Yes, foreign companies can open U.S. bank accounts, but the process is slower and requires more documentation than domestic businesses

A foreign company can open a checking or savings account at a U.S. bank, but you will need an Employer Identification Number (EIN) from the IRS, proof of your company's legal existence in your home country, and documentation showing who owns and controls the business. Most banks will not let you open an account online; you will need to visit a branch in person or work with a bank that specializes in international business accounts.

The main barrier is not law but bank policy. U.S. banks face strict anti-money-laundering rules under the Bank Secrecy Act, which means they conduct deeper background checks on foreign entities than on U.S. ones. Some banks have stopped accepting foreign business accounts altogether because the compliance cost is high. Others accept them but charge higher fees and require larger minimum balances.

The timeline is typically four to eight weeks from the day you submit all documents, though some banks take longer. You cannot speed this up by paying more; the delay is driven by the bank's compliance review, not processing capacity.

Key Takeaways

  • You must obtain an EIN from the IRS before most U.S. banks will open an account for a foreign company.
  • Banks require certified copies of your company's articles of incorporation or equivalent legal documents from your home country, usually translated into English.
  • You will likely need to visit a U.S. bank branch in person or use a bank that handles international business accounts, because most banks do not allow foreign companies to open accounts entirely online.
  • Expect to pay higher monthly fees and maintain a larger minimum balance than a U.S. business would, and plan for a four- to eight-week review period.

Getting an EIN before you approach any bank

The IRS issues an EIN to foreign companies that have U.S. business activity or U.S. employees. You do not need to be incorporated in the U.S. to get one. A foreign company can request an EIN by mail using Form SS-4, which you submit to the IRS with proof of your company's legal status in your home country.

Processing by mail takes about four weeks. You can also explore by phone if you call the IRS Business and Specialty Tax Line during business hours, which gives you an EIN the same day. The phone number is on the Form SS-4 instructions. You will need your company's legal name, address, and the name and Social Security number or ITIN of a responsible party (usually an owner or officer).

Once you have the EIN, keep the letter the IRS sends you. Banks will ask to see it. If you lose it, you can request a replacement, but that adds time to your account opening process.

Documents you will need to bring or send to the bank

Banks vary in their exact requirements, but most foreign companies need to provide:

  • Your EIN letter from the IRS
  • A certified copy of your company's articles of incorporation, certificate of registration, or equivalent legal document from your home country
  • An English translation of those documents, certified by a professional translator
  • A certificate of good standing from your home country's business registry (showing your company is in active, legal standing)
  • Proof of your company's address in your home country
  • Government-issued photo ID for the person opening the account (passport or national ID card)
  • A board resolution or written authorization showing who is authorized to open and manage the account
  • Proof of beneficial ownership — documentation showing who ultimately owns the company, especially if ownership is held through trusts, other companies, or multiple layers

The beneficial ownership requirement is the part that trips up most foreign companies. U.S. banks must know who actually controls the money. If your company is owned by another company, you may need to provide documents for that company too. If ownership is complex, the bank may ask for an organizational chart or a lawyer's letter explaining the structure.

Call the specific bank branch where you plan to open the account and ask for their exact checklist before you gather documents. Requirements differ between banks, and some banks have stopped accepting foreign business accounts entirely, so confirming they accept them at all saves you time.

Which banks are most likely to accept foreign companies

Large national banks like Bank of America, Wells Fargo, and Chase have international business divisions and will open accounts for foreign companies, though they may require you to visit a specific branch that handles international accounts. Regional banks vary widely — some welcome foreign business, others do not.

Banks that specialize in serving international clients, such as HSBC, Citibank, and some smaller banks focused on immigrant or international business communities, tend to have faster and more straightforward processes. They understand the documentation requirements and move through compliance reviews more quickly because they handle these accounts regularly.

