US Bank Account from India: The Founder's Payment Stack

For most Indian founders, forming the US company takes a few days. Getting it a bank account is where the calendar stretches. Traditional US banks usually want the owner in a branch or a Social Security Number, and the fintech platforms that onboard non-residents decide case by case. Nobody can promise you an account, and anyone who does is overselling.

What you can control is the sequence and the quality of your documents. This guide covers the order I follow, the realistic options, the document pack, the rest of the payment stack, and how money should come back to India so that your US and Indian books tell the same story. Bank products and policies change often, so treat every name and requirement here as subject to change.

Why the bank is the bottleneck

A US bank must know who owns and controls each business customer, where its money comes from and what it does. For a company owned from India it cannot lean on a US credit history or an SSN, so it relies harder on documents and its own risk rules. Some platforms keep lists of countries they will not onboard, and those lists change.

That is why one founder can be approved by one platform and declined by another in the same week. A decline is usually about fit with that bank's policy, not a verdict on your business, but a vague application makes a decline far more likely.

Step one is the EIN, not the bank

Almost every US bank and payment processor asks for the company's Employer Identification Number (EIN). A founder without an SSN applies on Form SS-4, usually by fax, and the IRS issues the number free of charge. Fax applications tend to come back in days and postal ones in weeks, so check the current timeline when you apply.

Keep the IRS confirmation letter (CP 575) safe; if it is lost, the IRS can issue a verification letter (147C) instead. The name on the EIN letter must match the certificate of incorporation exactly, including Inc. or LLC. A mismatch is one of the commonest reasons for a bank to pause an application.

The realistic options

For a company owned and run from India, the options usually fall into three groups. These are categories, not recommendations; the right fit depends on your business and each platform's policy at the time.

Funded companies sometimes add a card or spend platform such as Brex, which has its own eligibility rules, including a US address. Pick the platform whose rules fit your business, not the one with the loudest marketing.

• Fintech business accounts that accept non-resident owners, such as Mercury or Relay: online onboarding and US account and routing numbers, with approval decided case by case.
• Multi-currency platforms such as Wise Business: US receiving details for ACH collections, useful but not a full US bank account.
• Traditional US banks: stronger for deposits and lending, but they often need a branch visit or an SSN from at least one owner.

The document pack

Prepare this before you apply, as clear PDFs with consistent names and addresses across every document.

The business description matters more than founders expect. One clear page on what you sell, to whom and how you get paid answers most questions a compliance reviewer would otherwise send back.

• Certificate of incorporation or formation, and the bylaws or operating agreement.
• The EIN confirmation letter (CP 575) or verification letter (147C).
• Passport and personal address proof for each owner of 25% or more and for the person controlling the company.
• A US business address, often the registered agent's, where the platform accepts it.
• Your website, a plain description of the business and expected monthly volumes.
• Proof of where the starting capital came from, which should match your LRS or ODI paperwork.

Building the rest of the payment stack

Once the account opens, the stack is usually simple: a processor such as Stripe for card payments, ACH for US business customers, a company card for software and advertising, and bookkeeping software connected to all of them. Each processor runs its own verification, so expect a second round of KYC after the bank.

Keep the US company's money separate from your personal money and from your Indian company's money. Paying a US bill from a personal Indian card and adjusting later creates entries that then need explaining in Form 5472, in the Indian filings and to the bank.

Sales tax is a separate question. Taking payments through a processor does not register you for sales tax in the states where your customers are, so check which states apply to your product.

Moving money back to India the right way

Money should come back with a label that matches reality, because both countries will look at it. The common routes:

Inward remittances carry a purpose code, and the bank's inward remittance certificate or advice is your proof of an export receipt. Ask for it on every payment and file it with the invoice.

• Service fee to your Indian company: an intercompany agreement, invoices and arm's length pricing under transfer pricing rules; exports of services can usually be made without paying IGST under a Letter of Undertaking (LUT).
• Salary or consulting fee to you: taxable in India as your income, with the US withholding position checked by a US CPA.
• Dividend from a C-Corp: US withholding at treaty rates of 15% or 25% depending on the holding, and taxable in India with credit for the US tax.
• Repayment of an owner's loan: documented against the original loan terms and reported in Form 5472.

When an account is frozen or closed

Fintech platforms run periodic reviews and can ask for more documents or pause an account, especially after a large or unusual payment. Respond quickly and consistently, with invoices and contracts that match what you said at onboarding.

Keep a second way to receive money from the start, such as a multi-currency account or a second processor, so one review does not stop your business. Never route funds through personal accounts to work around a freeze; that adds a FEMA and tax problem to a banking one.

Frequently asked questions

Can I open a US business bank account without visiting the US?

Often yes, through fintech platforms that onboard non-resident owners, but approval is case by case and nobody can guarantee it. Traditional banks usually want a branch visit.

Do I need an SSN or ITIN to open the account?

Many fintech platforms accept a foreign owner's passport with the company's EIN, without an SSN. Traditional banks may ask for one.

How long does the whole process take?

The EIN usually takes days by fax, and platform decisions often follow within a few business days, but reviews can stretch longer.

Can the US company pay me directly in India?

Yes, as salary, a consulting fee or a dividend, each with its own US and Indian tax treatment. Decide the route with a US CPA and your India CA before the first payment.

Related guides

• USA company registration from India
• GST on SaaS and digital services
• LRS outward remittance window for Indian residents