How can a non-US citizen/non-resident set up a bank account in the United States?

Generally US Banks ask for SSN while setting up bank accounts. But Many US banks allow having a business checking account in their banks without SSN. But in such cases you should first register a company in any of the states of USA and then obtain an EIN. These banks take EIN (along with your ID proof such as passport copy) instead of SSN to open business checking account.

Off late it has become quite difficult to get a bank account for foreigners in USA banks. People say this is post 9/11 etc., but I believe the main reason is

  1. Fraudulent activities on those accounts
  2. They leave the account with a credit which will become a liability for the bank.This can happen due to many reasons such as
    1. Customer disputes for a cheque/wire payment and the account holder already withdrawn the money from account.
    2. Account holder obtained a merchant account from a processor and made transactions. After he withdraws amount the customer may chargeback due to product/service issues
    3. Account holder has taken a loan from any third party financed and left the account without paying back

Due to many reasons including the ones stated above, it had become difficult for non-US residents to obtain a business account in USA Bank, without visiting the branch personally.

UCB Business Solutions had incorporated many businesses in USA for foreign citizens, especially for Indian companies and also obtained EIN and bank account. If you already have a company in USA, and looking for only bank account, we can help you in getting that as well.

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What is Next After State Incorporation?

Once you do your state incorporation you need to get your EIN. This may take 5-10 business days if You are a foreigner. Once you obtain your EIN, you can approach any US banks to obtain bank account for your newly registered Company. If you are a foreigner, US banks requires you to be physically present at the branch to open a Business checking account in your company name.

UCB Business Solutions helped many businesses in setting up company and bank account in the United States.

Even if you go to the branch and open account, your online access can be locked anytime if they see a slightest concern that you operating it from outside country. Hence it is advisable you have a person available in US on your behalf, who is authorised to operate the account.

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