How to open a business bank account in the United States

The United States represents the largest and most important economy in the world; driving 20% of global economic output. Despite the impact of the global pandemic, the US remains larger economically than their nearest economical rival, China, and still has the highest GDP per person of any large country.

This is just one of the many reasons the USA is an attractive place to start a business. In fact, there are around 34.8 million small businesses in the US.²

If you’re looking to get in on the act, and start an overseas business of your own, then you'll have a lot to think about. One thing to get sorted early on is to open US business bank account.

In this helpful guide, we’ll run through everything you need to know about opening a US business bank account as a UK entrepreneur. This includes info on the process, documents needed and a rundown of the main bank providers.

We’ll also show you an alternative - Wise Business. This powerful multi-currency account is ideal for managing company finances in the US, UK and worldwide.

If you're a business sending more than 100,000 GBP (or equivalent) monthly across different currencies, get in touch with the Wise Business sales team to discuss the best solutions for your needs.

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📝 Table of contents:
What types of corporate entities are there in the United States? Business bank account USA - the process for opening a account Which bank should I choose USA business banking fees and charges Manage your international finances with Wise Business multi-currency account

What types of corporate entities are there in the United States?

Before you can get started on opening a bank account and doing business in the US, you’ll need to decide on a legal structure for your new company. Which one you choose will affect whether or not a US corporate account is mandatory, which account types you can have and how you’ll manage them.

US law recognises several different types of corporate entities.¹ You may have one of the following company types:

• Sole Proprietorship
• Limited Liability Company (LLC)
• Partnership
• Corporation - C corp
• Corporation - S corp
• Corporation - B corp (Benefit corporation)
• Close corporation
• Corporation - non profit
• Cooperative

Can I open a business bank account in the United States with a foreign corporate entity?

To open a business bank account in America, you must first have a business which is registered in the USA nd has a local address there. You’ll be asked to present proof of registration when you open your account.

Business bank account USA - the process for opening a account

Now, let’s turn to the typical process for opening a business bank account in the US and the steps you’ll need to follow.
The first thing to do is to get your documentation together.You’re likely to be asked for the following documents and details when opening a business bank account:⁵

• Photo ID and proof of address for the director opening the account
• The address and phone number of your company
• Articles of incorporation/organization. You will have to prove that your business is properly registered, although the acceptable documents will vary according to the type of business entity you run.
• EIN (Federal Employer Identification Number) confirmation letter. This is evidence of your federal tax ID number.
• Proof of business address. Some banks will require you to prove a business address in the same geographic area and state as the bank branch, while may be more accommodating.

Many accounts may also ask for a minimum deposit amount to open the account. It’s worth checking with your chosen bank before you visit to confirm which specific documents are acceptable.

Once you have your paperwork ready, all you need to do is to choose a US business bank account - then apply. In many cases, you can apply online or via a mobile banking app, but some banks may require you to visit in person to verify your ID or present documentation.

Can I open a business bank account as a non-resident?

There’s no legal issue with opening a business bank account in the US as a non-resident. However, do remember that for a company account, your business must be registered in America and have an EIN.

How to open a US business bank account from overseas?

While some US banks may let you apply online - or at least start the process digitally - many will require you to visit in person and present your identification. This area of law is tightly regulated, so expect stringent checks.

Alternatively, there are agencies who may be able to help streamline the process - for a fee. Because these agencies operate typically on a state by state basis, you'll need to search for a reputable agency in the state where you register your business.

Open US business bank account online

It used to be the case in the US that opening a business bank account online was difficult - if not impossible. This was because all banks required applicants to present documents in a branch personally.

However, times have changed, and some US banks do now let you apply for business accounts online or at least start the process. This includes Bank of America and Chase, both of which advertise the fact that you can apply online for its business checking accounts.

However, you should still be prepared for requests to make an appointment to show your documents later.

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Which bank should I choose?

There are a huge number of banks to choose from in the US, including globally recognised brands and smaller local operations. If you already work with an international bank who operates in America, they might be able to help you transfer your account to the US more easily.

If you’re starting from scratch, it could be a good idea to choose one of the ‘Big Four’ American banks. Some details are given below about business bank accounts for each of the following:

• JP Morgan Chase
• Bank of America
• Citibank
• Wells Fargo

JP Morgan Chase²

JP Morgan Chase is one of the largest banks in America. There are several products designed for business banking, with monthly fees from $15-95. All monthly fees can be waived if you keep a minimum deposit amount in the account.

Chase in particular has several products designed for business banking, including Chase Business Complete Banking, Chase Performance Business Checking and Chase Platinum Business Checking. These accounts have monthly fees from $15 to $95 USD⁶ - but these fees can usually be waived if you keep a minimum amount in the account.

