After the law on the Federal Reserve System was passed in the USA in 1980, the state banking system began to develop rapidly. Today, credit institutions in this country guarantee the safety of deposits, so there are a lot of people who want to open an account with a US bank.
Briefly about the system
Financial institutions are considered the best in the world. The banking system is characterized by stability and a high level of service. Along with investment and commercial banks, federal banks that operate in certain states are also distinguished. The functions of the Central Bank are performed by the Federal Reserve System. If customers cannot resolve the issue with a banking institution, then the government is in charge.
US Bank Priorities
- Deposit safety. In 2012, the deposit insurance system ensured the safety of accounts of 7 thousand banks.
- Bank secrecy.
- International transfers are carried out with minimal fees.
- The quality of service. You can open an account with a US bank in half an hour. Clients get access to a large number of services: from free cashing of checks to correspondence through the BillPay service.
- Remote control. Using online banking, you can control the balance of the account from anywhere in the world.
- A small amount of documentation. For registration it is enough to have a document confirming the identity of the client.
- Opening an account with a US bank is no more expensive than with any bank in Europe.
Previously, only Americans could boast of such advantages, but now the authorities began to support foreign investors. Opening a bank account in the USA to a non-resident is quite realistic and profitable. Let us consider in more detail how to do this.
Silicon Valley Bank
A promising startup can open an account with a US bank online. The financial institution is pleased to work with international founders. The support service is not yet fully automated, which means there is a chance to get a clear (human) answer to the question of interest. To open an account with a US bank, individuals will have to personally travel to the country and visit a financial institution. For a visit with you need to grab a passport, organization tax number (EIN). Legal entities will additionally need a certificate of registration of the enterprise (Article of Incorporation), a share certificate or a decision of the board of directors (Share ceritificate, Board of Directors resolution) and proof of membership in the company. After registration, the client receives a current account, token, access to online services and a corporate card.
Wells fargo
Non-resident legal entities and individuals can open an account with this bank. The procedure takes 2 days. For registration, an individual must provide:
- copy of passport;
- copy of a common passport;
- e-mail;
- phone.
During paperwork, the client must be in touch so that the manager can ask him questions at any time. To obtain a VISA debit card, access to Internet banking, non-residents must apply for an ITIN, for which it will be necessary to provide an additional apostille of a foreign passport. Since 2015, the US government began to block the accounts of individuals who violated this rule. After completing all the documents, a debit card is issued and sent to the client's address within a week.
How to open an account in the USA: tips
- Choosing a credit institution for servicing should be among the four largest banks in the world: Chase, Bank of America, Wells Farg, Citibank.Their main difference is the convenience of the design of Internet banking, through which all operations will subsequently be carried out.
- How can I open an account with a US bank for two people? The person who submits the application (founder) is the main contact person for the bank. He is provided with all the keys for managing the account and login. In order for the second person to have access to funds, it is necessary to discuss in advance with the representative of the institution the possibility of opening a second login, or even better - enter it as a treasurer in the contract.
- You can open an account with a US bank through an intermediary. How to do this will be described in detail below. But you need to remember that all the keys and access to the funds will be with the proxy.
- It is advisable for legal entities to have a mailing address to which bank documents will come. It is best to provide contact information for relatives from the United States who will scan and send documents by email. If this is not possible, then you should use the services of mail services in the United States.
- You also need to get an American phone number. It will be required for most transactions and registration on services. Alternatively, you can use a Skype or Google Voice number. But through these services you can not receive SMS messages.
Underwater rocks
In practice, it is much easier to register a company in the United States than to open an account. After the attacks of 2001, banking security was greatly tightened. Now all credit institutions open accounts for customers after personal identification.
Financial institutions have repeatedly refused to open an account to a non-resident due to his lack of an SSN (analogue of TIN or SNILS). Moreover, banks justify their refusal - the lack of registration in the state. The root of the problem is that financial institutions lack anti-terrorism legislation. All non-residents fall under suspicion. Therefore, all questions about registering an account should be discussed with the bank before arriving in the country. At this stage, you need to be prepared for a robotic support service. A vaunted and human customer service will become available only after registering an account. Up to this point you will have to call, write and receive slurred answers.
Meeting of shareholders
If the form of ownership of the company is different from the joint-stock company, then the process of registering an account will not take much time. The application will be presented in the starter pack of documents, which will need to be filled out according to the model, and then re-signed every six months, changing the dates. Until the moment the company enters the exchange and begins to raise funds, there will be no problems. It is better for startups to immediately hire professional lawyers who will prepare all the documents.
According to the requirements of the bank, a meeting of shareholders must be held once a year, which is chosen by the director. It is better for other companies to leave one head so as not to mess with paperwork for a long time. The Director appoints Officers (Officers), approving the issue of shares, representing the company, signing contracts, opening accounts, etc. All these functions can be performed by non-residents. However, they do not have to pay salaries through an account with a foreign bank. Different states have their own nuances in the corporate structure of the company, which should be familiarized with before issuing documents.
Violations of domestic law
Russian law does not prohibit citizens from opening accounts abroad. But some operations require special permission. For example, in the case of a sale of a company, all income will need to be registered in the Russian Federation and taxes paid. It is also very difficult to register the issue of securities abroad. In the case of the operation without special permission, the company will be fined 100% of the transaction amount.
How to open an account with a US bank for a legal entity: step-by-step instructions
It is necessary to provide:
- company registration certificate;
- copy of passport;
- Apostille of the passport of the owner;
- e-mail;
- phone;
- ITIN (for legal entities issued within 8 weeks).
After assigning an ITIN, an account is opened within two banking days. If it is not possible to wait 2 months for paperwork, you can use the services of intermediaries. In this case, all documents will be drawn up for an employee of the company who has an SSN, and the customer will have the authority of the treasurer, that is, he will have full access to the funds in the account.
For ITIN, in addition to the documents listed above, you must also provide a letter of application on the letterhead of the bank. Here's how to open a U.S. bank account at an enterprise.
ITIN
Legal entities that are not residents of the United States need to register a company within the country, obtain an EIN and open a business account. Only after that you can proceed to the design of ITIN. Alternatively, you can order the service of a nominee founder. In this case, the agent of the intermediary company with SSN will act as the founder. He will be registered in the state until the owner draws up ITIN.
Cash requirements
American banks, unlike European banks, do not set minimum deposits for opening an account. The customer will have to pay a monthly service charge. Depending on the type of account and the type of bank, the commission can be 12-40 dollars. This amount can be avoided if you replenish your account with a minimum of $ 500 each month or leave a minimum balance of $ 1,500. If none of these requirements is met, the bank will automatically write off the service fee.
US address
One of the required details when registering an account in the USA is the local address. Intermediaries for an additional fee (about $ 2,000) are ready to provide a mailing address in Florida, Miami or another state. The difficulty lies in the fact that the address must be registered with the person who opens the bank account. The credit institution will not forward financial documents to third parties.
The service is provided for 1 year. If during this period the client moves to the USA, he will be able to change the address to the local one, paying an additional $ 500 to the intermediary. Banks are extremely negative about changing the place of registration for other reasons than moving to the country. A change of address to non-resident is viewed negatively and may cause a denial of account maintenance.
First credit card
Banks evaluate the reliability of a client by credit rating. But non-residents do not have it. Those who wish to earn a credit rating are offered a secure credit card. It differs from a regular credit card only in that the client pays the entire limit amount to a separate account in advance. He can use the card and must repay the debt in a timely manner. One year after issuing the card, the client will already have a minimum credit rating. The bank can unlock funds and issue a regular credit card.