How To Open A US Bank Account For Non-Resident Without SSN (2024)

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  • Опубликовано: 21 июл 2024
  • Learn the secrets of opening a U.S. bank account as a non-resident without an SSN in 2024 with James Baker, an international tax consultant. Discover step-by-step guidance on setting up businesses, payment processors, and growing your ventures in the U.S. Subscribe now for more valuable insights on navigating the U.S. market!
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    Check out JJames'stop recommended videos here. These are cornerstone videos that should answer many of your questions.
    -----Longer videos that explain it all!
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Комментарии • 72

  • @daveaway
    @daveaway 20 дней назад +1

    Great info.

  • @George-k6i
    @George-k6i День назад +1

    Hello James. you mentioned that as a non USA resident who doesn't physically do business in USA isn't getting taxed. does that include the minimum 10% federal taxes? and potential state taxes? also do the benefits of paying no or reduced taxes come after submitting w-8 form? or do I get the benefits without doing it. Also, as a USA LLC doing an e-commerce business around globe, do the incoming payments count as ECI income? and if so is it taxed?

  • @George-k6i
    @George-k6i День назад

    Hello, James. you mentioned unless I don't physically do business in the USA i don't have to pay the taxes. does that include the minimum 10% federal tax (and potentially state taxes)? and also as a starting out LLC business, do the benefits of not paying taxes, or paying reduces taxes come after I submit the W-8 form or do i automatically get the benefits.
    also, if I conduct e-commerce business as a USA LLC, does that count as an ECI income? and if so am I taxed for it?
    Thank you very much, James.

  • @kezetv9946
    @kezetv9946 19 дней назад

    Can you create a bank account on some other person’s behalf. Let’s say I’m 18 and don’t have a passport, can I create the account with my Mother’s information?

  • @BennyTheNerd
    @BennyTheNerd 7 дней назад

    I have a ITIN number (used to work offshore in US waters) , not having address in US, will ITIN help getting an account?

  • @desafinado74
    @desafinado74 20 дней назад +1

    Great videos as always James. Does anyone here know if a Capital One bank statement and Google Fi invoice can be used as a proof of address when opening checking accounts with Bank of America etc?

  • @cnarbequit
    @cnarbequit 18 дней назад

    Hello, thank you for your valuable information.
    I think Mercury accepts it much more difficult now, I hear that many people are rejected. You said that we need to apply again, do you mean that we have to try with different mails until we are accepted?

    • @JamesBakerCPA
      @JamesBakerCPA  18 дней назад +1

      Maybe create the full website and email and all that. Maybe a new LLC. But yes it's much harder

  • @saadtarar5404
    @saadtarar5404 3 дня назад

    I have registered an LLC in partnership with us resident . He has the authoritative powers while i also own 50% of the company
    Would we be able to open a physical bank account ?
    If yes they what are some the good options

  • @Handysandco
    @Handysandco 19 дней назад

    Was trying to setup an account on relayFin as a Non Resident but i can not find Nigeria on the country List. What's your advise.

    • @JamesBakerCPA
      @JamesBakerCPA  19 дней назад

      Use a US residential address of someone you inown

  • @benvb8457
    @benvb8457 20 дней назад +1

    Thanks for the video. Am I able to get a credit card for business if I do this? I'm from Australia but want to open a USA business. thanks ❤❤❤

  • @Techno_VFX
    @Techno_VFX 20 дней назад

    What if you are not based in the US, do e-commerce, sell products to US audience, Do you pay taxes in that case?

    • @LilYe-v3t
      @LilYe-v3t 20 дней назад

      No you don’t have to pay Tax and report it to IRS

  • @kpopbutlofi
    @kpopbutlofi 20 дней назад +2

    Charles Schwab doesn't work, every time I try it asks for a SSN, also a lot of countries are not available, Canada is not available for example. Unless you have any trick?