The exact products on offer may vary according to the location of your business, so you have to enter a zip code to get the final word on available products.

Bank of America³

Another major US bank, Bank of America offers two regular business accounts - Fundamentals Banking and Relationship Banking.

These accounts have fees of $16 and $29.95 USD respectively, but these can be waived if you make a certain number of transactions or maintain a minimum monthly balance.⁷

Citibank⁴

Citibank has a very large range of business banking accounts; including checking accounts designed for different sizes of businesses. Luckily, the bank website provides a helpful comparison table so you can choose between them.

Monthly fees range from $15 to $30 USD,⁸ although these can be waived if you keep a minimum monthly balance in the account.

There are also specialist accounts designed for different sectors and needs.

Wells Fargo⁵

US multinational financial services company Wells Fargo has a range of business checking accounts, including accounts which are tailored to the needs of small businesses or non profit organisations. Monthly fees start from $10 USD, although these are waived if you maintain a minimum balance in the account.⁹

As with all American banks, the products (including fees and charges) on offer vary from state to state so you need to enter your zip code to get the full details.

USA business banking fees and charges

Before you open your business bank account in the United States, read the terms and conditions carefully. It’s especially worth reading the section on banking fees and charges, as the fee structure might be quite different to what you’re familiar with.

It’s common to find monthly account handling charges, and fixed fees for banking transactions. Even when these fees look small, they can build up over time. Many business accounts have terms and conditions which mean that charges are waived if you meet certain conditions such as maintaining a minimum monthly or daily balance. This can help you avoid unnecessary fees and charges.

From time to time, most businesses need to make international money transfers - for example, to pay suppliers based overseas. Your bank will offer this service, but it might not be the best deal available. If you plan on making an international money transfer, then pay special attention to the fees applied.

Many banks don't offer a good deal to their customers when making international money transfers like this. Often they'll add a high initial ‘admin’ charge for processing the transaction, as well as steep transaction fees. These may be fixed fees or a percentage of the amount transferred.

But even if the listed fees look quite low, your bank will make their cut on the deal. Instead of a transparent, up-front fee, you might find that your bank’s profit is rolled into a poor exchange rate. If your bank applies an exchange rate which is worse than the real, mid-market rate, then you lose out as the true cost of your transfer is higher than it needs to be.

Discover the Wise Business multi-currency account

Banks aren’t the only way to manage your business finances in the US. If you’re looking for a flexible and quick-to-open alternative, check out Wise Business.

It's specially designed to cut the cost of international payments, and you can manage business finances in 40+ currencies including USD and GBP.

Cover expenses with Wise Business debit cards, make easy batch payments to employees worldwide, and integrate with business tools for easier accounting.

You can even earn a return on the money you hold in your multi-currency account with Wise Interest. Investments can fluctuate, and your capital is at risk. The Variable rate is based on the performance of the Fund over a 7-day period ending on 9/26/2025. The Fund has achieved an average annual return of 2.76% over a 5-year rolling period exclusive of fees. Interest is offered by Wise Assets UK Ltd, a subsidiary of Wise Payments Ltd. Wise Assets UK Ltd is authorised and regulated by the Financial Conduct Authority with registration number 839689. When facilitating access to Wise investment products, Wise Payments Ltd acts as an Introducer Appointed Representative of Wise Assets UK Ltd. Please be aware that we do not offer investment advice, and you may be liable for taxes on any earnings. If you're uncertain, we urge you to seek professional advice. To find out more about the Funds, visit our website.

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Sources used:

1. Cleartax - World GDP Ranking 2025 List
2. Oberlo - How Many Small Businesses Are There in the US in 2024?
3. U.S. Small Business Administration - Choose a business structure
4. International Trade Administration - A Checklist for Foreign Companies Opening a Bank Account in the United States
5. Bank of America - How do I open a business bank account?
6. Chase - Business Checking
7. Bank of America - Business checking accounts
8. Citi - Business Checking Accounts
9. Wells Fargo - Small business checking accounts

Sources last checked 28-Aug-2025

Disclaimer: The UK Wise Business pricing structure is changing with effect from 26/11/2025 date. Receiving money, direct debits and getting paid features are not available with the Essential Plan which you can open for free. Pay a one-time set up fee of £50 to unlock Advanced features including account details to receive payments in 22+ currencies or 8+ currencies for non-swift payments. You’ll also get access to our invoice generating tool, payment links, QuickPay QR codes and the ability to set up direct debits all within one account. Please check our website for the latest pricing information.