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U.S. Business Banking Setup Guide

Opening a U.S. business bank account is crucial for operating your American entity. This guide covers everything you need to know about the banking setup process through Portal.

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Why U.S. Business Banking Matters

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Key Benefits:

• Payment Processing: Accept payments from U.S. customers
• Credibility: Establish trust with U.S. partners and vendors
• Operations: Pay U.S. expenses and employees
• Compliance: Maintain proper financial records
• Credit Building: Establish U.S. business credit history

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Pre-Banking Requirements

Before applying for a business bank account, ensure you have:

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Portal Banking Partners

We work with major U.S. banks that offer:

• Remote account opening for international founders
• Multi-currency capabilities
• Competitive fees
• Strong online banking platforms
• Korean language support (select banks)

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Account Opening Process

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Required Documentation

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Corporate Documents:

• Certificate of Incorporation
• EIN Letter from IRS
• Corporate Bylaws or Operating Agreement
• Banking Resolution

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Personal Documents:

• Valid passport
• Proof of address (utility bill, bank statement)
• Personal bank reference letter
• Business plan or company deck

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Account Types and Features

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Standard Business Checking

• Monthly maintenance fee: $15-50
• Minimum balance: $1,500-5,000
• Free transactions: 200-500/month
• Online banking included

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Premium Business Account

• Higher transaction limits
• Dedicated relationship manager
• Preferential foreign exchange rates
• Priority wire transfer processing

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Additional Services

• Business credit cards
• Merchant services
• ACH origination
• Positive pay fraud protection

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Managing Your U.S. Bank Account

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Online Banking Setup

1. Receive secure credentials via email
2. Set up two-factor authentication
3. Add authorized users
4. Configure alerts and notifications

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Mobile Banking

• Download bank’s mobile app
• Enable biometric login
• Set up mobile check deposit
• Configure push notifications

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Security Best Practices

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International Transfers

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Receiving Funds from Korea

• Wire Transfer: 1-3 business days, $15-45 fee
• SWIFT Code: Required for international wires
• Intermediary Banks: May be needed for some transfers

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Sending Funds to Korea

• Daily Limits: Typically $100,000-250,000
• Documentation: May require purpose of transfer
• Exchange Rates: Compare bank rates vs. third-party services

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Common Banking Operations

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Check Processing

• Order checks through online banking
• Use mobile deposit for received checks
• Maintain check register for accounting

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ACH Transfers

• Set up vendor payments
• Process payroll
• Receive customer payments
• Lower cost than wire transfers

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Credit Card Processing

• Integrate with payment processors
• Link to business checking account
• Monitor for chargebacks

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Building U.S. Credit

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Timeline:

• Month 1-3: Establish account history
• Month 4-6: Apply for business credit card
• Month 7-12: Build payment history
• Year 2+: Access to business loans

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Credit Building Tips:

• Pay all bills on time
• Keep credit utilization low
• Maintain consistent cash flow
• Build relationships with your bank

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Compliance and Reporting

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Monthly Requirements:

• Reconcile bank statements
• Categorize transactions
• Monitor for unusual activity
• Maintain documentation

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Annual Requirements:

• Provide statements for tax filing
• Update banking resolutions
• Review authorized signers
• Confirm account information

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Troubleshooting Common Issues

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Banking Fees Overview

Service	Typical Fee Range
Monthly Maintenance	$15-50
Wire Transfer (Incoming)	$15-25
Wire Transfer (Outgoing)	$25-45
International Wire	$45-65
Stop Payment	$30-35
Overdraft	$35

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Next Steps