Planning US visit for bank

[johanmichel]

I currently manage a New Mexico LLC with significant investments (>$1M) through Interactive Brokers. After researching remote banking options, I've concluded that visiting the USA in person is the most reliable way to open a US bank account for my LLC.


I'm planning this trip and would appreciate advice on:

1. Required documentation beyond standard LLC papers (Operating Agreement, Articles of Organization, EIN, etc.)
2. Bank recommendations that work well with investment companies and IBKR
3. Whether an ITIN would be beneficial in my situation, given that my LLC is purely for investment purposes with no US business operations
4. Whether I should focus on banks in New Mexico (where my LLC is registered) or if other states would be more advantageous
5. Typical timeline and process for non-US residents opening LLC bank accounts in person

If anyone has gone through a similar process, I'd particularly value hearing about your experience and any pitfalls to avoid.


Thanks!

 

[Forester]

Disclaimer:
I cannot report about my personal experience (as I have never been in need to visit the USA to open a US bank account for myself/my company); just about experiences of persons known to me.

visiting the USA in person is the most reliable way to open a US bank account for my LLC.

I agree in full – in the current situation. You might be fine, too, using an introducer like @yngmind or James Baker, yet personal visit is probably the safest (not the cheapest, maybe).

Required documentation beyond standard LLC papers (Operating Agreement, Articles of Organization, EIN, etc.)

AFAIK, none.

Bank recommendations that work well with investment companies and IBKR

Sorry, I do not dare to say. Such usual generic options like BoA, Chase and Wells Fargo come to my mind; but see below ad (4)

Whether an ITIN would be beneficial in my situation,

Yes, it will. (You can probably do it even without it; but it will help, definitely.)

given that my LLC is purely for investment purposes with no US business operations

It is not relevant in this context.

Whether I should focus on banks in New Mexico (where my LLC is registered)

If your registering agent is a customer-oriented professional, they should be able to advise you about some local bank(s) that they have contacts with and even introduce you there, at least informally. Then this will be your best bet.
Independently of the abovestated, if you are speaking Spanish, then again, NM is a preferred option (AFAIK, Spanish language opens to you some doors there not so easy accessible to standard Yankees).

or if other states would be more advantageous

If none of the conditions named above is valid, then Florida is the state where (many times) impossible becomes possible – speaking about banking (yeah, it probably concerns also other issues ).

Typical timeline and process for non-US residents opening LLC bank accounts in person

Walk-in / walk-out
(OK, seriously: Say 1-3(max.) days. Visit a branch, talk to a clerk, show papers, eventually agree on bringing some additional ones and bring it next day, then come next day or even the same day to sign all papers – if all went OK.)

Thanks!

You are welcome.

 

[Belfort]

There are several online banks that you can use, like Mercury. Why do you feel the need to visit the US to do this?

 

[ImKing]

There are several online banks that you can use, like Mercury. Why do you feel the need to visit the US to do this?

I totally agree with you.

OP, you can do it cheaper if you are using services like the one from @yngmind as an example. he has a good reputation and also a thread around here.

 

[johanmichel]

Disclaimer:
I cannot report about my personal experience (as I have never been in need to visit the USA to open a US bank account for myself/my company); just about experiences of persons known to me.

I agree in full – in the current situation. You might be fine, too, using an introducer like @yngmind or James Baker, yet personal visit is probably the safest (not the cheapest, maybe).


AFAIK, none.


Sorry, I do not dare to say. Such usual generic options like BoA, Chase and Wells Fargo come to my mind; but see below ad (4)


Yes, it will. (You can probably do it even without it; but it will help, definitely.)


It is not relevant in this context.


If your registering agent is a customer-oriented professional, they should be able to advise you about some local bank(s) that they have contacts with and even introduce you there, at least informally. Then this will be your best bet.
Independently of the abovestated, if you are speaking Spanish, then again, NM is a preferred option (AFAIK, Spanish language opens to you some doors there not so easy accessible to standard Yankees).


If none of the conditions named above is valid, then Florida is the state where (many times) impossible becomes possible – speaking about banking (yeah, it probably concerns also other issues ).


Walk-in / walk-out
(OK, seriously: Say 1-3(max.) days. Visit a branch, talk to a clerk, show papers, eventually agree on bringing some additional ones and bring it next day, then come next day or even the same day to sign all papers – if all went OK.)


