
Ask HN: How can Non-US founders open a bank account in the US? - sathishmanohar
I've researched about incorporating in the US, and found Bank account is mandatory. It seems creating a bank account needs physical presence, but, I'd also read there are ways we can open a bank account without need for physical presence.<p>Fellow HNers who have actually done that, please share your experience about opening an account with US Bank, preferably startup friendly bank.
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jmitcheson
Can we please have some stories from people who have

1) Opened a MERCHANT account without setting foot in the US

2) Successfully used said merchant account to bill customers online?

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kitcar
There are a few ways. 1) (Both Corporate/Personal) : Open a bank account
locally with a bank that also has branches in the USA - then use their
international banking center to facilitate the process of necessary documents
at your local bank (I.e. HSBC, Citibank offer this service) -
[http://www.citibank.com/ipb-
global/homepage/newsite/content/...](http://www.citibank.com/ipb-
global/homepage/newsite/content/english/index.htm) ,
<http://www.expat.hsbc.com/1/2/>

2) Just personal: Open an "High Net Worth" account. Also can be done from
anywhere in the world, but you must usually keep at least $30K USD in the
account liquid in order not to be charged hefty fees. Citibank offers these
accounts as well (see link above)

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lifeisstillgood
I am in the process of trying this and it has become much less simple.
Certainly for HSBC a remote account opening is considered "next to impossible"
- it requires above branch level sponsorship from the bank which in practise
means turnover 1m+. I am told US anti terror laws have made a big impact on
opening non resident accounts in past few months

I am hoping I can workaround the problems but my bank managers expectations
are low - I may be visitin the states sooner than planned.

~~~
dancesdrunk
What trouble are you having with HSBC? I've just spent about an hour on the
phone with them to open an account in Australia and all I'm required to do now
is go to a Local Branch near me with my ID / documents - the account will be
ready in a week, two weeks max.

~~~
lifeisstillgood
So far the trouble has been - a flat out "no way." need to work around that,
but I doubt it is going to be quick or cheap. Them's the breaks.

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sushi
This article might help : [http://blog.freshdesk.com/how-to-incorporate-a-us-
corporatio...](http://blog.freshdesk.com/how-to-incorporate-a-us-corporation-
from-outs/)

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wisty
mark_up, that link ([http://blog.freshdesk.com/how-to-incorporate-a-us-
corporatio...](http://blog.freshdesk.com/how-to-incorporate-a-us-corporation-
from-outs/#.T4rH0ektgto)) is quite helpful, but as your account has been
banned since you wrote something _slightly_ unflattering about Steve Jobs 190
days ago, we can't see it.

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jbarham
My situation is somewhat similar: I'm a Canadian citizen but was in the US for
several years on an H1B work visa, which got me a SSN and a personal bank
account w/ Chase.

However, I've since relocated to Australia. I'm developing a web based
business but would like the business to have a legal presence in the US so
that I can take advantage of e.g. stripe.com for payments.

At this point I'm not considering taking VC money as I prefer to be
bootstrapped. So I'm fine w/ simpler business structure of e.g. LLC vs. full
blown Corp.

Can anyone recommend the process and/or lawyers for setting up a legal
business presence in US for someone in my situation? I'm happy to pay the
going rate for incorporation.

If you're a lawyer please feel free to contact me. Details in my profile.
Thanks.

~~~
n02idz
Hello I came across your post because I am dealing with similar issues like
you as well. I just started my own consulting firm business in the US. If you
haven't resolved your issue yet I can advise you a couple of ideas that may
help. Feel free to contact me here or n02idz@hush.com

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coenhyde
If you can get to the US, opening a bank account becomes a whole lot easier.
Last time I was in the US I opened a bank at Chase. I was surprised at how
easy it was. All you need is your passport and local country national id (in
my case a drivers license).

~~~
known
You need SSN to _operate_ that a/c

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jorgeleo
Not really. You can use an ITIN. IRS gives them and they are for tax tracking
only. <http://www.irs.gov/individuals/article/0,,id=222209,00.html>

With that and a passport you can easily walk into a bank and open a checking
account.

~~~
psykotic
> Not really. You can use an ITIN. IRS gives them and they are for tax
> tracking only.

I just went though trying to get an ITIN for my spouse so we could file a
joint tax return. After waiting for 5 weeks, they rejected the application
because we didn't attach a copy of a previous tax return--which we don't have,
so it's a catch 22 if I ever saw one. I'm certain that requirement is bogus on
their part, but it meant we had to file for an extension on the tax return
until we could get it sorted out. If it's that much trouble when you are a
legal resident, I can't imagine the process for a non-resident.

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jagbolanos
It should be easier if you are a corporation. Did you file with a CPA?

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psykotic
No. My naive thinking was that since we're not claiming any complex deductions
(we don't have any relevant assets in the US), I could easily do everything by
myself. I'll probably regret that.

~~~
jagbolanos
Yes, in our case we preferred to go with a CPA at least this first time that
we don't know how things work.

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Tzunamitom
I've previously held a US bank account with HSBC without having US residence.
If you have another HSBC account, you should also be able to link your
accounts for a global view. Avoid making transfers through them though,
because the rates are horrendous.

