10 Best US LLC Bank Accounts for Foreigners – Guide for 2024

Establishing a dedicated bank account for your LLC serves multiple important purposes. It creates a clear financial presence and ensures a distinct separation between personal and business finances, which is crucial for maintaining the limited liability protections that LLCs offer.

However, the top-notch business bank accounts specifically designed for LLCs go above and beyond. They not only help eliminate or reimburse standard fees but also provide tools to simplify tax and bookkeeping processes. In addition, some of these accounts even offer cashback opportunities on your business-related expenses.

This blog explores the finest options for business checking accounts available in the market. We have considered offerings from national, regional, and online banks to compile a list of our top picks for the best LLC checking accounts.

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10 Best US LLC Bank Accounts for Foreigners

• 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 Foreigners Overall

Star Rating: 4.9/5

Live Oak Bank's business savings account is a top choice for businesses due to its highly competitive interest yield. With an annual percentage yield (APY) of 4.00%, this internet-only bank offers one of the highest rates in the market. 

To start earning 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 understand and cater to the diverse needs of our clients, including foreign individuals and entities who are interested in opening a checking account in the United States. 

Our commitment lies in providing a seamless and accessible banking experience for all customers, regardless of their nationality or place of residence.

In addition to business savings accounts, Live Oak Bank also offers other services such as high-yield business certificates of deposit (CDs), business checking accounts, and small business loans. 

Furthermore, through IntraFi Network Deposits, our customers can enjoy up to $10 million worth of Federal Deposit Insurance Corporation (FDIC) insurance coverage.

Rest assured that with Live Oak Bank's comprehensive range of offerings and personalized approach to customer service, your financial needs will be well taken care of while enjoying attractive returns on your investments.

Pros:

• No obligatory minimum balance
• No monthly maintenance fees
• Leading APY in the industry

Cons:

• No capability for cash deposits
• Absence of physical branches
• $19 fee for wire transfers

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Bluevine – Best U.S Foreign Bank for Earning Interest

Star Rating: 4.7/5

In today's rapidly evolving digital landscape, Bluevine has established itself as the preferred option for online business banking. With a focus on convenience, flexibility, and robust features, Bluevine caters to the diverse needs of modern entrepreneurs.

Bluevine LLC Bank is dedicated to providing comprehensive financial services for foreigners seeking to establish banking relationships in the United States. By prioritizing customer-centricity and accessibility, Bluevine offers seamless and convenient support to make banking easier for international clients.

One of the standout advantages of choosing Bluevine is its transparent fee structure. There are no monthly service fees or minimum deposit requirements, ensuring that businesses can save money and allocate their resources more efficiently. 

Additionally, Bluevine offers a highly competitive interest rate on their business checking account – allowing your funds to grow while managing day-to-day transactions effectively.

Read: Bluevine Review

Pros:

• No monthly fees or required minimum opening deposit
• Unlimited fee-free transactions with no overdraft fees
• Earn 2.00% interest on account balances up to and including $250,000 (terms apply)
• No fees at MoneyPass ATMs, but cash deposits through the Green Dot network incur fees and have limits

Cons:

• Cash deposits are restricted to $500 per deposit and $2,000 per day, with a service fee of up to $4.95 per deposit
• Fees are applicable for using out-of-network ATMs
• Joint accounts are not available

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Novo – Best Low-Fee Business Bank Account

Star Rating: 4.5/5

Novo stands as one of the top choices for entrepreneurs and e-commerce businesses, addressing the ever-changing needs of today's commercial environment. With its comprehensive mobile app, Novo provides a seamless experience for users to effortlessly conduct transactions, generate invoices, and transfer funds on the move. 

From depositing checks to handling regular banking tasks, everything is just a few taps away on your smartphone.

Novo LLC Bank is dedicated to delivering exceptional financial services and assistance to foreigners who opt to bank with us. We acknowledge that navigating foreign financial systems can be daunting, which is why we strive to streamline the process and make it as convenient as possible.

Novo LLC Bank offers multi-currency accounts that allow individuals from different countries to hold and manage funds in various currencies. This feature proves especially advantageous for international travelers, expatriates, and businesses involved in global transactions.

Pros:

• No monthly fees or mandatory minimum opening deposit
• Unlimited fee-free transactions
• Reimbursement for all ATM fees globally
• Integration with leading business tools such as Xero, Stripe, and Shopify

Cons:

• Inability to deposit cash
• Inability to send domestic or international wires
• Absence of recurring payments in bill pay
• $27 fees for insufficient funds or uncollected funds returned
• Lack of customer support via phone

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NBKC Bank – Best for Small Businesses

Star Rating: 4.3/5

NBKC LLC is a financial establishment that offers a variety of banking services to customers both in their home country and abroad. When it comes to assisting international clients, NBKC LLC is dedicated to providing a welcoming and efficient banking experience. 

