One of the biggest headaches Israeli founders face when incorporating in the US is opening a bank account. Here's your complete guide.
Why You Need a US Bank Account
- Receive investor wire transfers
- Pay US vendors and employees
- Build US credit history
- Simplify accounting
Best Banks for Israeli Startups
Tier 1: Startup-Friendly (Recommended)
- Mercury: Fully online application, no branch visit required. Free for startups.
- Brex: Banking + corporate credit card. No personal guarantee required.
- Relay: Modern banking with excellent multi-user features.
Tier 2: Traditional Banks (Harder but Possible)
- SVB/First Citizens: More documentation required but full banking relationship.
- JPMorgan Chase: Possible with a US address and EIN.
Tier 3: Avoid for Startups
- Bank of America, Wells Fargo, Citibank: Require in-person visits, very difficult for non-residents.
Documents You'll Need
- Certificate of Incorporation (from Delaware)
- EIN confirmation letter (IRS Letter 147C or CP575)
- Company bylaws
- Board resolution authorizing account opening
- Passport copies of all signatories
- Proof of US address
- Company formation documents
Step-by-Step Process (Mercury)
- Go to mercury.com and click "Open an Account"
- Enter company details: Legal name, EIN, state of incorporation
- Upload documents: Certificate of Incorporation, EIN letter
- Verify identity: Upload passport, answer KYC questions
- Wait for approval: Usually 1-3 business days
- Fund your account via wire transfer
Banking Fees Comparison
| Bank | Monthly Fee | Wire (Domestic) | Wire (International) | ACH |
|---|---|---|---|---|
| Mercury | $0 | $5 | $20 | Free |
| Brex | $0 | $0 | $0 | Free |
| Relay | $0 | $5 | N/A | Free |
| SVB | Varies | $25 | $35 | $0.20 |
Common Pitfalls
- Using your personal Israeli address: Use your registered agent's address.
- Not having your EIN ready: You cannot open a bank account without one.
- Opening at the wrong bank: Start with Mercury or Brex.
How Aleph Accounting Helps
We guide Israeli founders through bank selection, document preparation, application support, and integration with your accounting system.
Bottom line: Start with Mercury or Brex, have your documents ready, and you can be up and running in under a week.
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