Community banks and credit unions rarely accept foreign business accounts because they lack the compliance infrastructure. If you call a small local bank and they say no, that is not a rejection of you — it is a business decision based on their regulatory capacity.

What happens during the bank's compliance review

After you submit your documents, the bank's compliance team reviews them to verify that your company is real, that the people opening the account have authority to do so, and that the company is not on any sanctions list or known to be involved in illegal activity. This is not a judgment of your character; it is a legal requirement for all U.S. banks.

The bank may contact you with follow-up questions or ask for additional documents. They may also contact your company's address to verify it exists. If the bank cannot reach you or if documents are unclear, the review stalls. Respond to any bank requests within a few days to keep the process moving.

Some banks use third-party compliance firms to do this review, which can add one to two weeks to the timeline. You will not know which firm is handling your review, but if the bank tells you it is using an outside reviewer, expect the process to take longer than four weeks.

Fees and minimum balances for foreign business accounts

Foreign business accounts typically cost more than domestic ones. Monthly maintenance fees range from $15 to $50 depending on the bank, compared to $0 to $15 for a U.S. business account. Wire transfer fees are often higher — $25 to $50 per outgoing wire instead of $15 to $25 for a domestic business.

Minimum balance requirements are also higher. A U.S. business might open a checking account with no minimum or a $500 minimum. A foreign company often faces a $5,000 to $25,000 minimum, and some banks require $50,000 or more. If your balance drops below the minimum, the bank charges a monthly fee until it recovers.

Ask about these costs before you choose a bank. The difference between banks can be hundreds of dollars per year, especially if you send international wires regularly.

Alternatives if a bank declines your account

If banks in your area decline your account, you have a few options. First, try banks in a different city or state — some regions have more banks willing to work with foreign companies than others. HSBC and Citibank have branches nationwide and are more likely to accept foreign business accounts than regional banks.

Second, consider a business banking service that is not a traditional bank. Companies like Wise (formerly TransferWise) and Stripe offer U.S. bank accounts for foreign businesses, though these are usually designed for receiving payments rather than full banking services. They have lower fees and faster setup but may not offer all the features of a traditional bank account.

Third, if you have a U.S. subsidiary or a U.S. business partner, you could open the account in that entity's name instead. A U.S. subsidiary is a separate legal entity incorporated in the U.S., which banks treat as domestic. This requires forming a new company, which costs money and time, but it may be worth it if you need a full-service bank account and cannot find a bank willing to work with your foreign company directly.

Frequently Asked Questions

Do I need a U.S. address to open a bank account as a foreign company?

No, but you need a U.S. mailing address where the bank can send statements and cards. This can be a business office, a mailbox service, or even a friend's address. The bank will verify the address exists, so it must be real. Some foreign companies use a registered agent service, which provides a U.S. address for legal and business mail.

Can I open the account online, or do I have to visit a branch?

Most banks require you to visit a branch in person to open a foreign business account. A few banks allow you to submit documents by mail or email, but they will still require a video call or phone verification with someone at the bank. Plan to either travel to the U.S. or arrange for someone authorized to represent your company to visit on your behalf.

How long does it take to get an EIN?

If you explore by phone, you get an EIN the same day. If you explore by mail, it takes about four weeks. The phone line is available Monday through Friday, 7 a.m. to 10 p.m. Eastern time. Have your company's legal documents and the responsible party's Social Security number or ITIN ready when you call.

What if my company's documents are not in English?

You must provide a certified English translation. A certified translator is someone who is officially recognized by a court, government agency, or professional translation organization as may have access to to translate documents. The translator signs a statement certifying that the translation is accurate. This costs $50 to $200 depending on the document length and your location.

Can I use a U.S. business address that is not my actual office?

Yes, as long as it is a real address where mail can be delivered. Many foreign companies use a registered agent service or a virtual office service that provides a U.S. address and mail handling. The bank will verify the address exists, so it cannot be a fake or abandoned building. The address does not have to be where you actually conduct business.