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feint
I did it for Pen.io and did it with Chase, I can give an introduction to the
VP of Business Banking there who'll be able to help you out if you need it. It
was a straight forward process. Getting an EIN (which you'll also need) is
slightly more difficult but again I can help you out - just shoot me an email

~~~
jagbolanos
Getting an EIN is easy. You just need to incorporate and then you can obtain
the EIN by phone. We did it for our company.

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alexwasserman
A couple of years ago, prior to moving completely to the US I opened an
international personal account with Chase - basically regular checking, but
without the need to be in the US.

I didn't have an SSN at the time, or even an ITIN.

I was in the country, but temporarily, on a 90 day visa waiver from the UK. I
just showed my ID etc, and they opened it up. I was using the branch opposite
the UN, so I assume they deal frequently with this sort of thing.

So, yes, I was physically present, but you could do it as part of a one day
trip. I wan't resident in the US in any meaningful way - i.e., no legal
residency, etc.

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mishmax
I'm in Canada and incorporated in Canada and was able to open a bank and
merchant account in the US, as well as take Amex cards in USD. The setup:

1) Bank account with Harris bank. They are excellent for setting a bank
account remotely. 2) USD merchant account with Moneris. They are ok but today
I would probably just go with Stripe. 3) Amex is the tricky one. They require
a physical us address so I used my friend's who lives I'm the US.

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iapi
HSBC Bank lets you open a bank account with just the documents of
incorporation of US company.Also, with the HSBC network, you need not travel
to US for the account opening, this can be handled from India. Contact
india.cmb.ibc[at]hsbc.co.in for more info about the process this is corporate
banking support email.

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samrat
I was wondering the same thing. What about someone who doesn't want to
incorporate a company but just create a bank account for billing? (I'm
thinking Stripe).

[edit] I'm an individual web developer and even Paypal doesn't work in my
country so it sucks. It'd be great if there were a way around it.

~~~
shimms
Stripe requires a social security number and an EIN (if registering as a
company).

Getting the EIN is easy (online in 10 minutes), getting the social is a lot
harder.

~~~
jagbolanos
If you are a foreigner the EIN is done by phone for a corporation. But still
like 20 mins

~~~
shimms
I did mine online (as a foreigner)

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bound008
the ssn type requirements are just for the irs to track income. since you
don't have the requirements for an SSN get an ITIN (see below)
================================== corp: get a physical mailing address. sign
up your corp at that address (preferably delaware), or using a corporate agent
to maintain that address and forward mail. register your corp, get an ein
number from irs.gov (don't have someone do this on your behalf, its literally
a 2 minute online form), and then open your account.

personal: as for a personal account i think you just need to get a taxpayer
id... ( <http://www.irs.gov/individuals/article/0,,id=96287,00.html> )

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shiftb
Try Silicon Valley Bank. Particularly if you're funded. They can also hold
foreign currency.

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bemmu
I'm presently encountering this issue. I would like to charge credit cards
directly on the site without going through PayPal, but US gateways want me to
have a US presence, European gateways want me to have a European presence
(checked by seeing that I have a company address in Europe and utility bills
coming in with my name to that address). Why it matters where I physically
reside is a bit of a mystery to me.

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fleitz
This should be something you discuss with your lawyer, don't cheap out and
miss dotting a T or crossing an I with corporate stuff.

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Yahnz
Bank account is not required to incorporate in the US. Whoever is telling you
this hasn't done their homework.

~~~
sathishmanohar
Sorry, Its a mistake on my part. I'm going to launch a SaaS product, Bank
account is mandatory for billing, not incorporating.

~~~
noeltock
Why use the US and not a jurisdiction like the UK?

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klaut
probably because in UK (and EU) the online billing solutions are a nightmare.
I would do the same - just to be able to use Stripe.

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bemmu
Based on a chat with Stripe around last Startup School, you can not use Stripe
by just incorporating in the US without being physically present in US.

~~~
sathishmanohar
How do they evaluate physical presence? exactly.

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notintokyo
Not sure how Stripe does it, but could be based on utility bills or a social
security number.

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codeonfire
Why do you want to incorporate in the US?

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sathishmanohar
Access to better payment gateways.

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we_can_build_it
aussie in this exact situation checking in .... after looking into the local
options for charging in US dollars (NAB is the only player in town who will
handle foreign currency transactions, but it's messy and expsensive), I'm now
looking at either flying to the US or using a third party to incorporate an
LCC and set up a US bank account for me (I won't link directly to any sites,
but you should be able to google for them). This isn't me, but this fellow
summarises the issues facing aussies startups who want to charge in US dollars
- [http://www.geoffmcqueen.com/2010/07/02/going-to-america-
onli...](http://www.geoffmcqueen.com/2010/07/02/going-to-america-online-
business-from-down-under/)

~~~
diliprao
Hi, new to this board, but founded Paymate in Oz, so have some insights.
Besides NAB, CBA also processes credit card payments in foreign currencies
(and settles in that currency). Neither bank is keen to sign up small
merchants, which may be the hurdle faced by startups. Happy to help out with
the banks if you have a reasonable volume to process.

If you are setting up a US business and that is where the customers are, then
it may be worthwhile to set up a US company and get US merchant facilities. I
did this with Wells Fargo and Chase so have some idea of process.

Best!

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AjJi
If you open a US bank account while incorporating in your home country, how
would the tax paying work? Would you have to pay anything to the US Gov?

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israelyc
I opened a personal checking with my passport + proof of address (just made a
quick rental contract with a friend).

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terrorist1
I think that you need a SSN for a personal bank account nowadays..

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shimms
Didn't a couple of months ago. I opened a personal account at Vhasr whilst I
was in SF. needed my drivers license and passport (both Australian issued).
Didn't need anything else.

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shimms
*At Chase (bloody auto correct)

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foobar2k
HSBC

