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Ask HN: How can Non-US founders open a bank account in the US?
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 HNers who have actually done that, please share your experience about opening an account with US Bank, preferably startup friendly bank.
- bemmu 15y agoI'm presently encountering this issue. I would like to charge credit cards directly on the site without going through PayPal, but US gateways want me to have a US presence, European gateways want me to have a European presence (checked by seeing that I have a company address in Europe and utility bills coming in with my name to that address). Why it matters where I physically reside is a bit of a mystery to me.
- codeonfire 15y agoWhy do you want to incorporate in the US?
- sathishmanohar 15y agoAccess to better payment gateways.
- sushi 15y agoThis article might help : http://blog.freshdesk.com/how-to-incorporate-a-us-corporation-from-outs/ http://blog.freshdesk.com/how-to-incorporate-a-us-corporatio...
- fleitz 15y agoThis should be something you discuss with your lawyer, don't cheap out and miss dotting a T or crossing an I with corporate stuff.
- shiftb 15y agoTry Silicon Valley Bank. Particularly if you're funded. They can also hold foreign currency.
- iapi 15y agoHSBC Bank lets you open a bank account with just the documents of incorporation of US company.Also, with the HSBC network, you need not travel to US for the account opening, this can be handled from India. Contact india.cmb.ibc[at]hsbc.co.in for more info about the process this is corporate banking support email.
- terrorist1 15y agoI think that you need a SSN for a personal bank account nowadays..
- shimms 15y agoDidn't a couple of months ago. I opened a personal account at Vhasr whilst I was in SF. needed my drivers license and passport (both Australian issued). Didn't need anything else.
- shimms 15y ago*At Chase (bloody auto correct)
- deleted 15y ago[deleted]
- objclxt 15y agoYou don't - there are a large number of people legally resident in the US who are not eligible for social security numbers (ie, they don't have work authorisation), and who still require bank accounts. I am in the fortunate position of retaining an account at my alma matter's credit union, which has definitely proved useful for services that require US accounts.
- jagbolanos 15y agoYou can open it as a tourist. There are lots of wealthy foreigners (and many of the corrupt) that have their money in us accounts
- Tzunamitom 15y agoI've previously held a US bank account with HSBC without having US residence. If you have another HSBC account, you should also be able to link your accounts for a global view. Avoid making transfers through them though, because the rates are horrendous.
- bound008 15y agothe ssn type requirements are just for the irs to track income. since you don't have the requirements for an SSN get an ITIN (see below) ================================== corp: get a physical mailing address. sign up your corp at that address (preferably delaware), or using a corporate agent to maintain that address and forward mail. register your corp, get an ein number from irs.gov (don't have someone do this on your behalf, its literally a 2 minute online form), and then open your account. personal: as for a personal account i think you just need to get a taxpayer id... ( http://www.irs.gov/individuals/article/0,,id=96287,00.html http://www.irs.gov/individuals/article/0,,id=96287,00.html )
- mark_up 15y agoHi sathishmanohar, I found this blog post by the Freshdesk founder very helpful when I was researching the same: http://blog.freshdesk.com/how-to-incorporate-a-us-corporation-from-outs/ http://blog.freshdesk.com/how-to-incorporate-a-us-corporatio...
- Yahnz 15y agoBank account is not required to incorporate in the US. Whoever is telling you this hasn't done their homework.
- sathishmanohar 15y agoSorry, Its a mistake on my part. I'm going to launch a SaaS product, Bank account is mandatory for billing, not incorporating.
- noeltock 15y agoWhy use the US and not a jurisdiction like the UK?
- klaut 15y agoprobably because in UK (and EU) the online billing solutions are a nightmare. I would do the same - just to be able to use Stripe.
- bemmu 15y agoBased on a chat with Stripe around last Startup School, you can not use Stripe by just incorporating in the US without being physically present in US.
- sathishmanohar 15y agoHow do they evaluate physical presence? exactly.
- notintokyo 15y agoNot sure how Stripe does it, but could be based on utility bills or a social security number.
