Business banking in North America: the United States, Canada and Mexico

Snapshot

North America here covers the United States, Canada and Mexico. Each country has large banks and digital first providers. Requirements centre on a locally registered entity, a national tax identifier and identification for the owners, with growing emphasis on genuine business substance.

Countries covered: United States, Canada and Mexico.
Typical timeline: Days with digital providers once checks pass, longer with traditional banks.
Common requirement: A locally registered entity and a national tax identifier.
Watch out for: Stricter substance checks for non resident owners and virtual addresses.

Fees and features as of 25 May 2026Last reviewed 25 May 2026

General information, not financial, legal, or tax advice. Verify current terms and eligibility with the provider before applying.

North America in this guide covers the United States, Canada and Mexico, three large but separate banking markets, each with its own currency and tax system. As of 25 May 2026, businesses generally open accounts through a locally registered entity with a national tax identifier: an EIN in the United States, a Business Number in Canada, and an RFC in Mexico. Each country has large banks and digital first providers. Non resident owners can often open accounts, most commonly through a local company, but face stricter checks on genuine business substance.

The North American banking landscape

Unlike a single market such as the European Economic Area, the United States, Canada and Mexico are distinct banking systems. Each uses its own currency, the US dollar, the Canadian dollar and the Mexican peso, and each sets its own rules for opening a business account. Every country has large banks alongside digital first providers that focus on smaller businesses and online onboarding. A business usually banks in the country where it is registered, so a group operating across all three often holds separate accounts.

What you usually need to open an account

Requirements differ by country, but the building blocks are similar.

A locally registered entity, such as a United States LLC or corporation, a Canadian corporation, or a Mexican company.
A national tax identifier: an EIN in the United States, a Business Number in Canada, and an RFC in Mexico.
Identification for the owners and authorised signatories, with beneficial owners commonly identified above a 25 percent threshold.
Evidence of genuine business activity. As of 25 May 2026, providers in the United States increasingly require real business substance rather than a virtual address.

Traditional banks compared with digital providers

Traditional banks offer branch networks, cash handling, lending and a full service relationship, which suits established businesses, though onboarding can be slower for foreign owned companies. Digital first providers open accounts online, often faster and at lower cost, and suit smaller or newer businesses, though cash handling and lending may be limited. The right fit depends on whether you value branch access and credit or speed and low cost online banking. Confirm current terms with each provider.

Compare business account options in North America

Providers serve businesses in the United States, Canada and Mexico, with eligibility that varies by country and residency. Browse the provider reviews to compare features and fees, then confirm current eligibility and terms before applying. Shown as of 25 May 2026.

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Common questions

Can a non resident open a business account in North America?

It is possible, most commonly through a locally registered company. In the United States a non resident usually forms an LLC or corporation, obtains an EIN, and applies with a provider that accepts non resident owners. As of 25 May 2026, banks increasingly require evidence of genuine business substance rather than a virtual address. Requirements differ by country and provider, so verify before applying.

What tax identifiers are needed across North America?

The United States uses an Employer Identification Number, or EIN, from the IRS, with an SSN or ITIN for individual identity. Canada uses a Business Number from the Canada Revenue Agency. Mexico uses the RFC tax identifier. Exact requirements vary by entity and provider, so confirm before applying. Information as of 25 May 2026.

How long does it take to open a business account in North America?

Digital first providers can open an account within days once your documents and identity checks pass, while traditional banks may take longer, especially for foreign owned companies that need extra verification. Timelines vary by provider and country. Information as of 25 May 2026.

Which providers serve North America?

Large banks serve each country, such as the major United States and Canadian banks and established Mexican banks, alongside digital first providers that focus on smaller businesses. Coverage and eligibility differ by country, entity type and residency, so check each provider before applying.

Fees, features, and eligibility change and vary by region. This page was last reviewed on 25 May 2026. Confirm current terms with the provider before applying.