How to open a business account in the US as a non-resident 2024

If you’ve opened - or are planning on opening a business in the US, you need a business bank account to keep your personal and company finances separate. This makes it easier to manage your accounts, analyse your profits, and file your taxes. If you’re running a US business from Canada, having a USD non-resident business account can also help you save money by avoiding unnecessary currency conversion costs.

The right business account for you depends on your situation - including the type of business you run, your transaction needs today, and how you intend to grow your company in future. This guide covers 4 of the best business account options available like Wise and OFX, how to open a business account in the US as well as how to do it as a non-resident.

Key points: US business account

• Some Canadian banks can offer business accounts to people with a US registered business, to hold, send, receive and exchange USD payments

• Alternative options include low cost multi-currency accounts from non-bank providers like Wise and OFX

• Fees, features and account options do vary widely, so shopping around is essential

• You’ll usually need to visit a Canadian bank branch in person with your paperwork to get a bank account

• Digital services can be more flexible, with online onboarding and verification processes

Can I open a business account in the US as a non-resident?

There’s no legal barrier to opening a business account in the US as a non-resident. The close relationship between Canada and the US means that many Canadian banks offer cross border banking services for businesses trading on both sides of the border.

You may also be able to open a non-resident account at a US bank. However, banks set their own eligibility requirements, which in practice means that most US banks prefer to offer account services to US residents.

As well as getting a cross border banking package from a Canadian bank, you could consider an online multi currency account for your business. Digital non-bank options you can open from Canada for your business include Wise and OFX. Services like these let you open an account more or less wherever you’re based, and operate across Canadian and US dollars, as well as a range of other currencies, to help your business have global reach.

Can I open a business account online in the US?

While it is theoretically possible to open a business banking account online, in practice Canadian banks usually ask you to call or visit a branch to set up services. It’s also worth noting that Canadian banks usually require you to have a CAD business account with them before you can extend your account package to cover USD as well. This may involve another visit to the bank, to get your CAD account up and running.

If opening an account online is your priority, you may be better off choosing an alternative from a provider like Wise or OFX, instead of a bank account. We’ll cover some options in a moment. As these business accounts are operated entirely online, you can get your account opened digitally, and manage your money via a website or app.

What is the best bank for a business account in the US?

The best business bank or fintech account for you will depend on your individual business needs. Before you decide it pays to shop around and review a selection of business accounts from banks and non-bank alternative providers, to see which suits you best. To get you started we’ve profiled some popular options below:

Wise business account

Great for: Low cost currency conversion which uses the mid-market rate, debit and expense cards, and easy ways to pay and get paid in foreign currencies

Wise multi-currency business accounts are a smart option if you want to send, receive and manage multiple currencies. Accounts have no minimum balance requirement and no monthly service charge. Hold 40+ currencies and switch between them using the mid-market exchange rate and just a low, transparent fee. You’ll also get business friendly perks like batch payment solutions and Xero integration.

Best features:

• Hold and exchange 40+ currencies

• Spend in 150+ countries with the Wise business debit card

• Send money to 160+ countries globally

• Receive major currencies including CAD and USD with local account details

OFX business account

Great for: Holding and receiving select global currencies, and accessing extras like currency risk management tools and 24/7 phone support

With OFX you can open a global currency account which is set up for small businesses, medium business or online sellers. Send money to contractors, suppliers and staff in many countries around the world, online. To get started, complete the application online and wait for a call back from the OFX service team.

Best features:

• Receive payments in 7 major currencies including USD and CAD

• 24/7 phone support as well as online and in app services

• Send payments globally with ease and low costs

• Currency risk management products available by phone

Learn more: OFX Business account review

RBC US business checking

Great for:  RBC Canada business customers who also need to manage a USD balance, send payments, cash checks and more

RBC offers business customers who have a standard CAD business account product, the opportunity to access cross border banking services including their checking account which we've featured here and an interest bearing money market account in USD. There’s a pretty steep monthly fee for this account but it allows you to send ACH payments in USD, send and receive USD wires, pay vendors, manage your money in USD conveniently, and more.

Best features:

• Ways to deposit cash and checks

• Available as a resident of Canada, or of the US

• Free ATMs in  50,000+ US locations

• No fee to move money from your CAD account to your USD account with RBC

TD Bank US dollar everyday business 

Great for:  Choose from 6 different USD plans depending on your transaction requirements, with monthly fees from as little as 5 USD

TD Bank offers a really good selection of different plans under its ‘everyday business’ brand. If you transact very infrequently and want an account with low monthly fees there’s a basic plan, right up to very comprehensive plans which include lots of free transactions but come with a higher monthly fee of 125 USD.  Accounts come with a debit card and options to make payments at home and abroad. To open your account you’re required to call or visit a branch to talk through your needs.

