How to open a business bank account in the United States

Opening a business bank account in the United States is a crucial step for any new or growing business. A dedicated business account helps you manage cash flow, separate personal and business finances, and establish credibility with vendors and clients.

But here's the challenge: with hundreds of banks offering business accounts across the country—each with different fees, requirements, and features—where do you actually start?

In this comprehensive guide, we'll walk you through exactly how to open a business bank account in the US, covering everything from requirements and documents to fees and the top banks to consider. Plus, we'll show you a smart alternative for businesses that regularly send or receive money internationally.

Discover the Wise Business account
Easy to set up, easy to use

How do I open a business account in the United States? Step-by-Step Process

Let's walk through the actual process of opening a business bank account in the United States.

Step 1: Ensure Your Business is Properly Formed

Before you can open a business bank account, your business must be legally registered. If you haven't already done this:

• Choose your business structure (sole proprietorship, LLC, corporation, etc.)
• Register your business with your state (usually through the Secretary of State's office)
• Obtain any required business licenses or permits
• Register a DBA (Doing Business As) name if you'll operate under a name different from your legal business name

This process typically takes 1-2 weeks, though it can vary by state.

Step 2: Obtain Your Employer Identification Number (EIN)

An EIN is like a Social Security Number for your business. You can get one for free from the IRS website in about 5-10 minutes.

To apply for an EIN:

1. Visit the IRS website (irs.gov)
2. Complete the online EIN application
3. Receive your EIN immediately upon completion
4. Save and print your EIN confirmation letter

Note: Sole proprietors without employees can use their Social Security Number instead, but getting an EIN is recommended for better privacy and security. You'll also need an EIN if you plan to hire employees or elect to be taxed as a corporation.

Step 3: Gather All Required Documents

Before applying for a business bank account, collect all necessary documentation. Having everything ready will make the process much faster.

Pro tip: Call your chosen bank ahead of time to confirm their specific document requirements, as these can vary between institutions.

Step 4: Research and Compare Banks

Not all business bank accounts are created equal. Take time to compare options based on your specific needs:

• Monthly maintenance fees and how to waive them
• Transaction limits and per-transaction fees
• Branch locations (if you prefer in-person banking)
• Digital banking capabilities and mobile app features
• Integration with accounting software
• Customer service availability
• Potential for business loans or lines of credit

Step 5: Complete the Application

Most major US banks now offer online applications for business accounts, which can save you time. However, some banks still require an in-person visit, especially for certain business types or if you're a non-resident.

Online application process:

1. Visit the bank's business banking section
2. Select the account type you want to open
3. Fill out the online application (typically takes 10-30 minutes)
4. Upload required documentation
5. Review and submit your application

In-person application process:

1. Schedule an appointment with a business banker
2. Bring all required documents
3. Meet with the banker to complete the application
4. Provide your initial deposit
5. Receive temporary checks and information about when your debit card will arrive

Approval timeline: Online applications can be approved within minutes to 1-3 business days. In-person applications are often approved immediately, though final account activation may take a day or two.

Step 6: Make Your Initial Deposit

Most banks require a minimum opening deposit, typically ranging from $100 to $500, though some digital banks have eliminated this requirement entirely.

Ways to make your initial deposit:

• ACH transfer from another bank account
• Wire transfer
• Check (personal or business)
• Cash (if opening in person)

Step 7: Set Up Account Features and Access

Once your account is approved and funded:

Order your business debit card – Usually arrives within 7-10 business days. Some banks offer instant digital card access while you wait for the physical card.

Set up online and mobile banking – Download your bank's mobile app and configure your login credentials, security questions, and two-factor authentication.

Add authorized users – If you have business partners, employees, or a bookkeeper who need access, you can add them with appropriate permission levels.

Set up bill pay – Configure automatic payments for recurring expenses like rent, utilities, or subscriptions.

Enable alerts – Set up notifications for low balances, large transactions, or deposits to help you monitor account activity.

Connect accounting software – Link your business bank account to QuickBooks, Xero, or other accounting platforms for automated transaction imports and easier bookkeeping.

Your US business bank account will now be ready to use for your business transactions.

