If you own a US LLC from abroad, you will likely open a business bank account with Wise Business, Mercury, or both. Each one gives you US account details and a debit card, but they work differently, and the right choice depends on how you get paid and where your money needs to go.
Why banking matters for a foreign-owned LLC
Your LLC needs a US bank account to receive payments, pay vendors, and keep your business money separate from your personal money. Banks decide who they accept, and approval is never guaranteed by anyone helping you apply, including PowerLaunch. What we can do is introduce you to Mercury, Wise Business, or Relay once your LLC has an EIN, since most of these providers ask for one before they open an account.
Wise Business
Wise Business is built around moving money between currencies. If your customers pay you in euros, pounds, or another currency, and you need to convert that into US dollars or hold it in the original currency, Wise tends to be the more natural fit.
Key points:
- You get US account details, plus account details in other currencies such as GBP, EUR, and more, depending on your country of residence.
- Currency conversion uses the mid-market rate plus a transparent fee shown before you send anything.
- Monthly account fees are generally low or absent, though conversion and card fees apply per transaction.
- You get a debit card you can use for business spending, with the option to hold and spend in multiple currencies from one card.
- Wise is widely available to non-US residents, and the application process is usually straightforward once you have your LLC formation documents and EIN.
Mercury
Mercury is a US-focused business banking platform built for startups. It looks and feels more like a traditional US bank account, and it plugs well into US-based tools that expect a standard US banking relationship.
Key points:
- You get US account details for receiving wires and ACH payments in US dollars.
- Mercury does not focus on multi-currency holding the way Wise does. If you are paid in other currencies, you will usually need to convert first.
- No monthly fees for a standard account, though this can change, so check Mercury's site for current terms.
- You get debit and virtual cards for business spending, along with tools for setting spending limits per card.
- Mercury applications look closely at the nature of your business and your LLC's documents. Approval depends on Mercury's own risk review, and some industries or countries face more scrutiny than others.
Fees, currencies, and cards side by side
| Feature | Wise Business | Mercury |
|---|---|---|
| US account details | Yes | Yes |
| Multi-currency holding | Yes, several currencies | Limited, mostly USD |
| Conversion fees | Transparent, mid-market rate plus fee | Not the core focus, conversions less central |
| Monthly account fee | Usually none or low | Usually none, confirm current terms |
| Debit card | Yes, multi-currency spending | Yes, USD spending with virtual card options |
| Best fit | Founders billing clients in multiple currencies | Founders who mostly transact in US dollars |
| Approval process | Generally more accessible for non-residents | More scrutiny, decision is Mercury's own risk call |
Fees, features, and approval criteria change over time at both providers. Always check their current websites before you decide, since what is accurate today may shift.
Who qualifies
Both providers accept non-US residents who own a properly formed US LLC, but neither guarantees approval. In general:
- You will need your LLC formation documents and your EIN confirmation letter.
- You will need a way to verify your identity, usually a passport.
- Some business types or countries face extra review or are declined outright, and this is entirely the bank's decision, not something a formation service controls.
- If a bank declines your application, you can usually reapply once you have EIN, business address, and documentation fully in order, or try a different provider.
Because approval is out of your hands and the bank's, it helps to have your LLC formation done correctly and your EIN issued before you apply. This is one reason PowerLaunch times bank introductions to happen right after EIN issuance rather than before.
Using both accounts together
Many founders end up using Wise Business and Mercury side by side rather than picking one. A common pattern looks like this: Mercury holds the core US dollar operating balance and handles US-facing invoicing and ACH payments, while Wise Business receives payments in other currencies and converts them into dollars as needed, or holds them if you have expenses in that currency too.
Running both is not complicated, but it does mean more accounts to reconcile. This is where transaction tracking with AI categorization on the Run and Scale plans helps, since it pulls transactions from multiple bank connections into one place rather than leaving you to check two separate banking apps by hand.
A note on tax filings once you are banked
Opening a US bank account does not change your federal filing duties. If your LLC is a foreign-owned single-member LLC, you still need to file Form 5472 with a pro forma 1120 by April 15 each year, regardless of which bank or banks you use. BOI reporting for US-formed companies is currently exempt under the 2026 interim FinCEN rule, but rules can shift, so check FinCEN's site if you are unsure of your current status.
What to do next
If you have not formed your LLC yet, start at powerlaunch.solutions/signup and choose the Launch, Run, or Scale plan based on how much ongoing tax and bookkeeping support you want. Once your EIN is issued, PowerLaunch can introduce you to Mercury, Wise Business, or Relay so you can compare their current offers yourself and apply to the one, or two, that fit how you get paid.
If you want to talk through Wise Business versus Mercury for your specific situation, book a free 20-minute consultation at powerlaunch.solutions/book. You can also reach us anytime at contact@powerlaunch.solutions or through the site assistant.
