Walmart sellers in Vietnam face unique hurdles opening U.S. bank accounts
Walmart requires U.S. business registration and an Employer Identification Number (EIN) for third-party sellers. For sellers based in Vietnam, this presents a significant hurdle because most U.S. banks require an in-person visit or have strict policies against non-resident account openings. This means sellers often cannot proceed with Walmart onboarding without first securing a U.S. business entity and then a U.S. bank account, which are interdependent. The typical path for establishing a U.S. business presence, especially for international sellers, involves forming a U.S. LLC and obtaining an EIN. These steps are prerequisites for opening a U.S. bank account remotely, which is essential for receiving payouts from Walmart and managing U.S.-based business finances.
U.S. Bank Account is mandatory for Walmart onboarding
Walmart Marketplace explicitly requires sellers to have a U.S. business entity and an EIN to operate on their platform. This is not optional. Without these, you cannot successfully register as a seller. Following the business registration, a U.S. bank account is necessary to receive your sales proceeds. Walmart disburses funds to a U.S.-domiciled bank account. For sellers in Vietnam, this means establishing a U.S. business presence is the first step, followed directly by opening a U.S. bank account. Without both, you cannot complete the onboarding process and begin selling on the platform.
Required documents for a U.S. Bank Account
Opening a U.S. bank account as a non-resident business owner requires specific documentation. The exact list varies by bank, but common requirements include your EIN confirmation letter (if opening a business account) and proof of your U.S. business formation, such as Articles of Organization for a U.S. LLC. You will also need personal identification, typically a passport, and proof of your residential address in Vietnam. Some banks may also request a utility bill as further proof of address. For business accounts, understanding the beneficial ownership structure is also part of the Know Your Customer (KYC) and Anti-Money Laundering (AML) application process. Ensure all documents are clear, valid, and accurately reflect your business and personal details.
The U.S. Bank Account application process
The process begins after you have established your U.S. business entity and obtained your EIN. You will complete a bank-specific Know Your Customer (KYC) and Anti-Money Laundering (AML) application. This application will ask for details about your business, its owners, and your intended use of the account. Since you are applying remotely from Vietnam, you will likely submit these documents electronically. The bank will review your application and supporting documents. If approved, the bank will open your account. You will typically receive your account details and debit card within 5–10 business days from the application submission. This timeline can vary depending on the bank's internal processing and the completeness of your application.
Common mistakes for Walmart sellers from Vietnam
Walmart marketplace sellers from Vietnam often encounter specific pitfalls. A primary mistake is attempting to open a U.S. bank account before forming a U.S. business entity and obtaining an EIN, as Walmart requires both for seller onboarding. Many U.S. banks simply will not open accounts for non-residents without a U.S. business presence. Another common error is using mismatched names across application documents; your business name, EIN documentation, and bank application must align perfectly. Missing required documentation, such as proof of address from Vietnam or the EIN confirmation letter, will also lead to delays or rejections. Finally, applying directly to large national banks that have strict in-person deposit requirements or outright refuse non-resident applications is a frequent, time-consuming mistake.
How itin.net's Certified Acceptance Agent path helps
As a Certified Acceptance Agent (CAA), itin.net offers a streamlined process for obtaining necessary U.S. documentation, including ITINs and EINs. While itin.net does not directly open bank accounts, we assist in securing the foundational U.S. business requirements that banks mandate. For instance, we can help obtain your EIN, which is critical for both Walmart onboarding and U.S. bank account applications. The CAA designation means we are authorized by the IRS to verify your identity and documentation, simplifying the process of obtaining an ITIN if needed for other U.S. tax filings. This authorized verification can often expedite processes and reduce the likelihood of documentation errors compared to applying directly to government agencies without assistance. Our services focus on ensuring you have the correct U.S. business structure and identification numbers required by financial institutions and platforms like Walmart.
Next steps for Walmart sellers
After securing your U.S. bank account, you can finalize your Walmart Marketplace seller registration. Ensure you have all necessary documentation ready for Walmart's verification process. If you have not yet established your U.S. business entity or obtained an EIN, these are your immediate priorities. Consider reviewing the specific requirements for U.S. LLC formation and EIN applications. For comprehensive assistance tailored to your situation as a seller in Vietnam, you can explore the services offered by itin.net to ensure you meet all U.S. regulatory and platform requirements. Visit itin.net to understand the application process for your U.S. business needs.
Practical tips
- Obtain your EIN before applying for a U.S. bank account, as it is a prerequisite for most financial institutions and for Walmart onboarding.
- Ensure your U.S. business name, as listed on your formation documents and EIN confirmation, exactly matches the name used on your bank account application.
- Gather proof of address for your U.S. business (if applicable) and your residential address in Vietnam well in advance of your application.
- When opening a business account, be prepared to provide details on beneficial ownership and the intended use of the account to comply with bank regulations.
- Use a U.S. LLC formation service or consult with a U.S. business attorney to ensure your entity is correctly established, which is vital for both Walmart and bank requirements.
Frequently asked questions
Can I open a U.S. bank account from Vietnam without forming a U.S. LLC?
Walmart requires a U.S. business entity and EIN for onboarding. While some banks might allow personal accounts for non-residents, a business account linked to a U.S. entity like an LLC is generally necessary for marketplace sellers to receive payouts and comply with platform rules. You will need an EIN, which is typically tied to a U.S. business structure.
How long does it take to get a U.S. bank account for Walmart selling?
From the point of application submission, a U.S. bank account typically takes 5–10 business days to become active. However, this timeline does not include the time required to form your U.S. business entity and obtain your EIN, which must be completed first.
What is the difference between a U.S. business and personal bank account for a Walmart seller?
A U.S. business bank account is linked to your U.S. business entity (like an LLC) and EIN, essential for Walmart marketplace sellers. A personal account is tied to an individual and may not meet the platform's requirements for business transactions and payouts. Banks also have different requirements for opening business versus personal accounts for non-residents.
Do I need an ITIN to open a U.S. bank account?
An ITIN (Individual Taxpayer Identification Number) is generally not required to open a U.S. bank account, even for non-residents. You will typically need your EIN for a business account and personal identification. An ITIN is primarily for U.S. tax filing purposes.
Which U.S. banks are best for Walmart sellers in Vietnam?
Many large national banks have strict policies against non-resident applicants. Fintech alternatives like Mercury, Relay, or Brex are often more accommodating to non-residents needing U.S. business bank accounts. It's crucial to research each bank's specific requirements for international applicants and business accounts before applying.
What happens if my U.S. bank account application is rejected?
If your application is rejected, carefully review the bank's reason for denial. Common issues include missing documentation, an incomplete application, or the bank's specific policies regarding non-residents. Addressing these issues and potentially trying a different bank or fintech provider is the next step. Ensure your U.S. business formation and EIN are correctly established.
