Are you thinking about opening an online USD bank account for a non-resident LLC? Have you already confirmed the criteria like tax IDs and address proof that you’ll need to meet as a foreigner?
If so, it’s time to navigate your options, which is what we’ll help you do below. Our team has helped thousands of members open online bank accounts for their non-resident US LLCs. In this article, we’re going to share what we’ve learned and how you can navigate the process more effectively.
But before we dive in, let’s make sure we’re on the same page…
We’re not only referring to applying internationally for a US bank account, we’re also talking about opening a digital USD bank account. This means a bank account that is 100% virtual, with no physical branch and no in-person customer service.
Why would you want an online bank account for your LLC?
Well, because they are typically much easier to open and have significantly lower fees than traditional bank accounts. A minor detail that can save you hundreds, if not thousands of dollars each year.
So, how can you successfully open an account for a non-resident LLC? Read on to find out!
KEY TAKEAWAYS
- It is 100% possible for a non-resident LLC to open an online USD bank account
- The account opening process can be challenging for non-resident LLCs, especially without the right information
- There are important questions you should consider asking the bank before opening an online USD bank account
- Non-resident LLCs need to meet specific requirements to open online USD bank accounts
Here’s a look at the specific topics we’ll cover in this article…
Table of Contents
- Can a Non-Resident LLC Open an Online USD Bank Account?
- What Are the Benefits of Opening an Online USD Bank Account for a Non-Resident LLC?
- What Are the Challenges of Opening USD Bank Accounts for Non-Resident LLCs?
- How to Open an Online USD Bank Account for a Non-Resident LLC
- What Are the Reasons to Open a Traditional Bank Account for a Non-Resident LLC?
- Ready to Open Accounts With Banks in the USA?
Can a Non-Resident LLC Open an Online USD Bank Account?
Yes, a non-resident LLC can open an online USD bank account. But, not all digital banking platforms will accept non-resident LLCs, so you need to look for the ones that do. Read on for how to find the best digital banking platforms for your business.
But, before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE USA Banking Starter Guide. It’s designed to help you open accounts in the US for your foreign and non-resident business.
In this article, we’ll help you navigate the account opening process. We’ll do so, by outlining the key factors you need to consider when choosing an online USD bank account.
Business owners will also need to provide many of the standard requirements that foreigners, non-residents, and even temporary residents like international students may be expected to provide when opening US accounts.
What Are the Benefits of Opening an Online USD Bank Account for a Non-Resident LLC?
How can you benefit from opening an online USD bank account for a non-resident LLC?
For starters, if you can successfully open a USD bank account with a US digital banking platform, you’ll be able to tap into one of the best and most reputable jurisdictions for non-resident business banking.
While you may not get access to all of the same benefits as you would with a traditional US bank account, you will be able to access the majority of them. And of course, you’ll also gain some perks that only digital banks can offer.
Here’s a look at the many benefits a non-resident LLC can unlock when opening an online USD bank account with a US digital banking platform.
Benefits of USD Online Banking for Non-Resident LLCs:
- Reputable banking jurisdiction
- Easier account opening procedure (varies by online banking platform)
- Competitive fees
- Remote opening
- Cost savings from not traveling
- Cost-efficient
- Easily accessible to manage business accounts 100% online
- Ability to bank from anywhere
- Deposit insurance up to $250,000 (varies by online banking platform)
- Low to no international transfer fees
- Entry-level US credit cards
- And more…
As you can see, there are many benefits to opening an online USD bank account for a non-resident LLC. In fact, most non-residents can even open a US bank account from abroad.
In addition, unlike many traditional banks, most USD digital bank accounts don’t require a minimum deposit when opening an account. And, if they do, it’s often substantially lower than what is required when opening an account with a traditional brick-and-mortar bank.
Another major benefit of opening an online USD bank account is the fact a non-resident LLC can send and receive transfers from customers around the world. And, best of all, it also allows your customers to pay in USD. Therefore, you avoid having to convert to USD and can save money on foreign exchange fees.
Of course, the benefits important to you will depend on your specific banking needs. And also, the type of business you operate and the location of your customers.
But, generally speaking, having an online USD bank account will be beneficial for almost any international business.
US digital banking platforms are highly focused on user experience. More specifically, they’re focused on making it easy to fulfill all your banking needs in one place. Examples of online business banking solutions in the US include Novo, Mercury, RelayFi, and more.
Though online USD bank accounts are typically easier to open than traditional bank accounts, non-resident LLCs can still face some challenges when trying to open accounts.
To help you get started, let’s look at the challenges non-resident LLCs can face when opening an online USD bank account.
What Are the Challenges of Opening USD Bank Accounts for Non-Resident LLCs?
While opening an online USD bank account for a non-resident LLC can offer many benefits, it can be a complicated process to open an account.
Here’s a look at the general challenges non-resident LLCs typically face when opening an online USD bank account.
