Payset prespective
April 27, 2023

How to open a business bank account as an LLC

It is important to have a bank account as an LLC, but it can be difficult to choose a bank that offers the services you need to prioritize. Below, we detail the steps in the process as well as some key things to consider.

Business owners can benefit greatly from opening a business bank account as an LLC. An increasingly popular alternative is to open a multi-currency account for cross-border payments.

With an LLC business bank account, your business will find bookkeeping and tax filing more straightforward due to the distinction between company members and the company itself.

Plus, your company will gain added legal protection. This means that business funds will be separate from all personal funds. In other words, individual company members will not be responsible for debts and liabilities. These benefits can be important in case of legal action.

So, if your firm is already registered as an LLC, you should strongly consider opening an LLC business bank account. Here’s how to do so. 

Opening a business bank account

Banks offer services and terms of conditions that vary between different types of account, and you should consider your options before you open an account. 

You should first consider different fee structures and opt for a service that is affordable and convenient. You should also consider whether the bank requires you to maintain a minimum balance, offers interest on your balance, or provides overdraft protection.

Business bank accounts usually offer the same basic features as personal accounts — such as deposits, withdrawals, transfers, and lines of credit. 

However, business bank accounts typically allow for more than one individual to act as a signing authority, meaning that more than one person can use the account in question. Additionally, business bank accounts often have higher fees than personal accounts.

Once you choose an account, your bank will guide you through the registration process.

What documentation do I need to open a business bank account as an LLC?

To open a business payment account as an LLC, you may need to provide several pieces of information, including but not limited to:

  • The name of your LLC 
  • Articles of organisation (which are filed with the state to establish an LLC)
  • Operating agreements (which are used by LLCs to outline decision-making rules)
  • Business licences
  • EINs or Employer Identification Numbers
  • Tax identification numbers
  • Proof-of-residence documents
  • Other documents and certificates

The exact information that you provide depends on the bank and service that you choose.

Requirements to open an LLC business account as a non-resident

Though LLCs only exist in the U.S., foreign businesses can establish an LLC and open an LLC business bank account even if they are based outside the country.

Yet it is comparably difficult to open an LLC business bank account if you are not located in the United States. You will likely need to obtain an Individual Taxpayer Identification Number (ITIN) in addition to your Employer Identification Numbers (EINs). 

Some U.S. banks may refuse to open accounts for companies or individuals that are not based in the country. 

However, other banks may allow this, and certain companies are specifically dedicated to helping non-U.S. entities access banking services.

Is opening an LLC business payment account online an option?

Opening an LLC business payment account in the U.S. is possible, and this is an ideal course of action for any company that has established itself as an LLC. 

At Payset, we offer affordable virtual multi-currency accounts that include many features found in standard bank accounts, including payments, global transfers, excellent reporting features, and currency exchange.

By opening a Payset account, you’ll gain access to a multi-currency IBAN account with support for 34 currencies including the U.S. dollar. You’ll also gain access to top payment networks such as SWIFT, SEPA, CHAPS, and several other global networks. 

Click below to find out more:

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Frequently asked questions

What is a multi-currency account/virtual IBAN?

A Payset multi-currency account allows you to receive money in 34 different currencies and send money in up to 38 currencies, all within the same account.

You can deposit and withdraw funds, convert currencies at competitive exchange rates, and hold your chosen currencies to capitalize on market movements.

A Payset multi-currency account allows startups and business owners to receive payments from clients virtually anywhere in the world and pay suppliers, staff, and contractors quickly and affordably in their chosen currency.

  • Funds can be deposited and withdrawn from the account for a small fee.
  • Account holders can send and receive money with other Payset users for free.
  • Depending on your region, you can use various payment networks from your Payset account, including SWIFT, SEPA, ACH, Fedwire, Faster Payments, BACS, and CHAPS. 
  • Once you register an account, you will be provided with a Virtual IBAN (International Bank Account Number), which makes all of these transfers easy.
  • We provide you with local payments and collections. For example, transactions in USD, EUR, CAD, and GBP are processed through the local payment networks, which is far cheaper and takes minutes as opposed to days

Are there limits on the amount of money I can send and receive?

No, there are no transaction limits on Payset multi-currency accounts.

However, higher-volume transactions may require additional anti-fraud verification. If you plan to make a large transaction, contact us in advance to avoid verification delays.

How is Payset regulated?

Payset is regulated as an authorized Electronic Money Institution by the UK Financial Conduct Authority. Our activities are also regulated by the Payment Services Regulation 2017 and the Electronic Money Regulation 2011 (SI 2011/99).

How do I send money from my account?

Once you have opened your verified IBAN account and added money to a balance, transferring funds is simple.

Simply log in into your account and add a beneficiary, then simply “make a transfer” in your preferred currency to that beneficiary.

Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.

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