Mercury vs Relay — Which Business Bank for Your US LLC (2026)

After registering your US LLC, a US business bank account is technical necessity, not cosmetic:

• Stripe, PayPal, Square — require a US bank account for full functionality. Wise sometimes works, but with limitations.
• Separating business and personal finances — mandatory for corporate veil protection
• ACH and wire transfers — without a US account, you limit payments from US clients
• Accepting checks — some US clients pay only by check
• Accounting integration — US bookkeeping is significantly easier with a US account

This article compares the two best options for non-US owners: Mercury and Relay. Both work entirely remotely — no US visit required.

Mercury is a banking platform for startups and tech companies, founded in 2019. Technically not a bank — they partner with Choice Financial Group and Column N.A. Your funds are FDIC-insured up to $5M via sweep programs through partner banks.

Strengths:

• Exceptionally polished, fast product
• Mercury Raise — program connecting startups with VC funds
• Mercury Treasury — automatic investment of excess cash in US Treasury bills (3-5% yield)
• API access for automation
• International wire transfers to 200+ countries
• Native integrations: Stripe, Gusto, QuickBooks, Xero, Ramp, HubSpot

Limitations:

• Stricter onboarding — may reject without a professional website or clear business model
• Tech/SaaS priority — e-commerce sometimes faces more questions
• Mercury Credit Card requires minimum $25,000 Mercury balance (for early stages)
• No cash deposits (no branch network)

Relay is a financial platform focused on small business owners, founded in 2018. Partner bank is Thread Bank, FDIC-insured. Funds covered up to standard $250,000 FDIC limit, with extension to $3M via sweep.

Strengths:

• Up to 20 free checking sub-accounts — excellent for envelope budgeting (Profit First method)
• Up to 50 physical and virtual debit cards with individual limits
• Native integration with QuickBooks Online, Xero, Gusto
• Lighter onboarding — often accepts businesses Mercury rejects
• Relay Pro ($30/mo) — adds same-day ACH, by-invoice payments, auto-fee import
• Cash flow insights built into the app

Limitations:

• More limited wire transfer capabilities initially
• No startup program like Mercury Raise
• No treasury investment product
• API is limited (Zapier works, direct API is pro-tier)

Direct comparison in the most important areas:

Fees

• Mercury: free, no minimum balance, no monthly fees
• Relay: free, no minimum balance, no monthly fees (Relay Pro is $30/mo optional)

Tie — both free for basic functionality.

International Wire Transfers

• Mercury: $0 incoming, $15 outgoing international wire
• Relay: $0 incoming, $10-15 outgoing (depends on plan)

Slight edge to Relay for high volume.

Sub-accounts

• Mercury: limited, usually 1-3 savings/checking
• Relay: up to 20 free sub-accounts

Significant edge to Relay for organized businesses.

Onboarding for non-US owners

• Mercury: 1-3 business days, requires professional website or clear business narrative
• Relay: 1-2 business days, fewer questions about business model

Edge to Relay for smaller/new businesses.

Integrations

• Mercury: Stripe, Shopify, QuickBooks, Xero, Gusto, Ramp, Zapier — native
• Relay: QuickBooks, Xero, Gusto, Plaid — native; Zapier for everything else

Edge to Mercury for tech stacks.

Treasury/investments

• Mercury: Mercury Treasury — 3-5% APY automatic on excess cash
• Relay: no equivalent

Significant edge to Mercury for businesses with $50K+ excess cash.

Choose Mercury if:

• You have a SaaS, software, or digital product business
• You plan to raise investment
• You have $10K+/month revenue accumulating cash
• You use modern tech stack (Stripe, Gusto, Ramp)
• You want API access for automation
• You pay international contractors and want cheap wires

Choose Relay if:

• You have e-commerce, dropshipping, or marketplace business
• You want Profit First / envelope budgeting system
• You use QuickBooks or Xero for accounting
• You have a team and want many debit cards with separate limits
• Your business is under $10K/month or just starting
• You had Mercury onboarding issues

When to Choose Both:

Some businesses keep accounts at both banks — Mercury for operations and Treasury yield, Relay for envelope budgeting and international payments. This works if you have $50K+ excess cash and complex operations flow.

Requirements are practically identical at both banks:

1. US-formed LLC — documents from secretary of state (Wyoming, Delaware, New Mexico, etc.)
2. EIN from IRS — read how to get one
3. Operating Agreement — internal LLC document (signed)
4. US business address — can be registered agent address
5. Valid international passport — yours (if sole owner) or all owners' (multi-member)
6. Proof of address — utility bill, bank statement, or lease from your home country (last 90 days)
7. Website or online presence — not mandatory for Relay, strongly recommended for Mercury

Process is entirely online. You fill a form, upload documents, wait for review. Mercury often conducts a 10-15 minute Zoom interview for verification. Relay usually just email communication.

If rejected, typically one of these:

1. Unclear business model — especially Mercury. "Form an LLC and see what happens" won't fly. You need a description of what the business sells, to whom, how.
2. Generic website — template landing page with Lorem Ipsum = rejection. Real website with real content = approval.
3. High-risk industries — gambling, crypto trading, adult content, MLM, unregulated finance — rejection everywhere
4. New Mexico LLC — some banks treat it as high-risk due to lack of public records. Wyoming and Delaware don't have this issue.
5. Politically sensitive country of owner — your home country likely fine, but verify if you have a co-owner from Russia, Iran, etc.
6. Inconsistent documents — name on passport doesn't match operating agreement, address on utility bill doesn't match W-7 or 1583 (USPS), etc.

If Mercury rejects, try Relay — often passes. If both reject, the problem is deeper (review business model and documents).

If both banks reject, you have options:

• Wise Business — not a US bank, but provides US routing number and ACH capabilities. Works for 80% of use cases. Old option, proven.
• Brex — for startups with investor funding (minimum $100K in their account). Not for solo operators.
• Chase, Bank of America, Wells Fargo — traditional banks. Require US visit in most cases. Not practical.
• Payoneer — for freelancers and e-commerce. Not a full bank account, but works for marketplaces (Amazon, Upwork).

For 95% of foreign owners with a newly-registered LLC — Mercury or Relay will work. Try Relay first if you're a new business without a website, or Mercury if you have a tech product and online presence.

We support the entire business account opening process:

• Assessment of which option is better for your model
• Preparation of all documents (operating agreement, EIN letter, proof of address)
• Review of business description before submission (big difference for Mercury)
• Guidance for Zoom interviews
• Alternative strategies if first bank rejects

Contact us for a quote on our contact page.