10 Best USA LLC Bank Accounts for Non-US Residents for 2024

Last Updated on September 13, 2024 by Dr. Gabriel O’Neill, Esq.

Having a dedicated bank account for your Limited Liability Company (LLC) is crucial for several reasons. It helps establish a distinct financial identity for your business and keeps personal and business funds separate, which is key to preserving the liability protections that come with an LLC. But which are the best US bank accounts for LLCs owned by non-US residents?

The best business bank accounts for LLCs offer more than just basic services. They help reduce or reimburse common fees and provide tools that make managing taxes and bookkeeping easier. Some even offer cashback on business expenses.

In this blog post, we’ll dive into the best business checking account options for LLCs. We’ll look at accounts from national, regional, and online banks to give you a thorough list of our top picks.

>> Open U.S LLC Bank Accounts as a Foreigner With Firstbase >>

10 Best USA LLC Bank Accounts for Non-US Residents

• Live Oak – Best U.S LLC Bank for Foreigners Overall
• Bluevine – Best for Earning Interest
• Novo – Best Low-Fee Business Bank Account
• nbkc Bank – Best for Small Businesses
• NorthOne – Best for Convenient Banking
• Found – Best for Legal Assistance
• Wise – Best for Transparency
• Lili – Best for One-Person Businesses
• Axos – Best Full-Service Online Bank Account
• Chase Business – Best Bank Account for Merchant Service

Live Oak – Best U.S LLC Bank for Non-US Residents Overall

Star Rating: 4.9/5

Live Oak Bank’s business savings account stands out in the market due to its highly competitive interest yield. With an annual percentage yield (APY) of 4.00%, it offers one of the highest rates available. To earn interest, you only need a minimum balance of 1 cent, and there are no monthly maintenance fees or earning caps.

At Live Oak LLC, we pride ourselves on catering to a diverse range of clients, including individuals and entities from abroad who wish to open a checking account in the United States. Our goal is to provide a seamless and accessible banking experience for all customers, regardless of their nationality or place of residence.

In addition to business savings accounts, our bank offers various other services such as high-yield business certificates of deposit (CDs), business checking accounts, and small business loans. We also provide up to $10 million in Federal Deposit Insurance Corporation (FDIC) insurance coverage through IntraFi Network Deposits.

Rest assured that when you choose Live Oak Bank for your banking needs, you can expect competitive rates, exceptional service quality, and comprehensive financial solutions tailored specifically for your business requirements.

Pros

• No minimum balance
• No monthly fees
• Top-tier APY

Cons

• No cash deposits
• No brick-and-mortar branches
• $19 wire transfer charge

Bluevine – Best U.S Foreign Bank for Earning Interest

Star Rating: 4.7/5

In a rapidly evolving business landscape driven by digital solutions, Bluevine has emerged as the preferred choice for online business banking. With its unparalleled combination of convenience, flexibility, and robust features, Bluevine caters to the diverse requirements of modern entrepreneurs.

Bluevine LLC Bank is fully committed to providing comprehensive financial services for foreigners seeking to establish banking relationships in the United States. Placing utmost emphasis on customer-centricity and accessibility, Bluevine offers services and support that ensure a seamless and convenient banking experience for international clients.

One of the key advantages offered by Bluevine is its transparent fee structure. By eliminating monthly service fees, minimum deposit requirements, and hidden costs associated with traditional banks, this online bank account enables businesses to save money and allocate their resources more efficiently. 

Bluevine’s business checking account boasts a highly competitive interest rate that allows your funds to grow while you manage your day-to-day transactions effectively.

Pros

• No monthly fees or minimum deposit
• Unlimited free transactions; no overdraft charges
• Earn 4.25% APY
• No fees at MoneyPass ATMs; cash deposits through Green Dot network (fees and limits apply)

Cons

• No option for joint accounts
• Cash deposits capped at $500 per deposit, $2,000 daily, with a potential fee of up to $4.95 per deposit
• Charges for using ATMs outside the network

Novo – Best Low-Fee Business Bank Account

Star Rating: 4.5/5

Novo emerges as one of our top choices for aspiring business owners and online merchants, catering to the ever-evolving needs of today’s commercial environment. With its comprehensive mobile application, Novo empowers users to effortlessly handle payments, issue invoices, and transfer funds while on the move. From scanning checks to managing everyday banking tasks, everything is just a few swipes away on your smartphone.

Novo LLC Bank remains dedicated to delivering exceptional financial services and help to foreign individuals who opt for our banking solutions. Navigating the financial landscape in a foreign country can be daunting, which is why we strive to ensure a seamless and convenient experience throughout the process.

Novo LLC Bank offers multi-currency accounts that allow foreigners to hold and manage funds in various currencies. This feature proves advantageous for globetrotters, expatriates, as well as enterprises involved in international transactions across diverse borders.

