If you own a non-resident US LLC, chances are you’ve considered opening a virtual bank account with a routing number for your company.
And, why not? Getting a virtual bank account is often faster and more streamlined than opening a traditional one, making it a popular option for foreigners and locals.
However, similar to how even the most popular US entities like Delaware or Wyoming LLCs have pros and cons, so do virtual bank accounts.
In this article, we’re going to break down the available options and share why you might want to open both virtual and traditional bank accounts (instead of one or the other). If you’re still in the process of registering a foreign-owned company or LLC, Wyoming vs Nevada are two options worth comparing.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- US Virtual Bank Account Numbers 101
- Virtual vs Traditional Banks
- Why Use an Online Bank Account?
- Ready to Unlock the Benefits of US Banking?
US Virtual Bank Account Numbers 101
There are a handful of virtual banking options to choose from in the United States for US companies (including US companies owned by non-residents).
However, in most cases, the company and the business owner will need to meet specific criteria to qualify and be eligible to apply.
Here’s a look at some of the requirements to open with one of the most popular US virtual banking options:
- Employer Identification Number (EIN) verification letter
- Company formation documents
- Profiles of founders & owners with 25% ownership
- Description of business activities
- Confirmation that your company is not involved in high-risk activities
While most of these requirements are considered standard, there is an interesting caveat that many people don’t catch during the account opening process, which is…
Most US banks offering virtual bank accounts only accept what they consider to be “US businesses”.
In other words, the company has operations in the US, is focused on serving US customers, is managed from the US, has US-based staff, or is owned by a US person.
Now, if you are looking to open an account as a non-US citizen business owner for a foreign-owned single-member US LLC, you might be wondering whether your company would qualify to open an account.
Ultimately, it depends…
After submitting the required documents, it usually takes one to two weeks for applications to be reviewed. During that time, compliance will look at your company and decide if it is a suitable client. If the company is clearly operating overseas and has zero ties to the US, it’s possible that compliance will reject the application. That’s because most US virtual banks want to onboard US companies with US businesses.
Businesses that have registered an LLC in New Mexico should check out our article on New Mexico anonymous LLC bank accounts by clicking this link here before deciding on a virtual or traditional bank account.
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Virtual vs Traditional Banks
It’s important to point out that if you open an account with a “virtual bank,” the account is actually held somewhere else, with a completely different bank.
Unlike fintech platforms in Europe and the UK, “digital banks” in the United States do not actually hold banking licenses, EMI licenses, or PSP licenses. US fintech regulation is lacking and banking licenses are extremely difficult to get.
So, digital banks in the US tend to be technology platforms that essentially add a pretty user interface, customer service, marketing, and focusing on serving a specific customer niche in order to differentiate their business from traditional banking.
In short, the bank that actually holds your deposits is entirely separate from the virtual account (or digital bank that you opened with). Deposits are still FDIC-insured, assuming the banking partner used is FDIC-insured.
So, if you care about where your accounts are held, you should dig into the which partner banks your virtual account provider is using to make sure you’re comfortable with their operations.
Why Use an Online Bank Account?
There are a lot of reasons to consider opening a virtual account with an online or digital bank in the United States.
To start, virtual accounts are extremely helpful if your business is just getting started, can’t make a sizable deposit, or you have limited banking needs for your business.
But as your company grows, you will likely find that pairing a traditional bank account with a virtual bank account is essential to the stability of a business.
The main reason for this is that virtual bank account providers tend to rely on compliance algorithms (not humans) which has led to large waves of account closures, freezes, and denied applications in the past.
As a business owner, having a bank account suddenly close without warning is extremely dangerous to your operations. For this reason, we always suggest having at least one backup account for your company.
Ready to Unlock the Benefits of US Banking?
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