So, you’re looking to open a business bank account online?
Well, the good news is, it’s 100% possible.
But, the process of business bank account opening can be challenging. How easy or difficult it will be for you to open a business bank account online will depend on a few key variables. Including your client profile, banking needs, where your business is registered, the country you want to open in, and much more.
- Most businesses can open bank accounts 100% online
- Options include digital banks & real brick-and-mortar banks
- The requirements for non-resident businesses are different than those for local businesses
- Foreign & offshore businesses can only open accounts with certain banks
- Deposit amounts vary depending on the bank
With the right approach, you can open a business bank account online from the comfort of your home instead of spending hundreds (or thousands) of dollars on travel expenses.
Are You Eligible to Open a Business Bank Account Online?
Most businesses can open a business bank account online. However, the options you are eligible for may change depending on where the business is registered, what industry it’s in, and the profiles of the business owners and directors.
In this article, we share everything you need to know about how to open a business bank account online. Including the available options to completely eliminate banking fees.
Before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Business Banking Starter Guide. It’s designed to help your business find and open accounts with the services you need around the world.
Where to Open a Business Bank Account Online
Choosing a country to bank in is a critical decision for business owners. Even if you’re opening an account online.
It’s important not to just copy the banking structure of other businesses, but to take time to find the best bank for your particular situation. It can take some time upfront to find the right bank for you, but the benefits and savings of doing so will pay off many times over in the long run.
To help you with the decision on where to bank, we have put together a list of where foreign non-resident-owned businesses can open bank accounts online – broken down by the type of bank account.
Traditional Business Bank Account Options in the US
Foreign and non-resident businesses can open US bank accounts online with select US banks. That said, the specific account opening requirements and minimum deposits will vary by the type of business involved and the bank you choose.
|Businesses Accepted||Available Banks||Online Opening||Consideration|
|US LLCs||Select US banks||Yes||Revenue & deposit requirement|
|Foreign Companies||Select US banks||Yes||Deposit requirement|
|Offshore Companies||Select US banks||Yes||Deposit requirement|
|Passive Foreign Investment Companies (PFICs)||Select US banks||Yes||Deposit requirement|
Traditional Business Bank Account Options Internationally
Foreign business owners can open a business bank account online with traditional banks. However, due to changing regulations and internal bank policies, opening accounts online can be very difficult. But, it is still 100% possible.
|Traditional Banking Options||Available Banks||Online Opening||Consideration|
|Andorra Banks||Select banks||Yes||Deposit requirement & fees|
|Cyprus Banks||Most Banks||Yes||Ties to Cyprus|
|Estonia||Select banks||Yes||Difficult account opening|
|Hong Kong||Select banks||Yes||Ties to HK & China Influence|
|Mauritius Banks||Most Banks||Yes||Introducer required|
|Panama Banks||Select banks||Yes||Ties to Panama|
|Singapore Banks||Select banks||Yes||Deposit requirement|
|Swiss Banks||Most Banks||Yes||Deposit requirement|
|UK Banks||Select banks||Yes||Ties to UK|
Digital Business Banking Options
Many digital banking options offer low to no fees. Not to mention, low-cost transfers, multi-currency accounts, and easy-to-use online payment processing.
As a result, digital banking options are suitable for businesses struggling to meet bank-specific account opening requirements with traditional banks.
|Digital Banking Options||Available Banks||Online Opening||Restrictions|
|US Digital Options||Select US digital options||Yes||US business activities|
|European Digital Options||Most European digital options||Yes||Country of registration|
|Asia Digital Options||Most European digital options||Yes||Country of registration|
|Offshore Digital Options||Most European digital options||Yes||Account opening fees|
Where applicable, we typically recommend businesses to have both a traditional and digital bank account, as each offers different complementary benefits.
Traditional banks can make it easier to deposit and withdraw funds and in many cases are required by payment processing services. Meanwhile, digital banks generally make it easier to manage your funds and can have much lower fee structures.
Combining the two can be very advantageous for nearly all businesses, in particular those with international activities.
Benefits of Opening a Business Bank Account Online
It’s important to note that not all banks will offer the same benefits.
So, whether you’re applying to open a bank account for an e-commerce business or for a foreign-owned business, you must understand two things: which benefits are available to your client profile and which benefits you specifically want to unlock.
Here’s a look at some of the benefits foreign non-residents can unlock when opening a business bank account online:
Benefits of Opening a Business Bank Account Online:
- Remote opening
- Cost savings from not traveling
- Ability to manage business accounts 100% online
- Ability to access more options
- Cost-efficiency & convenience
- Ability to bank from anywhere
- Lower monthly fees (depending on where you open)
- And more…
How to Open a Business Bank Account Online
In order to open a business bank account online you will first need to choose which bank you would like to apply to and then go through their application process.
The requirements for foreign businesses to open accounts will vary from bank to bank, but here’s a look at the standard requirements…
- Personal identification of all owners
- Employer Identification Number (if applicable)
- Explanation of business operations
- Articles of Organization
- Partnership Agreement
- Bank reference letters (if applicable)
- Business’ website for review
Note: It’s recommended to make sure ahead of time that you’re able to meet the application requirements for the banks you’re applying to. This will help to make sure that you are not rejected in the process, which is not only a waste of time, but can also prevent you from being accepted in the future.
How to Avoid Business Banking Fees
Business owners can avoid fees at most banks by meeting certain requirements. While each bank is different, these requirements typically include…
- Making an initial deposit above a certain threshold
- Maintaining an average monthly (or daily) account balance
- Maintaining a certificate of deposit with the bank
- Using specific bank services such as direct deposit
- Investing part of the deposit with the bank’s brokerage
Bottom line: If you want to avoid paying unnecessary bank fees, it’s important to find a bank whose requirements you can meet. For example, one with a monthly account balance requirement that you can easily meet each month.
Want to Open a Business Bank Account Online Today?
If you’re ready to open a business bank account online, we can help.
GlobalBanks IQ gives you everything you need to start finding and opening accounts.
When you join GlobalBanks IQ, you immediately unlock the entire GlobalBanks Database of international banks. It’s home to 250+ banks in 50+ countries.
And, you get access to our library of premium (members-only) reports. These include proven account opening strategies, country-specific banking options, and lists of banks for businesses from around the world.
To get started, click here to see if GlobalBanks IQ is the right choice for you.