Banking & Setting Up US Finances (no SSN needed)

The order of operations

EIN → business bank account (from India) → land → personal account (passport + visa) → SSN → credit cards.

Do it in this order and nothing blocks anything else. Do it out of order and you’ll sit for weeks waiting on a number you didn’t need yet.

Step 1: Get your EIN from India

Jargon: An EIN (Employer Identification Number) is your company’s tax ID from the IRS — the one number every US business platform requires. It’s free.

You do not need an SSN or ITIN to get one. Once your Delaware entity exists:

• If you used Stripe Atlas/Clerky/Firstbase: they obtain the EIN as part of the package — usually the easiest route.
• DIY by phone (fastest): international applicants call the IRS at +1-267-941-1099 (Mon–Fri, 6am–11pm ET) and can receive the EIN the same day on the call. Have a completed Form SS-4 in front of you.
• DIY by fax: fax Form SS-4 to +1-304-707-9471 (from outside the US; 855-215-1627 inside). Write “Foreign” on line 7b where the SSN would go. Turnaround ~4–14 business days.

Verify both numbers on irs.gov before dialing — they change occasionally.

Step 2: Business account, opened remotely

None of the startup-friendly platforms require an SSN, but all of them require the EIN first, plus formation documents and your passport.

Platform	SSN needed?	Who it fits	Notes (as of mid-2026 — verify)
Mercury	No — EIN + foreign passport	Default choice for non-US founders; fully remote onboarding	Cannot complete onboarding without EIN; integrates with Stripe
Brex	No, but underwriting is selective	Funded startups — roughly $50k+ cash, meaningful revenue, or institutional VC backing	Skip if pre-funding
Relay	Tightened in 2026 — some non-resident applicants asked for SSN/ITIN	Bootstrappers with an ITIN	Registered-agent addresses no longer accepted as the US address
Wise Business	No — EIN + passport	Cheap cross-border movement alongside a main account	Not a full bank account substitute

Mercury is the standard answer for an Indian founder with a fresh Delaware C-corp. Expect to upload formation docs, EIN letter (CP 575), passport, and a plain-English description of the business. Approval typically takes days.

These are fintechs, not chartered banks — deposits sit at partner banks with pass-through FDIC insurance. Fine for operations; know what you’re using.

Step 3: Personal account, week one on the ground

US law does not require an SSN to open a checking account — banks need ID and proof of address, and most big banks accept passport + visa in person. Online applications usually demand an SSN; walk into a branch instead.

• Chase, Bank of America, Wells Fargo: all open accounts for non-residents/newcomers in-branch with passport + second document (visa, I-94). Policies vary by branch and banker — if one says no, try another branch. (Walk-in policies shift; needs verification locally.)
• Credit unions (e.g., Alliant and Bay Area credit unions) and HSBC are often more newcomer-friendly; HSBC India customers can sometimes pre-open a US account from India — ask before you fly.
• Proof of address hack: a lease is ideal, but a hotel/temporary address plus your visa often works at newcomer-savvy branches; you can update the address later. Bring your I-94 printout.

Pick one major bank for the branch network and Zelle, and treat it as your hub. Once your SSN arrives, add it to the account.

Moving money: the fee reality

Method	Cost	Speed	Use for
ACH (US domestic bank-to-bank)	Free–$1	1–3 business days	Rent, payroll, everything domestic
Domestic wire	$25–35	Same day	Time-critical only (e.g., closing a lease)
International wire (bank)	$40–50 posted + 2.5–5% FX markup + $15–30 intermediary fees — real cost often $70–115 per $1,000	3–5 days	Avoid
Wise / specialist providers	~$7–16 per $1,000 to India, mid-market rate	1–2 days	India↔US personal transfers

Jargon: ACH is the free, slow US domestic transfer rail; wires are the fast, expensive one. There is no free instant rail like UPI — Zelle is the closest thing for person-to-person.

Note: a 1% US federal excise tax on certain cash-based international remittances took effect January 1, 2026; standard online bank-funded transfers are generally exempt. Needs verification for your transfer method.

Do this now

• ☐ Get the EIN this week — call +1-267-941-1099 with a filled SS-4 if your incorporation tool doesn’t include it
• ☐ Apply to Mercury as soon as the EIN letter arrives; add Brex later if/when you raise
• ☐ Keep digital copies of formation certificate, EIN letter (CP 575), and bylaws in one folder — every application asks for the same three
• ☐ Walk into a Chase/BofA branch in week one with passport, visa, I-94 printout, and whatever address proof you have
• ☐ Open a Wise account for India↔US transfers before you need one urgently
• ☐ Never pay a US bill from an Indian card — 3–5% forex markup on every swipe adds up

Nobody tells you

• The IRS phone line for EINs has real hold times but is same-day; founders burn two weeks waiting on fax when a 45-minute call (late US-evening from India works well) would have done it.
• The EIN confirmation letter (CP 575) is issued once, ever. If you did EIN by phone, the number works immediately but Mercury and others may want the written confirmation — save whatever the IRS gives you like it’s your passport.
• Branch banking is discretionary: the same Chase branch can approve passport+visa on Tuesday and refuse on Saturday depending on the banker. Go on a weekday morning, ask for a “banker appointment for a newcomer account,” and bring every document you own.

Sources & further reading

• IRS: Instructions for Form SS-4 — primary source for EIN applications, incl. international phone/fax routes.
• Rocketwave: EIN Without SSN — Non-Resident Guide 2026 — step-by-step SS-4 for foreign founders, “Foreign” on line 7b.
• Truescho: Mercury for Non-US Founders 2026 — current Mercury requirements.
• GlobalSolo: Mercury vs Wise vs Relay vs Rho 2026 — who approves non-resident companies now.
• Chase: US Bank Account for Non-Residents — the bank’s own documentation requirements.
• HomeAbroad: Foreign nationals opening US bank accounts — which banks accept passport/ITIN, remote options.
• MoneyTransferReviews: Wire Transfer Fees by Bank 2026 — the $45 wire fee and hidden FX markup math.
• Wise: How to avoid international wire transfer fees — ACH vs wire vs specialist rails.

This is general information, not legal/tax advice — verify with a professional before acting.