Banking & Payments
USD and EUR Accounts for Latin American-Owned Companies: What to Check Before You Sign Up
Many companies owned from Argentina, Peru and elsewhere in Latin America hold their dollars offshore. Here is how dedicated USD and EUR payment accounts work, who qualifies, what onboarding involves and which questions to ask a provider.
After years of currency controls and high inflation, many business owners in Argentina, and plenty in Peru and elsewhere in Latin America, keep their company's money outside their home country. A common setup is a US LLC or corporation, or a BVI company, that trades with customers and suppliers in the United States, Europe and Asia.
The difficulty is rarely the company. It is the account. Traditional banks in the US and Europe are often slow to open accounts for non-resident owners, and many fintech accounts come with limits that only show up once money starts moving.
Here is what a good USD and EUR payment account looks like, who can get one, and what to ask before you commit.
Dedicated accounts versus "for further credit"
The first question to ask any provider is whose name is on the account.
| Account type | How it works | What it means for you |
|---|---|---|
| Dedicated (named) account | The account is held in your company's name, with no prefix, suffix or provider name | Payers see your company as the beneficiary. Fewer rejected or delayed payments, cleaner reconciliation |
| Pooled "for further credit" (FFC) | Payments go to the provider's account, with your name added as a reference | Some payers' banks query or refuse these payments, and large customers may not accept them for supplier onboarding |
For a company receiving business payments of meaningful size, a dedicated account in its own name is worth insisting on.
One account number per currency
Many providers give a separate account number for each currency rather than one multi-currency number. In practice:
- USD is received and sent through US dollar correspondent routes, which may be held with a bank outside the US depending on the route.
- EUR is received and sent through SEPA, the euro payments scheme that connects banks across the EU and several neighbouring countries. SEPA transfers are typically fast and low-cost compared with international wires.
Ask which bank actually holds each currency and how payments are routed. It affects which payers can send to you easily, and how statements read to your customers and auditors.
Who usually qualifies
Payment platforms take a view on the type of company, not just where its owners live. Broadly:
- Usually accepted: operating companies, such as US companies or BVI companies with beneficial owners in Argentina, Peru or elsewhere in South America, doing ordinary commercial business.
- Usually not accepted: investment funds and broker-dealers, even with the same owners. They hold client money and are regulated financial institutions, so they normally need specialist banking.
- Not accepted anywhere reputable: sanctioned persons or jurisdictions, and often higher-risk sectors such as gambling. Politically exposed persons face enhanced checks.
If your group has both an operating company and a fund, expect to solve their banking separately.
What onboarding involves
Onboarding is usually done online through a secure link. Have these ready:
- Company documents: certificate of incorporation, certificate of incumbency (for BVI and similar companies) or good standing, and constitutional documents.
- Director documents: passport and recent proof of residential address.
- A computer with a camera: the director completes a live facial recognition check. Where that is not possible, some providers accept printed and signed declarations (covering contact details and compliance with anti-money laundering and sanctions rules) photographed with the director.
- Mobile phone and email: both are registered and used for one-time passcodes at every login and transaction.
- A clear business profile: what you sell, who pays you, who you pay, expected monthly volumes and typical transaction sizes.
The last point matters more than people expect. A provider that understands your flows (for example, mostly business-to-business payments with customers in the US, Germany, the UK and Spain) can set limits and monitoring correctly from day one.
Invoices for trade payments
Most providers treat business remittances as trade-related, so payments in and out are supported by a pro-forma or commercial invoice. This is standard anti-money laundering practice, in line with international standards, not a sign of distrust. Build the habit early: an invoice reference on every payment and a copy filed where you can find it. It also makes your year-end accounts much easier.
Questions to ask before you sign up
- Is the account in my company's name, or a pooled "for further credit" account?
- Is there one account number per currency, and which bank holds each currency?
- Where is the provider licensed and regulated?
- What documents are required for incoming and outgoing payments?
- What is the fee on incoming and outgoing payments, and what is the FX spread on conversions?
- Are there intermediary bank charges on USD wires?
- What are the limits per transaction and per month, and how are they raised?
- What happens if a payment is held for compliance review, and how quickly is it resolved?
Fees are often a small percentage of each payment. The all-in cost, including FX and intermediary charges, matters more than the headline rate.
Where Hong Kong fits
Some owners use these accounts alongside a Hong Kong company, which adds a trading and sourcing base close to suppliers in China and Asia, with Hong Kong's territorial tax system and access to Asian banking. Others simply need reliable USD and EUR rails for their existing US or BVI company. Either way, our cross-border payments team can review your structure and flows and introduce the right account. For more on the region, see Hong Kong and Latin America.
Frequently asked questions
Can a US LLC or BVI company owned from Argentina get a USD account?
Often yes. Many payment platforms onboard operating companies registered in the US or the BVI with beneficial owners in Argentina, Peru or elsewhere in Latin America, subject to KYB/KYC checks and the type of business.
Why can't my fund or broker-dealer open the same account?
Investment funds and broker-dealers handle client money and are regulated as financial institutions, so many payment platforms do not onboard them. They usually need specialist banking relationships.
Do I need to visit an office to onboard?
Usually not. Onboarding is typically online: company and director documents, a live face check by webcam (or a signed declaration with a selfie), and verification of a mobile number and email used for passcodes.
What is the difference between a dedicated account and a "for further credit" account?
A dedicated account carries your company's name, so payers see you as the beneficiary. A "for further credit" (FFC) arrangement routes payments to a provider's pooled account with your name in the reference, which some payers and banks reject or delay.
Sources
This article is general information, not legal or tax advice. Rules and figures can change; confirm details for your situation before acting.
