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Because many of our clients conduct business and have locations around the globe, they work with a variety of banks. Recently, we have received a lot of inquiries about one in particular—TransferWise, a bank that gives customers the opportunity to open a multi-currency account.
When forming a Delaware entity, clients often ask about a business bank account. Your bank can be anywhere in the world and does not have to be in Delaware or even in the United States. As your registered agent, we are not permitted to open or manage a business bank account, but we do help clients understand what’s needed to open a bank account.
Founded in 2010, TransferWise has over 4 million clients and helps customers with international money transfers. The service is available in 59 countries and strives to make the process as stress-free as possible.
When clients work with TransferWise or start the process of obtaining an account, they often ask how they can verify their business address and what do they need to provide so that Transferwise can verify their information. In addition to basic identification, the information below is what may be necessary to meet these requirements:
The EIN/Federal Tax ID Number
The EIN is similar to a Social Security Number for American citizens as it’s assigned by the IRS to your entity. Clients need to obtain the EIN for their Delaware company if they plan to conduct business activities in the U.S., hire U.S. employees or have a physical location in the USA. We can certainly assist with obtaining the EIN for the entity if you have not already done so. In some instances an EIN confirmation letter may be required which is generated by the IRS and mailed to the responsible party address listed on the SS4 Form that was submitted to the IRS to obtain the EIN for the company.
For Limited Partnerships, TransferWise requires similar information, but will also typically require the name of the managing partner of the company along with their place of residence and birth date.
For Non-Profit Corporations, proof that the 501(c)3 status has been obtained as well as the name, date of birth and place of residence of the business owners are required.
If clients have specific questions pertaining to TransferWise accounts, we recommend that they contact TransferWise directly for assistance.
I will be happy to assist with any questions you have and can be reached at 1-302-645-7400 ext. 6144 or via email at Justin@delawareinc.com.
*Disclaimer*: Harvard Business Services, Inc. is neither a law firm nor an accounting firm and, even in cases where the author is an attorney, or a tax professional, nothing in this article constitutes legal or tax advice. This article provides general commentary on, and analysis of, the subject addressed. We strongly advise that you consult an attorney or tax professional to receive legal or tax guidance tailored to your specific circumstances. Any action taken or not taken based on this article is at your own risk. If an article cites or provides a link to third-party sources or websites, Harvard Business Services, Inc. is not responsible for and makes no representations regarding such sourceâ€™s content or accuracy. Opinions expressed in this article do not necessarily reflect those of Harvard Business Services, Inc.