How to Open a Wise Account for Your LLC in the USA

Last Updated on 7 January 2025

Opening a Wise account for your LLC in the USA is a straightforward process that can offer numerous benefits, especially for businesses engaging in international transactions.

Whether your LLC is owned by a non-resident foreign entity, multiple foreigners, or U.S. citizens, Wise, formerly known as TransferWise, provides an efficient way to manage your business finances.

In this article, we’ll guide you through the steps of setting up a Wise Business account for your LLC in the USA, highlighting important considerations along the way.

Understanding Wise’s Acceptable Use Policy

Before diving into the account setup process, it’s essential to familiarize yourself with Wise’s Acceptable Use Policy.

This policy outlines the guidelines for using their services and helps you avoid misrepresenting your business or engaging in restricted commercial activities.

Step-by-Step Guide to Opening a Wise Business Account for Your LLC in the USA

1. Visit Wise’s Website: Begin by visiting the Wise website (formerly TransferWise) and proceeding to the business account registration page.
2. Click on “Register”: If you’re new to Wise, click on “Register,” provide your email address, select “Business Account,” and choose “United States of America” as your country of registration. You’ll need to set up two-factor authentication by adding your phone number and creating a password.
3. Already have a personal account? If you already have a personal Wise account, log in and click on your name in the upper-right corner. From the drop-down menu, select “Open a Business Account.”
4. Provide LLC details: During the account setup process, you’ll be asked to provide various details about your LLC, including:
   • Email address for registration (if required)
   • Phone number for two-factor verification (doesn’t have to be a U.S. number).
   • LLC’s organizational documents and certificate of formation
   • Employer Identification Number (EIN)
   • Full names of LLC members and managers, along with their country of residence.
   • Registered address information.
   • Business address information.
   • Commercial website address or links to social media profiles.
5. Verify Your Identity: If you don’t already have a verified personal Wise account, you’ll need to verify your identity during the business account setup. This is done by submitting a copy of your passport and proof of residence, according to your country of residence.
6. Importance of the Employer Identification Number (EIN): While you can proceed with the account setup without an EIN, it’s advisable to wait until you receive your EIN to strengthen your application and reduce the likelihood of rejection.

Key Features of a Wise Business Account

A Wise Business account offers several valuable features to facilitate international transactions for your LLC:

• Multicurrency Account: Wise provides a multicurrency account, enabling you to receive payments in various currencies. For example, you’ll have a USD account in the USA, hosted with a U.S. bank (e.g., Mercury – Evolve Bank). Similarly, you’ll have local account details in the European Union for Euros, in the UK for GBP, in New Zealand for New Zealand Dollars, and so on.

Conclusion

Opening a Wise account for your LLC in the USA can significantly streamline your international business dealings.

By following the step-by-step guide provided in this article and ensuring compliance with Wise’s Acceptable Use Policy, you can enjoy a seamless experience managing your finances across borders.

Embrace the flexibility of multicurrency accounts and take advantage of Wise’s secure and efficient platform for international transactions. Best of luck with your entrepreneurial journey!

Frequently Asked Questions

Can a U.S. LLC apply for a Wise debit card?

U.S. companies can only request a virtual debit card and not a physical one, provided they have a single member. Unfortunately, LLCs with multiple members are currently ineligible for a Wise debit card.

Why is the Employer Identification Number (EIN) important?

The Employer Identification Number (EIN) is crucial for tax compliance and fulfilling other legal obligations in the USA. Obtaining an EIN before applying for a Wise account is recommended.

Are there any restrictions on business activities with Wise?

Yes, Wise has an Acceptable Use Policy that outlines certain activities and businesses that are not allowed. Familiarize yourself with this policy to avoid potential issues.

Can foreign entities open a Wise Business account in the USA?

Yes, foreign entities, non-resident individuals, and U.S. citizens can open a Wise Business account for their LLCs in the USA.

What currencies are supported in Wise Business accounts?

Wise supports numerous currencies, making it ideal for businesses engaged in international trade and transactions.