U.S. Banking for Foreign Entrepreneurs: Compliance and Best Account Options

Introduction: If you’re a Chilean entrepreneur who formed a U.S. LLC to run a Shopify e-commerce business, you might be surprised at how complicated opening a U.S. bank account can be. American banks seem to ask for a mountain of paperwork and checks compared to banks back home. Don’t worry – this guide will explain in simple terms why U.S. banks are so strict about compliance (KYC and AML), and how you can successfully open an account. We’ll also compare the best traditional banks and online “neobanks” for a small business like yours, focusing on fees, ease of opening an account as a non-U.S. resident, and integration with Shopify and other platforms. Let’s break it down step by step.

Why U.S. Banks Are Strict on Compliance (KYC & AML)

U.S. banks operate under very strict laws designed to prevent illegal activities like money laundering and terrorist financing. KYC (Know Your Customer) and AML (Anti-Money Laundering) rules require banks to verify who you are and where your money comes from. In practice, that means when you open an account, the bank will ask for identification and documentation to make sure you’re a real person with legitimate funds. These measures are part of the bank’s first line of defense against criminals using the financial system​. Every new customer, especially a company, is screened against watchlists (for example, known criminals or sanctioned individuals), and the bank must report anything suspicious to regulators.

For a foreign-owned company, U.S. banks tend to be extra cautious. It’s not personal – it’s because international accounts can carry higher risk if not verified thoroughly. Banks need to ensure you’re not opening a shell company to hide illicit money. They will likely ask for your passport, your company’s incorporation documents, your U.S. LLC’s EIN (tax ID number), and sometimes proof of your business address. All these steps are to satisfy U.S. laws like the Bank Secrecy Act and USA PATRIOT Act which mandate strict customer verification. Even if you have a successful business, you won’t get to “skip” these compliance steps – everybody has to go through KYC​. U.S. banks face heavy penalties if they don’t follow these rules, so they take them very seriously.

Why Opening an Account Is Harder Than in Latin America

If you’ve opened a bank account in Chile or elsewhere in Latin America, you might recall it being relatively straightforward: show your national ID, maybe a tax number, and you’re done. In the U.S., the process can feel more complex, especially for a non-resident. One reason is that as a foreign entrepreneur, you don’t have a Social Security Number or U.S. credit history, so the bank has to rely entirely on the documents you provide. They might not be familiar with foreign IDs or business registration papers, so they scrutinize everything more carefully.

Another difference is address verification. U.S. banks often insist on a physical U.S. address (not just a P.O. box or mail forwarding address) for the business account. This can be confusing if your LLC uses a registered agent’s address or a virtual office. Banks have databases to flag mailing addresses versus real street addresses. A virtual mailbox in the U.S. might not satisfy their requirements – they prefer to see a genuine location tied to your business or yourself. In Latin America, banks might be more accustomed to the local documentation and have less stringent address rules for residents. In the U.S., a foreign address can be an extra hurdle because it’s harder for the bank to verify.

Lastly, U.S. compliance culture is just stricter in general. For example, starting around 2024, many U.S. banks tightened their policies for non-resident accounts​. It’s become challenging recently, even though a couple of years ago it was easier​. This is a result of internal policies and U.S. regulations evolving. In short, opening a bank account in the U.S. as a foreigner requires patience: lots of documents, possible delays, and more questions than you might get at a bank at home.

Fees and Minimum Balances: Traditional Banks vs. Neobanks

One practical concern for any small business is the cost of banking. Here’s how traditional banks compare with newer online banks (neobanks) when it comes to fees and minimum balances:

• Traditional U.S. Banks: Most big banks charge a monthly maintenance fee for business checking accounts, typically around $10–$15 per month. The good news is these fees can often be waived if you meet certain requirements. For example, Bank of America’s basic business account has a $16 monthly fee, but they will waive it if you maintain a minimum balance or meet other conditions​. Chase’s popular Business Complete Banking account costs $15 per month, but you can waive this by keeping a sufficient balance or making certain monthly transactions​. Wells Fargo’s Everyday Checking (a personal account often used by new entrepreneurs) has a $10 monthly fee, waived if you keep at least $500 as a daily balance​. The minimum opening deposit at traditional banks is usually low (around $25 to $100), so that’s not a big barrier, but you do need to watch the balance to avoid fees.

