Banks / EMIs for US LLC to manage personal assets / investments (inc crypto)

[phi303]

As a non-US resident LLC owner (EU citizen & EU resident), I've been looking at multiple banks to setup an account with online (mainly from this list: US neo-banks List [For Non-Residents LLCs] )

The LLC is purely for personal investment/asset management (including some from crypto).

Because the banks are all setup for business activities, most of the time there is no suitable "Category" to select (Financial Services > Other appears to be the nearest in most cases...although I'm not providing any "Services").

In order to increase the likelihood of being accepted, I'm trying to figure out;

• Which are the most suitable/friendly banks or EMIs for this situation?
• Any tips for what business category to choose?
• Any tips for what to include (or exclude!) in the business / biz activities description?
• Should I create a website/1-pager domain simply for box-ticking?

eg. would this be an OK description?
"The LLC is used to manage my personal investments/assets, including some from crypto. No products or services are offered."

Thanks

 

[JohnnyDoe]

It's unlikely you will be accepted by any bank. You should try to setup a business to present to the banks.

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[phi303]

JohnnyDoe said:
It's unlikely you will be accepted by any bank. You should try to setup a business to present to the banks.
Click to expand...

Unsure how I would position it as business to present. Maybe I could frame it more as investments and trading? But I guess that probably has issues too...

Could you elaborate on the reason(s) why it is unlikely to be accepted?

Basically, I'd just like a bank account in the name of the LLC.

Thanks

 

[JohnnyDoe]

phi303 said:
Unsure how I would position it as business to present. Maybe I could frame it more as investments and trading? But I guess that probably has issues too...

Could you elaborate on the reason(s) why it is unlikely to be accepted?

Basically, I'd just like a bank account in the name of the LLC.

Thanks
Click to expand...

Banks of this type don't like companies used as personal investment vehicles.

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[phi303]

Hmmm, and I thought getting the EIN was what would slow things down! Back to square one...

Is Trading (& Investing) more likely to be accepted?

That would be more accurate as there is some trading involved (mainly crypto).

Or any suggestions / alternative 'banks'?

 

[JackAlabama]

phi303 said:
Hmmm, and I thought getting the EIN was what would slow things down! Back to square one...

Is Trading (& Investing) more likely to be accepted?
Click to expand...

Unlikely. Best to avoid such complicated hard to understand setups.

phi303 said:
That would be more accurate as there is some trading involved (mainly crypto).

Or any suggestions / alternative 'banks'?
Click to expand...

What can you do, what did you study or what did you work before money magically fell into your lap? Pick one of this and expand.

The bank which perceives you as a very valuable customer (so you having a big fat stack at their precious institution) if you have such one they can also open for entities of de facto shitlisted countries etc like Panama in Europe (might still cause issues with correspondence banks) or accept exotic residencies.
If you do not have such a relationship, use point above.

 

[phi303]

Thanks for info. Unfortunately no big fat stacks - yet 😉!

I could create a business front easily however, it wouldn't actually be where the money comes from so I'd always be worried.

Why do these banks see Trading & Investing as complicated &/or not want them?

From my perspective, it has less moving parts than many other businesses.

 

[JohnnyDoe]

phi303 said:
Thanks for info. Unfortunately no big fat stacks - yet 😉!

I could create a business front easily however, it wouldn't actually be where the money comes from so I'd always be worried.

Why do these banks see Trading & Investing as complicated &/or not want them?

From my perspective, it has less moving parts than many other businesses.
Click to expand...

You are right but you can't reason with banks. Just feed them with what they want.

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[JimBeam]

phi303 said:
Why do these banks see Trading & Investing as complicated &/or not want them?

From my perspective, it has less moving parts than many other businesses.
Click to expand...

It's because they see you as investment fund and not someone who manages his funds. And that's a whole new level. That requires compliance, licenses etc.
Also, all these activities involve significant amount of risk and they don't want you running a ponzi scheme and taking with other people's money while banking with them.

 

[MichelRippon989]

phi303 said:
As a non-US resident LLC owner (EU citizen & EU resident), I've been looking at multiple banks to setup an account with online (mainly from this list: US neo-banks List [For Non-Residents LLCs] )

The LLC is purely for personal investment/asset management (including some from crypto).

Because the banks are all setup for business activities, most of the time there is no suitable "Category" to select (Financial Services > Other appears to be the nearest in most cases...although I'm not providing any "Services").

In order to increase the likelihood of being accepted, I'm trying to figure out;

• Which are the most suitable/friendly banks or EMIs for this situation?
• Any tips for what business category to choose?
• Any tips for what to include (or exclude!) in the business / biz activities description?
• Should I create a website/1-pager domain simply for box-ticking?

eg. would this be an OK description?
"The LLC is used to manage my personal investments/assets, including some from crypto. No products or services are offered."

Thanks
Click to expand...

 

[phi303]

MichelRippon989 said:
Click to expand...

Thanks!

It's the first time I've seen Arival Bank shared here. I'll check it out?

Do you use it yourself or have any experience with the signup process?
(same question to anyone reading!)

 

[JohnnyDoe]

https://www.offshorecorptalk.com/threads/arival-bank-anyone-used.29735/

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@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields​

 

[MichelRippon989]

phi303 said:
Thanks!

It's the first time I've seen Arival Bank shared here. I'll check it out?

Do you use it yourself or have any experience with the signup process?
(same question to anyone reading!)
Click to expand...

ARIVAL BANK IS A US BANK THAT IS CRYPTO FRIENDLY; your money is insured up to $250,000; the bank is good, but the fees are expensive.

 

[jorge]

MichelRippon989 said:
ARIVAL BANK IS A US BANK THAT IS CRYPTO FRIENDLY; your money is insured up to $250,000; the bank is good, but the fees are expensive.
Click to expand...

Can I ask you, did you try this bank and have personal experience with them ?