Mercury, Wise, and Relay are the three banks that consistently work for foreign-owned US LLCs without requiring a US visit. They all sound similar from the outside but they're built for different kinds of businesses, and choosing the right one matters more than most founders realise. This guide compares them across the dimensions that actually affect how you'll run your US business.
The longer version explains why.
The three banks at a glance
| Feature | Mercury | Wise Business | Relay |
|---|---|---|---|
| Best for | SaaS, startups, tech | International operations | E-commerce, agencies |
| Monthly fee | $0 | $0 (one-time setup) | $0 (free tier) |
| Minimum balance | None | None | None |
| FDIC insured | Yes (via partner banks) | No (e-money licence) | Yes (via partner banks) |
| USD account | Yes | Yes | Yes |
| Multi-currency | USD only | 40+ currencies | USD only |
| Wire transfers | Free incoming, $5-15 out | Free incoming, ~$5 out | Free incoming, $5 out |
| Debit card | Virtual + physical | Physical only ($9) | Multiple physical + virtual |
| API access | Yes (mature) | Yes (limited) | Yes (limited) |
| Approval rate (non-US founders) | ~85-90% | ~85-90% | ~75% |
| Time to open | 3-5 days | 5-7 days | 5-10 days |
Mercury: built for tech businesses
Mercury is the bank that startup ecosystems converge on. Stripe Atlas defaults to Mercury. Y Combinator companies often use Mercury. The product was built specifically for tech-forward businesses and the user experience reflects that.
Strengths
- Excellent online experience. Mobile and web apps are polished. Setting up payments, viewing transactions, downloading statements is fast.
- Strong API. If you want to programmatically pull transactions, automate reconciliation, or integrate with accounting software, Mercury's API is the most mature.
- Fast Stripe integration. Stripe payouts arrive same-day or next-day, with reliable webhook notifications.
- Mercury Treasury. Higher-balance accounts can earn interest through US Treasury bills, currently around 4-5% annual yield.
- Free incoming wires. No fee for receiving USD wires from anywhere in the world.
Weaknesses
- USD only. No multi-currency capabilities. If you need to send INR, you'll convert at Mercury's rate (typically 1-2% above mid-market) and pay $15-25 per international wire.
- Outgoing wires are expensive. $5 domestic, $15 international. Adds up if you're paying many vendors or making frequent owner draws.
- Selective on businesses. Mercury rejects certain business types (gambling, crypto, some adult content, certain consulting categories). Most non-US founders aren't affected, but worth checking before applying.
Best for
SaaS founders, tech startups, software consultancies, and any business that values a clean, modern banking experience and integrates with developer tools.
Wise: built for international operations
Wise (formerly TransferWise) is technically not a bank. It's a regulated financial services company. But it offers a Wise Business account with US dollar capabilities that functions like a US bank account for most practical purposes. Where Wise wins is international money movement.
Strengths
- Best foreign exchange rates available. Wise uses the actual mid-market exchange rate (the rate banks see on Bloomberg) and adds a small transparent fee, typically 0.5-1% all-in. Compare to Mercury or Relay's 1-2% markup.
- Multi-currency accounts. A single Wise Business account can hold and send 40+ currencies, including USD, EUR, GBP, INR, AED, SGD. You receive in any currency and convert when you choose.
- Local account details for multiple countries. You get a US routing/account number, UK sort code, EUR IBAN, etc. Allows you to receive in any currency as if you had a local account.
- Cheap international wires. About $5 fixed fee plus 0.5-1% on the FX. Substantially cheaper than Mercury or Relay for sending owner draws to your home country.
Weaknesses
- Not FDIC insured. Wise holds your funds in segregated accounts at partner banks but isn't itself a US bank, so it lacks FDIC protection. Many founders are comfortable with this; some aren't.
- Less polished US-banking features. No Treasury investment options, less developed merchant tools, weaker accounting integrations than Mercury.
- No physical card by default. Physical Wise debit card costs $9 to issue.
- Limited business credit features. No business credit cards or lines of credit through Wise.
Best for
non-US founders who frequently move money between US and your home country, businesses with international clients in multiple currencies, agencies paying overseas contractors, and anyone who wants better-than-bank FX rates as standard.
Relay: built for e-commerce and agencies
Relay is the newest of the three and has gained traction with e-commerce sellers, agencies, and businesses that need stronger budget-control features than Mercury offers. The product is built around the idea that businesses need many sub-accounts (operations, taxes, profit, owner draws) and many cards (one per team member, one per vendor, one per use).
Strengths
- Multiple sub-accounts. Up to 20 separate USD accounts under one entity. Useful for tax-set-aside, profit-allocation, vendor-payment buckets.
- Multiple debit cards. Up to 50 cards, each with custom spending limits. Great for managing team expenses or vendor payments without sharing a master card.
- Strong accounting integrations. Native Xero, QuickBooks, and Gusto integrations.
- FDIC insured. Full US bank protection.
Weaknesses
- Less startup-focused. No Treasury investment options. The product is built for operating businesses, not for parking idle capital.
- Slightly slower onboarding. Approval times of 5-10 days, sometimes with additional document requests.
- USD only. Like Mercury, no native multi-currency.
