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How to open a Mercury US bank account in Chile

By Doola

Published on 1 Aug 2024 2 min read

Opening a Mercury US bank account in Chile: A hassle-free process for managing your international finances.

Apply for a Mercury US Bank Account in Chile

If you are ready to apply for a Mercury US bank account in Chile, follow our step-by-step guide to get started.

Benefits of Opening a Mercury US Bank Account in Chile

Opening a Mercury US bank account in Chile presents numerous advantages. It allows you to access the US financial system, which includes lower transaction fees and better exchange rates. This can be particularly beneficial for businesses dealing with international clients. Additionally, having a US bank account can significantly enhance your business’s credibility and trustworthiness.

Moreover, a Mercury US bank account comes with streamlined and efficient online banking features. This means you can manage your account, pay bills, and send and receive money without stepping out of your home or office in Chile. The convenience and security that come with modern online banking make it a smart choice for entrepreneurs and small business owners.

Pros and Cons of Mercury US Bank Account in Chile

One of the significant pros of having a Mercury US bank account is the ability to operate in US dollars, which can be advantageous for international trade and business operations. It also offers robust online tools that are user-friendly and highly efficient.

On the flip side, the cons may include navigating US compliance and regulatory requirements, which can be complex. Additionally, there might be limitations on certain banking features that are usually available to US residents but not to international customers.

How to Open a US Business Bank Account from Chile

Opening a US business bank account from Chile is a straightforward process if you follow the correct steps. First, you’ll need to choose a US bank that accepts non-resident applications, such as Mercury. Next, gather the necessary documentation, including your passport, proof of address, and any business-related documents such as an LLC formation certificate or an EIN (Employer Identification Number).

Once your documents are ready, you can open an account online. Most online banks, including Mercury, have a simplified application process designed for international applicants. You’ll fill out an online form, upload your documents, and potentially have a video verification call with a bank representative. After approval, your account will be up and running, allowing you to conduct business activities seamlessly.

Compliance Requirements for Using a Mercury US Bank Account in Chile

When using a Mercury US bank account in Chile, it’s crucial to remain compliant with both US and Chilean banking laws. Ensure you provide accurate information during the application process and comply with all identity verification requirements.

Additionally, familiarize yourself with the Foreign Account Tax Compliance Act (FATCA) regulations, as you’ll need to report your US bank account if it meets specific criteria. Keeping transparent and detailed financial records can help you stay compliant and avoid any legal issues.

Tax Obligations for Using a Mercury US Bank Account in Chile

Using a Mercury US bank account in Chile also comes with specific tax obligations. For instance, you will need to report any income earned through the account to the Chilean tax authorities. It’s crucial to understand the tax treaties between the US and Chile to avoid double taxation.

Furthermore, the US requires foreign account holders to report their account balances through the Report of Foreign Bank and Financial Accounts (FBAR) if the total value exceeds a certain threshold. Non-compliance with these reporting requirements can result in hefty fines, so it’s advisable to consult a tax professional familiar with international tax laws.

Can I Apply for a Mercury US Business Bank Account from Chile?

Yes, you can apply for a Mercury US business bank account from Chile. Mercury is designed to cater to international founders and entrepreneurs, making it an excellent choice for your banking needs. However, there are certain restricted countries and regions where Mercury cannot open accounts. These include Afghanistan, Albania, Belarus, Bosnia & Herzegovina, Burundi, Cambodia, Cameroon, Central African Republic, Congo (the Democratic Republic of the), Congo (the), Croatia, Cuba, Eritrea, Haiti, Iran, Iraq, Lebanon, Liberia, Libya, Mali, Mozambique, Myanmar, Nicaragua, Nigeria, North Korea, Pakistan, Palestine, Philippines, Russia, Somalia, South Sudan, Sudan, Syria, Ukraine, Venezuela, Yemen, and Zimbabwe.

If you are not from one of these restricted countries, doola is happy to help you open your bank account via doola’s partnership with Mercury.