Best Business Bank Account in the US

This guide will cover both how to open a business account and which banks or providers are best for expats and non-residents. 

We’ll cover some major US bank options as well as specialist providers like Wise Business which has multi-currency account features with no monthly fees, mid-market exchange rates and perks like accounting integrations to cut down on admin.

Can a foreigner open a business account in the US?

Yes. A foreigner can open a business account in the US.

If you have a US registered business you can choose to open a business account with a bank like Bank of America, or a specialist provider like Wise or Revolut.

Not all US banks allow non-resident account opening, and you may not be able to open an account if your business is registered outside of the provider’s service area. 

That said, there are options. In this guide we’ll focus on the business accounts available for non-residents of the US so you can decide which is best for your specific needs.

Best business bank accounts in the US:

To help you select the best business bank accounts in the US for your specific needs, we’ve compared a range of account options from specialist providers, alongside major US banks. 

Methodology: We’ve picked low fee accounts which support applications from US business owners including non-residents, and looked at international features and fees including supported currencies and transfer costs, to help the owners of US based businesses trading globally find a good fit. 

We’ve used Wise, Revolut and Airwallex as specialist providers which are not banks, as well as Bank of America and Wells Fargo to give an idea of the bank features offered.

Here’s a comparison on important features and fees, with more detail on each option right after.

Provider/Bank	Eligibility	Key fees	Supported currencies	International transfer fees
Wise Business Account	Business owners in the US and many other countries	31 USD account opening fee for full feature access No monthly fee	40+ currencies supported to hold Receive 8+ currencies with local account details, and 20+ with SWIFT details	Low, transparent fee from 0.57%
Revolut Business Account	Business owners in the US with a residence in the UK, the EEA, Switzerland, Australia, Singapore, or the US	No account opening fee Monthly fees from 10 USD – 140 USD	25+ currencies supported to hold Receive USD and GBP with local details, and all other supported currencies with SWIFT details	No fee to plan limits, then 5 USD Currency conversion fees of 0.6% apply when plan limit is exceeded 1% weekend exchange fee applies
Airwallex Business Account	Business owners in the US and many other countries	No account opening fee Monthly fees from 0 USD – 99 USD/month	20+ currencies supported to receive and hold	No fee for local transfers to 120+ countries SWIFT transfers to 200+ countries for 15 USD – 25 USD Interbank rate + 0.5% or 1% depending on currencies
Bank of America Business Advantage Fundamentals Account	Owners of US businesses in states in which BoA has a financial center	No account opening fee 16 USD/month, waived for 1 year – additional ways to waive fees apply	USD	No transfer fee when sending a foreign currency Exchange rate markups apply
Wells Fargo Initiate Business Checking Account	Owners of US businesses including non residents who have a primary residence in the US	No account opening fee 10 USD/month – ways to waive fees apply	USD	25 USD Exchange rate markups apply

*Details correct at time of research – 20th August 2025. About Wise pricing: Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Wise Business Account

💡 Great for: No ongoing fees, with 40+ supported currencies, and mid-market rate currency conversions

Use a Wise Business Account to hold 40+ currencies, and set up account details for your business in 20+ currencies, allowing customers to pay you in their preferred currency conveniently. If you need to send payments overseas, transfers are quick or instant and use the mid-market rate with fees from just 0.57%, making this a great option for US businesses which trade internationally.

Plus get business friendly perks like business debit and expense cards to use overseas without foreign currency transaction fees (the Wise Multi-Currency Card for business), BatchTransfers and integrations with your favourite accounting software and save time on admin. Choose from Xero, QuickBooks, FreeAgent and more.

• Account fees: No monthly fee, 31 USD account opening fee for full feature access
• Support currencies: 40+ currencies supported to hold, Receive 8+ currencies with local account details, and 20+ with SWIFT details
• International payments: Low, transparent fee from 0.57%
• Exchange rates: Mid-market rate
• Eligibility criteria: Business owners in the US and many other countries
• Required documents: Proof of ID and address, SSN or ITIN, business registration documents – details of beneficial owners also required

Revolut Business Account

💡 Great for: Select between different account plans depending on your transaction needs, with 25+ supported currencies and some no fee transactions monthly

Revolut Business has 3 different off the shelf account plans, as well as enterprise level services, to allow companies of different sizes to access the features that matter to them. All accounts offer business debit and expense cards, and ways to receive and hold 25+ currencies. 

