsible party must be reported to the IRS on Form 8822-B within 60 days.
We can supply a ready-made US company or handle company formation in the USA, obtain the EIN and help prepare the bank application, without promising the outcome. Our USA overview, the guide for Delaware LLC owners outside the US and the shelf company with a bank account guide cover the rest.
Yes, with providers that say so. Mercury, Relay and Revolut Business state that they accept US companies whose owners live abroad, Mercury and Relay take applications online, and Wise verifies non-US owners with a copy of their photo ID. Traditional banks are narrower: Chase takes online applications only from companies with one authorising representative and sends LLCs owned by another business to a branch.
Not under federal rules. The bank must record an identification number for each owner, and for a non-US person a passport number with its country of issuance qualifies. The company needs an EIN, which the IRS issues even when the responsible party has no SSN or ITIN. Relay accepts an SSN or a passport number, and Chase asks each owner of 10% or more for a tax number, which may be foreign.
Only through the partner bank. The FDIC says nonbank companies are never insured themselves; funds qualify for pass-through cover once they are deposited at an insured bank and records identify each owner. Mercury names Choice Financial Group and Column N.A., and Relay names Thread Bank. Deposit insurance then covers up to $250,000 per depositor, per bank, per ownership category, and never the platform’s own failure.
No. The decision belongs to the bank or platform, which applies its own identification rules and risk policy; Mercury states that it cannot guarantee approval. A formation agent can deliver the company, the EIN and a consistent document pack, and help you choose providers whose published rules fit your country of residence, your industry and your connection to the US.
The providers’ published rules point to a few causes: no existing or planned US operations, a registered agent or virtual address given as the place of business, an owner living in an excluded country, an excluded industry, or an EIN letter and formation document that do not show the same company name. Read each provider’s list before reapplying, and reapply only with new information.
Not under federal law: the identification rules allow documentary or non-documentary verification, and photocopies of a beneficial owner’s ID. Whether you travel depends on the provider. Mercury, Relay and Wise take applications online. At a Chase branch every member of a member-managed LLC must be present, and LLCs or corporations owned by another business cannot apply online.