Pros

• No monthly fees or minimum opening deposit
• Unlimited fee-free transactions
• Refunds on all ATM fees worldwide
• Integrates with top business tools, including Xero, Stripe, and Shopify

Cons

• Cash deposits not accepted
• No ability to send domestic or international wires
• No recurring payments through bill pay
• $27 charges for insufficient or uncollected funds
• Absence of phone customer support

nbkc – Best for Small Businesses

Star Rating: 4.3/5

nbkc LLC is a financial institution that offers a wide range of banking services to local and international customers. When it comes to assisting foreigners, nbkc is dedicated to providing a friendly and efficient banking experience. 

nbkc offers secure online and mobile banking platforms that can be accessed from anywhere around the globe, allowing foreigners to easily manage their accounts, transfer funds, and conveniently pay bills regardless of their location.

In addition, nbkc may be affiliated with international ATM networks, enabling foreigners to withdraw cash conveniently from ATMs worldwide without incurring excessive fees. This feature can be particularly advantageous for travelers who often find themselves in need of cash while abroad. 

Moreover, nbkc strives to foster a culturally sensitive and inclusive environment by treating foreigners with respect and understanding their unique needs and preferences.

Pros

• Minimal fees
• No minimum balance needed to open an Everything Account or MMA
• Wide access to MoneyPass ATMs with fee reimbursement

Cons

• Limited customer service hours
• Minimum $1,000 for CD opening
• APYs not competitive with top online savings accounts

NorthOne – Best for Convenient Banking

Star Rating: 4.0/5

NorthOne provides a variety of services and functionalities that can assist individuals from other countries who require banking services in the United States. 

NorthOne streamlines opening a bank account for foreigners, making it relatively hassle-free. The application can be completed online, which is especially convenient for those who aren’t physically present in the United States. This level of accessibility is extremely valuable for individuals who are considering relocating or investing in the U.S.

Similar to all banks in the U.S., NorthOne offers FDIC insurance, ensuring that deposits are safeguarded up to a specific limit. This feature instills confidence among foreigners regarding the security of their funds.

Pros

• Unlimited fee-free transactions
• No NorthOne fees at Mastercard Cirrus or MoneyPass ATMs, with cash deposits through Green Dot network
• Digital banking tools include unlimited Envelopes, bill pay, and expense management
• Seamless integration with QuickBooks, Shopify, Stripe, Square, and Expensify
• In-app live chat, phone, and email customer support with extended hours

Cons

• Fixed $10 monthly fee, non-negotiable
• Potential ATM fees from operator even in-network
• No capability for sending or receiving international wires
• Cash deposits at Green Dot locations may incur a fee of up to $4.95 per deposit

Found – Best for Legal Assistance

Star Rating: 3.9/5

Foreign individuals often face difficulties when dealing with the intricate banking and regulatory system in the United States. Found aims to assist these clients by offering guidance on how to comply with financial regulations, meet tax obligations, and navigate other legal matters. 

In addition, Found LLC Bank provides educational resources that help foreigners gain a better understanding of U.S. banking practices, improve their financial literacy, and explore investment opportunities. By empowering clients with knowledge, they can make well-informed choices regarding their finances.

Pros

• No monthly fees or minimum deposit
• Unlimited free transactions with no overdraft charges
• Includes built-in invoicing, bookkeeping, and tax planning
• Seamlessly integrates with popular business apps like Stripe, Etsy, and PayPal

Cons

• Weekend and after-hours support available via email only
• Account must be opened in your name, not your business name, using your SSN for application (Business EIN can be added later)
• No outgoing wire transfers or check payments

Wise – Best for Transparency 

Star Rating: 3.7/5

Wise is dedicated to delivering a smooth and hassle-free banking experience for individuals from abroad who opt to open accounts and carry out financial activities with the organization. Wise LLC Bank presents a range of account options that are tailored to meet diverse requirements, encompassing savings, checking, and investment accounts. Individuals from abroad have the freedom to select the type of account that aligns with their specific financial goals.

To accommodate an international customer base, Wise LLC Bank offers multilingual customer support. Customers from abroad can engage in effective and transparent communication with bank representatives in their preferred language, ensuring efficient interactions.

Pros

• Multiple money transfer choices
• Exchange rates with no added markup
• Expedited transfers for select transactions

Cons

• Transfer fees higher than certain rivals
• No cash delivery to home or business available

Lili – Best for One-Person Businesses

Star Rating: 3.5/5

Lili, the digital banking application, provides immense benefits to businesses of all sizes. Whether you’re a sole proprietor, a single or multi-member LLC, a partnership, or an S Corporation, Lili has got you covered.