NBKC LLC offers robust online and mobile banking platforms that are accessible from anywhere in the world, making it convenient for foreigners to manage their accounts, transfer funds, and pay bills regardless of where they’re located.

To cater specifically to foreign customers, NBKC LLC may be affiliated with international ATM networks, which allow foreigners to withdraw cash conveniently from ATMs around the world without having to worry about excessive fees. 

This feature can be particularly useful for travelers who often find themselves in need of local currency. In order to promote inclusivity and cultural sensitivity, NBKC LLC ensures that foreigners are treated with respect and understanding while addressing their unique needs and preferences within the banking environment.

Pros:

• Minimal fees
• No mandatory minimum balance to open an Everything Account or MMA
• Access to a widespread MoneyPass ATM network with ATM fee reimbursement

Cons:

• Non-availability of 24/7 customer service
• A minimum of $1,000 is required to open CDs
• APYs don’t compete effectively with the top online savings accounts

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NorthOne – Best for Convenient Banking

Star Rating: 4.0/5

NorthOne LLC bank provides a variety of services and offerings that cater to the needs of foreigners seeking banking solutions in the United States. NorthOne simplifies the process of opening a bank account for foreigners, making it particularly convenient for those who are not physically present in the country. 

This accessibility is especially valuable for individuals who have plans to relocate or invest in the U.S.

Similar to other banks in the U.S., NorthOne offers FDIC insurance, guaranteeing protection for deposits up to a specified limit. This feature instills confidence among foreigners regarding the security of their funds.

Pros:

• Unlimited fee-free transactions
• No NorthOne fees when using a Mastercard Cirrus or MoneyPass ATM; ability to deposit cash through the Green Dot network
• Digital banking tools include unlimited Envelopes, bill pay, and expense management
• Integration with business tools, including QuickBooks, Shopify, Stripe, Square, and Expensify
• Access to customer support via in-app live chat, phone, or email with extended hours

Cons:

• A $10 monthly fee with no options for waiver
• Potential ATM fees from the ATM owner-operator, even when in-network
• Cash deposits at Green Dot locations may incur a fee of up to $4.95 per deposit
• Inability to send or receive international wires

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Found – Best for Legal Assistance

Star Rating: 3.9/5

Foreigners often need help navigating the intricate banking and regulatory landscape of the United States. Found LLC Bank is dedicated to assisting clients in complying with all U.S. financial regulations, tax requirements, and legal obligations to ensure they operate within the confines of the law.

In addition to its compliance services, Found LLC Bank also offers educational resources that help foreigners gain a better understanding of U.S. banking practices, improve their financial literacy, and explore investment opportunities. 

This empowers clients by equipping them with the knowledge needed to make well-informed decisions regarding their finances.

Pros:

• No monthly fees or required minimum opening deposit
• Unlimited fee-free transactions with no overdraft fees
• Inclusion of free built-in invoicing, bookkeeping, and tax-planning features
• Integration with popular business apps such as Stripe, Etsy, and PayPal

Cons:

• Weekend and after-hours support available only through email
• The necessity to open an account in your personal name initially, using your SSN to apply (Business EIN can be added later)
• No provision for outgoing wires, and inability to make payments by check

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Wise – Best for Transparency

Star Rating: 3.7/5

Wise LLC Bank is dedicated to delivering a smooth and hassle-free banking experience for international individuals who opt to establish accounts and carry out financial operations with the organization. 

Wise LLC Bank presents an array of account options that cater to diverse requirements, encompassing savings, checking, and investment accounts. Foreign customers have the freedom to select whichever account type aligns with their specific financial goals.

In order to serve a worldwide customer base effectively, Wise LLC Bank extends customer support services in various languages. Foreign individuals can engage in seamless and effective communication with bank representatives by utilizing their preferred language choice.

Pros:

• A range of options for sending money
• No markup on exchange rates
• Rapid money transfers for certain transactions

Cons:

• Higher transfer fees compared to some competitors
• Absence of options for cash delivery to home or business

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Lili – Best for One-Person Businesses

Star Rating: 3.5/5

Lili, the innovative digital banking app, provides exceptional value to businesses of all sizes. Whether you're a sole proprietorship, single or multi-member LLC, partnership, or S Corporation, Lili has got you covered.

With Lili LLC Bank's user-friendly and efficient online account opening process, even foreigners can easily access their services without the need for a local branch visit. This convenience allows individuals from overseas to apply for an account right from the comfort of their own home or office.