    • @JamesBakerCPA
      @JamesBakerCPA  19 дней назад +1

      When I get a chance I'll apply on a video

    • @hussamhussam3278
      @hussamhussam3278 17 дней назад +3

      schwab checking account isnt allowed for non us resident, but you can open a schwab brokerage international account

    • @hussamhussam3278
      @hussamhussam3278 17 дней назад

      the video is misleading/not accurate

    • @kpopbutlofi
      @kpopbutlofi 17 дней назад

      @@hussamhussam3278 you can't, I have talked with their customer services, in my case it's unavailable

  • @soywewe
    @soywewe 20 дней назад +3

    You can have a debit card with Wise, but your account needs to be a personal account, not a business account. You just need to create a personal account, which can be with the same email address, transfer the money from your business account to your personal account, and that's it. You need to have proof of address to receive approval, not only for a digital card but also for a physical Wise debit card. ✌ (PO Box addresses not allowed)

    • @bfourney
      @bfourney 20 дней назад +1

      Any difference with a wise business vs personal other than this?

    • @soywewe
      @soywewe 20 дней назад

      @@bfourney To open a business account, you need to send proof of ownership, like your Certificate of Formation, for example.

    • @tsp7517
      @tsp7517 19 дней назад

      To my knowledge, only if your real residence address in a country with Wise debit card agreement. So unless you lie to them saying you have permanent residency in the US for example, they won’t give it to you.
      Example : You can be French (ok) but live permanently in Thailand (not ok, even with an us bank account ).

    • @bfourney
      @bfourney 19 дней назад

      @@soywewe right, but is there any advantage to it? Just accept payments in business name vs personal?

    • @soywewe
      @soywewe 19 дней назад

      @@tsp7517 well, in the description of this video says "Learn the secrets of opening a U.S. bank account as a non-resident without an SSN in 2024", so be as honest as you'd like to be with wise, or have a debit card.

  • @jerobinjacob9138
    @jerobinjacob9138 19 дней назад

    I tried to fill the chales schwab idividual account but they said that we can't open accounts outside USA.

    • @hussamhussam3278
      @hussamhussam3278 17 дней назад

      schwab checking account isnt allowed for non us resident, but you can open a schwab brokerage international account

    • @sanjogupreti1976
      @sanjogupreti1976 16 дней назад

      @@hussamhussam3278 how to apply international brokerage account?Every time I tried to apply for international account my clicking my country it says we cannot open now

    • @menvil1
      @menvil1 11 дней назад

      @@hussamhussam3278and what is the difference between? what i can do with it ?

  • @harrystudio1077
    @harrystudio1077 20 дней назад

    Hi I live in India and i am your follower. And i have US Delaware LLC and EIN number after watching your video I open account with mercury bank but I need help with taxation I don’t know which tax to file or as Non US Resident do I really need to pay any tax

    • @joshuaportillo4663
      @joshuaportillo4663 19 дней назад

      bro i'm trying to set up my LLC in Wyoming but I'm not a US resident and I don't have a US address. Heard Mercury Bank isn't taking registered agents anymore, is that the right?

    • @JamesBakerCPA
      @JamesBakerCPA  4 дня назад

      You can try! And schedule a call we do taxes and all this

  • @p.c.h.6721
    @p.c.h.6721 20 дней назад

    Someone said to me that Charles Schwab International doesn't give you checks or a debit card, as it is the case with Schwab US. Can anyone confirm?

    • @d-tech5338
      @d-tech5338 20 дней назад +1

      False. They do. The difference is that they're linked directly to your brokerage account whereas US residents can have them on a checking account separate from their brokerage account.

    • @p.c.h.6721
      @p.c.h.6721 20 дней назад

      @d-tech5338
      Thank you for clarifying that, maybe I misunderstood. Then the question is, can you transfer money to another person directly from the brokerage account without having a checking account?

  • @alexandrefilipe4071
    @alexandrefilipe4071 20 дней назад

    What about a amex business checking account?

    • @JamesBakerCPA
      @JamesBakerCPA  20 дней назад +1

      You do need an ITIN now for his

    • @CM-og6if
      @CM-og6if 20 дней назад +1

      @@JamesBakerCPA I want to open a Chase account remotely. can you help me? I applied for the itin, but you have to wait a period of 7 to 10 weeks.