🔍 Read on for more:

What documents are required to open a business bank account in USA?: Can I open a corporate bank account in the United States with a foreign corporate entity? Can a foreigner open a business bank account in USA? Can I open a US business bank account online? Which US business bank account should I choose? Business Banking fees and charges in the US Frequently Asked Questions About Opening a Business Bank Account in the US Ready to Open Your US Business Bank Account? Related Articles

What documents are required to open a business bank account in USA?:

For the Business:

□ Federal Employer Identification Number (EIN) confirmation letter – Downloaded from the IRS website or received by mail when you applied for your EIN

□ Articles of Incorporation or Organization – The state filing receipt showing your business was officially registered (not needed for sole proprietorships)

□ Business license or DBA certificate – Required if you're operating under a name different from your legal business name, or if your industry requires specific licensing

□ Operating agreement or partnership agreement – If you have an LLC with multiple members or a partnership, banks often require this document showing ownership structure

□ Business address verification – Recent utility bill, lease agreement, or mortgage statement showing your business's physical address

□ Business phone number – A dedicated business line is preferred but not always required

For Account Signers and Owners:

□ Government-issued photo ID – Driver's license, state-issued ID card, or passport for each person who will have access to the account

□ Social Security Number or Individual Taxpayer Identification Number (ITIN) – For all authorized account users

□ Personal proof of address – Recent utility bill, bank statement, or lease agreement dated within the last 90 days

□ Beneficial ownership information – Federal law requires banks to collect information about individuals who own 25% or more of the business

Additional Items That May Be Required:

□ Financial statements – For established businesses, banks may request profit and loss statements or balance sheets

□ Previous business bank statements – If you're switching banks, some institutions may ask to see statements from your current business account

□ Minimum opening deposit – Typical opening deposit requirements range from $100 to $500 for most major banks, but this varies by institution and account type. Please verify current minimums with your chosen bank.

Important tip: Requirements vary by bank, business type, and even by state. Before you visit a branch or start an online application, call the bank's business banking department to confirm exactly what you'll need. This can save you time and frustration.

You can also read the full guide on what you need to open a business account

Can I open a corporate 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. You’ll be asked to present proof of registration when you open your account.

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

US law recognises several different types of corporate entities.

You may have one of the following company types:

• Sole Proprietorship
• Limited Liability Company (LLC)
• Corporation
• Partnership
• Cooperative
• S Corporation

Can a foreigner open a business bank account in USA?

There’s no legal issue with opening a 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 a EIN.

Requirements for Non-Residents Opening US Business Accounts

To open a business bank account in the US as a foreigner, you'll need:

Business registration in the US – Your business must be registered as a legal entity in the United States (LLC, C-Corp, etc.). You cannot open a US business bank account for a foreign business entity.

US Employer Identification Number (EIN) – All businesses operating in the US need an EIN, which you can obtain from the IRS even if you're not a US resident.

Valid passport – Your foreign passport serves as your primary identification document.

Individual Taxpayer Identification Number (ITIN) – If you don't have a Social Security Number, you'll need an ITIN from the IRS. This process can take 6-12 weeks.

US business address – You'll need to provide a physical US address for your business. Many non-residents use a registered agent service or virtual office for this purpose.

Visa documentation – If you're in the US on a visa, you may need to provide visa information, especially if you have work authorization.

Can I open a US business bank account from abroad?

Most banks require you to visit and present identification. This area of law is tightly regulated, so expect stringent checks.

There are some specialist banks and agencies who may be able to help you open an account from abroad. Silicon Valley Bank, for example, specialises in helping start up businesses in certain sectors. They may be able to make arrangements with entrepreneurs from overseas.

Alternatively, there are agencies who will help 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.

💡An easier solution can be to use the Wise Business account. Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. Non-US citizens can open a US Wise Business account with a registered US business and US operating address. Alternatively, where Wise Business is available, you can open an account and get US account details to receive payments like a local. Account opening is done online, so there’s no need to spend precious time at the bank.

Can I open a US business bank account online?

Most major US banks now offer online applications for business accounts, which can save you time. However, some banks still require an in-person visit, especially for certain business types or if you're a non-resident.

Most banks will let you start the account application process online and then make an appointment to show your documents later.