Recognizing the unique financial requirements of foreigners, Lili LLC Bank offers multi-currency accounts that enable customers to transact in various currencies. This invaluable feature is particularly beneficial for those involved in frequent foreign currency transactions and ensures seamless international business dealings.

Pros:

• No monthly fees or transaction fees
• No fees at MoneyPass ATMs
• Cash deposits available through the Green Dot network (fees and limits apply)
• The early payment feature enables receiving funds up to two days sooner than with a traditional bank account

Cons:

• Fees incurred for using out-of-network ATMs
• Cash deposits are limited to $1,000 per day and $9,000 per month, with a service fee of up to $4.95 per deposit
• No provision for checkbooks, and inability to send wire transfers

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Axos – Best Full-Service Online Bank Account

Star Rating: 3.3/5

Axos Bank presents an array of exceptional banking solutions, encompassing business checking, interest checking, business savings, CDs, and CDARs. By utilizing this service, you have the ability to provide comprehensive banking options for your entire staff. 

You will have the opportunity to furnish them with Axos no-fee checking accounts that offer unlimited ATM fee reimbursement and advantageous interest rates for home loans, auto loans, and personal loans.

Axos LLC facilitates a user-friendly online process for opening accounts in order to accommodate non-residents who may not be physically present within the United States. 

Non-residents can establish a variety of account types including personal checking accounts, savings accounts as well as business accounts.

In addition to its diverse offerings, Axos LLC also provides a robust mobile banking application that allows non-residents to easily manage their finances and conduct transactions while on the move. The mobile app is compatible with both iOS and Android devices.

Pros:

• No monthly fees or mandatory minimum opening deposit
• Unlimited fee-free transactions
• Automatic refunds for all ATM fees (domestic)
• Cash deposits available via MoneyPass and AllPoint ATMs
• 24/7 customer support
• Welcome bonus offered for new customers (terms apply)

Cons:

• $25 fee for insufficient funds or uncollected funds returned
• Absence of integrations with third-party apps

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Chase Business – Best Bank Account for Merchant Service

Star Rating: 3/5

If you're looking for a bank that caters to both online and in-person needs, consider opening a Chase Business Complete Banking account. This option is particularly beneficial if your business often handles cash or deals with international currency. With Chase, you have the convenience of visiting a physical teller when necessary.

One of the standout features offered by Chase is their efficient and secure international wire transfer services. This is especially important for individuals conducting business transactions or transferring funds across borders. Chase ensures competitive exchange rates and keeps fees low for international transfers.

Pros:

• No obligatory minimum opening deposit
• Unlimited fee-free electronic transactions
• Integrated credit card processing
• Welcome bonus available for new customers (terms apply)
• No overdraft fee unless the account is overdrawn by more than $50, with a 24-hour grace period for overdrafts beyond that amount

Cons:

• A $15 monthly fee
• Monthly limitations on fee-free cash deposits (up to $5,000) and physical transactions (limited to 20)

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Our Ranking Methodology for the Best U.S.A LLC Bank Accounts for Foreigners

In our endeavor to aid foreign business owners and investors in locating the most appropriate banking institutions for their U.S. Limited Liability Companies (LLCs), we recognize the significance of an exacting and open ranking process. 

Our all-encompassing strategy is formulated to assess and juxtapose banks based on multiple crucial factors, guaranteeing that our audience has access to dependable information when navigating financial choices. 

Here, we introduce our thorough ranking methodology, upon which we base our suggestions for the top U.S. LLC banks catering to international clientele.

• Legal Compliance: We assessed the extent to which banks adhere to all relevant U.S. federal and state banking laws and regulations applicable to foreign-owned LLCs.
• Account Types: We scrutinized the range of accounts offered, encompassing business checking, savings, and merchant services, to meet diverse business requirements.
• Monthly Fees and Charges: We examined the specifics of monthly maintenance fees, transaction charges, and other associated fees related to the business account.
• Account Access and Convenience: We evaluated the availability of online banking, mobile apps, and other digital services, enhancing the convenience of managing the LLC account for foreign entities.
• International Wire Transfer Services: We determined whether the bank provides competitive rates and convenient international wire transfer services, crucial for foreign-owned LLCs.
• Foreign Currency Support: We considered whether the bank offers services in foreign currencies and provides multi-currency accounts to facilitate international transactions.
• Customer Support: We investigated the responsiveness and availability of customer support through various channels, including phone, email, chat, and in-person support where applicable.
• Branch and ATM Network: We examined the bank's branch and ATM network, particularly if the foreign-owned LLC operates in a specific geographic region in the U.S.
• Account Management Tools: We looked into additional tools or resources provided by the bank, such as accounting software integration, expense tracking, or financial reporting.
• Reputation and Trustworthiness: We considered the bank's reputation, reliability, and credibility in serving foreign-owned LLCs, taking into account online reviews and customer feedback.

