Compare the best business bank accounts in the US (2025)

Whether you're a startup founder or an experienced entrepreneur, a business bank account drives growth and operational efficiency. In the US, traditional banks like JPMorgan Chase, Bank of America, Citibank, and Wells Fargo have long been the go-to choice for businesses. However, modern fintech platforms like Airwallex offer a new approach – they provide business accounts and global financial tools without being traditional banks.

What is a business account?

Whether offered by a traditional bank or a modern fintech like Airwallex, a business account is essential for managing business finances, keeping personal and business funds separate, and streamlining tax compliance. Unlike personal accounts, business accounts often provide tailored features such as higher transaction limits, payroll management, and multi-currency capabilities.

Modern business accounts like Airwallex provide advanced alternatives to traditional business bank accounts for businesses looking to scale globally, enabling greater flexibility and efficiency.

5 things to consider when opening a business account

Choosing the right business account will set your company up for success. Here are five key factors to evaluate:

1. Fees. Look for a business account with low or no monthly fees, especially if you're just starting and cash flow is tight. Avoid penalties for not maintaining a minimum balance. Consider how you'll use your account and whether you’ll likely operate within the bank’s parameters for no-fee or low-fee usage. Review your expected transaction volume, average balance, and specific service needs to avoid unnecessary fees.

2. Scalability. As your business grows, so will your banking needs. Choose a business account that can handle complex transactions, including international transfers, card creation, and spend management – services you may need as you expand internationally.

3. Offers and discounts. Many financial providers offer incentives to help small businesses get started. For example, Airwallex lets you earn up to 1.5% cash rebates on local card spend in USD, providing a valuable way to save as you manage your business expenses. 

4. Visibility and transparency. Look for a business account that offers real-time transaction tracking and fraud detection services, so you always know where your money is and can make informed decisions. This visibility can help you manage cash flow more effectively and limit risk.

5. Customer support. A responsive customer support team is essential for quickly resolving issues. Look for a provider that offers accessible support through live chat, phone, or email, especially when you need guidance.

Consider factors like fees, scalability, and customer support to choose the account that best suits your current and future business needs.

The top business bank and business account providers in the US

Before diving into how to open a business account, let’s look at the top US providers – ranging from traditional banks to modern fintech platforms.

Traditional banks: Providers like Bank of America, Wells Fargo, JPMorgan Chase, and Citibank offer comprehensive business banking solutions, including financing options, cash management tools, and international payment support. These options are ideal for businesses requiring in-person services or complex credit solutions.

Modern fintech platforms: Airwallex is a digital-first platform offering global business accounts with multi-currency support, payment solutions, expense management, and competitive fees. It's a standout choice for companies aiming to scale internationally.

Traditional business bank accounts vs. the Airwallex Business Account

Let’s examine how traditional US banks compare to the Airwallex Business Account across key features and fees.

*Service offerings vary by bank – this comparison is based on publicly available information from major financial institutions and is intended for general informational purposes only. Readers should verify specific features and fees directly with providers. 

How to open a business bank account in the US with a traditional bank

Opening a business bank account in the US is a straightforward process, but it requires careful preparation. Requirements may vary depending on the bank, business structure, and industry. Here’s a general guide to get you started:

Who can open a business bank account in the US?

You can open a business bank account if you are:

• The business owner (sole proprietor, LLC member, or corporate officer)

• An authorized representative listed in company documentation (such as an LLC manager)

• A legal representative with documented authority to open accounts on behalf of the business

Documents needed to open a business bank account

Banks in the US require various documents to verify your company’s legitimacy and comply with financial regulations, including Anti-Money Laundering (AML) laws. Here are the key documents typically required:

Here’s a list of the key documents you'll need to prepare:

1. Identification documents:

• Government-issued ID (passport or driver’s license) of the business owner(s) or authorized representative

• Proof of residential address for key individuals (utility bills, bank statements)

2. Business registration documents:

• Employer Identification Number (EIN) issued by the IRS

• Business formation documents: 

  • Corporations → Certificate of Incorporation

  • LLCs → Articles of Organization

  • DBA/Fictitious Name Certificate → If operating under a different business name

  • Operating Agreement or Corporate Bylaws → Often required by banks for LLCs and corporations

3. Other documents:

• Business license or permits (if applicable)

• Completed account application forms (signed by authorized signatories)

• Proof of business address (lease agreement, utility bill, or business license)

• Initial deposit (some banks require a minimum deposit)

Required documents may vary depending on the bank and business structure. It’s always best to check with the specific bank to confirm their requirements.

Traditional business bank accounts vs. modern fintech business accounts

Now that you understand how to open a business bank account with a traditional bank, let’s explore how this process compares to modern fintech platforms like Airwallex. Fintech solutions often streamline the process, requiring fewer documents and offering a fully online account setup – making it faster and more convenient for businesses to get started.

Traditional business bank accounts (from banks like Bank of America, Citibank, Wells Fargo, etc.)