Lili LLC Bank presents a hassle-free and convenient online account opening process. This is especially helpful for non-residents who require access to local branches. Non-residents can effortlessly apply for an account from the comfort of their own homes or offices without the need for in-person visits.

Acknowledging the diverse financial requirements of non-residents, Lili LLC Bank offers multi-currency accounts that facilitate holding and transacting in various currencies. This feature proves particularly beneficial for individuals frequently involved in foreign currency transactions.

Pros

• No monthly or transaction fees
• Fee-free usage of MoneyPass ATMs
• Early payment feature for funds up to two days faster than traditional bank accounts
• Cash deposits through the Green Dot network (fees and limits involved)

Cons

• Charges for out-of-network ATM usage
• Cash deposits restricted to $1,000 per day and $9,000 per month, with potential fees up to $4.95 per deposit
• No checkbooks and no capability to send wire transfers

Axos – Best Full-service Online Bank Account

Star Rating: 3.3/5

Axos Bank presents a comprehensive range of exceptional banking solutions, encompassing business checking, interest checking, business savings, CDs, and CDARs. This offering enables you to extend banking services to all your employees. 

You will grant them Axos no-fee checking accounts with unlimited reimbursement for ATM fees and competitive interest rates for home loans, auto loans, and personal loans.

Axos LLC facilitates a user-friendly online process for opening accounts accessible even to individuals who aren’t physically present in the United States. Foreigners can open various account types including personal checking accounts and savings accounts and business accounts.

In addition, Axos LLC provides an advanced mobile banking app that offers convenience for foreigners managing their finances on the go. The mobile app is available on both iOS and Android devices.

Pros

• No monthly fees or minimum deposit required
• Unlimited free transactions
• Automatic refunds of all domestic ATM fees
• Cash deposits available via MoneyPass and Allpoint ATMs
• 24/7 customer support
• New customer welcome bonus (subject to terms)

Cons

• $25 charge for returned insufficient funds/uncollected funds
• No third-party app integrations

Chase Business – Best Bank Account for Merchant Service

Star Rating: 3/5

The Chase Business Complete Banking account is a great option for individuals who require both online and in-person banking services. For instance, if your business frequently handles cash or deals with international currency, Chase can be beneficial due to the availability of tellers when necessary.

Chase offers efficient and secure services for international wire transfers. This feature is essential for individuals involved in foreign business transactions or those who need to move funds across borders. Chase ensures competitive exchange rates and imposes minimal fees on international transfers.

Pros

• No required initial deposit
• Unlimited free electronic transactions
• Includes integrated credit card processing
• New customer welcome bonus (subject to terms)
• Overdraft fee waived unless the account exceeds $50 overdrawn, with a 24-hour grace period beyond that limit

Cons

• $15 monthly fee
• The monthly limit on free cash deposits and physical transactions ($5,000)

Our Ranking Methodology for the Best USA LLC Bank Accounts for Non-US Residents

In our mission to aid international business owners and investors in locating the ideal banking institutions for their U.S. Limited Liability Companies (LLCs), we recognize the significance of a thorough and transparent ranking system. 

Our all-encompassing method is specifically devised to assess and compare banks based on multiple crucial factors, guaranteeing that our readers have access to trustworthy information when making financial choices. 

Here, we provide our meticulous ranking process, which serves as the basis for our recommendations of the top U.S. LLC banks suitable for foreign individuals or entities.

• Regulatory Compliance: Our assessment included a thorough examination of whether the banks adhere to all U.S. federal and state banking laws and regulations pertinent to foreign-owned LLCs.
• Variety of Account Options: We scrutinized the spectrum of account types available, encompassing business checking, savings, and merchant services, in order to accommodate diverse business requirements.
• Monthly Fees and Charges: We delved into the specifics of monthly maintenance fees, transaction charges, and any other associated fees related to the business account.
• Accessibility and Convenience: We assessed the availability of online banking, mobile apps, and other digital services that enhance the convenience of managing an LLC account for foreign clients.
• International Wire Transfer Services: We ascertained whether the bank provides competitive rates and convenient international wire transfer services, which are vital for foreign-owned LLCs.
• Foreign Currency Support: We examined whether the bank offers services in foreign currencies and whether they provide multi-currency accounts to facilitate international transactions, factors of significant importance.
• Customer Support: Our evaluation encompassed the responsiveness and availability of customer support, encompassing phone, email, chat, and, if applicable, in-person assistance.
• Branch and ATM Network: We considered the extent of the bank’s branch and ATM network, particularly relevant if the foreign-owned LLC operates within a specific geographic region in the U.S.
• Account Management Tools: We also considered any supplementary tools or resources provided by the bank, such as integration with accounting software, expense tracking, or financial reporting capabilities.
• Reputation and Reliability: Our analysis included an examination of the bank’s reputation, dependability, and trustworthiness in serving foreign-owned LLCs, drawing insights from online reviews and customer feedback.