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Best U.S.A LLC Bank Accounts for Foreigners – Buyer’s Guide

What Is a Non-resident Account?

A nonresident account refers to an account owned by individuals who are not residents or citizens of the United States. These individuals don’t possess Social Security Numbers (SSN) or Individual Taxpayer Identification Numbers (ITIN), which necessitates additional measures for verifying their identities.

Requirements to Open a US Bank Account LLC as a Non-resident

Are you ready to gain access to your LLC bank account? There are several key details that you should be aware of. The initial vital aspect is selecting a bank that operates within the state where your LLC was established.

Additionally, it’s highly recommended to reach out to the chosen bank beforehand in order to gather information about their prerequisites for opening an LLC account. In the event that you’re traveling specifically to open this new account, it would be wise not to overlook any essential paperwork. 

Therefore, ensure that you make contact with them in advance and familiarize yourself with their requirements, necessary documents, and procedures for establishing an account as a non-resident.

What Documents Will I Need?

The necessary documents for opening a non-resident US LLC bank account can differ among banks but typically include the following requirements.

• LLC approval documents, including the Certificate and Articles of Organization
• Verification or confirmation letter of your EIN from the IRS
• Two forms of identification, such as your UK passport and UK driving license
• LLC Operating Agreement
• Proof of address for your LLC, such as a lease agreement or utility bill
• A US phone number for your LLC (though not always mandatory, it can potentially enhance the bank's confidence in conducting business with you)

Here is a brief explanation of the Employer Identification Number (EIN). If you’re not a resident, obtaining an EIN can be challenging if you don’t already have a Social Security Number (SSN).

In this situation, if you still require a business bank account, it’s necessary to reach out to the banks on your list and inquire whether they accept applications from non-residents without an SSN or EIN.

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

In the United States, it’s not possible for individuals to open a business  bank account without providing some form of government identification. This policy applies to both US citizens and foreigners residing in the country. 

However, there is an option available for undocumented individuals who earn income in the US. They can apply for an Individual Taxpayer Identification Number (ITIN) from the Internal Revenue Service (IRS). 

The ITIN allows them to fulfill their tax obligations and potentially open a bank account. To obtain an ITIN, interested individuals can submit an application through the IRS's official website.

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

Opening a US bank account requires some form of identification, making it impossible to proceed without one. However, if you’re unable or unwilling to obtain an ITIN for the purpose of opening a bank account, there are alternative options available.

You can explore using other forms of identification that may meet the eligibility criteria. Some examples 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

To complete this task, you must visit your nearest branch and have a conversation with an agent to confirm your identity and initiate the process of opening a bank account.

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Best U.S.A LLC Bank Accounts for Foreigners – FAQs

Can I Use My Personal Bank Account for My LLC?

To ensure the protection of your liability and effectively manage your LLC's finances, it’s highly advisable to establish a separate business bank account. This applies even if you’re the sole member of the LLC. 

Additionally, having a dedicated bank account may be necessary before you can pursue an LLC business credit card or loan. By opening an individual account for your LLC, you will also simplify the process of handling taxes and bookkeeping for your business operations.

Do I Need a Business Bank Account for an LLC?

Combining personal and business finances can cancel out the liability safeguards provided to owners of an LLC, therefore it’s crucial to establish a distinct LLC bank account in order to differentiate between the business and its proprietors clearly.

How Do You Close a Business Checking Account?

Closing a business checking account online may require a branch visit or contacting the financial institution. It's important to ensure that all pending transactions have been processed and make alternative arrangements for any scheduled payments or deposits before closing the account and moving your funds elsewhere.

 Additionally, it's advisable to request written confirmation of the account closure for documentation purposes.

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Bottom Line

When it comes to U.S. LLC banking for foreigners, choosing the right financial institution is vital for the success of your business. Our comprehensive ranking methodology has been carefully designed to offer a clear and well-informed path toward making this crucial decision.

Whether you require legal compliance, support for international transactions, or personalized financial solutions, we have thoroughly considered every aspect and determined that Live Oak is the top choice for a U.S. LLC bank catering to foreigners.

With this knowledge, you can confidently embark on your financial journey knowing that the best U.S. LLC bank for your foreign-owned business is just one decision away. Choose wisely and pave the way for prosperity in the United States with your LLC.

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