Opening a bank account in the USA
For both personal and business projects, doing business with the United States often requires a bank account, whether you’re a resident or a non-resident. For a foreigner, the formalities always prove more complex than for an American. You encounter more difficulties in getting it done quickly and alone.
When should I open a bank account in the United States?
Examples of situations that lead to opening an account in a US bank:
- Expatriation to the United States, for salary transfer
- Immigration to the U.S. to start a new professional or personal life
- Setting up a U.S. company, such as an LLC, with the need to interact with local customers and suppliers, or to hire an employee
- Major studying in the U.S
- Non-American residents with a business address in the USA
- Diversifying investments by purchasing US real estate, stocks or bonds
- Obtaining an American line of credit or bank financing
Frequently asked questions about opening a bank account in the USA
Do you want an account at a physical or online banking institution in the USA? You’re probably wondering:
- What documents are required for a foreign tax resident in the U.S.?
- When should I open an account when setting up a US company?
- Can a non-resident open an online account in the USA?
- Can a European working in the USA open an account in a physical bank?
- Which bank should I choose for my business in the USA, and why?
- Can I open an American bank account without an SSN?
Common difficulties encountered when opening an American bank account
This process proves more complicated for Europeans investing in the USA. Here are some situations that don’t make the process any easier:
- Language barrier
- Be physically outside the United States
- No local physical address
- Non-resident status
- Lack of Social Security Number (SSN)
- Company creation in progress (EIN number pending, business not yet up and running)
- Lengthy procedures due to stricter American KYC (know your customer) procedures
- No recommendation from a French bank or lawyer
- Urgent need for a bank account (lack of anticipation of steps to be taken)
Expand CPA, your advisor for opening bank accounts in the U.S.
As an international accounting firm, Expand CPA has a branch office in Miami. Our teams can help you with administrative procedures in the USA. They will help you to open a bank account in the USA:
- For your European company registered in the United States
- For your U.S.-incorporated company
- For you or your foreign employees, whether resident or non-resident
Our experts, present in both Europe and the United States, can help you with every aspect of the process. Bilingual, they are fully conversant with the intricacies of American administration and the banking system.
Our services for opening an American bank account for Europeans moving to the USA
Need an account in a US bank? Here’s how Expand CPA can help.
Assignments to open a U.S. bank account
Preparing the documents required to open a bank account
Expand CPA assists you in preparing the essential supporting documents for opening a business account for a company. Here are the documents you need to prepare:
- The EIN (Employment Identification Number) after the IRS, which is the employer identification number
- Company bylaws
- Proof of identity, bearing in mind that the banking process known as KYC (know your customer) involves researching foreign founders in particular
Helping you choose a U.S. bank suited to your company’s needs
We help you to identify the local or international bank that best suits your company, its specific features and its activity. We make it easy for you to analyze financial institutions’ offers, and in particular the services they provide (investments, credit, bank cards, etc.
Benefits of opening a bank account in the USA for a non-resident
Do you not have a U.S. residence? If so, we can help you with the formalities required before opening a bank account, for both you and your company. We handle both EIN (company) and ITIN (taxpayer identification without SSN number) applications. We then prepare the bank account opening file on your behalf.
Coordination with US banks
Expand CPA guarantees you a complication-free bank account opening. We make it easy for you to coordinate with U.S. financial institutions. We ensure an efficient and proactive response to their requirements.
Tasks related to opening a bank account
Obtain EIN prior to account opening
Would you like to open a bank account for your company operating in the USA? We can help you set up and register your company. We apply for an EIN number (Employer Identification Number) from the US federal government (IRS). You need this number to open an account at a bank in the USA.
Remote assistance for Europeans not physically present in the United States
Even without being a resident, you can hold an account at a US financial institution. For your LLC-type business, we can help you identify the banks that are willing to open such an account. We prepare the documents to be provided in such a situation, bearing in mind that they vary from one institution to another. We analyze any minimum deposit requirements. We study the requirements of certain banks in terms of professional activity already in effect before the bank account is created.
Management consulting to optimize your accounts
We also help you optimize the management of your accounts in U.S. banks, for maximum efficiency, at minimum cost and in full compliance with regulations.
For example, for a marketplace-type business, you need to accept credit card payments. We help you to analyze aspects of offers such as:
- Fees charged for each credit card transaction
- fees for AVS (Address Verification Service), a card transaction control system designed to combat fraud
Why use a CPA accountant specializing in business support in the USA?
Choosing a U.S. bank requires analyzing the need, both for a foreign individual and for a business set up by Europeans in the USA. Call on an international consulting firm with a U.S. presence. Its experts know the practices of American banks and the country’s administrative or tax requirements. They are particularly familiar with international tax treaties between the USA and foreign countries.
A CPA accountant ensures that your account is opened in record time. What’s more, he’ll provide you with all the information you need to make your choice of banking institution. He or she will analyze your business’s U.S. and international financial transactions, average level of future deposits, investment projects, bank credit requirements, etc.
Europeans or French nationals living in the United States: our other areas of support
Aside from the process of opening a bank account in the USA, we offer many other services to Europeans with a professional presence in this country:
- Incorporation of LLC companies
- Obtain EIN number
- Obtaining ITIN number
- Expatriation tax assessment
- Setting up a trust
- Setting up and managing a C-Corp
- Filing of Annual Report
- Regularization of tax situation