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Best USA LLC Bank Accounts for Non-US Residents – Buyer’s Guide

What Is a Non-Resident Account?

In our mission to aid international business owners and investors in locating the ideal banking institutions for their U.S. Limited Liability Companies (LLCs), we recognize the significance of a thorough and transparent ranking system. 

Our all-encompassing method is specifically devised to assess and compare banks based on multiple crucial factors, guaranteeing that our readers have access to trustworthy information when making financial choices. Here, we provide our meticulous ranking process, which serves as the basis for our recommendations of the top U.S. LLC banks suitable for foreign individuals or entities.

Requirements to Open a US Bank Account as a Non-Resident

Are you prepared to gain access to your LLC bank account? There are several vital details you need to be aware of. The initial key point is that the bank you select must have a presence in the state where your LLC was established.

It’s advisable to contact the bank beforehand and inquire about their prerequisites for establishing an LLC account. If you’re traveling to the US solely for this purpose, it’s crucial to notice all essential paperwork. 

Therefore, ensure that you make contact with them to obtain information regarding the requirements, documentation, and procedures involved in opening an account as a non-resident with that specific bank.

Read: How to Start a Business in the United States as a Foreigner

What Documents Will I Need?

The requirements can vary from bank to bank, but you’ll need the following documents to open a US LLC bank account as a non-resident:

• LLC approval documents (Certificate and Articles of Organization)
• IRS EIN verification or confirmation letter
• Two forms of identification (e.g., UK passport and driving license)
• LLC Operating Agreement
• Proof of LLC address (e.g., lease agreement or utility bill)
• Optional: A U.S. phone number for your LLC (may enhance the bank’s confidence in your business)

Here’s a brief overview of the Employer Identification Number (EIN). If you’re a non-resident, obtaining an EIN can be challenging if you don’t have a Social Security Number (SSN) beforehand.

In such situations, if you require a business bank account, it would be necessary to reach out to your chosen banks and inquire whether they accept applications from foreign individuals who lack an SSN and EIN.

Read: How to Apply for an EIN Number as a Non-US Resident

Are There Banks That Don’t Need an ID to Open an Account?

In the United States, it’s not possible to find any banks that will accept clients without a valid government ID. However, individuals earning income in the country, including undocumented immigrants, have the option to obtain an Individual Taxpayer Identification Number (ITIN) from the IRS. To apply for an ITIN, you can visit the official website of the IRS and follow their application process.

How Do I Open a US Bank Account Without an ID?

Opening a US bank account without proper identification isn’t possible. However, if you’re unable or unwilling to obtain an ITIN for opening an account, there are alternative forms of identification that you can consider. Some examples of potentially acceptable IDs include:

• A foreign passport, with or without a visa
• U.S. non-immigrant visa and border crossing card
• Consular ID from your home country
• Canadian citizenship certificate card

This option requires that you go into your local branch and speak with a representative to verify your identity and open a business bank account.

>> Open an LLC Business Bank Account in USA With Firstbase >>

Best USA LLC Bank Accounts for Non-US Residents – FAQs

Can I Use My Personal Bank Account For My LLC?

It’s highly advised that you establish a separate business bank account for your LLC to keep your personal and business finances separate and preserve your liability protections. This recommendation applies even if you’re the sole member of the LLC. 

Your LLC may require a dedicated bank account prior to applying for an LLC business credit card or loan. Opening a distinct bank account specifically for your LLC can also simplify managing your business taxes and bookkeeping.

Do I Need a Business Bank Account for an LLC?

To preserve the limited liability protections granted to LLC owners, establish a distinct LLC bank account. By doing so, one can avoid intertwining personal and business finances, thus maintaining a clear separation between the two entities.

Read: How to Open an LLC for Non-US Residents 

How Do You Close a Business Checking Account?

Closing a business checking account online may be possible, but it might require a branch visit or a call to the financial institution. Prior to closing the account and moving your funds elsewhere, it’s important to confirm that all pending transactions have been processed and make alternate arrangements for scheduled payments and deposits. Requesting written confirmation of the account closure is advisable.

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Bottom Line –  U.S LLC Bank Accounts for Non-US Residents

Choosing the right bank is crucial for foreigners running a business in the United States. We’ve crafted a detailed ranking system to help you make the best choice effortlessly.

If you’re looking for support with legal compliance, international transactions, or tailored financial solutions, we’ve evaluated all the options and found that Live Oak stands out as the top choice for a U.S. LLC bank for foreigners.

With this insight, you can confidently start your financial journey, knowing that the ideal U.S. LLC bank for your foreign-owned business is at your fingertips. Make a smart choice and set your LLC up for success in America.

>> Open U.S LLC Bank Accounts as a Foreigner With Firstbase >>

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