Article Updated 11-14-2024
Opening a USA Bank Account
Opening a bank account for entrepreneurs is possible without having to travel to America. Registering your business as an INC or LLC, along with your Employer Identification Number (EIN), is generally sufficient to initiate the application.
You’ll receive what’s known as a Debit Card. As a European, you won’t have a Credit Score/FICO® Scores, so a credit card is typically not immediately available. However, you can use your (MasterCard) Debit Card as a Credit Card. It works simply: as long as you have enough funds in your account, you can withdraw and make payments—with a daily limit, of course.
Only after building a solid track record with a bank, usually more than two years, can you apply for a credit card for your business. A debit card can be used for many transactions such as paying in stores, at restaurants, or refueling. However, it can’t be used to book rental cars or hotel rooms, as deposits always require a credit card. For all other direct payments, you can use a debit card as a credit card.
What is Needed for a USA Bank Account?
As an entrepreneur and business owner, opening a dollar account in America requires certain ready-made solutions for a foreign currency account, such as:
NL BV – If you have a Dutch BV, you can open a US dollar account with an American bank in that name. You’ll need a Dutch passport, a registered address in the Netherlands, and an existing business bank account at a reputable Dutch bank like ING, Rabobank, or ABN AMRO. The new dollar account will be part of your Dutch administration and bookkeeping.
USA INC – If you have established and registered an INC in the US with a registered address, along with your EIN number, you can open a US dollar account with an American bank. You’ll need a passport and a US address. This account will be part of your American administration and bookkeeping.
USA LLC – If you have established and registered an LLC in the US with a registered address, along with your EIN number, you can open a US dollar account with an American bank. You’ll need a passport and a US address. This account will be part of your American administration and bookkeeping.
Van Holland Group can assist you with completing all the forms and submitting them to the bank. Typically, you can start using your new account within two to three weeks. If you don’t have an EIN number, we can also help you apply for this Employer Identification Number.
Our services are strictly for businesses and entrepreneurs, not individuals.
The EIN is an Employer Identification Number, also known as the Federal Employer Identification Number or Federal Tax Identification Number. It’s a unique number you can request if you have a business in America, such as an INC or an LLC. Please note that we cannot guarantee account opening, as banks have extensive compliance rules, including KYC (Know Your Customer), UBOs (Ultimate Beneficial Owners), and CDD (Customer Due Diligence).
Banks use systems to check if someone is wanted or has been involved in money laundering. If you run a normal business and conduct standard operations, we are happy to assist. We assume you are a resident of the Netherlands with a Dutch passport. Depending on the state where your LLC or INC is established and the designated officers, we will open the account with a reputable American bank.
Account Opening
Orders can be placed easily online.
Examples of American Banks
In Florida, you’ll naturally find all the well-known banks such as Bank of America, Chase, 53Bank, and Wells Fargo. Local banks with only a few branches or offices are also often active. We have good relationships with all the major commercial banks operating in multiple states. Instead of a foreign currency account with Rabobank, ING, or ABN AMRO, you can open a real dollar account with an American bank.
Can I Choose?
Sometimes people vacationing at a local community bank say, “I withdrew money there.” They might then ask, “Can I open an account with ABC Bank or XYZ Bank?” We work with a select number of commercial banks. You cannot specify a preference; instead, we match you with the best bank for your business based on your company profile.
Business Bank Account for Non-Residents
For Dutch companies doing business in and with the US, opening a dollar account is an important step. It facilitates participation in the economic flow and introduces you to things like checks, where larger amounts are not paid in cash or via transfer but with a “cashier’s check.” A cashier’s check is a type of official check issued and signed by banks.
Modern banks can now verify your identity using a (live) video connection for a form of “attestation de vita,” proving you are alive and the rightful owner of the ID. Bear in mind that not all US banks offer this yet.
Benefits of Our Assistance in the USA
- We assist virtually all types of companies, except individuals and sole proprietors.
- We partner with reliable financial organizations.
- No SSN (Social Security Number) required.
- No need to visit the US personally.
- Money transfer via international transfer from the Netherlands or Europe.
- Special ATM card for cash withdrawal.
- And, of course, 24/7 online banking.
Commercial banks increasingly require a minimum balance, like $5000, to avoid monthly fees. Bank fees in America are comparable to Dutch fees for a checking account.
Frequently Asked Question
Can this also be done for personal use or for my sole proprietorship?
No, this only works for Dutch BVs or an American INC or LLC.
Opening a US account with assistance from the Van Holland Group can be done easily online.
Opening a Bank Account in the US?
We’re happy to provide personal advice.
Would you like to know what your options are for opening a bank account?
- Plan a TEAMS video call at your convenience
- Contact us by phone at (+1) 786 233 6384
- Or email us at: info@vanhollandgroup.com
News update
In 2022, for the first time in 20 years, the US dollar and the Euro achieved parity. According to Bloomberg, the EUR/USD hit parity on the morning of July 16, 2022. This is beneficial for European exporters.
Some of us might remember when it was $1.60 back in 2008. However, the Euro has weakened, especially during the prolonged conflict in Ukraine. How does this help with exports from Europe to the US? A strong dollar is good news for Americans considering purchasing goods from abroad.
European companies selling their products in America may find that a weaker euro makes exports more attractive, as the buyer’s currency now has more purchasing power in comparison.
It’s time to enter the American market. At Van Holland Group, we use our expertise, key contacts, and market knowledge to make your business successful in the US.
Contact Us
- Plan a TEAMS video call at your convenience
- Contact us by phone at (+1) 786 233 6384
- Or email us at: info@vanhollandgroup.com