You are welcome.

A huge thanks to you for the detailed response. Very useful and much appreciated.

 

[johanmichel]

There are several online banks that you can use, like Mercury. Why do you feel the need to visit the US to do this?

Well, I have Relay and Wise. I don't have enough trust in either. Last time when I made a transfer from IBKR to one of these it took 10 to 14 days and that was a domestic wire.

US banks make it more and more difficult for foreigners to do banking, so who says I will still have a bank in half a year from now. And without it my funds will be stuck. So at least in the case of a physical bank I know they will likely follow rules and send me a check when regulations change and they terminate my account.

It is absolutely ridiculous how the US government makes it so difficult for foreigners to bring money into the US. I am very close to pulling out my business and switching to Hong Kong or Dubai....

 

[Xshore]

Do you need a bank account? IB says they accept deposits from owners/manager of a LLC. But not sure if you can withdraw to an owners account.

 

[Sols]

Required documentation beyond standard LLC papers (Operating Agreement, Articles of Organization, EIN, etc.)

Also bring bank statements for the company's existing accounts, and documents for/about yourself explaining who you are, how you make your money, and so on.

Bring personal credit card statements especially if your limit 10,000 USD or greater. US banks love seeing someone who not only has money but is spending money in a responsible enough way that they have credit cards with high limit. A high credit limit can sometimes be more helpful than a high bank balance.

Bank recommendations that work well with investment companies and IBKR

Chase Bank, Bank of America, Wells Fargo, and Citibank are all known to open bank accounts for foreign-owned LLCs. Doesn't mean they always do it.

Then you have banks Flagstar, MVB, East West, Cathay Bank, PNC, and others that may open an account remotely or in person, but chance of success may depend on where you're from. There are banks in California that are very receptive to Asian non-resident entrepreneurs and in Florida (especially Miami) you find ones with a similar attitude towards Latin American non-resident entrepreneurs.

Whether an ITIN would be beneficial in my situation, given that my LLC is purely for investment purposes with no US business operations

Yes, it can help make the process easier.

Whether I should focus on banks in New Mexico (where my LLC is registered) or if other states would be more advantageous

Doesn't really matter.

Typical timeline and process for non-US residents opening LLC bank accounts in person

If you're accepted, you'll get pre-approval face to face and then formal approval usually a few days later, sometimes same day if you show up early in the morning.

If you don't leave with a pre-approval, there's a very high risk you're going to get a decline later.

Try multiple banks on the same day. If you get a soft (face to face) decline from a bank, you can likely try another branch of the same bank. There's a chance no permanent record was made of the previous attempt.

Go early in the morning.

If anyone has gone through a similar process, I'd particularly value hearing about your experience and any pitfalls to avoid.

Dress well but don't overdo it. The most formal that you still look and feel comfortable in.

Don't be the first to bring up foreign currencies. Wait for them to mention it first, for example if discussing a package that specifically mentions it. You're in America, home of the brave, land of the free, users of the greatest currency the world has ever seen. Your account will support SWIFT in/out but you come across as difficult if you start asking about holding balances in foreign currencies.

Sometimes opening a personal account as well as a business account can help close the deal. The bank rep then has double incentives to get you approved.

It is absolutely ridiculous how the US government makes it so difficult for foreigners to bring money into the US. I am very close to pulling out my business and switching to Hong Kong or Dubai....

If you think opening a bank account Hong Kong or Dubai as a non-resident is any easier, I got bad news for you.

 

[johanmichel]

Do you need a bank account? IB says they accept deposits from owners/manager of a LLC. But not sure if you can withdraw to an owners account.

I am not 100% sure, but the "fun" part is that an owner can make deposits but not withdrawals. Withdrawals have to be made in name of the company account.

But perhaps it's possible through support? For me it's just too much money to have it fully dependent on the good will of a brokerage.

 

[johanmichel]

Also bring bank statements for the company's existing accounts, and documents for/about yourself explaining who you are, how you make your money, and so on.

Bring personal credit card statements especially if your limit 10,000 USD or greater. US banks love seeing someone who not only has money but is spending money in a responsible enough way that they have credit cards with high limit. A high credit limit can sometimes be more helpful than a high bank balance.


Chase Bank, Bank of America, Wells Fargo, and Citibank are all known to open bank accounts for foreign-owned LLCs. Doesn't mean they always do it.