Challenges of USD Online Banking for Non-Resident LLCs:
- Choosing the wrong US digital bank for your banking needs
- Unable to meet the residency requirements
- Unable to find an option that offers the banking services your business requires
- Unable to find an option that accepts inbound international transfers
- Choosing a US digital bank that charges higher fees
While these challenges may seem minor, any one of them can significantly impact your non-resident LLC in the long run if you’re not properly prepared.
Overall, the best way to bypass all of these challenges is to take your time to do your research. And, find the best online USD bank account for your needs.
And especially to make sure ahead of time that the bank accepts non-resident LLCs.
It’s also important to make sure that you don’t accidentally get stuck with a bank that charges higher fees for account maintenance, transactions, and (in some cases) for opening an account.
So, when it comes to choosing an online USD bank account for a non-resident LLC, it’s important to understand the opening requirements, limitations, and challenges you’ll likely face before applying.
That way, you can ensure you’re choosing the right online USD bank account for your client profile and banking needs.
Read on to find out how to open an online USD bank account for a non-resident LLC successfully.
How to Open an Online USD Account For a Non-Resident LLC?
Before applying to open an online USD bank account for a non-resident LLC, it’s crucial you understand the proper steps to take.
This means knowing which banking services you’re looking for specifically. And, the challenges that you are likely to face with your specific client profile.
Before we dive into the account opening requirements, let’s first take a look at some important questions you need to ask yourself before applying…
Questions to Ask Before Applying to Open an Offshore USD Bank Account Online:
- Does the bank cater to non-resident LLCs?
- What account fees does the bank charge?
- Does the bank allow transactions to & from the countries you work with?
- What is the initial account opening deposit?
- Does the bank account meet your banking needs?
- Are there any specific bank account restrictions?
These questions are important to ask for a few reasons.
First, they will help to determine whether or not the online USD bank account you choose aligns with your banking needs.
Second, they can uncover any hidden fees or requirements that may not be publicly known.
And most importantly, answering these questions will help you choose the best online USD bank account for your non-resident LLC.
Of course, answering these questions is just the beginning of knowing how to open an account. You also need to meet bank-specific requirements.
Here’s a look at the common requirements a non-resident LLC will need to meet to successfully open an online USD bank account.
USD Online Banking Requirements:
- Articles of Organization
- Employer Identification Number (EIN)
- Two government forms of identification
- LLC Operating Agreement
- Proof of address
- An acceptable US phone number
- Initial account opening deposit (if applicable)
Each US digital banking platform will have its requirements non-resident LLCs need to meet, including an account opening deposit amount.
So, before applying, it’s important to know which requirements you can support. That way, you won’t waste time and money applying to the wrong US digital banks.
Now, an online USD bank account is a great banking option for many non-resident LLCs. However, we do recommend opening one as a supplement to a traditional bank account, not as a replacement.
Here’s why…
What Are the Reasons to Open a Traditional Bank Account For a Non-Resident LLC?
Opening a traditional bank account for a non-resident LLC in addition to opening an online USD bank account is the best way to optimize your banking stack.
This is because many online USD bank accounts can’t offer the same services and products that traditional bank accounts can.
For instance, unlike many digital online bank accounts, a traditional bank account allows a non-resident LLC to make cash deposits and withdrawals directly from their business bank account.
While this may not be important to some non-resident LLCs, it is crucial to those that conduct the majority of their business in person.
Additionally, traditional bank accounts can provide non-resident LLCs with in-person customer service, business financing, loans, a wider variety of US credit cards, and much more.
But, similar to opening an online USD bank account, opening a traditional bank account for a non-resident LLC also has its challenges.
Fortunately, GlobalBanks can help – more specifically, GlobalBanks USA.
GlobalBanks USA is the number one US bank account opening service available anywhere. It helps non-residents and foreign business owners open bank accounts in the United States.
This includes the direct one-on-one support you need to find and open a business bank account for your LLC with real brick-and-mortar banks that match your client profile. Not to mention, in most cases, you can open accounts for your LLC 100% remotely.
Additionally, you’ll also receive direct introductions to US bankers who are ready to help you through the account opening process.
Plus, when you join GlobalBanks USA, you receive full access to our library of premium members-only US Banking Reports, our US Bank Database, and a dedicated account manager to help navigate your options.
So, if you’re ready to get started on opening a bank account for your non-resident LLC today, here’s how…
Ready to Open Accounts With Banks in the USA?
If so, you can get access to GlobalBanks USA (our dedicated US account opening service) in just a few clicks.
GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.
When you join, you receive…
+ Expert suggestions on where to open US bank accounts.
+ Step-by-step support to navigate US account opening.
+ Direct introductions to helpful and responsive bankers.
+ Plus, detailed guides to maximizing the value you get from your new USA bank account.
And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about opening accounts with GlobalBanks USA, just click here now. Or, contact us directly with any questions!