Best features:

• Good selection of different plans to pick from

• Deposit cash and checks easily

• Higher tier accounts include lots of free transactions as part of the package

• Everyday A, B and C plans have ways to waive monthly fees if you hold a high enough daily balance

What's the process of opening a business bank account in the US?

The exact process you need to follow depends on your chosen bank and the exact account you want - as well as whether you’re intending to move to the US or not.

There are several different models for opening bank accounts - some accounts can be opened entirely online, by submitting your paperwork digitally. Typically, this option is available if you pick a non-bank fintech provider like Wise or OFX.

If you’d prefer cross border banking services from a Canadian bank you’ll usually need to call or visit a branch to open a business account which can hold and exchange USD. Check out the options available to you based on your personal situation and the provider you’ve chosen.

How to open a business account in the US online?

If you want to open a business account online conveniently you’ll probably need to pick a digital provider, particularly if you’re not a resident of the US. Digital accounts from providers like Wise and OFX can be opened, verified and managed online - and come with multi-currency functions too.

To give an example, let’s look at how the process works with Wise - a non-bank provider you can use as a non-resident of the US:

1. Download the Wise app or open the desktop site and tap Sign up

2. Register by entering your personal details and confirming you need a business account

3. Follow the prompts to enter your business information and upload the required documents

4. Once your account is verified you can open a currency account in USD by tapping on the + symbol in the Wise app

5. You’ll be able to access local account details for USD which you can use to get paid by others, or you can top up your account in CAD, USD or select other currencies yourself

Requirements to open a business bank account in the US

Generally to open a business bank account in the US you’ll have to be 18 years old or older, with a fully registered business which meets a bank’s acceptable use policy. Some US banks may only offer business banking services to people resident in the US - in which case you’ll also need to be able to prove your legal residency and address.

If you choose to get an account with a Canadian bank which offers cross border business banking services, you can also do that - generally in this case you’ll need a CAD business account with the same bank before you can get a USD account up and running.

What documents do you need to open a US business bank account?

In most cases, whether you’re applying in person or online, you’ll need to provide a similar set of details and paperwork. However, exactly what’s required can vary quite a lot depending on the type of business entity you have, the bank you pick and the specific account you’re looking at.

Here is a list of documents and information commonly needed to open a US business account:

• Details of the owner, applicant and/or signatories to the account, including name, nationality, birth date and address

• Personal identification and proof of address for the business owner - directors and major shareholders may also need to provide this, based on the entity type

• Details of the business including trading name, address, type, profit figures or forecasts

• Your business documentation, based on entity type - business licences, registration numbers, partnership agreements or articles of incorporation for example

If you’re a sole proprietor, you might need a little less in terms of paperwork - commonly these documents and information:

• Your name, nationality, birth date and address

• Your ID and proof of address

• Details of the business including trading name, and registered name where applicable

Most banks have a checklist online showing the documents required by entity type, which makes it much easier to see what’s expected of you. As well as the paperwork, you may also need to hand over a minimum opening deposit amount to get your account up and running. Check the details for your account before you get started.

Fees to open a business bank account in the US

Before you choose a bank account you’ll need to check out all the fees and charges you’ll need to pay - read the small print carefully and don’t expect charges to be the same as those you’re used to.

You can usually find an account which doesn’t charge you an opening fee - but that doesn’t mean there are no fees to worry about. Read the full terms and conditions and look out for minimum opening balance requirements, service or fall below fees, transaction costs and early closure penalties in particular.

Conclusion: Opening a US business account

The US is a great place to expand or launch your business, with a shared language and ease of access. As soon as you’re trading you need a business account - getting this sorted early just means one less thing on your long to do list!

You may be able to open a non-resident business bank account with a Canadian bank offering cross border business banking services - but eligibility rules do apply here, so you’ll need to shop around. Alternatively, you could choose a non-bank alternative provider like Wise or OFX, which offer ways to pay and get paid in USD and CAD, even as a non-resident business owner.

Use this guide to get your research started, and make sure you check out a good selection of both bank and non-bank business accounts to pick the one that suits your company best.