As the world’s largest financial pole, most clients usually prefer to work with a partner or vendor who has a local US bank account. If you are doing business with partners or suppliers who are based in the USA, you’ll definitely need to consider opening a bank account there. However, opening a business bank account in the US comes with its own difficulties on the way.
In the following post, we aim to tell you all about the difficulties of opening a business bank account in the US and the alternatives that can make life much easier on your end.
In order to open a business bank account in the US, being a US citizen or preeminent resident is not obligatory, but there comes a lot more than that. Opening a business bank account in the US is rather complicated and time-consuming. The first and foremost step for opening a business bank account in the US is having an Employer Identification Number (EIN) from the Inland Revenue Service (IRS) to prove your business in the US as a limited liability company (LLC).
Your business must be located in the same state where your bank is and in most cases it is necessary to visit the bank in person. Some banks, however, will let you open an account online and with no need to visit the bank yourself. Generally, opening a business bank account in the US is much more difficult for non-residents than those who are already located in the country. There will be a number of documents needed for opening a business bank account in the US, including: LLC operating agreement, a confirmation letter from the IRS, a valid US phone number and at least 2 types of IDs.
As mentioned earlier, opening a business bank account in the US is a complicated process. Beside from having to offer certain official documents like LLC operating agreement and an EIN number, which are hard to get in the first place, opening a business bank account in the US will require you to visit your bank in person, meaning that you need to be located where your bank is to be able to reach there easily. It is not impossible to open a business bank account in the US if you are a non-resident, but let’s say that it’s too difficult, that is almost not worth the trouble.
Looking for the best alternative in Singapore? Visit: Alternative to opening a business bank account in Canada
Instead of striving to open a business bank account in the US you can use a PayPax business account with the exact same options and even more. Using a PAyPax business account you can accept payments in USD and expand your potential customers more and more each day.
Additionally, you’ll be able to integrate your own favored methods to bring to your online marketplace and expand your potential customers even more globally.
You can withdraw funds or if you prefer you can hold them in your PayPax account in USD and use them to manage currencies, and pay contractors, suppliers, or remote employees in the US.
Setting up a business PayPax account is super easy and free of cost. As soon as you verify a personal account it turns into a business type on which you’ll be able to view your account details and share them with clients through your email or social media.
Looking for the best alternative in Australia? Visit: Alternative to opening a business bank account in Australia
PayPax is a low cost, fast, transparent and inexpensive alternative which makes it easier for you to manage payments between your company and contractors, employees, suppliers, and customers in the US, no matter where you or your business are located.
There are many reasons why you should choose to open a PayPax business account rather than going with the stream and opening a business bank account in the US. For first, with the effective exchange rates and transparent fees offered by PayPax, you’ll be able to save money on foreign currency conversions instead of leaking your money on poor rates.
No matter where you or your business are located, using PayPax international payment processor you can have a hassle-free experience of transfer, without having to deal with high and extra charged fees, minimum balance requirements, and strict regulations of a local traditional US bank.