Most people form a US LLC for one practical reason: to get paid in US dollars through a US bank account. Then they discover the order of operations. The bank will not open the account without the EIN, the IRS takes weeks to issue the EIN to a foreign owner, and the business sits idle in between. This guide explains what banks actually require and how to shorten the wait.
Why banks require the EIN first
US banks must identify their business customers under know-your-customer rules. For an LLC the identity is the legal name, the formation documents, the beneficial owners, and the EIN. The EIN is the number the bank reports to the IRS on interest and payment forms, so no bank will skip it. Fintech providers that serve non-residents follow the same rules because they operate on top of partner banks.
What you will be asked for
- EIN proof. The IRS CP 575 notice or the 147c letter. A number alone is not enough. See what the 147c letter is.
- Formation documents. Certificate of formation or articles of organization, stamped by the state.
- Operating agreement. Most providers ask for it, especially for multi-member LLCs.
- Owner identification. Passport, sometimes a second ID and proof of address.
- Business description and website. What you sell, to whom, and where the money comes from.
- US address for the LLC. Usually the registered agent or a virtual mailbox. Some banks require a physical US presence; fintechs generally do not.
Options for non-resident owners
| Type | Examples | Notes |
|---|---|---|
| Fintech business accounts | Mercury, Relay, Brex, Wise Business, Payoneer | Fully online, accept non-resident owners, require EIN proof at application. Fastest route for most foreign-owned LLCs. |
| Traditional banks | Chase, Bank of America, Wells Fargo | Usually require an in-person visit and sometimes a US address for the owner. Also require the EIN. |
| International banks with US branches | HSBC, Citi | Possible if you already bank with them elsewhere. Slow onboarding. |
Whichever you choose, the EIN is the first document they ask for. Applying to a fintech with "EIN pending" typically results in the application being paused until you upload the IRS letter.
The timeline problem
A foreign owner without an SSN cannot use the IRS online tool and has to file Form SS-4 by fax or mail, which takes 4 to 12 weeks. Add a few days for the bank to review the application and the business loses one to two months before it can take a single payment. If you have clients waiting to pay you, that is a real cost.
Our timeline guide goes into the IRS processing times in detail.
How to shorten it
- Form the LLC and collect the stamped formation documents.
- Apply for the EIN immediately. With SwiftEIN, 99% of orders receive the 147c letter by email within 72 hours of ordering.
- Prepare the operating agreement and owner ID while you wait.
- Apply to the bank with the full document set in one go. Complete applications are approved faster than ones with follow-up requests.
Common reasons bank applications stall
- LLC name on the EIN letter does not match the formation documents (a punctuation or "LLC" vs "L.L.C." difference)
- No EIN proof uploaded, only the number
- Vague business description, no website or invoices
- Owner address mismatch between documents