US Bank Account Opening

Why your LLC needs a US bank account

Your LLC is a legal person separate from you. Its money should go through an account in its own name, kept apart from your personal accounts: that is the basis of clean books.

A US account also lets you get paid in dollars without conversion, receive ACH transfers and connect Stripe. For a US Stripe account, the business must be registered in the US, even if it operates from abroad, and have a bank account in that country, which cannot be a virtual one.

The IRS notes that a single-member LLC can apply for an EIN precisely to open a bank account: that is the first step (see EIN Express).

Traditional bank or fintech: what changes

Mercury, Relay and Slash are not banks but fintechs: your deposits are held by partner banks that are members of the FDIC, the US federal deposit insurer. Mercury relies on Choice Financial Group and Column N.A., Relay on Thread Bank, Slash on Column N.A.

The FDIC is explicit: its insurance covers the failure of an insured bank, never that of a nonbank company. The standard limit is at least $250,000 per insured bank; by spreading deposits across several banks, Mercury advertises up to $5M in coverage and Relay up to $3M (September 2026).

Wise states it is not a bank: in the US, its balances are not FDIC-insured, except through the interest feature for eligible customers. Payoneer states that its funds are not deposits and that FDIC insurance does not apply.

High-street banks are still built around residents: at Chase, a multi-member LLC opens its account in a branch; at Bank of America, the online form asks for the SSN of everyone listed.

Mercury, Relay, Wise, Slash, Payoneer compared

All five can be opened online, without travelling. Conditions stated on their official pages in September 2026:

These conditions change often: we check the ones in force when you apply.

Country of residence: automatic refusals

Each provider keeps a list of excluded countries, and it changes:

• Mercury looks at where founders and financial controllers live, not their nationality, and keeps its own list of excluded countries;
• Relay excludes owners who are citizens or residents of 31 countries (list of August 11, 2026, including Russia, Ukraine, Nigeria, Pakistan and Cambodia), unless Thread Bank grants a case-by-case exception;
• Slash refuses any link to a jurisdiction under OFAC sanctions.

Depending on where you live, one provider may turn the application down while another accepts it. We check the current lists before filing your applications.

Documents to prepare

Banks must identify and verify every owner with 25% or more and one person who controls the company (FinCEN's Customer Due Diligence rule). Have ready:

• the Articles of Organization and, if there are several members, the signed Operating Agreement;
• the IRS letter assigning the EIN, in the company's exact name;
• a valid passport for each owner with 25% or more and for the person in control;
• the real address of the business, with a recent proof;
• a precise description of the business: clients, countries, volumes, source of the initial funds;
• a website showing what you sell;
• a phone number and an email address for two-factor authentication.

Mercury, Relay and Wise do not ask a non-US owner for an SSN. An ITIN serves other purposes, including access to US business credit.

Why applications get refused

• a country of residence or citizenship the provider excludes;
• a restricted industry: Mercury, for example, turns away cannabis, internet gambling, adult entertainment and money services businesses;
• an operating address that isn't one: a registered agent address, a PO box, a virtual address;
• a company name or address that differs from one document to another;
• an ID that is blurry, expired or doesn't match the details entered;
• a business that can't be verified: no website, an empty site, a vague description;
• an owner with 25% or more left off the application.

Most of these can be fixed before you apply. A typo in the name registered with the EIN, however, takes a letter to the IRS to correct. Our guide to creating a US LLC as a non-resident puts each step in order.

Two accounts rather than one

A fintech can restrict or close an account, and revise the countries and industries it accepts at any time. With a single account, a freeze stops your incoming payments while it is reviewed.

Two accounts with providers backed by different partner banks limit that risk and spread your deposits, since the FDIC limit applies bank by bank. Mercury and Relay make a consistent pair; Mercury and Slash, on the other hand, both go through Column N.A. Wise Business, a multi-currency account, is mainly useful if you also get paid in other currencies.

How it works with Altixia

1. Profile review: owners' residence and nationality, business, clients, currencies, volumes. We rule out upfront the providers that would turn you down.
2. Choice of providers. The LLC Pack includes two applications: Relay and Mercury. Wise Business, Slash or Payoneer remain options depending on your profile.
3. Building the file, then a consistency check across every document.
4. Submitting the applications and answering the compliance (KYC) questions with you.
5. WhatsApp follow-up until activation: cards, ACH and wire transfers, Stripe or PayPal.

The final decision belongs to each provider: a consistent file removes the avoidable refusals, without guaranteeing approval. Afterwards, we follow account updates (address, trade name, owners); for the IRS side, see our LLC operations, and for bank reconciliation, our accounting service.