We were continuously asked, where one can open a bank account for a LLC or corporation, if one currently cannot travel personally to the USA.
Out coaching-clients have already implemented this solution several times successfully. Now for the first time, we present it on the blog.
Challenge: Opening of a bank account on the name of a LLC or corporation to receive and send US-Dollars and/or Euros.
Solution: Account opening at the special provider TransferWise
Requirements and costs of an account opening
The requirements are very easy to fulfill. After you have chosen “commercial” and stated the e-mail address, as well as chosen a password:
you have to upload the following documents:
- official document that the company exists
for example the letter of the IRS notifying about the tax number or a confirmation about the foundation of the company from the corresponding federal state
- passport or ID-card.
It would not be unusual, if you would receive a response from the TransferWise-customer service concerning the power of attorney.
This can be done comfortably through e-mail or chat, as well as alternatively calling the support. In Germany, it is the telephone number: +49 522 394 730 01.
An activation takes place sometimes on the same day.
At questions and possible requirements of further documents, the activation may need some days.
The best about it: The account is free of charge!
In detail: The account opening, the account management and Mastercard are free of charge independently from the use or the balance!
Charges only apply at outgoing transactions (transfers).
Because of the fact that international transfers are still expensive, one also saves a lot of fees with TransferWise (if you want to transfer from country to country or from currency to currency).
Setup of the USD-account
As soon as the customer account is activated, the setup of the US-Dollar account is a piece of cake:
The account can be setup within the app (as shown in the video) or using the PC/notebook.
You immediately get:
- account number
- wire routing number
- ACH routing number
- if necessary for stating the address of the bank:
TransferWise, 19 W 24th Street, New York, 10010, United States
Being the account holder, of course, your LLC or corporation is entered. That’s how it looks like on the big screen:
Exactly in the same manner, you can setup further accounts in the currencies EUR (Euro-zone), GBP (Great Britain), AUD (Australia) and NZD (New Zealand).
When opening a Euro-account, you receive a DE-IBAN for the US-company!
Mastercard free of charge
Good news: The experimental phase of the Business Debit Mastercard has been successful and from December 2018, business customers can order it for free. Private customers can get it already!
There won’t be an annual charge for the Mastercard. It is free, just like the account.
There is no foreign transaction fee charged, because the currency is always debited from the Borderless Account, in which you pay. Should your balance not be enough, then it is debited from your account with the lowest exchange fee. Nice, isn’t it?
Please feel free to ask them. Use the comments feature for free answers or apply for a consulting hour in German with us.