Why Do You Need a U.S. Bank Account?
Opening a bank account after forming your U.S. entity is a critical step in business operations. Without a business account, basic activities like receiving payments, making expenditures, and paying taxes become difficult.
- Receive and make payments within the U.S.
- Collect revenue from Amazon, Stripe, Shopify, and other platforms
- Separate business and personal assets (stronger legal protection)
- Manage business expenses and tax filing (secure a business address with our Virtual Office service)
- Starting point for building U.S. business credit
Banks with Remote Account Opening
You can open a U.S. bank account from Korea without visiting the U.S. in person. Compare the key features, fees, and pros and cons of popular banks below.
| Bank | SSN Required | Remote Opening | Monthly Fee | Intl. Transfers | Notes |
|---|---|---|---|---|---|
| Mercury | No | O | Free | Yes (Wire) | Popular with startups, API available |
| Relay | No | O | Free | Limited | Good for small businesses, intuitive UI |
| Wise Business | No | O | Free | Best (multi-currency) | Multi-currency support, low FX fees |
| Bank of America | Yes (ITIN accepted) | In-person | $16/mo* | Yes (Wire) | Major bank, fee waived with min. balance |
| Chase | Yes (ITIN accepted) | In-person | $15/mo* | Yes (Wire) | Major bank, fee waived with min. balance |
* Monthly fees may be waived with minimum balance requirements. Check each bank's website for exact terms.
Required Documents
Requirements vary slightly by bank, but you will generally need the following documents.
| Document | Description | Required? |
|---|---|---|
| EIN Confirmation Letter | IRS Letter 147C or CP 575 | Required |
| Articles of Organization | Formation document approved by the state | Required |
| Operating Agreement | Document outlining LLC internal operating rules | Required |
| Passport Copy | Valid passport for all members/directors | Required |
| Business Description | Description of business, expected revenue, key customers | Varies by bank |
| Business Address Proof | Virtual office agreement, etc. | Varies by bank |
| Website URL | Website verifying your business activities | Recommended |
Use Auteur's EIN service to receive your EIN confirmation letter quickly.
Step-by-Step: Opening a Mercury Account
Mercury is the most popular option for Korea-based founders. Here is the typical opening process.
- 1. Click 'Apply' on the Mercury website to start your application.
- 2. Enter your business information: company name, EIN, state of formation, business type, business description.
- 3. Provide owner/member details: name, passport number, Korean address, email.
- 4. Upload required documents: Articles of Organization, Operating Agreement, passport copy.
- 5. Submit your application and wait for review. Mercury may request additional information.
- 6. Once approved, your account is activated. This typically takes 1-5 business days.
Opening a Relay Account
Relay is a free business banking service well-suited for small businesses. The process is similar to Mercury.
- 1. Sign up on the Relay website.
- 2. Enter your business and owner information.
- 3. Upload your EIN confirmation letter, Articles of Organization, and passport copy.
- 4. Relay offers up to 20 separate checking accounts for free, enabling purpose-based fund management.
What If Your Application Is Rejected?
Bank account applications sometimes get rejected. Do not panic. Review the common rejection reasons and solutions below.
Common Rejection Reasons
- Business description is unclear or too short. Include specific activities, expected transaction volume, and key customers.
- No website or website is under construction. Even a simple landing page can significantly improve approval rates.
- Document mismatch: company name, address, or other details differ between documents.
- Business is classified as high-risk (cryptocurrency, adult content, gambling, etc.).
Alternatives After Rejection
- Check the rejection reason, address the issue, and reapply to the same bank
- Apply to a different online bank (if Mercury rejects, try Relay, or vice versa)
- Use Wise Business as a temporary alternative (multi-currency support, quick opening)
- If you can visit the U.S., try opening in person at a major bank branch (Chase, Bank of America)
Can I Use the Account for International Transfers?
Yes, most U.S. business bank accounts support international wire transfers. However, methods and fees vary by bank.
- Mercury: International wire transfers supported. Approximately $20 per outgoing transfer. Incoming transfers are free.
- Relay: International transfer features are limited. You can connect with Wise for international needs.
- Wise Business: Best option for international transfers. Multi-currency account supporting 40+ currencies with low fees for sending and receiving.
Tip: Many Korean founders use Mercury (primary business account) alongside Wise (for international transfers).
Timeline Expectations
The full timeline for opening a bank account is shown below. LLC formation and EIN acquisition must be completed first.
Important Notes
- FATCA: U.S. financial account information may be shared with Korean tax authorities. See our Tax Guide for details.
- FBAR: If total foreign account balances exceed $10,000, reporting to the U.S. is required.
- Never mix your business and personal accounts. This can weaken your LLC's limited liability protection.
- Keep your transaction records organized after opening the account. This greatly helps during tax filing.
- For more on opening a bank account without an SSN, see our Start Without an SSN guide.