Founders · Startup

How can Non-US founders open a bank account in the US?

sofia tabassum Attended Sarhad University of Science and Information Technology (NTI)

December 12th, 2016

I've researched about incorporating in the US, and found Bank account is mandatory. It seems creating a bank account needs physical presence, but, I'd also read there are ways we can open a bank account without need for physical presence.

Fellow founders who have actually done that, please share your experience about opening an account with US Bank, preferably startup friendly bank.

Thanks a lot!

Steve Everhard All Things Startup

December 12th, 2016

I'd be amazed if you manage to do this. As part of the know your customer processes and anti money laundering you will need a tax identity. It was possible a few years ago but not now. Some international banks will sponsor a US bank account through their top tier premium accounts but you will still need to appear at the US branch to complete paperwork. Corporate accounts are possible but only if you have a local employee who can hold a power of attorney. Sent from my iPad

Simone Orlandini CEO at SIMUL TECH

December 13th, 2016

Stripe is about to launch a very interesting product for this purpose called Atlas... give it a try.

Alex Zehnbacht

December 14th, 2016

This is an article I co-wrote with one of my partners, since our business is primarily helping foreigners open companies in US: https://www.myusacorporation.com/articles/us-bank-account-for-non-residents

Some of our clients solved this problem by hiring someone in the US to act as local company representative, but frankly unless this is someone you know personally and trust I would not say its pretty risky.

Alper Dilmen

December 12th, 2016

Hi Sofia,

i think this will help a bit. 

http://money.stackexchange.com/questions/5028/can-i-open-a-us-bank-account-even-if-i-dont-live-in-the-country?rq=1

It looks to be possible but if i were you i would visit your local bank and ask for advice. They may help you further.

In terms of Startup friendly banks i would suggest Silicon Valley Bank and TD Bank

Mike Lorrey Venture Recruitment at Family Office Venture Capital - FamilyOffice.VC

December 14th, 2016

The best way is to open an account with a bank in your country that also does business in the US in its own subsidiary. Hence, if you are in europe, open an account with Credit Suisse or UBS, or some other major european bank that has units in the US. You can contact your nations embassy in the US if you are unsure about what banks this might include.

Bader AlShammari Reaching my dream

December 14th, 2016

If you are using PayPal, then you must go to the United States and open a bank account. Otherwise, it is not possible. If you know someone in US, then he can withdraw the money for you and transfer it to you!