Questions

Hi there, I have a UK-registered company with a 7-figure turnover. We run multiple E-Commerce websites and our main marketing us the USA. We use PayPal and Stripe to process payments in USD. We have linked TransferWise to our Stripe account in order to receive USD deposits, but we recently hit TransferWise's annual USD receiving limit. We are now in a position where we need to find an alternative to TransferWise to receive USD payouts from Stripe. We have tried Payoneer (which works fine), however Payoneer has a daily sending limit of 25,000 USD per day. This limit does not work for us as we have suppliers to pay - whose invoices can be multiple six figures in busy periods. We are looking for a banking solution where we can open a US account/balance, and add it to our Stripe account so we can receive payouts in USD. We do not want to convert it to GBP.

Mercury.co is another good alternative - a similar platform to Transferwise. It sounds like with your scale you will eventually need to open a USD account with a larger commercial bank in the U.S. (Wells Fargo, Citibank, Chase, etc). You can open a U.S. bank account for a U.K. company, even if the responsible party or shareholders don't have social security numbers (SSN) or Individual Taxpayer Identification Number (ITIN).

Unfortunately, it requires you to physically visit the U.S. and go into a branch office to open the account. I always recommend calling in advance to several branches and set up an appointment. Explain that you're a nonresident looking to open a U.S. bank account for a foreign corporation.

In cases where banks won't open accounts for foreign corporations, you can open a U.S. LLC (Wyoming or Delaware) that's 100% owned by your UK corporation. The US LLC can open the US bank account, and your sales deposits can funnel through those accounts.


Answered a year ago

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