Azlo is closing down. Need a new bank for a US LLC

[brinkle]

I'm the owner of a US LLC. Just got the news that my company's bank (Azlo) is closing down.

My LLC got formed via Stripe Atlas, which also managed the setup of the bank account. I'm a nonresident alien, so this was very convenient for me, as Stripe got my bank account set up without me ever having to travel to the US in person. As a nonresident alien, I don't have a personal US SSN, but my company does have an EIN.

My LLC sells digital products, no consultancy or physical products whatsoever. It's a small business that's just starting out so I don't think a bank such as SVB would be suitable (high fees, minimum deposit, only accepts VC-backed companies, etc.)

What are other banking options for my LLC? Can I open a bank account with my LLC EIN or do I need to have a personal SSN? Can I open a bank account online without having to travel to the US?

 

[tomboy]

Hi -
it's no longer possible to open a bank account in a brick and mortar bank located in the United States without personal visit.
However, you can try to open an account with Transferwise, they provide U.S banking coordinates under your company name.
you can also try with payoneer, they also provide U.S banking coordinates.
the last option I'm thinking of is mercury.

 

[bizniz]

That is quite a serious issue, if Stripe Atlas bank accounts are being closed. Thanks for informing us. I thought they worked with Silicon Valley Bank. It's the first time I heard of Azlo, that seems to be part of BBVA which is a Spanish bank as you probably know.

Transferwise might accept you, but they are very unreliable in terms of the fact that if anything goes wrong they just close your account without giving a reason and it is impossible to talk to anyone. They don't ask questions or give you a chance to show documents to prove you are legit... they just close the account. Therefore it is not a safe long term solution in my view. Others here on this forum seem to like TW a lot so they might disagree. It is true TW accept everything until they decide they don't. You take a gamble if you choose them.

Payoneer is one step up. As far as I know they offer US virtual accounts to a much wider range of countries than TW do.

Mercury would be a lot better.

Contrary to popular belief it is possible to open US accounts remotely, especially with covid. But, you need 50-100k at least (preferably more) as opening deposit and/or you need good connections (for example: a bank in your home country that has a branch in USA)

In terms of virtual account providers that are better than TW or Payonner, they do exist, and it really depends on your type of business and your country of residence. If you care to share more, no doubt people here could help more.

 

[lory]

Transferwise and Banera may be the options for you, so you want to look into other EMI's
https://www.offshorecorptalk.com/th...rocessors-and-btc-to-fiat-institutions.25398/

 

[Zaki]

What about silicon valley bank, I guess You can have a business account for your LLC as a foreigner.

 

[brinkle]

Update: I solved my problem. Just for reference and future readers, Azlo released an statement and made a list of banking alternatives for US LLCs.

Some of the ones I've seen people choose now that Azlo closed include:

• Lili
• Mercury
• Novo
• Brex

I think Stripe Atlas is no longer forming new LLCs, all they do now is C-Corps and they set them up with SVB, but that's not a suitable option for smaller businesses. Any of the above banking alternatives should work better for a small LLC.

 

[Zaki]

Some of the ones I've seen people choose now that Azlo closed include:

• Lili
• Mercury
• Novo
• Brex

Lili require an SSN to open an account with them

Novo the same think
regarding Brex I sent them an email this is their requirements :

the best option still available is:

• Mercury

 

[EuroKiss]

I opened (no SSN) with Mercury and Brex, no problem at all.
Transferwise doesn’t accept US company without SSN, so it is not an option unless you open a company in EU (assuming you are from EU) and uses this company with TW (but it’s is a tax nightmare).

 

[Zaki]

I opened (no SSN) with Mercury and Brex, no problem at all.

Thank you for sharing your exp
Does Brex require you to deposit a min of $50k?

 

[Mark Rucken]

I opened (no SSN) with Mercury and Brex, no problem at all.
Transferwise doesn’t accept US company without SSN, so it is not an option unless you open a company in EU (assuming you are from EU) and uses this company with TW (but it’s is a tax nightmare).

TransferWise used to open US LLC accounts without SSN, EIN was enough. This was the case until 2-3 months ago. Did something change since then? Where did you get the information about TW and SSN?

 

[jakubko666]

TW opened acc for my us llc month ago without ein. I opened personal acc first.

 

[EuroKiss]

Thank you for sharing your exp
Does Brex require you to deposit a min of $50k?

Opened with 500!

 

[EuroKiss]

TransferWise used to open US LLC accounts without SSN, EIN was enough. This was the case until 2-3 months ago. Did something change since then? Where did you get the information about TW and SSN?

You cannot even proceed in the opening process w/o a SSN, tried in September/October of last year.
I don’t question your experience, just relating mine.