  
  

• Neobanks and Fintech Banks: Many online banking platforms for businesses have no monthly fees and no minimum balance requirements. For instance, Mercury – a popular fintech bank for startups – has a completely fee-free business checking account (no monthly fee, no minimum balance, and no initial deposit)​. Similarly, Relay (another online banking platform) offers a standard business checking with no monthly fees or minimums​. These fintech banks make money in other ways (like small fees on wire transfers or card transactions), but day-to-day banking can be free for you. This is great for a small e-commerce business where every dollar counts. You won’t have to worry about maintaining a high balance just to avoid a fee.

  
  

The bottom line on costs is that traditional banks may charge monthly fees unless you maintain a certain balance, whereas neobanks typically offer free accounts with no minimum balance. Always check the latest fee schedule, but as a rule, online banking solutions are more budget-friendly for small businesses.

Onboarding Speed and Ease for Non-U.S. Residents

Onboarding refers to the process of applying for and opening your account. This is where you’ll see a big difference between traditional banks and neobanks, especially as a non-U.S. resident:

• Traditional Banks (Brick-and-Mortar): Opening an account at a big bank like Wells Fargo, Chase, or Bank of America usually requires an in-person visit to a branch. As a foreign owner, you should plan to travel to the U.S. (often to the state where you formed your LLC) to present your documents. Not all branches are familiar with non-U.S. customers, so it’s wise to call ahead and find a branch that is foreigner-friendly. For example, Wells Fargo is known to be used to opening accounts for non-U.S. residents without a Social Security Number​. They might be a good first stop, and they have branches in international hubs like Miami, New York, etc. In fact, contacting a branch manager in advance and explaining your situation can save you time – they may even allow you to email your LLC documents beforehand so their compliance team can pre-approve everything​. Generally, the onboarding at a branch can be completed in a day (you fill forms, show passport and company papers, and the account is opened). However, the preparation to get there takes longer – getting an appointment, traveling, and ensuring you have all required paperwork (passport, second ID, LLC formation certificate, EIN confirmation letter, proof of address, etc.). Each bank has slightly different requirements, so always ask in advance exactly what to bring.

  
  

• Neobanks and Online Platforms: Online business banking platforms allow you to apply online from your home country. This is a massive advantage if you cannot travel. Services like Mercury, Relay, or Wise will have you complete an application online and upload scans of your documents (passport, LLC formation docs, EIN letter, etc.). The onboarding speed can be pretty fast – sometimes a few days for review, or even just one day for very automated services. Wise, for example, has been noted as one of the easiest accounts to get approved for as a non-resident​. You sign up on their website, verify your identity, and once approved you get banking details (like a US account number) to use. Mercury and Relay historically also had quick online onboarding, though in the last year they have become a bit more strict. Mercury now asks for a U.S. residential address (they no longer accept just a Registered Agent’s address) and some foreign applicants have been denied if they can’t provide one​. Still, many foreign founders do successfully open Mercury accounts remotely; just be prepared that they might ask for additional info or proof of a U.S. connection.

  
  

In terms of ease, neobanks are generally more convenient since you can do everything online. But you might face a situation where an online platform asks for more documents after initial approval, or even rejects your application if they feel they can’t sufficiently verify you. Given how strict things have become in 2024-2025​, some entrepreneurs take a dual approach: open one account with a traditional bank (during a trip to the U.S.) and one online account. This way you have a backup if one of them later freezes or closes (which can happen if some compliance issue pops up). Overall, for speed, an online solution can get you an account without the delay of travel – but plan to satisfy their digital KYC checks. For certainty, an in-person bank visit might guarantee you walk out with an account, though it requires more upfront effort.

Integration with Shopify and Other Platforms

Running an e-commerce business means your bank account will be the hub for receiving sales income and paying expenses. Good integration with platforms like Shopify can make your life much easier. Here’s how traditional banks vs. neobanks compare:

• Receiving Payments from Shopify: If you use Shopify Payments (the built-in payment processor on Shopify) or another gateway like Stripe, you must provide a bank account for payouts. Virtually any U.S. bank account – whether at a traditional bank or a neobank – will work for this, since Shopify can send funds via standard ACH transfers. The key is that the account supports ACH and wires, which all U.S. checking accounts do. The difference is in how easily you can connect and manage it. Neobanks are built with online services in mind, so they ensure compatibility. For example, Mercury explicitly states that they support integrations with payment processors like Shopify, Stripe, PayPal, and others​. That means you can confidently use a Mercury account to receive your Shopify store payouts without trouble. Traditional banks don’t advertise “Shopify support” but they certainly allow deposits from these services too – you’ll just manually enter your routing and account number into Shopify’s settings.

