Enterprise Caiying Group to provide U.S. companies / Singapore companies / Japanese companies / Thai companies / Malaysian companies / Canadian companies / Mexican companies / Brazilian companies / British companies / French companies / New Zealand companies / Japanese companies / Singapore companies / Vietnamese companies / Indonesian companies / Dubai companies and other foreign companies registered in the relevant business and taxation services, but also to provide the Hong Kong company / Shenzhen company / Guangzhou company / Shanghai company / Hangzhou company / Beijing company / Hainan company and other domestic company registration of corporate services, company annual audit audit / bookkeeping tax / payment of MPF / change of information / bank account / ODI filing / BVI registration / tax compliance / cross-border e-commerce accompanied by running on behalf of the operation of the enterprise one-stop service, you have the need or interested in any time to drop me (phone and WeChat consulting: 13045886252 ).

IRS completely canceled the paper tax refund checks, no bank account cross-border bosses wallet to "disconnect"?

As we all know, the beautiful country adopts the "prepaid tax" system, no matter what, first collect all the tax, and then you check yourself, think which areas can enjoy tax exemption, fill out the form to apply for a refund, which is the "tax refund". In the past, most of them were mailed by paper check, and many of them were lost every year.

A new rule recently put out by the IRS (Internal Revenue Service) could have a direct impact on your cash flow - paper tax refund checks are on their way out of history altogether, and in the future tax refunds will only be recognized as U.S. bank account transfers.

There's a reason for the empty cave. As early as 2023, the IRS announced the phasing out of paper checks and 100% electronic transfers by 2025.

This change seems to be only an adjustment at the operational level, but it has brought a real impact on the cross-border e-commerce industry.

Keep in mind that many of our sellers don't have bank accounts in the US.

01 Without a U.S. Bank Account, Your Tax Refund May Be "Yellow"

For cross-border e-commerce companies, tax refunds are an important part of profits.

Delayed arrival:Without a U.S. bank account, you could be dealing with a long wait.The IRS cycle for processing paper checks is usually 4-6 weeks, while electronic transfers take only 1-2 weeks. Slower money turnover can be the final straw that breaks the camel's back for e-commerce businesses that rely on cash flow.

Communication costs have skyrocketed:When IRS asks for additional documents, you need to provide more complex identification and proof of source of funds. Back and forth email communication can take as little as a few weeks or as much as a few months, and the finance team's energies are spent pulling the wool over their eyes.

Risk of lost checks:Paper checks have the potential to be lost or stolen in cross-country mailings. In the event that this happens, the replacement process is cumbersome and time-consuming, directly affecting your financial planning.

Why are cross-border e-commerce companies panicking more?As a cross-border e-commerce company, our business is naturally "cross-border", and our pain points are more prominent than those of ordinary U.S. companies:

(1) Complexity of multi-store and multi-object tax refunds:If your business involves multiple Amazon stores or different subjects, each account needs a corresponding U.S. bank account to receive tax refunds. Managing the confusion can easily trigger an IRS compliance review.

2) The efficiency of capital return directly affects profits:E-transfers get tax refund funds back into operating accounts quickly for restocking, advertising, or supply chain turnover. By delaying an extra month, you may miss out on a pop-up order cycle.

3) Higher compliance requirements:The IRS is becoming more and more stringent in monitoring cross-border financial flows. Without a compliant U.S. bank account, your tax return process can easily be flagged as "high risk" or even face a tax audit.

What now?Don't panic, there's just one core solution: open a compliant U.S. bank account as soon as possible and make sure the account information is updated in real time.

If you are still using a third-party collection account to "save the country", it is recommended that you upgrade to a U.S.-based bank account to solve the root cause of the problem of tax refunds arriving at the account. Regularly check your W-8BEN form and account information to make sure that it matches the data in the IRS system, so as to avoid getting stuck with a tax refund due to inconsistent information.

In fact, these tax and capital problems, looking for a professional organization can be easily dealt with. Enterprise Caiying Group can help you one-stop to get the U.S. bank account opening and tax compliance declaration, so that your capital flow is more hassle-free, and business is more stable.

