How to Open a US Business Bank Account from Portugal
Opening a US business bank account from Portugal is entirely doable without flying to the US, as long as you have the right paperwork in the right order.
Why this is a common question for Portuguese founders
Portugal has a growing base of remote founders, freelancers turned SaaS builders, and agency owners who want to bill US clients in dollars, use US payment processors, or simply look more credible to American customers. A US LLC solves the entity problem. But an LLC without a US business bank account is only half useful, since you still need a way to receive and hold dollars, pay contractors, and separate business funds from personal ones.
The good news is that several US-friendly banking providers now accept applications from Portugal residents with no US visa, no US address, and no in-person visit. The catch is that the order of operations matters, and skipping a step is the most common reason applications stall.
What you need before you apply
Every provider will ask for the same core building blocks, regardless of which one you choose.
- A formed US LLC. Most non-resident founders form in Wyoming because it is the common low-cost default with no state income tax and simple annual maintenance, though Delaware and New Mexico are also used depending on your goals.
- An EIN (Employer Identification Number). This is the business equivalent of a tax ID, issued by the IRS on Form SS-4. Non-residents without a Social Security Number can still get one by fax or mail, it just takes longer than the instant online process available to US persons.
- Formation documents. Your Articles of Organization (or Certificate of Formation) and, ideally, an Operating Agreement showing who owns the LLC.
- Proof of identity. A valid passport is standard. Some providers also want a selfie verification or a short video call.
- Proof of address in Portugal. A recent utility bill or bank statement usually works.
Notice that an ITIN (Individual Taxpayer Identification Number) is not on this list. An ITIN is a personal tax ID for people who are not eligible for a Social Security Number, and it matters for your personal US tax filings later, but it is not required to open most business bank accounts. Do not let anyone tell you that you need to wait for an ITIN before you can bank.
Providers that onboard Portugal residents remotely
Not every US bank will touch a foreign-owned LLC. These three are the ones founders in Portugal use most often, precisely because their onboarding was built with international founders in mind.
| Provider | Type | Good for | Notes for Portugal residents |
|---|---|---|---|
| Mercury | Fintech, bank partner backed | Startups, SaaS, agencies wanting a clean dashboard and virtual cards | Fully remote application, but manual review can flag industries it does not recognize or thin documentation |
| Wise Business | Multi-currency account | Founders who need to hold and convert EUR and USD, and get paid by EU clients too | Very fast to open, though it is not a full US bank account in the traditional sense, more a multi-currency IBAN and USD account combo |
| Relay | Business banking for SMBs | Founders who want multiple sub-accounts for tax, payroll, and profit separation | Accepts non-resident LLC owners but generally wants a US phone number and a completed EIN first |
A sensible approach for many Portuguese founders is to apply to Mercury first, keep Wise as a backup or complement for currency conversion, and consider Relay once cash flow needs more structured sub-accounts.
Step by step process
- Form the LLC with a registered agent in your chosen state.
- Apply for the EIN using Form SS-4. As a non-resident without an SSN or ITIN, you will leave the relevant field blank or write 'Foreign' and submit by fax or mail, since the IRS online EIN tool is restricted to those with an SSN or ITIN.
- Once you have the EIN confirmation letter (CP 575), gather your passport, address proof, and formation documents.
- Apply to your chosen banking provider through their online application, uploading documents and completing any video or selfie verification.
- Wait for review. Mercury and Relay both do manual underwriting on foreign-owned LLCs, so this can take anywhere from a couple of days to a couple of weeks.
Common reasons applications get declined or delayed
- Mismatched information. Your name, address, or company name spelled differently across documents than on your application.
- Vague business description. 'Consulting' or 'e-commerce' with no detail reads as higher risk than a specific, plainly described activity.
- No EIN yet. Some founders apply before the EIN confirmation letter arrives, which almost guarantees a delay.
- High-risk industries. Crypto, gambling, adult content, and certain financial services are harder to place with mainstream fintech banking providers.
- No web presence. A working website, LinkedIn profile, or even a simple landing page makes underwriters far more comfortable than a business that looks brand new with nothing to verify online.
What to do if you get declined
A decline from one provider is not a verdict on your business, it is usually a mismatch with that specific provider's risk appetite. Reasonable next steps are to apply to a second provider from the list above, tighten your business description to be specific and factual, build a minimal web presence before reapplying, and double check that your EIN letter and formation documents match exactly. If you have been declined more than once, it is worth having someone who does this daily review your documents before a third attempt, since repeated declines can sometimes make future applications harder.
This is where a done-for-you service like Founders Credit is often used, since we form the LLC, handle the EIN and ITIN filings, and manage the bank and card applications in the right sequence so founders in Portugal do not lose weeks to avoidable rejections.
Do not forget the compliance side
Once your LLC and bank account are open, a foreign-owned single-member LLC has an annual obligation to file Form 5472 alongside a pro-forma Form 1120, even if the company had no income and no activity that year. This is an information return, it does not calculate or owe tax by itself, but missing the deadline carries a penalty of 25,000 dollars per unfiled form. Bank account or not, this filing is not optional.
Glossary
LLC: Limited Liability Company, the standard US entity type for non-resident founders due to its simple structure and pass-through taxation. EIN: Employer Identification Number, the IRS-issued tax ID your business needs to open a bank account and file returns. ITIN: Individual Taxpayer Identification Number, a personal tax ID for people not eligible for a Social Security Number, needed for personal filings but not for opening most business accounts. SSN: Social Security Number, the personal ID most US citizens and residents have, which non-residents do not need in order to run a US LLC. Form 5472: the annual information return foreign-owned LLCs must file with a pro-forma 1120, regardless of income.
Frequently asked questions
Can I open a US business bank account from Portugal without visiting the US?
Yes. Mercury, Wise, and Relay all offer fully remote applications for non-resident LLC owners, with identity verification done online rather than in a branch.
Do I need an ITIN before I can open the account?
No. An ITIN is a personal tax ID and is not required to open most business bank accounts. What you do need is an EIN for the LLC itself.
How long does it take to get an EIN as a non-resident?
Non-residents without an SSN or ITIN apply by fax or mail using Form SS-4, since the IRS online tool is limited to those who already have one. This usually takes several weeks, so start it as early as possible.
Which provider is easiest for a Portuguese founder to get approved with?
There is no universal answer since approval depends on your specific business and documents, but Mercury and Wise are the two most commonly used starting points, with Relay often added later for sub-account structuring.
What happens if my bank application keeps getting declined?
Reapply to a different provider, sharpen your business description, add a basic web presence, and make sure your EIN letter and formation documents match exactly. A service that handles this daily, like Founders Credit, can also review the application before resubmission.
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