  • @timesoftinternational9451
    @timesoftinternational9451 20 дней назад +1

    Dear i am your follower. And i have USA florida LLC and EIN number . Now i wanna make USA bank account so which bank i can make account please. I am not US resident. Thanks

    • @kingnasir
      @kingnasir 20 дней назад

      If you're not a national of any sanctioned countries then Mercury bank is good but for me since I'm a national of a sanctioned country Mercury rejected my application, but I was able to open a bank account with Wise, Payoneer, and Airwallex which I'm happy with

    • @bfourney
      @bfourney 20 дней назад

      Any more info on Schwab foreign accounts? AFAIK they only offer their crappy “global” brokerage account to foreigners. Schwab investor checking or their other accounts seem to require at least an ITIN, but it is an incredible account to use overseas if you can get one and also includes zelle now.

  • @brightinfo1506
    @brightinfo1506 4 дня назад

    1:26 You said “As a non-resident you can open US companies US bank accounts and have clients in the and grow big business as long as you’re doing the services online without paying taxes in the US”. Wait a minute. What? Without paying taxes? Are you saying that for serious? I mean if you open a LLC in let’s say California you are subject to pay Franchise tax, Gross receipt tax how can you avoid that? Can you explain?

    • @JamesBakerCPA
      @JamesBakerCPA  4 дня назад

      Income taxes would not apply if you are a non resident doing services from abroad with an LLC. If you have paid income taxes schedule a call, we can get the money back!
      Sales taxes apply the same to all businesses and CA franchise tax you have to pay with a CA LLC. I don't recommend California for that reason among others. Unless you live there

  • @theprimecoder4981
    @theprimecoder4981 19 дней назад

    I open a transfer wise account and their transfer fees are high for me

    • @JamesBakerCPA
      @JamesBakerCPA  19 дней назад

      If you have better options then share those!

  • @CheSmith74
    @CheSmith74 20 дней назад +1

    Just went to Schwab and it says before you even begin that you need US tax identifying # and went on with customer support chat and was told flat out no, can't open an account as a foreigner. Maybe there is a trick to this not outlined in the video?

    • @Siri786-9
      @Siri786-9 20 дней назад

      Hi

    • @hussamhussam3278
      @hussamhussam3278 17 дней назад

      schwab checking account isnt allowed for non us resident, but you can open a schwab brokerage international account

    • @hussamhussam3278
      @hussamhussam3278 17 дней назад

      the video is misleading/not accurate

    • @JamesBakerCPA
      @JamesBakerCPA  17 дней назад +1

      Just check it out. The international account I heard comes with a card. I'm just here to give information and ideas and things to try. Thanks for commenting

    • @JamesBakerCPA
      @JamesBakerCPA  4 дня назад +1

      I'll make a video about getting the personal Schwab account open. I think you are doing it wrong

  • @SK-bw9ff
    @SK-bw9ff 4 дня назад

    In short, if you're a non-resident, ask a trusted relative in the U.S. to provide you with a residence address, otherwise you won't be able to open an account or be sure it won't be closed. But I wonder if providing the bank with a U.S. residence address isn't tantamount to declaring that you owe the IRS?

    • @JamesBakerCPA
      @JamesBakerCPA  4 дня назад +1

      It's not. They are different things. The banks and the IRS are quite separate here and if the work is done abroad you are goooood

    • @SK-bw9ff
      @SK-bw9ff 4 дня назад

      @@JamesBakerCPA This is good news. Now, we just need to find a residential address in the US. At this point, for those without family there, renting an apartment seems one of the few long-term solutions left, right? Thanks again for your responses

  • @ahsanmehdinaqvi
    @ahsanmehdinaqvi 20 дней назад

    2nd to comment and 29th to watch

  • @anashmoud3400
    @anashmoud3400 19 дней назад

    Stripe close my account because High risk payment
    How i can get my money

    • @LilYe-v3t
      @LilYe-v3t 19 дней назад

      What is your business niche? And what is your website link

    • @JamesBakerCPA
      @JamesBakerCPA  19 дней назад

      Stripe sucks! Just push with them and wait

  • @beswet7666
    @beswet7666 20 дней назад +1

    Hey james how to open an account if you are from a prohibited country

    • @kpopbutlofi
      @kpopbutlofi 20 дней назад

      You didn't listen till the end..

    • @mamad_vpr
      @mamad_vpr 16 дней назад

      Walk in through the southern border 😂😂😂

    • @JamesBakerCPA
      @JamesBakerCPA  16 дней назад

      Lol exactly