Q: Can a Foreign Nationality Entrepreneur who is not a US Citizen or a Non US Resident open a US Business Bank Account?
A: Yes. You may open a US Business Bank Account if you are a non-us-resident or a non-us-citizen. You need to incorporate a US business (Corporation or LLC), retrieve EIN (Tax ID Number) and then open the bank account.
Q: Can a Foreign Company (non-us-resident)
open a US Business Bank Account?
A: Yes. It is the same process as mentioned above. You will have to have an individual (who may be a
on-us-resident or a non-us-citizen) as an authorize signer of the account.
Q: In what currency the account operates?
A: The account will be in USD. You may also transfer money to any country in USD or other currencies.
Q: Do I need to be in the US to open the account?
A: No. The process of opening the account will be online via the internet. You don't need to be in the US to open the bank account.
Q: What documents do I need to provide in order to open the bank account?
A: You will need to provide the following documents:
1) Incorporation Documents of your US Business (Corporation or LLC)
2) EIN - Tax ID Number of your US Corporation or US LLC
3) A Copy of Photo ID (passport) of all signers of the account
Q: How long it takes to open the account?
A: It will take few days to open the account after you provided all the documents mentioned above and fill out the opening account application.
Q: Do I need a Social Security Number?
A: No. as a non-us-resident or non-us-citizen you don't have a social security number. You will use the Corporation or LLC EIN - Tax ID Number to open the account.
Q: Do I have full control on the account via the internet?
A: Yes. You can operate the account completely using your online access. You don't need to be in the US to manage the account.
Q: Can I link my google checkout, paypal, and other shopping cart to the account?
A: Yes. You may link any US shopping cart to your US Bank Account
Q: Do I get a Credit Card?
A: You will receive a Debit Card (Visa / Master Card / American Express) which you can use all over the world. It is similar to Credit Card but you can use only the balance you have in your account.
Q: Can I use my Debit Card to pay online (google adwords, shopping online)?
A: Yes, You can use your card to shop online.
Q: How can I withdrawal money from the account ?
A: You have few options to withdrawal money from your account:
1) Withdrawal cash using your debit card in any ATM (cash withdrawal machine).
2) Wire transfer money to any account you want (including outside the US).
3) Write USD checks
Q: How can I pay my supplier (in and out the US)?
A: You may pay your supplier with checks or outgoing wire transfer from your account.
Q: Can my customers pay me directly to the account?
A: Yes. You can ask your customers to wire you money directly to your US Bank Account. You will need to provide them your account number and routing number (which you will get when you open the account).
Q: How can I deposit checks I receive from customers?
A: You will be able to deposit checks to your account by mailing them to the bank with a deposit slip. The bank will process the deposit and credit your account.
Q: Do I receive a Bank Statement?
A: Yes. The bank will mail you to your home / office address your monthly statement. You may also download your statement from your online account
Q: Are you sure I withdraw PayPal funds?
A: Yes. You can withdraw funds from PayPal and any other account that does ACH (direct transfer). They will be deposited directly into your US bank account without any fees.
Q: Is there a minimum deposit I need to make to open the account?
A: No. You may open the account with zero balance. You can then deposit any amount you wish.
Q: Is my money safe with the bank?
A: The banks are FDIC Insured. You have a Federal Insurance to cover your balance up to $250,000.
Q: What type of bank account I will be able to open?
A: You will be able to open the following types of US Bank Accounts:
Checking Account is your main, day by day operating bank account. You can use checks, wire transfers, cash withdrawal and debit card payment as the primary instrument for withdrawing money.
With a checking account you can make purchases, pay bills, and give or loan money to anyone you choose. You can also use a check to transfer money from your checking account to a bank account at a different financial institution. Usually, financial institutions allow account holders to make as many deposits and withdrawals as they wish. Many allow account holders to make withdrawals and deposits through automatic teller machines (ATM) as well.
Savings Account allow you to generate interest on balance you have in the account. The account have most of the features of saving account. Some banks limit the number of deposits and withdrawals you can make in a saving account.
Money Market Account pays interest at a higher rate than the rate paid on interest-bearing savings and checking accounts. Often, money market accounts impose a minimum balance for the account to start earning interest. The minimum required balance on a money market account is usually higher than that imposed on a checking or savings account. With a money market account, withdrawals are limited to six per month. No more than three of these withdrawals can be by check.
Certificates of deposit (CDs), are bank accounts that require the account holder to make a deposit and agree to leave funds in the account for a specific amount of time. In return for this agreement, the financial institution pays interest to the account. Often, the interest paid on a CD is higher that the rate paid on other types of bank account The account holder is required to keep his or her money in the account until the specified term is over. However, some financial institutions allow account holders to withdraw interest, without affecting the principal. In some cases, account holders may be allowed to withdraw their principal funds before their CD matures, but a penalty is typically charged.