New Federal Requirement: Starting January 1, 2024, most business entities in the US will need to report Beneficial Ownership Information.
As you probably learned by now, after 9/11 and with the passing of the Patriot Act it became really hard for foreigners to open U.S. bank accounts. Today all U.S. banks are required to document verification that the person opening the account is the person on the I.D. they’re receiving. The easiest solutions practically all banks chose to go with is simply having one of the employees in their branches make sure that the person opening the account in the branch is the same person on the photo I.D.
From time to time we find opportunities with certain branches of big banks that allow us to open accounts for our clients without requiring their physical presence. Once we discover a way to do that we will publish it in this article. Below you can find all the recent working solutions, their cost, terms, and statistics.
Currently we have no available solutions for remote bank account opening. Our past solution can be seen below (those solutions are unfortunately no longer offered by the banks).
You are welcome to research other options and alternatives for banking here.
Past Solutions (No Longer Offered)
| Solution #1: |  |
Remote Business Bank Account opening in Citibank® (California). |
| Available From: | October 2013 | |
| Unavailabe From: | May 2014 | |
| Successfully Opened: | Per applicant’s country: | |
| Australia: | 1 account | |
| Germany: | 1 account | |
| India: | 2 account | |
| South Africa: | 1 account | |
| Sweden: | 1 account | |
| UK: | 2 account | |
| Failed to Open: | Per applicant’s country: | |
| Libya: | 1 account | |
| Solution #2: |  |
Remote Business Bank Account opening in East West Bank. |
| Available From: | February 2014 | |
| Unavailabe From: | June 2014 | |
This article is not intended to provide any tax advice or direction. None of information contained on this web site is intended to constitute legal or other professional advice, and you should not rely solely on the information contained on the site for making legal decisions. When necessary, you should consult with an attorney for specific advice tailored to your situation.
(a) You made a typo in the card number, CCV code, expiration date, name or address;
(b) Your card balance is too low;
(c) Issuing bank has declined this transaction for some other reason related to your account.