On the other hand, you can use an alternative, such as the Wise Business account. You can open your business account 100% online without having to print forms and spend hours at the bank.

🔍 You can also read the full guide to opening a business account online

Which US business bank account should I choose?

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

If you’re starting from scratch, then you can choose one of the ‘Big Four’ American banks. Or you can look at a smart alternative, such as Wise Business.

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 Chase

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

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

Bank of America

Bank of America offers two regular corporate accounts with fees, which are then waived subject to fulfilment of certain conditions. For example, if you make a minimum number of transactions or payments over a monthly cycle then the fee could be avoided. There are 4,861 branches of Bank of America in the US.

Citibank

Citibank has a very large range of business banking accounts; including checking accounts designed for different size of businesses. Luckily, the bank website provides a helpful comparison table so you can choose between them. There are also specialist accounts designed for different sectors and needs. There are 983 Citibank branches in the US, and more branches overseas.

Wells Fargo

Wells Fargo has business checking accounts, and accounts which are tailored to the needs of small businesses or non profit organisations. 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.

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

Use Wise Business >>

Business Banking fees and charges in the US

Before you open your corporate 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.

Most businesses will also need to make international money transfers. 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. These may be fixed fees or a percentage of the amount transferred.

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 mid-market rate, then you lose out as the true cost of your transfer is higher than it needs to be.

To make sure your bank isn’t taking an extra cut, you can use an online currency converter to check the actual value of your money before you transfer internationally. You can also use Wise Business to get the mid-market rate on international transfers.

Monthly Maintenance Fees

Most business bank accounts charge a monthly maintenance fee, typically ranging from $0 to $95 depending on the account type and bank.

How to waive monthly fees:

• Maintain a minimum daily or average monthly balance (typically $1,500 to $25,000)
• Complete a minimum number of qualifying transactions per month
• Use additional bank services (merchant processing, payroll services)
• Enroll in relationship banking programs
• Choose digital banks that offer $0 monthly fees

Example: A business checking account might charge $25 per month, but waive the fee if you maintain a $5,000 average monthly balance. That's $300 per year saved if you can meet the requirement.

Transaction Fees

Banks typically provide a certain number of free transactions per month, then charge for each additional transaction.

Typical structure:

• Free transaction limit: 100 to 550 per month (varies by account tier)
• Per-transaction fee after limit: $0.40 to $0.50
• Digital transactions (ACH, online transfers) often have higher or unlimited limits
• Paper transactions (checks, in-branch deposits) may have lower limits

What counts as a transaction:

• Checks written
• Deposits made
• ATM withdrawals
• Electronic transfers (ACH)
• Wire transfers
• Debit card purchases (sometimes excluded)

Example: If your account includes 200 free transactions and charges $0.50 for each additional transaction, making 250 transactions in a month would cost you $25 in fees (50 extra transactions × $0.50).

Cash Deposit Fees

If your business handles significant cash, pay close attention to cash deposit policies.

Typical fee structure:

• Free cash deposits up to a certain limit per month
• After the free limit: $0.10 to $0.50 per $100 deposited
• Some banks charge per deposit regardless of amount
• Cash-handling fees may apply for large deposits

Example: A restaurant depositing $10,000 in cash monthly with a $5,000 free limit and $0.30 per $100 fee would pay $15 per month in cash deposit fees (($10,000 - $5,000) / $100 × $0.30).

Wire Transfer Fees

Wire transfers are among the most expensive banking services, but sometimes necessary for urgent or large payments.

Typical costs:

Domestic wire transfers:

• Incoming: $10 to $15 per wire
• Outgoing: $25 to $35 per wire

International wire transfers:

• Incoming: $15 to $25 per wire
• Outgoing: $35 to $50+ per wire
• Additional fees may apply for currency conversion

Example: Sending a $10,000 international wire transfer might cost you $45 in wire fees plus 3-5% in exchange rate markup (hidden fee), totaling $345 to $545 in total costs.