In short, the IRS's eRefund transition is on the horizon. Instead of passively waiting, it is better to proactively lay out your financial system to keep up with the digitalization of the U.S. tax footsteps. After all, on the track of cross-border e-commerce, smooth cash flow is the only way to run faster and farther.

If you plan to register a U.S. company/Singapore company/Japanese company/Thailand company/Malaysia company/Canada company/Mexico company/Brazil company/Britain company/France company/New Zealand company/Japanese company/Singapore company/Vietnamese company/Indonesia company/Dubai company and other foreign companies registered in the relevant business and financial services, or plan to register a Hong Kong company/Shenzhen company/ Guangzhou company / Shanghai company / Hangzhou company / Beijing company / Hainan company and other domestic companies registered business services, the company's annual audit audit / bookkeeping tax / payment of MPF / change of information / bank account / ODI record / BVI registration / tax compliance / cross-border e-commerce accompanied by running on behalf of the operation of the enterprise one-stop service, you can add my WeChat (phone with V: 13045886252) at any time to consult ↓↓ ↓ 

02 Advantages of Opening a U.S. Bank Account

✅ Cross-border trading and investment convenience The U.S., as a global financial center, has the U.S. dollar as its main settlement currency. Having a U.S. account simplifies international payments, receiving overseas payments or making cross-border purchases, saving exchange rate conversion costs and time. For investors, the account facilitates direct participation in U.S. stocks, Hong Kong stock funds and other markets, and most brokerage firms require funds to be deposited from a U.S. account in 2025 to avoid third-party funding risks.

✅ Asset Diversification and Security Allocation of U.S. dollar-denominated assets through the U.S. banking system diversifies single-currency risk. The strict regulatory system in the U.S. provides security for funds while supporting global investment opportunities such as bonds or plus M currencies to enhance financial flexibility.

✅ Credit HistoryEstablishing regular use of accounts over time helps build a U.S. credit history, which can be critical to applying for local credit cards, loans, or lifestyle needs such as renting an apartment, or even affecting job search opportunities.

✅ Financial Services & Technology ExperienceBank of America offers a wide range of products (e.g., checking, savings accounts) and advanced digital services (online/mobile banking) that support convenient bill payments, transfers, and global money management to enhance everyday efficiency.

✅ Forward-looking advantage in responding to policy changes 2026 Cross-border funding regulations tighten, the U.S. account can reduce the risk of delayed or frozen funds due to transit bank reviews, and become a necessary tool for globalized operations (e.g., cross-border e-commerce collections).

If you plan to open a Chinese-American bank account services, you can add my WeChat (phone with V: 13045886252) at any time to consult ↓↓↓↓ 

03 East West Bank (USA)

1) Introduction to Hua Mei Bank

East West Bank is the largest independent commercial bank and publicly traded company headquartered in Southern California, with $61 billion in total assets in the U.S. and Chinese-American markets. East West Bank is ranked among the top 30 publicly traded banks in the United States by total assets. The bank was ranked 11th on Forbes' 2020 list of the nation's top 100 banks.

Founded in Los Angeles in 1973 and listed on the NASDAQ in 1999, East West Bank has total assets of US$56.9 billion and over 125 branches in the U.S. and Greater China, and holds a full banking license. East West Bank is ranked among the top 30 banks in the United States with outstanding performance. Since 2010, East West Bank has been ranked on Forbes' "America's Best Banks" list. 

It has a network of more than 125 locations in the United States and Greater China, with the U.S. market primarily located in California, Georgia, Nevada, New York, Massachusetts, Texas, and Washington; and a full-service network of banks in Hong Kong, Shanghai, Shenzhen, and Shantou, as well as representative offices in Beijing, Chongqing, Xiamen, and Guangzhou in the Greater China region.

Focusing on the U.S. and Greater China markets, East West Bank has long been recognized by Hurun Report as the "Most Favored Chinese American Bank".

