Chase Business Complete Banking
Branch bank, ITIN accepted
- Monthly fee
- $15 or $0
- Minimum
- $0 to open
- You need
- SSN, ITIN or EIN
Open account
on the Chase website
on the Chase website
How to open a business bank account in the US
To open a business bank account, you usually need an EIN (a sole proprietor can use an SSN), your formation documents, an ownership agreement and an ID for each owner. Many online accounts have a $0 monthly plan. With an ITIN or only a passport the choice is smaller, but there are options.
Get the EIN and your formation papers first, then pick a bank by your documents: with an SSN most accounts fit, with an ITIN look at Chase and Airwallex, with only a passport at Lili, Relay or Airwallex.
Step by step
- 1
Choose: sole proprietor or LLC
A sole proprietorship is not a separate company, and you can be held personally liable for business debts. An LLC protects you from personal liability in most cases, but you pay a state fee to form it. A sole proprietor can open an account with an SSN at Found, Novo, Bluevine or Chase, and Chase also takes an ITIN.
- 2
Get an EIN
An LLC or corporation usually needs an EIN for the account. It is free from the IRS: online in minutes with an SSN or ITIN, by fax or mail without them. At Chase, a single-member LLC can use the owner's SSN or ITIN instead.
- 3
Prepare the company papers
Bring the formation document filed with the state, the operating agreement and a business license if your city or state requires one. If you work under a name other than your own, bring the DBA registration. Some banks ask for more.
- 4
Prepare ID for the owners
The bank identifies every person who owns 25% or more of the company and one person who controls it, such as the manager. Chase asks for two IDs; people who are not permanent residents can use a passport, matricula consular or US work permit as the main one.
- 5
Have a US address
Banks want a real place of business in the US. Mercury does not accept a registered agent address or PO box, Wise rejects PO boxes, mail forwarding and virtual addresses, and Novo also asks for a US cell phone number.
- 6
Compare fees and apply
Chase Business Complete costs $15 a month, or $0 with a $2,000 minimum daily balance; an outgoing domestic wire costs $8 at Relay and $30 at Bank of America. At Chase, sole proprietors and single-member LLCs can apply online, while multi-member LLCs go to a branch.
- 7
Check deposit insurance
Many online business accounts are run by fintech companies, and the money is held at a partner bank. Check that the bank is a Member FDIC: insurance covers $250,000 per depositor, per insured bank, for each ownership category. It does not cover the bankruptcy of a company that is not an FDIC-insured bank.
With an ITIN
These accept an ITIN. At Chase a sole proprietor or a single-member LLC can open the account with the owner's ITIN. At Airwallex a sole proprietor applies with an SSN or ITIN, and an LLC with its EIN.
Airwallex
Multi-currency account
- Monthly fee
- $0 (Explore)
- Transfer fee
- USD in the US free, SWIFT $15-$25
- Fees
- Exchange 0.5-1%
Open account
on the Airwallex website
on the Airwallex website
No SSN: a US company and a passport
Owners without an SSN can give a foreign passport instead. The company must be registered in the US and have an EIN. Each sets its own rules on where owners live: Relay, for example, needs a US address for every owner. Brex mainly serves companies with outside investors or more than $500,000 a year in revenue.
Lili business checking
Banking with tax tools
- Monthly fee
- $0 (Pro $15, Smart $35, Premium $55)
- Transfer fee
- Domestic wire $15, ACH $0
- You need
- SSN, or passport + EIN
Open account
on the Lili website
on the Lili website
Brex business account
Startups with investors
- Monthly fee
- $0 (Premium $12 per user)
- Transfer fee
- ACH and domestic wires $0
- You need
- US company + EIN
Open account
on the Brex website
on the Brex website
Relay business checking
20 accounts, $0 plan
- Monthly fee
- $0 (Grow $30, Scale $90)
- Transfer fee
- Domestic wire $8
- You need
- SSN or passport + US address
Open account
on the Relay website
on the Relay website
With an SSN: the widest choice
With an SSN and a US address you can apply to most of these: Bank of America works in 39 states and DC, Wise does not take businesses from Nevada, and Novo and Bank of America want owners who live in the US. Found, Novo and Bluevine also open accounts for sole proprietors; Mercury is only for LLCs, corporations and partnerships.
Found business banking
Sole proprietor, no EIN
- Monthly fee
- $0 (Plus $35, Pro $80)
- Transfer fee
- Wire $15, ACH included
- You need
- SSN (no ITIN)
Open account
on the Found website
on the Found website
Novo business checking
Free checking, ATM refunds
- Monthly fee
- $0
- Minimum
- $0
- Transfer fee
- ACH and incoming wires $0
Open account
on the Novo website
on the Novo website
Bluevine Business Checking
Interest on checking
- Monthly fee
- $0 (Plus $30, Premier $95)
- Transfer fee
- Wire $15, standard ACH $0
- You need
- SSN, or passport for an LLC
Open account
on the Bluevine website
on the Bluevine website
Mercury
Account for non-resident founders
- Monthly fee
- $0 (Plus $29.90, Pro $299)
- Transfer fee
- ACH and USD wires $0
- You need
- US company + EIN
Open account
on the Mercury website
on the Mercury website
Wise Business
International payments
- Monthly fee
- $0
- Fees
- $31 once for all features
- Transfer fee
- From 0.23%
Open account
on the Wise website
on the Wise website
Bank of America Business Advantage Fundamentals Banking
Big bank, 12 months free
- Monthly fee
- $0 for 12 months, then $16 or $0
- Transfer fee
- Domestic wire $30
- You need
- SSN or EIN, live in the US
Open account
on the Bank of America website
on the Bank of America website
Questions people ask
What do I need to open a business bank account?
Usually an EIN (or an SSN if you are a sole proprietor), the formation documents, ownership agreements and a business license if you need one. Each owner shows an ID, and the bank identifies everyone who owns 25% or more of the company. Some banks ask for more.
Can I open a business bank account with an ITIN?
Yes, at some. At Chase Business Complete, a sole proprietor or single-member LLC can use the owner's ITIN, and Airwallex accepts an ITIN too. Found and Novo do not take an ITIN, and Bank of America asks for an SSN from everyone on a sole proprietor application.
Can a non-resident open a US business bank account?
Yes, if the company is registered in the US and has an EIN. Lili, Airwallex and Brex accept a foreign passport instead of an SSN; Lili only for citizens of supported countries, such as Mexico, Colombia, Brazil or India, and Brex mainly serves companies with outside investors or more than $500,000 a year in revenue. Bank of America and Novo want applicants who live in the US.
Do I need an LLC to open a business bank account?
No. A sole proprietor can open one with an SSN, for example at Found, Novo, Bluevine or Chase, and Chase also takes an ITIN. Accounts that accept a foreign passport, such as Brex and Lili, need a US company with an EIN.
What are the best banks for a small business account?
It depends on your documents and how you work. If you deposit cash, Chase has branches in 48 states and DC, and the first $5,000 of branch cash deposits each statement period is free; Found takes cash at more than 79,000 stores. For online work, Found, Novo, Relay and Bluevine have $0 monthly plans. With an ITIN look at Chase or Airwallex; with only a passport, at Lili or Airwallex.
Can I open a business bank account online?
Yes. Found, Novo, Relay, Lili and Mercury are online accounts. At Chase, sole proprietors and single-member LLCs can apply online, and multi-member LLCs must go to a branch. Bank of America also takes online applications, but some business types need a visit to a financial center.