Then you have banks Flagstar, MVB, East West, Cathay Bank, PNC, and others that may open an account remotely or in person, but chance of success may depend on where you're from. There are banks in California that are very receptive to Asian non-resident entrepreneurs and in Florida (especially Miami) you find ones with a similar attitude towards Latin American non-resident entrepreneurs.


Yes, it can help make the process easier.


Doesn't really matter.


If you're accepted, you'll get pre-approval face to face and then formal approval usually a few days later, sometimes same day if you show up early in the morning.

If you don't leave with a pre-approval, there's a very high risk you're going to get a decline later.

Try multiple banks on the same day. If you get a soft (face to face) decline from a bank, you can likely try another branch of the same bank. There's a chance no permanent record was made of the previous attempt.

Go early in the morning.


Dress well but don't overdo it. The most formal that you still look and feel comfortable in.

Don't be the first to bring up foreign currencies. Wait for them to mention it first, for example if discussing a package that specifically mentions it. You're in America, home of the brave, land of the free, users of the greatest currency the world has ever seen. Your account will support SWIFT in/out but you come across as difficult if you start asking about holding balances in foreign currencies.

Sometimes opening a personal account as well as a business account can help close the deal. The bank rep then has double incentives to get you approved.


If you think opening a bank account Hong Kong or Dubai as a non-resident is any easier, I got bad news for you.

Thanks @Sols for such a detailed and helpful response!

One concern I have is that my funds are crypto-related. While I've had no issues opening bank accounts with this background here in Poland (with full documentation and compliance), I'm wondering if this might be more challenging with US banks? I have a private Citi account over here, so perhaps that might help getting one in the USA as well?

 

[SCHLOSSFINANZ]

whats the volume on the account?

 

[Sols]

One concern I have is that my funds are crypto-related. While I've had no issues opening bank accounts with this background here in Poland (with full documentation and compliance), I'm wondering if this might be more challenging with US banks? I have a private Citi account over here, so perhaps that might help getting one in the USA as well?

Although closely affiliated, Citibank in Poland isn't a complete subsidiary of Citibank. I'm unfamiliar with to what extent you can leverage your relationship in Poland. However, it certainly won't be a disadvantage. So bring it up and make Citibank one of your stops.

US banks have a complicated relationship with crypto. For example, Chase Bank has a clear policy of allowing incoming transactions from exchanges but not outgoing. However, if you're a wealthy and long-term trusted client, they will might lift that for you. IIRC, both Citibank and Bank of America are quite permissive. Wells Fargo is a little more restrictive.

 

[johanmichel]

whats the volume on the account?

$1.2M atm

 

[johanmichel]

Although closely affiliated, Citibank in Poland isn't a complete subsidiary of Citibank. I'm unfamiliar with to what extent you can leverage your relationship in Poland. However, it certainly won't be a disadvantage. So bring it up and make Citibank one of your stops.

US banks have a complicated relationship with crypto. For example, Chase Bank has a clear policy of allowing incoming transactions from exchanges but not outgoing. However, if you're a wealthy and long-term trusted client, they will might lift that for you. IIRC, both Citibank and Bank of America are quite permissive. Wells Fargo is a little more restrictive.

Thanks for the info. I will ask for a letter from my account manager here at Citi. Hopefully that helps.

 

[SCHLOSSFINANZ]

$1.2M atm

then try Fieldpoint Private Bank in Florida, they are superb and allow remote account opening

Fieldpoint Private Bank & Trust

 

[johanmichel]

That would be absolutely amazing. Thanks a lot for that tip, much appreciated.

 

[SCHLOSSFINANZ]

but you have to invest a big chunk of that money, its one of the best and finest private banks. They even offer 1% cashbank World Mastercards

 

[lagloriacubana]

but you have to invest a big chunk of that money, its one of the best and finest private banks. They even offer 1% cashbank World Mastercards

What is the balance requirement for starting a relationship with them? 1m+ is bare minimum or lower amounts?

 

[SCHLOSSFINANZ]

1m bare minimum

 

[johanmichel]

but you have to invest a big chunk of that money, its one of the best and finest private banks. They even offer 1% cashbank World Mastercards

I see. What kind of investments? I am fine with safer investments... just don't like gambling too much.