Setting up the bank account
Last updated
Last updated
One thing you will need for sure when starting a business in the United States of America is a bank account. However, since you are not physically in the United States you need a fintech bank such as Mercury (linked below) so you can create an account right from your homeland. What are the advantages of using Mercury as a bank?
Ability to create virtual cards for yourself as for employees
Secondary logins with different access levels
Easily linkable to Quickbooks and Xero for accounting
Responsive to support calls
Free banking
Ability to chance the card billing address so it matches your prep centres address and get less order cancellations
An important note is that you are not your business and your business is not you. Even though you got a Mercury and Wise bank account, do only let your business transactions go through both. No cost for the business should be running through your personal bank account. This will make your accounting a lot easier.
Since you are based in another country however you are using a different currency in your homeland compared to the United States. To convert your homeland currency to the USD$ we suggest using Wise due to the good exchange rates. The second reason is that using Wise allows you to transfer money offshore to employees in other parts of the world.