When the bank was founded, it was mainly to provide financial services for Chinese immigrants. Today, East West Bank is a bridge connecting financial services between China and the U.S., which is also its service purpose, with outlets mainly in the U.S. and Greater China, and many of its employees are Chinese, and the official customer service phone number and internet banking support Chinese.

WaMu Bank acquired the global operations of Union Bank on November 6, 2009, which was closed by the California Department of Financial Institutions and taken over by the FDIC.

WaMu Bank assumed approximately $10.4 billion of Union Bank's assets, including $7.7 billion in loans and $9.2 billion in liabilities.

2) Account Advantages

✅ Account opening convenience

Support remote video account opening, no need to travel to the United States in person. Only need to provide ID cards, passports and other basic information, through the video witness can complete the account opening, the whole process is about 3-4 weeks, high efficiency.

✅Chinese Service

Provide full-process Chinese customer service support, official website, APP and customer service communication all support Chinese, which is convenient for Chinese users to operate and reduce language barriers.

✅Privacy Protection

Not participating in CRS (Global Account Information Automated Exchange System), account information will not be actively exchanged with Chinese tax authorities or other countries, and the privacy of funds is strong. At the same time, deposits are protected by FDIC insurance, with $250,000 coverage for a single account.

✅Lower costs
Account management fees are waived if the average monthly account balance is $2,500 or more. Some transfer methods (e.g., ACH transfers, Chinese-American bank transfers) are free of charge, and handling fees for international wire transfers, etc. are at a reasonable level.

✅Feature-rich

It supports binding Amazon, Shopify, Stripe and other e-commerce platforms to receive payments, and can be used for U.S. stock investments (through cooperative brokerage firms such as PCCW Securities), and can also carry out a variety of transfer operations such as Zelle, ACH, and wire transfers to satisfy the needs of cross-border transactions, investments, and daily payments.

✅ Security of funds

As a U.S. listed bank with assets of over 70 billion dollars, Forbes "America's Top 100 Banks" for many years, capital security is guaranteed.

✅ Physical card support

You can apply for a physical bank card, which is convenient for spending or withdrawing cash abroad, and the card supports international payment networks such as Visa, which is used worldwide.

3) Account Opening Tips

Required documents: ① ID card + passport front page scanned or photographed. ②Basic Information Form KYC (with template).

Activation Payment: Minimum of $2500 USD, which can be subsequently withdrawn.

Management fees:Monthly admin fee of $12, waived for average monthly balances greater than $1500.

Account opening method: remote video witness account opening.

Account opening cycle: about 3-4 weeks.

Remittance feesReceive $10, send domestic $30/transfer. International remittance: $40/transfer. zelle transfer is free of charge.

transfer limit: $100,000/day;$200,000/month.

functionality: The Huamei App supports Chinese language, Zelle,ACH, as well as the ability to access checks by taking a picture with your phone.

If you plan to open a Chinese-American bank account services, you can add my WeChat (phone with V: 13045886252) at any time to consult ↓↓↓↓ 

04 East West Bank accounts and velo accounts

There are two types of WaMu personal accounts, the virtual bank velo and the physical US-based WaMu bank accounts.

Here are the differences between the East West Bank account at WaMu and the Velo account in several ways:

Management style:

The East West Bank account at WaMu is managed by a dedicated account manager who provides personalized service.
Velo accounts, on the other hand, are not managed by account managers and rely more on self-service and online platforms.

Account Status:

The East West Bank account at WaMu has a higher status and more comprehensive services as the main account of the bank.
The Velo account, on the other hand, is simply a digital bank account under the umbrella of WaMu Bank.

Account opening method:
The account opening process for East West Bank accounts at East West Bank requires video witnessing, providing complete account opening documents, including passport and other identification materials, and mailing them to a U.S. branch for review.
Velo accounts, on the other hand, can be applied for autonomously through their app, without witnessing.

Management fees:

WaMu East West Bank accounts are subject to a $5 monthly management fee for accounts with an average daily balance of less than $1,500.
Velo accounts, on the other hand, charge a $25 monthly management fee for accounts with an average daily balance of less than $2,500.

