Why a US dollar account matters for non-residents
Most cross-border trade, commodities, software licensing and professional services are still priced in dollars. Holding USD directly removes double conversion, protects margins against FX spreads and lets you pay suppliers on the same day the invoice clears. It also makes you easier to work with: US and Latin American counterparties routinely ask for USD settlement instructions before signing.
- No double conversion between your local currency and your supplier's
- Same-day settlement inside the US clearing window
- Credible USD instructions for US, LatAm and Asian counterparties
- Natural hedge for revenue already denominated in dollars
The three routes to a USD account
A USD account with an international bank outside the US is the fastest route and works well for treasury and investment balances. A US account opened through a Florida company gives you domestic ACH and wire rails, a US routing number and easier merchant processing. A regulated multicurrency payment account is the lightest option for operating flows but is not designed to hold significant balances.
- International bank USD account: remote onboarding, wires only, strong for balances
- US account via a Florida entity: routing number, ACH, cards, merchant services
- Multicurrency payment institution: quick setup, operating flows, lower limits
- Custody account: for portfolios and USD-denominated securities, not payments
Documents banks ask a non-resident to provide
Onboarding is a documentary exercise. The bank reconstructs who you are, where you are tax resident and what the account will actually do: expected volumes, currencies, counterparties and countries involved. A well-prepared file closes in weeks; an incomplete file simply stalls.
- Valid passport and a recent proof of address
- Tax identification number and self-certification of tax residence
- For companies: incorporation documents, ownership chart, signing powers
- A short written description of expected flows, currencies and counterparties
The Florida entity route in practice
Many non-residents open a Florida LLC or corporation, obtain an EIN and then apply for a business account with a US bank. The entity gives the bank a domestic counterparty, a US address and a clean commercial purpose. Some banks require one in-person visit in Miami; others complete onboarding remotely once the entity file and the business rationale are consistent.
- Florida LLC or corporation with a registered agent and a Florida address
- EIN from the IRS — required before any bank application
- Operating agreement or bylaws naming the beneficial owners
- A commercial rationale the bank can verify: contracts, invoices, website
Timelines, costs and what really drives the bill
Expect two to six weeks for an individual USD account with complete documentation, and longer for corporate structures with several ownership layers. The account fee is rarely the real cost: FX spreads, outgoing and incoming wire charges, intermediary bank deductions and unremunerated minimum balances matter far more.
- Entity formation and EIN: usually 1-3 weeks combined
- Bank onboarding: 2-6 weeks for a clean, complete file
- Wire fees plus intermediary deductions on every inbound USD transfer
- FX spread — the single largest cost for anyone converting regularly
Common mistakes and how to avoid them
The costly mistakes are operational rather than fiscal: an account opened at a bank that does not serve your sector, or in a jurisdiction with no link to your actual flows, becomes unusable within months. Write down the expected flows first, then choose the institution that accepts them.
- Choosing the jurisdiction before defining the real payment flows
- Applying to a bank that does not serve your industry or country risk profile
- Corporate documents inconsistent with the register of incorporation
- Ignoring reporting duties in your own country of tax residence
Quick comparison of the routes
Conditions vary by institution: this table orients the decision and does not replace the bank's contractual terms.
| Route | Typical use | What to check |
|---|---|---|
| International bank USD account | Holding balances, treasury, investment flows | Minimum balance, wire fees, accepted source countries |
| US account via Florida entity | Operating business, US clients, card and ACH collections | EIN timing, in-person requirement, sector restrictions |
| Multicurrency payment account | Fast operating flows in USD, EUR, GBP | Balance limits, holding rights, counterparty acceptance |
| Custody and securities account | USD-denominated portfolios and instruments | Custody fees, withholding tax, annual reporting |
Key takeaways
- Define flows, currencies and counterparties before choosing a route or a bank.
- A Florida entity plus EIN unlocks domestic US rails; an offshore USD account is faster for balances.
- The real cost sits in FX spreads and wire deductions, not in the monthly fee.
- Plan reporting in your country of tax residence before the account is opened.
Frequently asked questions
- Can a non-resident open a US dollar account without living in the United States?
- Yes. Non-residents can hold USD either through an international bank outside the US or through a US bank account opened in the name of a US entity, typically a Florida LLC or corporation with an EIN.
- Do I need an ITIN or an EIN?
- An EIN is required when the account is opened in the name of a US company, and it must be obtained before the bank application. An ITIN is only relevant for personal US tax filings and is not a prerequisite for a corporate account.
- How long does the whole process take?
- Entity formation and EIN usually take one to three weeks. Bank onboarding takes a further two to six weeks with complete documentation, and longer for multi-layer ownership structures.
- Do I have to travel to Miami to open the account?
- Not always. Several institutions complete onboarding remotely with video identification, while some US banks still require one in-person visit for a business account.
- How much money do I need to start?
- Operating accounts can start with modest amounts. International private banking relationships typically expect USD 250,000 and above, and the minimum balance policy should be confirmed in writing before applying.
For account structuring, Florida entities and USD treasury management, see our dedicated page: International banking services in Florida