Get Started with Wise Business

Opening a Wise Business account is straightforward and can be done entirely online:

Step 1: Sign up online

• Provide basic business information
• Enter details about your business structure
• List authorized users

Step 2: Verify your business (1-3 business days)

• Upload business registration documents
• Provide EIN confirmation
• Verify your identity with photo ID

Step 3: Activate and start using your account

• Add funds to your account
• Get your local currency account details
• Order Wise Business debit cards
• Start making transfers

For US businesses, you'll need:

• Business registration in the US (LLC, Corporation, etc.)
• EIN (Employer Identification Number)
• Business formation documents
• Government-issued ID for account administrators
• US business address

Open a Wise Business account →

Learn more about Wise Business →

Compare Wise Business pricing →

Enterprise Solutions for High-Volume Businesses

If your business sends more than $100,000 USD monthly in international transfers, the Wise Business sales team can provide:

• Customized pricing for high-volume senders
• Potentially better rates based on your transfer volume
• Dedicated account management and support
• API access for custom integrations
• White-label solutions for platforms
• Specialized solutions for specific industries

Contact Wise Business Sales Team →

Frequently Asked Questions About Opening a Business Bank Account in the US

How long does it take to open a business bank account?

If you apply online with all documents ready, approval can take anywhere from a few minutes to 1-3 business days depending on the bank and your business type. In-person applications are often approved immediately, though you may need to wait 7-10 business days for debit cards and checks to arrive by mail. Non-residents should expect longer processing times, potentially 1-2 weeks.

Can I use my Social Security Number instead of an EIN?

Yes, if you're a sole proprietor without employees, you can use your Social Security Number instead of an EIN. However, getting an EIN is recommended even for sole proprietors because it provides better security and privacy for your personal information, and you'll need an EIN if you later hire employees or elect corporate tax treatment.

Do I need a business bank account if I'm a sole proprietor?

While not legally required in most cases, a business bank account is highly recommended even for sole proprietors. It helps separate personal and business finances, simplifies tax preparation and deductions, protects personal assets by maintaining clear separation, makes your business look more professional to clients and vendors, and makes accounting and bookkeeping much easier.

What's the difference between business and personal bank accounts?

Business bank accounts offer features specifically designed for business needs: higher transaction limits, merchant services for accepting card payments, integration with accounting software, the ability to add multiple authorized users with different permission levels, business credit building capabilities, and access to business loans and lines of credit. Personal accounts typically have restrictions on business use and many banks will close personal accounts if they detect business activity.

How much does it cost to maintain a business bank account?

Monthly maintenance fees range from $0 to $95 depending on the account type and bank. However, most fees can be waived by maintaining minimum balances ($1,500-$25,000), completing a certain number of transactions per month, using additional bank services like merchant processing or payroll, or enrolling in business banking rewards programs. Digital banks often offer $0 monthly fees with no balance requirements.

Can I have multiple business bank accounts?

Yes, many businesses maintain multiple accounts for different purposes. Common strategies include: one account for daily operations, one for setting aside tax money, one for payroll, separate accounts for different business locations or divisions, and one for building emergency reserves. This approach helps with budgeting, financial organization, and protecting funds designated for specific purposes.

Ready to Open Your US Business Bank Account?

Opening a business bank account in the United States is a straightforward process once you have the right information and documentation. By following the steps outlined in this guide, you can choose the best account for your business needs and start managing your finances professionally.

Your Action Plan:

1. Choose your business structure – If you haven't already, select and register your business entity (LLC, sole proprietorship, corporation, etc.)

2. Gather required documents – Collect your EIN confirmation letter, business formation documents, photo ID, and proof of address

3. Compare banks based on your specific needs – Consider transaction volume, fees, international payment needs, digital features, and branch access

4. Apply online or in-person – Most major banks now offer streamlined online applications that can be completed in 10-30 minutes

5. Consider your international needs – If you regularly send or receive money across borders, explore solutions like Wise Business that can save you thousands in fees and offer better exchange rates

---

Related Articles

• How to Get an EIN for Foreigners
• Can I Open an LLC fas a non-US resident?
• Mid-Market Exchange Rate Explained: What It Is and Why It Matters

---

	Editor & Business Expert:
	Panna is an expert in US business finance, covering topics from invoicing to international expansion. She creates guides and reviews to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.

Sources:

1. United States Small Business Economic Profile
   Sources checked November, 2025.