The actual difference between the two:
As the East West Bank account of Huamei needs to go through strict video authentication and document review, its account wind control is more stable. It is also not a CRS affiliate account, so it is not regulated by mainland China, and the safety and confidentiality of funds are better, and the small partners who speculate on Hong Kong and U.S. stocks are free of handling fees for entering and exiting the funds.

The Velo account is only an online virtual bank, which has lower account stability and may even be blocked. In addition, Velo accounts are currently blacklisted by some banks in the country, which will impose certain restrictions on their use.

If you need the service of opening a Chinese-American bank account, you can add my WeChat (phone with V: 13045886252) at any time to consult ↓↓↓↓ 

05 East West Bank Account Opening Guide

Account opening requirements:Only a valid ID, passport is required to start the application for account opening, applicants should be 18 years old or above;
Fill in bank KYC form, personal bank details (last 3 months).

Account opening process:

1) Submit the account opening information to the bank manager for review;

2) Complete video KYC (customer due diligence);

3) At the end of the video review, the signed document is scanned and sent to the bank manager;

4) Complete the placement and deposit the account activation payment of $1500 US;

(5) The account opening process only takes 1-2 weeks, and you can choose to apply for a Visa physical card after successfully opening an account (you need to pay the courier fee).

Regarding the Visa physical card, although it offers ATM cash withdrawal, it is not recommended because of its limited domestic use scenarios and the risk of sending it.

The account and internet banking features are sufficient for domestic use.

There is actually no offline way to get a US bank account in the country, and there are two online methods:

Method I:Stop by and open an account while traveling to the United States. Account opening policies for foreigners vary greatly from bank to bank in the United States. Even different branches of the same bank may have different requirements for opening an account. Some directly do not give foreigners without U.S. status to open an account, and some need to provide proof of address for long-term residence in the local area. If it is a short-term trip in the United States.

You will go directly to the local Chinese banks in Chinatown, such as Hua Mei Bank, Cathay Bank, etc.. These outlets are more friendly to the Chinese account opening policy, usually take the passport can open an account, also do not need to make an appointment. When you open an account at the branch, you can set up your mobile banking directly, and then you can transfer money normally after you return to your home country.

Method II:Through the agent to open a U.S. bank account, the current U.S. on our domestic remote account opening the most friendly is the Chinese American Bank, through the video remote verification of the passport can open.

Account opening many people do not understand why there should be an agent of this existence. To put it bluntly, you can not go to the United States in person to the local bank branch, the bank why should bear the risk of identity fraud or money laundering and other risks to you to open an account?

Unless you are a large customer of the bank, have large deposits with the bank, or have someone the bank trusts to endorse you. The agent is there to act as that endorser.

If you plan to open a Chinese-American bank account services, you can add my WeChat (phone with V: 13045886252) at any time to consult ↓↓↓↓ 

06 East West Bank Transfers and Rates

Account Management Fee: 5 USD (Deposits above 1500 USD are exempt from management fee).

Transfer fees:
1. ACH transfers are fee-free and are supported by most banks in the U.S., Fortis Micro Bull.

2、Support ACH deposit; support binding PayPal, Zelle use.

3. Interbank transfer within the U.S.: $30/stroke.

4. Remittance to outside the U.S.: $40/stroke.

5. Remittance to Mainland China $16/pen.

6. Remittance to U.S. Huamei handling fee $10/pen.

Transfer amount: a total of 200,000 U.S. dollars a month, the maximum daily transfer of 100,000 U.S. dollars, large amounts need to contact the account manager.

Huamei peer-to-peer transfers: free and in real time. There is no explicit limit on the transfer amount, but it may be affected by account balance or other factors.

Zelle: transfersFree, but requires a U.S. checking or savings account to use. Transfers are limited to $2,500 per day and $10,000 per month.

Wire transfers within the United States:There is a $30 or $40 fee, depending on whether the transfer is to a personal or corporate/brokerage account. The transfer limit is $100,000 per day and $200,000 per month. If you need to transfer a larger amount, you can contact the account manager.