There are some no fee transactions included in all account plans, which vary depending on the plan selected. Pick a plan with a higher monthly fee to secure more no fee transactions, or stick with the Standard plan for more of a pay as you go model offering only a small number of no fee transactions.

• Account fees: No account opening fee, Monthly fees from 10 USD – 140 USD
• Support currencies: 25+ currencies supported to hold, Receive USD and GBP with local details, and all other supported currencies with SWIFT details
• International payments: No fee to plan limits, then 5 USD
• Exchange rates: Revolut rate to plan limit. Currency conversion fees of 0.6% apply when plan limit is exceeded, 1% weekend exchange fee applies
• Eligibility criteria: Business owners in the US with a residence in the UK, the EEA, Switzerland, Australia, Singapore, or the US
• Required documents: Proof of ID and address, SSN or ITIN, business registration documents – details of beneficial owners also required

Airwallex Business Account

💡 Great for: Companies taking customer card payments in multiple currencies, with ways to hold and receive 20+ currencies easily

The Airwallex Business Account is popular with ecommerce and fully digital businesses as it offers a great selection of ways to get paid by customers by bank transfer and with local and global cards. You can choose the most basic account which has no monthly fee, or an account with ongoing costs which unlocks more features and lower per transaction charges. 

All Airwallex accounts have features like corporate cards which can be eligible for cash back on spending, multi-currency account features and expense management tools.

• Account fees: No account opening fee, service fees from 0 USD – 99 USD/month
• Support currencies: 20+ currencies supported to receive and hold
• International payments: No fee for local transfers to 120+ countries, SWIFT transfers to 200+ countries for 15 USD – 25 USD
• Exchange rates: Interbank rate + 0.5% or 1% depending on currencies 
• Eligibility criteria: Business owners in the US and many other countries
• Required documents: Proof of ID and address, SSN or ITIN, business registration documents – details of beneficial owners also required

Bank of America Business Advantage Fundamentals Account

💡 Great for: Low fee account from a major US bank which allows non-resident applications in some cases

The Bank of America Business Advantage Fundamentals Account is the lowest ongoing cost account option offered by BoA for small businesses. You can apply as a non-US resident if your business is registered in a state that BoA has a presence in, and accounts are set to hold and receive USD only. Additional features include Zelle, accounting integrations and business debit cards for easy spending and withdrawals.

• Account fees: No account opening fee, service fees of 16 USD/month, waived for 1 year – additional ways to waive fees by holding 5,000 USD balance apply
• Support currencies: USD
• International payments: No transfer fee when sending a foreign currency
• Exchange rates: Exchange rate markups apply
• Eligibility criteria: Owners of US businesses in states in which BoA has a financial center
• Required documents: Proof of ID and address, SSN or ITIN, business registration documents – details of beneficial owners also required

Wells Fargo Initiate Business Checking Account

💡 Great for: US bank business account with easy ways to waive monthly fees and a low minimum opening deposit

The Wells Fargo Initiate Business Checking Account is a good option for new businesses in the US which have simpler financial needs. You get access to all you need to manage your money in USD, including the Wells Fargo branch and ATM network, and a debit card for spending and withdrawals. Waive your monthly fee with a minimum balance of just 500 USD to make sure you’re not spending on ongoing costs unnecessarily.

• Account fees: No account opening fee, service fee of 10 USD/month – ways to waive fees with a 500 USD daily balance apply
• Support currencies: USD
• International payments: 25 USD outgoing fee, 15 USD incoming fee
• Exchange rates: Exchange rate markups apply
• Eligibility criteria: Owners of US businesses who have a primary residence in the US
• Required documents: Proof of ID and address, SSN or ITIN, business registration documents – details of beneficial owners also required

How to choose the right account for your business

It’s important to choose the right account for your business to cut the costs of financial transactions and make sure you have access to all the services your business might need right now and in the future. 

