AUD account for US LLC

[Roo]

Hi,

What options would I have to open an AUD account for a non-resident US LLC (disregarded entity) without in person visit ?

I know Wise and Airwallex should work if they will approve my account but not sure what other options or better options are out there. I would prefer a US based EMI/bank so no CRS.

 

[daniels27]

OFX would work too.

Real banks would not work unless you register with ISIC. An ABN is not sufficient. You can check but this was the regulation 3 years ago. A person visit does not help either.

 

[Sols]

Assuming you have an actual presence in the US (you're a US resident/have a US office), have a legitimate need for AUD/banking in Australia (customers/suppliers in Australia), aren't engaged in anything questionable/high-risk, and plan to make it worth the banks' time, you can try CBA, ANZ, and Westpac. Have had success with overseas companies with them before.

Converting a few million AUD to USD/EUR per year is a good way for the bank to be interested. They prefer it if you set up a branch in Australia or register a subsidiary but that's not a firm requirement.

But if we're talking about a US LLC owned by a non-resident foreign citizen turning over less than few hundred thousand AUD/year, no bank will probably be interested.

OFX is likely a good suggestion in this case.

Zen has AUD via CurrencyCloud. Might want to look into Worldfirst/ANT, Currenxie, and Statrys as well.

 

[daniels27]

Assuming you have an actual presence in the US (you're a US resident/have a US office), have a legitimate need for AUD/banking in Australia (customers/suppliers in Australia), aren't engaged in anything questionable/high-risk, and plan to make it worth the banks' time, you can try CBA, ANZ, and Westpac. Have had success with overseas companies with them before.

They did not ask for any ABN nor ISIC registration? When was that? Good to know, last time I checked in 2020 they were quite not open to such endeavour.

 

[Sols]

They did not ask for any ABN nor ISIC registration? When was that? Good to know, last time I checked in 2020 they were quite not open to such endeavour.

I'm almost 100% sure ABNs were obtained in each case since it's required for doing business in Australia and if you're opening an Australian bank account, you're probably doing business in Australia. IIRC, quite easy to do yourself online or via an agent.

I'm not sure what ISIC is. Do you mean ASIC? If so, none of these businesses were in scope for ASIC registration. Have done ASIC registrations but not in combination with opening accounts with CBA, ANZ, or Westpac.

 

[Roo]

@Sols I invoice clients from Australia, have no ABN, don't want an account in the country, would prefer an EMI. Turnover is not millions.

 

[daniels27]

Then OFX. I now mainly use WorldFirst there, but they are Chinese, which is not what you asked for.

 

[Roo]

Thanks, will look into them!

 

[Roo]

I also found Zyla (Home) in case anyone is interested. It's the partner for WorldFirst for the US.

@daniels27 I read around here about issues with banking for US LLCs recently for non-residents. Do you know if it is becoming an issue or banking is still pretty easy to solve?

 

[daniels27]

I also found Zyla (Home) in case anyone is interested. It's the partner for WorldFirst for the US.

Is it their partner or the same company? Looks somewhat similar:

https://zyla.com/cashback-promotion/https://www.worldfirst.com/eu/campaign/splendid-spring-cashback-promo/
https://portal.zyla.com/registerhttps://portal.worldfirst.com/register

@daniels27 I read around here about issues with banking for US LLCs recently for non-residents. Do you know if it is becoming an issue or banking is still pretty easy to solve?

I received quite some messages in regards to that. I am not a service provider and don't do this for income for others. But I am getting the impression that if Mercury etc. don't like you, you may not fit the risk appetite of other hand either and probably need to show up on person.

On the other hand even for foreign companies it is possible to open accounts if you are from countries with reputation. I probably have to call around again to find the good banks.

 

[ilke]

Is it their partner or the same company? Looks somewhat similar:

https://zyla.com/cashback-promotion/https://www.worldfirst.com/eu/campaign/splendid-spring-cashback-promo/
https://portal.zyla.com/registerhttps://portal.worldfirst.com/register

They are both owned by ANT Group (Alibaba, Alipay, Zyla, Worldfirst, ANT Bank, Anext Bank etc.)

 

[Forester]

Zen has AUD via CurrencyCloud. Might want to look into Worldfirst/ANT, Currenxie, and Statrys as well.

Just a small amendment:
Currenxie, unfortunately, do not onboard US companies.
Interpolitan Money also worth checking, although non-US.

@Sols I invoice clients from Australia, have no ABN, don't want an account in the country, would prefer an EMI. Turnover is not millions.

Well understandable... would you mind sharing what's your business?

I also found Zyla (Home) in case anyone is interested. It's the partner for WorldFirst for the US.

Zyla is OK, the problem is that they do not onboard LLC's from all states (e.g. Nevada is not accepted).

@daniels27 I read around here about issues with banking for US LLCs recently for non-residents. Do you know if it is becoming an issue or banking is still pretty easy to solve?

I received quite some messages in regards to that. I am not a service provider and don't do this for income for others. But I am getting the impression that if Mercury etc. don't like you, you may not fit the risk appetite of other hand either and probably need to show up on person.

Well, I think it is really a longer story, worth some dedicated thread. I am personally under impression that the situation is really getting worse, especially if you do not have US operations.

On the other hand even for foreign companies it is possible to open accounts if you are from countries with reputation.

Yes, I agree.

 

[Roo]

Well understandable... would you mind sharing what's your business?

@Forester I do software development, nothing shady or high risk I would say

 

[Forester]

@Forester I do software development, nothing shady or high risk I would say

Well, personally I agree with you – nevertheless, be advised that software services/development are, unfortunately, in many cases taken as a high, or at least higher, risk business by financial institutions. Reasons: the product is intangible and it is quite difficult to check e.g. what are the real costs of the production or what is a real value of the product... (Tax avoidance links are obvious.)

However, if you do not have success with getting some local AUD account – I believe you will have – share it here. A certain idea how to evt. bypass it has just appeared in my mind but it's more complicated and unnecessary to discuss now.

Not to forget:

Then OFX.

Do you have any personal experience with OFX? I do not but from what I have heard the experiences are mixed (I mean it seriously, not as a understatement for trash ) ...

 

[daniels27]

Well, personally I agree with you – nevertheless, be advised that software services/development are, unfortunately, in many cases taken as a high, or at least higher, risk business by financial institutions. Reasons: the product is intangible and it is quite difficult to check e.g. what are the real costs of the production or what is a real value of the product... (Tax avoidance links are obvious.)

However, if you do not have success with getting some local AUD account – I believe you will have – share it here. A certain idea how to evt. bypass it has just appeared in my mind but it's more complicated and unnecessary to discuss now.

You mean real bank without the ASIC registration? Have you had any success recently?

Do you have any personal experience with OFX? I do not but from what I have heard the experiences are mixed (I mean it seriously, not as a understatement for trash ) ...

I used them a couple of times. I was good with OFX, but I also did not do any high risk etc. business with them. I normally take those with less fees. May use OFX again sometime. They now also have personal accounts, which is a big advantage.

 

[Forester]

You mean real bank without the ASIC registration?

No, I haven't in mind this. Just some possibility how to gain access to a collection AUD account with some bank via EMI. But I really hope that @Roo will solve it in some straightforward way.

Have you had any success recently?

I have not needed it, so have not tried (I mean standard account with some high-street bank).

I used them a couple of times. I was good with OFX, but I also did not do any high risk etc. business with them. I normally take those with less fees. May use OFX again sometime.

OK, thanks for sharing.

They now also have personal accounts, which is a big advantage.

I agree at 100%. (There is much less options for personal accounts of such a type than for business ones, so any new option is welcome...)