☐ Certificate of Incorporation or equivalent (e.g., Articles of Incorporation, Master Business License)

☐ Business Registration Number (proof of business registration)

☐ Employer Identification Number (EIN) confirmation (varies by bank)

☐ Government-issued ID (e.g., US Passport, Driver's License) for authorized signatories

☐ Proof of Principal Place of Business (e.g., utility bill or lease agreement)

☐ Completed application form (may require an in-person visit)

☐ Initial deposit (often required)

Airwallex Business Account

☐ Certificate of Incorporation

☐ Business Registration Number

☐ Government-issued ID for authorized person(s) and beneficial owners

☐ Completed application form (fully online)

Key differences when opening an Airwallex Business Account

Airwallex simplifies the process with:

• Fewer document requirements.

• Fully online application – no in-person visits or branch appointments.

• No need for additional documents unless required by specific business types (e.g., marketplaces or live streaming).

Why open a global business account with Airwallex?

If you're a US business looking to go global with a flexible financial solution, Airwallex can help. Airwallex lets you reach new markets without the hassles associated with traditional banks. 

With a completely digital setup, you can skip the bank lines and open an account in minutes – no physical paperwork or branch visits are needed. Airwallex provides local currency accounts with bank details in over 60 countries, making it easier to expand your business internationally. 

And since we focus on efficiency, you benefit from transparent pricing and reduced fees. 

Key features of the Airwallex Business Account

• It's fast and easy to set up. Open an account in minutes, skip the bank lines, and start accessing local currency accounts with bank details in 60+ countries.

• Save on FX fees. Settle in the currency you hold, avoiding conversion fees. For conversions, access interbank rates across 60+ currencies and save up to 80% on FX costs.

• Integrated financial solutions for growth. Unlike other fintechs focusing only on FX, Airwallex offers a comprehensive suite that includes payments, expense management, card issuance, and API solutions for custom integrations. Scale your entire financial operation seamlessly.

• Tailoring for US businesses. Airwallex addresses regional needs like compliance with local regulations and support for customer-preferred payment methods. Local partnerships and features unique to these markets ensure smooth, compliant transactions and greater convenience.

• There are no hidden fees. Airwallex’s transparent fee structure eliminates surprises. With no account opening or maintenance fees, you can focus on growth without worrying about hidden costs.

• Developer-friendly integrations. US businesses can integrate Airwallex solutions quickly with developer-focused tools, SDKs, and API documentation, making it easier to sync with existing systems.

Whether your business wants to reduce cross-border transaction costs or simplify global operations, Airwallex offers a streamlined, tech-driven alternative for scaling internationally.

What US businesses say about Airwallex Business Accounts

Don’t just take our word for it. Discover how these US businesses have used Airwallex to support their unique needs:

• Tenon Tours strengthens its financial operations with Airwallex as a trusted partner

• Wayo transforms checkout and cross-border payments with Airwallex 

• How Authentic Vacations saved $10k a month on FX 

The bottom line?

The right financial partner should streamline operations, reduce costs, and support your success. Airwallex offers a unique combination of features, competitive pricing, and robust technology, making it an excellent choice for businesses seeking to expand globally.

Frequently asked questions

1. What qualifies as a business account?

A business account is designed for companies of all sizes to manage payments, receive customer funds, handle payroll, and other financial operations. To open a business account, you'll need to provide your company registration details and the identity documents of your directors.

2. What’s the difference between a business account and a business bank account?

A "business bank account" is typically offered by traditional banks, while a "business account" can be provided by fintech companies like Airwallex. Traditional bank accounts often come with high fees, slower onboarding, and limited multi-currency options, while fintech solutions offer faster setup, lower costs, and integrated financial tools.

3. Which bank is best for business accounts in the US?

The best bank account depends on your business needs. Traditional banks such as Bank of America, Citibank, JPMorgan Chase, etc., serve large enterprises needing physical branches and loan access. However, fintech solution providers like Airwallex offer competitive rates, faster processing times, and user-friendly interfaces, making them ideal for businesses focused on global transactions and digital efficiency.

4. Can I open a business account alongside a business bank account?

Yes, many businesses use both a traditional bank account and a fintech business account. This combination allows access to traditional banking infrastructure and credit options while benefiting from the cost-effective international transfers and advanced features fintech solutions provide.

5. Do I need a business account as a sole proprietor?

Although sole proprietors are not legally required to open a separate business account, it is highly recommended that they do so to simplify bookkeeping, separate personal and business finances, and maintain better financial visibility.

6. How much does it cost to open a business bank account?

Many US banks have varying fees for business accounts, such as monthly maintenance fees or minimum deposit requirements. Airwallex, however, charges none of these traditional fees, making it a cost-effective alternative.

7. What is the difference between a personal and a business bank account?

A personal account is for individual use, such as personal savings and daily transactions. A business account is meant for business operations, with features that cater to commercial needs, such as higher transaction limits and multi-user access.

8. Should I link my personal bank account to my business account?

While linking personal and business accounts can simplify transfers, it’s essential to maintain a clear separation between personal and business finances for accounting accuracy and tax purposes.

9. How secure is Airwallex for my business finances?

Airwallex is regulated in multiple jurisdictions and complies with strict financial and data security standards, ensuring the safety of your money and data. For more information, visit our help center.

Note: This publication does not constitute legal, tax, or professional advice from Airwallex nor substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [email protected].