US banks tend to offer checking and saving accounts which are split by business size, with some tailored to new companies and startups, and others more for growing and established organizations. When you decide which account is best for your needs, you’ll need to consider the following points:

• Ongoing account fees: Ongoing fees can eat into your profits. US banks and specialist providers may offer accounts with no monthly charges, or with ways to waive fees.
• Account transaction fees: Other costs apply to most accounts, depending on how you transact. Look at the fees for common transactions carefully to make sure you know what to expect.
• Feature availability: Check the account has all the features you need. Digital accounts may not support cash deposits for example, while US banks tend not to offer multi-currency features.
• Eligibility: Some banks limit accounts to people with businesses registered in specific states, while digital providers may be more flexible.
• Currency options: If you need to hold, send or receive foreign currencies you may benefit from a multi-currency account with ways to get paid in foreign currency without converting back to USD – options like Wise and Revolut can be a good pick.
• International payments: Paying contractors, suppliers and overseas employees can be costly. Choose a provider which supports low cost transfers with good exchange rates to save on fees.

How to open a business bank account in the US:

The exact process to open a business account in the US can depend on the provider or bank you select. However, the process is usually quite uniform.

Here’s how to open a business bank account in the US in a few simple steps.

Step 1: Understand the requirements

If you’re opening an account with a US bank you’ll need to check that you’re eligible to apply, based on your residence and business type. Some banks do not offer accounts to businesses in all states, and in almost all cases there are restrictions on some business types. Aside from this, accounts also often have a minimum deposit amount which you’ll want to check out.

Specialist providers like Wise and Revolut do have their own eligibility requirements, but these may be more flexible, depending on your personal situation.

Step 2: Gather your documents

All banks and specialist providers need to see some paperwork to support your application. This usually includes:

• Proof of ID like your passport – a secondary ID document may also be needed
• If you’re a foreigner in the US you may need to show proof of legal residency if relevant
• Proof of address like a utility bill
• Your SSN or ITIN
• Business registration documents – the requirements here vary according to entity type

In most cases you also need to provide information and documents for beneficiary owners – anyone with a large stake in your business – and directors. Check with your preferred bank or provider directly so you know what’s needed.

Step 3: Submit your application 

Banks often ask you and any co-applicants to visit a branch in person to submit your application. You can make an appointment in advance and a member of the team will take you through the application process. Take along your documents to show for verification.

If you choose a digital first provider, the application, verification and onboarding process is normally done online.

Step 4: Fund your account and start to transact

Once your account is verified – which may be instant or may take a few days – you can fund your account and start to transact. If you’ve applied online, your account materials like a debit card will be mailed to your registered address.

Conclusion

US business owners have a good choice of account options depending on entity type and transaction requirements. You can choose an account from a US bank or a specialist provider like Wise or Revolut. Ultimately, the best option for your business will depend on your specific business type and residency status.

If you’re a US resident and need checking or cash deposit services, a business account from a bank like Bank of America might be a good choice. Or if you’re running a company with a more international outlook, a provider like Wise Business could be an excellent pick for multi-currency payment solutions, low fees and the mid-market rate when you send, spend or exchange currencies.

FAQs

Can a non-resident open a business bank account in the US?

Yes. A foreigner can open a business account in the US. If you have a US registered business you can choose to open a business account with a bank like Bank of America, or a specialist provider like Wise or Revolut.

Can I use a personal bank account for business purposes?

Some entity types must have a dedicated business account by law – but even if you’re a sole trader or freelancer, opening a business bank account can be an excellent option. Having a dedicated business account makes it easier to view and manage company transactions, track performance and access business friendly features.

How much money is needed to open an account?

Business bank accounts often have a minimum deposit amount of around 25 USD to open the account, and from 500 USD to 5,000 USD to avoid ongoing fees. There are no charges to open an account in the first place.

Useful resources

• Revolut Business – Revolut Business landing page
• Revolut Business pricing – Compare Revolut Business plan features and fees side by side
• Airwallex Pricing – Airwallex US account descriptions and pricing plans
• Bank of America business checking accounts – Bank of America business account homepage 
• Bank of America business fees at a glance – Summary of key Bank of America business fees
• Bank of America business fees – Comprehensive Bank of America business fee schedule
• Wells Fargo business checking accounts – Wells Fargo business account homepage 
• Wells Fargo business fees – Wells Fargo business fee schedule