  
  

• Bookkeeping and Data Integration: Many online banks offer handy integrations with accounting software and other tools. For instance, Mercury and Relay both integrate directly with QuickBooks, Xero, and other accounting platforms​. This is a big plus for a small business – your transactions can sync automatically, helping you keep track of sales and expenses in real time. They may also allow you to tag or categorize transactions, making it easier to reconcile your Shopify sales, payment processor fees, advertising costs, etc. Traditional banks typically provide basic online banking and monthly statements, but not much in terms of fancy software integration. You might have to manually download your transactions and upload them to QuickBooks if you use a traditional bank. In short, fintech banks shine in integration: they have open APIs and modern apps that play nicely with other online services. This can save you time and hassle in managing your e-commerce finances.

  
  

• Multiple Currencies and Platforms: If you sell to customers outside the U.S., you might use platforms like Amazon, PayPal, or others in addition to Shopify. Some international-friendly fintech solutions allow you to hold multiple currencies or easily convert funds. For example, Wise offers an account where you can receive and hold USD, EUR, GBP, etc. This isn’t something a traditional U.S. bank would do (they’ll just have USD accounts). So if integration for you also means handling international transactions, you may lean towards solutions like Wise or Payoneer which are built for cross-border business.

  
  

In summary, both traditional and online accounts can connect to Shopify for receiving payments. However, neobanks provide better tech integration overall – useful dashboards, compatibility with e-commerce tools, and automation for bookkeeping. This is a big reason many online entrepreneurs prefer fintech banking platforms.

International Banking Solutions for U.S. LLCs

What if you can’t easily get a U.S. bank account, or you want an alternative? Some reliable international financial services support U.S. LLCs and online businesses:

• Wise (formerly TransferWise): Wise is not a bank but an electronic money institution that offers multi-currency accounts. With Wise, you can get U.S. banking details (routing and account number) for your LLC, even if you live abroad. This means Shopify or Stripe can deposit USD sales into your Wise account as if it were a U.S. bank. Wise is known for being friendly to non-residents – many consider it the easiest option to set up remotely​. There’s no monthly fee, and while your funds aren’t FDIC-insured (since Wise isn’t a U.S. bank, they hold your money in pooled accounts), many users simply transfer the money out to their home country bank periodically​. Wise’s big advantage is low-cost currency conversion. If you need to convert your dollars to Chilean pesos (or any other currency), they offer exchange rates much better than a typical bank wire. Wise has a good reputation and is used by entrepreneurs worldwide​.

  
  

• Payoneer: Payoneer is a global payment platform popular with freelancers and e-commerce sellers. They provide receiving accounts in multiple countries. For instance, you can get US account details via Payoneer to receive payments from U.S. companies or marketplaces. It’s not a full bank account (you can’t do everything a bank can), but it allows local transfers in the US – essentially, your Chilean LLC can receive an ACH or bank transfer through Payoneer​. Many Amazon and Shopify sellers use Payoneer to collect their earnings then withdraw to their local bank. Payoneer is widely accepted; Shopify’s community forums have discussed using Payoneer accounts for payouts. The service may have some fees (for withdrawals or currency exchange) but no monthly fee just to have the account.

  
  

• Other Fintech Options: There are a growing number of fintech companies catering to international entrepreneurs. For example, Airwallex and Currenxie offer multi-currency business accounts (similar to Wise) that can provide US account details. Revolut Business is another digital banking solution; if Revolut is available in your country, you might open a business account that supports USD transactions. According to many entrepreneurs online, popular options for non-U.S. residents include Revolut, Wise, Payoneer, PingPong, and Airwallex, among others​. Each has its pros and cons: some might have higher fees for certain transactions, or require you to be a resident of certain countries. The key benefit of these international solutions is that you don’t need a U.S. address or trip to the U.S. to get started. They are designed to work across borders and are often very fast to set up with just your passport and company information.

  
  

When using an international solution, remember to double-check that it works with the services you need. For example, can Shopify or Stripe send money to it? In most cases, yes – if the service gives you a U.S. account and routing number, then Shopify will treat it like any other bank. Just note that since these aren’t traditional banks, you might not have features like check-writing or sometimes even no debit card (unless the service provides one). But for pure online business banking, they cover the essentials.

