You have a Wyoming LLC, a growing business, and fintechs that could shut you down at any moment. You need a physical bank account. The problem: most traditional banks will not even look at you if you are a non-resident with a foreign LLC. This guide tells you exactly where to go and where not to waste your time.
Tier 1: Banks That Work (Verified)
| Bank | Country | Currencies | LLC Accepted | In-Person Required | Cost to Open | Notes |
|---|---|---|---|---|---|---|
| Bank of Georgia (BOG) | Georgia | USD, EUR, GEL, GBP | Yes (WY LLC) | Yes, or via POA | USD 200-500 | Tier 1 choice. Multi-currency, SWIFT, good online banking. Accepts POA (apostilled Power of Attorney). |
| Raiffeisen Serbia | Serbia | EUR, RSD | Yes (WY LLC) | Yes | EUR 100-300 | Strong European bank. Requires visit to Belgrade. EUR SWIFT transfers. Good for EU-facing businesses. |
| Towerbank | Panama | USD | Yes (WY LLC + PIF) | Yes, or via representative | USD 500 min deposit | Best for PIF + LLC combo. Understands offshore structures. No questions about PIFs. |
Tier 2: Banks That Sometimes Work
| Bank | Country | Notes |
|---|---|---|
| TBC Bank | Georgia | Easier onboarding than BOG. Lower transaction limits. Good for smaller operations. |
| UniCredit Serbia | Serbia | Larger bank, more bureaucratic. Slower than Raiffeisen but accepts LLCs. |
| East West United Bank | Luxembourg | Accepts non-residents but requires EUR 50k+ minimum balance. For high-volume only. |
| CIM Banque | Switzerland | Accepts some profiles. Minimum CHF 100k. Very selective. Not worth trying below CHF 500k. |
Tier 3: Banks That Do NOT Work (Stop Trying)
| Bank/Country | Why It Doesn't Work |
|---|---|
| Chase / Wells Fargo / BofA (US) | Require US person (SSN or ITIN with US address). Will not open for non-residents remotely. |
| HSBC / Barclays (UK) | Require UK-registered company or UK residency. Non-resident LLCs rejected. |
| Emirates NBD / ADCB (UAE) | Require UAE residency visa and UAE-registered company. No foreign LLCs. |
| UBS / Credit Suisse (Switzerland) | Minimum CHF 1M+. Not accessible for most entrepreneurs. |
| Revolut Business / N26 Business | Require EU company registration. US LLCs not accepted. |
| Baltic banks (LHV, Swedbank Estonia) | Post-money-laundering-scandal compliance. Extremely restrictive for non-residents. |
The POA Process (Power of Attorney)
If you cannot travel to Georgia or Serbia in person, you can open an account via Power of Attorney. Here is how it works:
- Draft a POA authorizing a representative to open a bank account on behalf of your LLC. Cost: USD 100-300 (legal drafting).
- Notarize the POA in your country of residence. The notary certifies your identity and signature.
- Apostille the POA. Get an apostille stamp from the relevant authority in your country. Cost: USD 50-200.
- Send original POA (physical document, not scan) to your representative in Georgia/Serbia.
- Representative visits bank with the POA, your LLC documents (Articles of Organization, EIN letter, Operating Agreement), and your passport copy.
- Bank opens account remotely. You receive online banking credentials by email. Timeline: 1-3 weeks.
The Optimal Banking Stack
Banking Stack
← Daily client payments
Layer 1: Fintechs 40% of volume
- Wise Business: Multi-currency (EUR, GBP, USD, AUD)
- Mercury: US ACH, wires, domestic payments
↓ Sweep reserves weekly
Layer 2: Physical Bank 50% of volume
- Bank of Georgia: USD/EUR reserves, SWIFT wires
- This is your anchor. If fintechs fail, BOG keeps your business alive.
↓ Emergency reserves
Layer 3: Backup 10% of volume
- Relay: Untouched emergency fund
- Towerbank: PIF account (if PIF exists)
Golden rule: Never keep more than 40% of your operating cash in any single provider. Diversification is survival.
Documents Needed for Any Physical Bank
| Document | Details |
|---|---|
| LLC Articles of Organization | Certified by the state (Wyoming Secretary of State) |
| Operating Agreement | Showing you as the sole member |
| EIN confirmation letter (IRS) | CP575 or 147C letter |
| Certificate of Good Standing | Recent (within 30 days). From Wyoming Secretary of State. |
| Passport copy | Notarized and apostilled (for POA opening) |
| Proof of address | Utility bill or bank statement (within 90 days) |
| Business description | Brief letter explaining what your LLC does, who the clients are, expected monthly volume |
| Website URL | Banks verify your business exists online. A professional website reduces friction. |
Cost Comparison
| Bank | Monthly Fee | SWIFT Transfer Fee | Multi-Currency | Online Banking |
|---|---|---|---|---|
| Bank of Georgia | ~USD 5-10 | USD 25-50 | Yes (USD, EUR, GBP, GEL) | Yes (good mobile app) |
| Raiffeisen Serbia | ~EUR 10-15 | EUR 15-30 | EUR + RSD | Yes |
| Towerbank | ~USD 15-25 | USD 35-50 | USD only | Yes (basic) |
| Wise (fintech) | Free | 0.5-1.5% | Yes (50+ currencies) | Excellent |
| Mercury (fintech) | Free | USD 5 (domestic wire) | USD only | Excellent |