- shimms 15y ago
- alexwasserman 15y agoA couple of years ago, prior to moving completely to the US I opened an international personal account with Chase - basically regular checking, but without the need to be in the US. I didn't have an SSN at the time, or even an ITIN. I was in the country, but temporarily, on a 90 day visa waiver from the UK. I just showed my ID etc, and they opened it up. I was using the branch opposite the UN, so I assume they deal frequently with this sort of thing. So, yes, I was physically present, but you could do it as part of a one day trip. I wan't resident in the US in any meaningful way - i.e., no legal residency, etc.
- jmitcheson 15y agoCan we please have some stories from people who have 1) Opened a MERCHANT account without setting foot in the US 2) Successfully used said merchant account to bill customers online?
- tarun_anand 15y agoAm not sure how this HN thing works as I am posting for the first time... I have done this recently (and it appears you are from India) I used GlobesAmerica (www.globesamerica.com) to incorporate a LLC. You can do a live chat with their customer service. They are quite helpful. Once you incorporate as a LLC, you will be introduced to a bank (in my case it was Wells Fargo) Wells Fargo collects all the papers and opens an account with you. I did all this without setting foot in US. NOTE: Please check everything before proceeding as your situation might be different. NOTE: The Freshdesk blog is what you see when you google but its not very useful. SVB etc and the lawyer never got back to me. --Tarun
- foobar2k 15y agoHSBC
- coenhyde 15y agoIf you can get to the US, opening a bank account becomes a whole lot easier. Last time I was in the US I opened a bank at Chase. I was surprised at how easy it was. All you need is your passport and local country national id (in my case a drivers license).
- samrat 15y agoI was wondering the same thing. What about someone who doesn't want to incorporate a company but just create a bank account for billing? (I'm thinking Stripe). [edit] I'm an individual web developer and even Paypal doesn't work in my country so it sucks. It'd be great if there were a way around it.
- shimms 15y agoStripe requires a social security number and an EIN (if registering as a company). Getting the EIN is easy (online in 10 minutes), getting the social is a lot harder.
- jagbolanos 15y agoIf you are a foreigner the EIN is done by phone for a corporation. But still like 20 mins
- shimms 15y agoI did mine online (as a foreigner)
- pyalot 15y agoHuge market for a top-notch payment processor not making their customers jump trough silly hoops, that hint was for free.
- tarun_anand 15y agoI have done this recently (and it appears you are from India) I used GlobesAmerica (www.globesamerica.com) to incorporate a LLC. You can do a live chat with their customer service. They are quite helpful. Once you incorporate as a LLC, you will be introduced to a bank (in my case it was Wells Fargo) Wells Fargo collects all the papers and opens an account with you. I did all this without setting foot in US. NOTE: Please check everything before proceeding as your situation might be different. NOTE: The Freshdesk blog is what you see when you google but its not very useful. SVB etc and the lawyer never got back to me. --Tarun
- feint 15y agoI did it for Pen.io and did it with Chase, I can give an introduction to the VP of Business Banking there who'll be able to help you out if you need it. It was a straight forward process. Getting an EIN (which you'll also need) is slightly more difficult but again I can help you out - just shoot me an email
- jagbolanos 15y agoGetting an EIN is easy. You just need to incorporate and then you can obtain the EIN by phone. We did it for our company.
- kitcar 15y agoThere are a few ways. 1) (Both Corporate/Personal) : Open a bank account locally with a bank that also has branches in the USA - then use their international banking center to facilitate the process of necessary documents at your local bank (I.e. HSBC, Citibank offer this service) - http://www.citibank.com/ipb-global/homepage/newsite/content/english/index.htm http://www.citibank.com/ipb-global/homepage/newsite/content/... , http://www.expat.hsbc.com/1/2/ http://www.expat.hsbc.com/1/2/ 2) Just personal: Open an "High Net Worth" account. Also can be done from anywhere in the world, but you must usually keep at least $30K USD in the account liquid in order not to be charged hefty fees. Citibank offers these accounts as well (see link above)
- lifeisstillgood 15y agoI am in the process of trying this and it has become much less simple. Certainly for HSBC a remote account opening is considered "next to impossible" - it requires above branch level sponsorship from the bank which in practise means turnover 1m+. I am told US anti terror laws have made a big impact on opening non resident accounts in past few months I am hoping I can workaround the problems but my bank managers expectations are low - I may be visitin the states sooner than planned.