Practical Tips and Conclusion

Opening a U.S. bank account as a foreign entrepreneur may be more complex than you expected, but thousands of people do it successfully every year. Here are some practical tips to help you navigate the process:

• Prepare Your Documents: Have all your paperwork ready. This usually includes your LLC formation certificate or articles of organization, your EIN confirmation letter from the IRS, your passport (and possibly a second ID), and proof of addresses (both your personal foreign address and any U.S. address you might have). Banks will want to see these for their KYC checks. Being organized will speed up the process.

• Try Multiple Options: Don’t put all your eggs in one basket. Consider applying to more than one bank or service. For example, you might start an application with Mercury or Wise online, and plan a visit to Wells Fargo when you travel to the U.S. Many entrepreneurs actually maintain two accounts – one with a traditional bank, one with a fintech – as a form of redundancy. If one account gives an issue, you have a backup. It’s also wise to diversify, as one bank might offer a feature the other doesn’t. (For instance, use a traditional bank for cash deposits or certain services, and use Wise for international transfers.)

• Leverage International-Friendly Branches: If you decide to go the traditional route, choose your branch carefully. Big U.S. city branches (like in Miami, New York, San Francisco, or Los Angeles) are accustomed to foreign business clients​. Since you are in Miami, you’re in luck – Miami banks often deal with international customers daily. Still, call ahead and ask for the branch manager. Explain that you’re a non-U.S. resident with a U.S. LLC and ask what documents you need to bring​. This proactive communication can smooth out any issues and save you from a wasted trip if that branch cannot handle your request.

  
  

• Patience and Compliance: Be prepared for possible delays or additional questions. Sometimes a bank’s compliance department might ask for clarification, such as “What is the nature of your business?” or “Why do you need a U.S. account as a non-resident?”. Just answer honestly and provide documents if needed (like a screenshot of your Shopify store, or proof of your business activities). Once they understand that you’re running a legitimate e-commerce store, they’ll be more comfortable. Remember, their caution is about following the law, not about giving you a hard time. Even very successful foreign entrepreneurs have to go through the same steps​, so just view it as standard procedure.

  
  

• Consider Professional Help if Stuck: If you truly hit a wall, there are consultants and services (like startup incubators or legal firms) that help foreigners with U.S. banking. For example, Stripe Atlas helps set up companies and bank accounts for non-U.S. founders, and there are specialized agencies that might connect you with a willing bank. Make sure any service you use is reputable; unfortunately, there are some scams targeting foreigners looking for bank accounts​. But legitimate help does exist if needed.

  
  

In conclusion, opening a U.S. bank account as a Chilean or other non-U.S. citizen comes with extra steps, but it’s doable with the right preparation. U.S. banks emphasize compliance to protect themselves and you – by ensuring everyone plays by the rules. While the process is stricter than what you may be used to in Latin America, these measures ultimately create a safer banking environment. Meanwhile, you have more options than ever: from traditional banks that can serve international clients to modern online banks and global fintech services that cater to entrepreneurs worldwide.

Take advantage of those options. Compare the fees (many online options will save you money), consider the convenience of onboarding (can you avoid a flight?), and think about what will integrate best with your Shopify business. Many foreign business owners find that using a combination – say a U.S. bank for credibility and a Wise/Payoneer for flexibility – covers all bases.

We hope this guide has demystified the compliance reasons and given you a clear view of which banking option might suit your e-commerce LLC. With a bit of patience and the right information, you’ll soon have a U.S. business bank account up and running, ready to support your Shopify store’s growth. Good luck, and happy banking!

Sources:

• Investopedia – Anti-Money Laundering (AML) and KYC overview​ investopedia.com

• LLC University – Guide on LLC bank accounts for non-US residents (Matt Horwitz, updated 2025)​ llcuniversity.com

• Mercury Support – Integration with payment processors (Shopify, Stripe, etc.)​ support.mercury.com

• Reddit r/llc – Discuss fintech options for non-residents (Wise, Payoneer, Airwallex, etc.)​ reddit.com

• FitSmallBusiness – Bank of America vs. Chase business account fees​ fitsmallbusiness.com

• Wise.com Blog – “6 best US banks for foreigners” (account fees & features)​ wise.com

• Dancing Numbers – Top banks with QuickBooks integration (Mercury, Relay features)​ dancingnumbers.com

• Quora – Payoneer receiving accounts for US payments​ quora.com