ACH Auto Transfer:Transfers are free, but require enrollment in ACH services in Online Banking. Transfers are limited to $100,000 per day and $200,000 per month.

Alipay transfer:There is a $10 handling fee for transfers, but enjoy favorable exchange rates and low wire fees. The recipient's account must be in mainland China. The transfer limit is US$5,000 per day and US$20,000 per month.

International wire transfers:Transfers are subject to a fee ranging from US$20 to US$45, depending on the amount of money sent and the country to which it is sent; transfers are limited to US$100,000 per day and US$200,000 per month.

If you plan to register a U.S. company/Singapore company/Japanese company/Thailand company/Malaysia company/Canada company/Mexico company/Brazil company/Britain company/France company/New Zealand company/Japanese company/Singapore company/Vietnamese company/Indonesia company/Dubai company and other foreign companies registered in the relevant business and financial services, or plan to register a Hong Kong company/Shenzhen company/ Guangzhou company / Shanghai company / Hangzhou company / Beijing company / Hainan company and other domestic companies registered business services, the company's annual audit audit / bookkeeping tax / payment of MPF / change of information / bank account / ODI record / BVI registration / tax compliance / cross-border e-commerce accompanied by running on behalf of the operation of the enterprise one-stop service, you can add my WeChat (phone with V: 13045886252) at any time to consult ↓↓ ↓ 

07  Why choose Enterprise Caiying Group?

🏆 Why choose Enterprise Finance? --Professional strength, global trust

Enterprise Caiying Group, since its establishment in 2015, has always been adhering to the mission of "empowering every entrepreneurial dream", focusing on providing one-stop globalized industry, commerce, finance and tax and business services for enterprises.

Our bottom line, from the deep precipitation and authoritative certification:

✅ Service Scale Witnesses Reputation: Accumulated services for more than 300,000+ enterprises, long-term cooperation with more than 50,000+ customers.

✅ Global Network Local Support: Branches are set up in Beijing, Guangzhou, Shenzhen, Hong Kong, Southeast Asia, and the United States, with services covering Asia, Europe, and the Americas.

✅ Official certification qualification escort: with 3 Hong Kong government certified licensed secretarial firms, a U.S. branch and a self-employed Hong Kong accounting firm, and at the same time is the vice president of the Shenzhen Agency Bookkeeping Association, etc., to ensure that the service is fully compliant and reliable.

The four core advantages of Enterprise Caiying's overseas company registration service:

🔹 1. A team of experts to guide you throughout the process

Our team of nearly 400 professionals consists of senior lawyers, accountants, tax accountants and cross-border business consultants. They are well versed in international regulations, handle thousands of high-end cases annually, and can provide optimal customized solutions from structural design to on-the-ground implementation.

🔹 2. digitally empowered, smart and efficient

We have spent 20 million RMB to research and develop our own digital system "Echobo", which realizes process standardization and progress visualization. The integration of AI intelligent analysis can provide quick insight into demand and assist in generating solutions, making complex affairs clear, transparent and efficient.

🔹 3. Eco-links, extra value

We connect over 500,000+ entrepreneurs with domestic and international associations. By regularly organizing cross-border salons, tax law seminars and other activities, we not only solve registration problems, but are also committed to linking resources and creating business opportunities for you.

🔹 4. Full-cycle accompaniment for worry-free sailing

Our services go beyond "successful registration". We provide a full life cycle of services from early consultation, mid-term implementation, to late financial and tax declaration, annual audit and maintenance, and compliance consulting, to become your long-term and stable partner for overseas expansion.

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Image source: some of the image material in this article from the network, such as copyright issues, please contact us to replace the deletion of processing.

Information reference: The content of this article is synthesized from the internal materials of Enterprise Caiying and relevant public network information.

Content Editor: This article was edited and designed by the Operations Department of the Enterprise Caiying Group.

Warm reminder: The relevant policies, conditions, time limits, fees and other information described in this article may be subject to dynamic adjustments, please refer to the latest official announcements or the actual application of the specific circumstances prevail.