- dancesdrunk 15y agoWhat trouble are you having with HSBC? I've just spent about an hour on the phone with them to open an account in Australia and all I'm required to do now is go to a Local Branch near me with my ID / documents - the account will be ready in a week, two weeks max.
- nervous 15y agoHint: Australia is not US
- lifeisstillgood 15y agoSo far the trouble has been - a flat out "no way." need to work around that, but I doubt it is going to be quick or cheap. Them's the breaks.
- jbarham 15y agoMy situation is somewhat similar: I'm a Canadian citizen but was in the US for several years on an H1B work visa, which got me a SSN and a personal bank account w/ Chase. However, I've since relocated to Australia. I'm developing a web based business but would like the business to have a legal presence in the US so that I can take advantage of e.g. stripe.com for payments. At this point I'm not considering taking VC money as I prefer to be bootstrapped. So I'm fine w/ simpler business structure of e.g. LLC vs. full blown Corp. Can anyone recommend the process and/or lawyers for setting up a legal business presence in US for someone in my situation? I'm happy to pay the going rate for incorporation. If you're a lawyer please feel free to contact me. Details in my profile. Thanks.
- n02idz 15y agoHello I came across your post because I am dealing with similar issues like you as well. I just started my own consulting firm business in the US. If you haven't resolved your issue yet I can advise you a couple of ideas that may help. Feel free to contact me here or n02idz@hush.com
- wisty 15y agomark_up, that link (http://blog.freshdesk.com/how-to-incorporate-a-us-corporation-from-outs/#.T4rH0ektgto http://blog.freshdesk.com/how-to-incorporate-a-us-corporatio...) is quite helpful, but as your account has been banned since you wrote something slightly unflattering about Steve Jobs 190 days ago, we can't see it.
- mishmax 15y agoI'm in Canada and incorporated in Canada and was able to open a bank and merchant account in the US, as well as take Amex cards in USD. The setup: 1) Bank account with Harris bank. They are excellent for setting a bank account remotely. 2) USD merchant account with Moneris. They are ok but today I would probably just go with Stripe. 3) Amex is the tricky one. They require a physical us address so I used my friend's who lives I'm the US.
- AjJi 15y agoIf you open a US bank account while incorporating in your home country, how would the tax paying work? Would you have to pay anything to the US Gov?
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- we_can_build_it 15y agoaussie in this exact situation checking in .... after looking into the local options for charging in US dollars (NAB is the only player in town who will handle foreign currency transactions, but it's messy and expsensive), I'm now looking at either flying to the US or using a third party to incorporate an LCC and set up a US bank account for me (I won't link directly to any sites, but you should be able to google for them). This isn't me, but this fellow summarises the issues facing aussies startups who want to charge in US dollars - http://www.geoffmcqueen.com/2010/07/02/going-to-america-online-business-from-down-under/ http://www.geoffmcqueen.com/2010/07/02/going-to-america-onli...
- diliprao 15y agoHi, new to this board, but founded Paymate in Oz, so have some insights. Besides NAB, CBA also processes credit card payments in foreign currencies (and settles in that currency). Neither bank is keen to sign up small merchants, which may be the hurdle faced by startups. Happy to help out with the banks if you have a reasonable volume to process. If you are setting up a US business and that is where the customers are, then it may be worthwhile to set up a US company and get US merchant facilities. I did this with Wells Fargo and Chase so have some idea of process. Best!
- israelyc 15y agoI opened a personal checking with my passport + proof of address (just made a quick rental contract with a friend).