- Slightly lower approval rate for non-US founders. About 75% on first application versus 85-90% for Mercury and Wise. Often resolved by providing additional documentation.
Best for
E-commerce sellers managing inventory, agencies paying multiple contractors, businesses using "Profit First" accounting, and operating businesses with multiple cost categories that benefit from sub-accounts.
Approval rates and application difficulty
All three banks accept foreign-owned US LLCs without requiring a US visit, but approval isn't automatic. Common reasons applications get delayed or rejected:
- Incomplete documentation. Missing EIN confirmation letter, missing Operating Agreement, blurry passport scan.
- Vague business description. "Online business" or "consulting" alone isn't enough. Banks want specifics: "B2B SaaS for healthcare clinics, primary customers in US, average contract value $10K/year".
- Mismatch between LLC formation date and EIN date. If your EIN is dated significantly before or after your LLC formation, banks ask questions. Usually resolvable by explaining the timeline.
- Restricted business types. Crypto, certain financial services, gambling, some health services, certain export businesses. Each bank has its own list. Most non-US founders aren't affected.
- Address verification issues. Banks need to verify your non-US address. Some founders' utility bills are in the wrong name (parents, landlord); resolve by getting a fresh utility bill or bank statement in your own name.
Recommendation by business type
| Business type | Recommended bank | Backup option |
|---|---|---|
| Bootstrapped SaaS | Mercury | Wise (for INR draws) |
| VC-track startup | Mercury | None needed |
| Agency / consulting (international clients) | Wise | Mercury or Relay |
| E-commerce / DTC | Relay | Mercury |
| Freelance / solo | Wise or Mercury | Either works |
| non-US founder making frequent INR draws | Wise | Mercury for primary, Wise for transfers |
| Multi-region operations | Wise | Mercury for US-only operations |
Bottom line
Most non-US founders should default to Mercury as their primary US business account. The user experience is the best of the three, the API is the most mature, and Stripe payouts work seamlessly. About 70% of non-US founders we work with end up on Mercury.
If you make frequent transfers to your home country (more than once per quarter), open a Wise Business account in addition to Mercury. Use Mercury for US-side operations and Wise specifically for INR transfers. The FX savings on a single $5,000 owner draw typically covers Wise's setup cost for the next year.
If you're an e-commerce seller managing multiple cost categories, or you use "Profit First" accounting principles, Relay is genuinely better than Mercury for that specific use case. Otherwise, Mercury is more polished.
You can also have multiple US business accounts. Many founders end up with both Mercury and Wise. There's no penalty for this beyond the additional reconciliation work each month.
Frequently asked questions
Which US bank is easiest to open as an non-US founder?
Mercury and Wise have the highest approval rates for foreign-owned US LLCs (around 85-90% on first application). Relay is slightly more selective but still accessible (around 75% approval). All three onboard fully online without requiring a US visit. Traditional US banks (Chase, Bank of America, Wells Fargo) require a US visit and SSN, so they're not practical for most non-US founders.
How long does it take to open a Mercury, Wise, or Relay account?
Mercury: 3-5 business days for most approvals. Wise: 5-7 business days, sometimes longer for additional verification. Relay: 5-10 business days. All three require LLC formation documents, EIN confirmation letter, and a passport. Some require additional verification calls or document uploads, which can extend timelines.
Do these banks support Stripe and PayPal payouts?
Yes, all three. Mercury has the smoothest integration (Stripe Atlas was built around Mercury). Wise and Relay also receive Stripe and PayPal payouts without issues. The differences are in transfer speed and fees: Mercury and Relay receive ACH transfers same-day to next-day; Wise can route through its multi-currency system for better foreign exchange when sending to home-country accounts.
Can I use these accounts to send money to my home-country bank?
Yes. Wise is best for this use case because it specialises in low-cost international transfers and offers near-mid-market exchange rates. Mercury and Relay can send international wires but at higher cost ($15-25 per wire plus 1-2% above mid-market FX). For founders making frequent owner draws back to your home country, Wise's cost advantage adds up significantly.
What documents do I need to apply?
All three require: (1) LLC formation documents (Articles of Organisation, Certificate of Formation), (2) EIN confirmation letter from the IRS (Form CP 575 or 147C), (3) Government-issued photo ID (passport for foreign founders), (4) Proof of address (utility bill, bank statement, or rent agreement from the past 90 days). Mercury also requires a brief business description; Relay sometimes asks for an Operating Agreement.
What's the minimum balance required?
Mercury: zero minimum, no monthly fees. Wise Business: zero minimum, but per-transaction fees apply. Relay: zero minimum, no monthly fees. All three are designed for early-stage businesses that may have low balances. None of them charge for inactivity.
Can I open all three to use them for different purposes?
Yes, and many founders do. A common setup: Mercury for primary US business operations and Stripe payouts, Wise for international transfers and FX management, Relay for budgeting and contractor payments. Each application is independent. There's no rule against having multiple US business accounts. Just be prepared to handle the additional documentation and reconciliation.
Editorial integrity: This article was written by the PowerLaunch editorial team and reviewed for technical accuracy by a US tax professional. Tax and corporate law change frequently. This article reflects guidance as of May 2026. Always consult a qualified professional for your specific situation.
