Choosing the right US bank for your foreign-owned LLC is one of the most important decisions you'll make. The wrong choice can cost you thousands in fees, delay your business launch, or even lead to account closures.
The three most popular options for international entrepreneurs are:
- Mercury: Full-featured US business banking
- Wise (formerly TransferWise): Multi-currency account with great international transfers
- Payoneer: Payment platform with banking features
This comprehensive comparison will help you choose the best option for your specific business needs.
📑 Table of Contents
Quick Overview Comparison
| Feature | Mercury | Wise | Payoneer |
|---|---|---|---|
| Monthly Fee | $0 | $0 | $29.95 |
| Account Type | Real US bank | Multi-currency wallet | Payment platform |
| US Routing Number | ✅ Yes | ✅ Yes | ✅ Yes |
| Debit Card | ✅ Yes (physical) | ✅ Yes (physical) | ✅ Yes (prepaid) |
| International Transfers | $10-30 + poor rates | Best rates (0.5-1%) | Up to 2% |
| Stripe Compatible | ✅ Yes | ✅ Yes | ✅ Yes |
| Approval Time | 2-5 days | 1-2 days | 1-3 days |
| Best For | US-focused business | Global payments | Marketplace sellers |
Mercury: Full Analysis
Mercury Banking Most Popular
Overview: Mercury is a real US bank (FDIC insured) designed specifically for startups and tech companies. It's the #1 choice for foreign founders who want a legitimate US business bank account.
Key Features
- FDIC insured up to $5 million (through partner banks)
- Free business checking account
- Physical and virtual debit cards
- Multiple sub-accounts (checking, savings, etc.)
- Built-in accounting integrations (QuickBooks, Xero)
- Bill pay and wire transfers
- Mobile check deposit
- API access for developers
✅ Pros
- Real US bank account (not a fintech wallet)
- $0 monthly fees
- Excellent for Stripe, PayPal, and US clients
- Clean, modern interface
- Great customer support
- No minimum balance requirements
- Easy approval for foreign founders
❌ Cons
- Expensive international wire transfers ($10-30)
- Poor USD→foreign currency exchange rates
- Only supports USD
- No physical branches
- Stricter verification for some countries
Pricing
- Monthly Fee: $0
- Domestic Wire: $0 (incoming), $12 (outgoing)
- International Wire: $30 (outgoing) + poor exchange rates
- ACH Transfers: $0
- Debit Card: Free
- ATM Withdrawals: $2.50/transaction (domestic)
Application Requirements
- US LLC formation documents
- EIN letter
- Passport (any country)
- Proof of address (utility bill, etc.)
- Business website or description
Approval Process
Timeline: 2-5 business days
Approval Rate: ~85% for well-documented applications
Tips for Approval:
- Have a professional website (even a simple one)
- Clearly explain your business model
- Use your real address (don't fake a US address)
- Provide complete documentation upfront
Mercury is Best For:
- Businesses primarily serving US clients
- SaaS companies using Stripe
- Startups planning to raise VC funding
- Businesses wanting a "real" US bank account
- Anyone not frequently transferring money internationally
Wise Business: Full Analysis
Wise Business Best for International
Overview: Wise (formerly TransferWise) is a multi-currency account with the best international transfer rates in the industry. Perfect for businesses that frequently move money between countries.
Key Features
- Hold 50+ currencies in one account
- US bank details (routing + account number)
- Real exchange rates with 0.5-1% fees
- Debit card for 150+ countries
- Batch payment processing
- Multi-currency invoicing
- API access for automation
- Integrations with accounting software
✅ Pros
- BEST rates for international transfers
- Multi-currency support (50+ currencies)
- $0 monthly fees
- Fast approval (1-2 days)
- Easy to transfer money to your home country
- Physical debit card included
- Great for freelancers and digital nomads
❌ Cons
- Not a "real" bank (no FDIC insurance)
- Limited customer support
- No interest on balances
- Some US services don't recognize it as a bank
- Can't deposit cash
- Transaction limits for new accounts
Pricing
- Monthly Fee: $0
- Account Opening: Free
- International Transfers: 0.5-1% (varies by currency pair)
- Currency Conversion: Real mid-market rate + 0.5-1%
- ACH Transfers: $0
- Debit Card: Free (first card), $7 replacement
- ATM Withdrawals: Free up to $100/month, then 2%
Application Requirements
- US LLC documentation
- EIN letter
- Passport or national ID
- Proof of address (less than 3 months old)
- Business details and industry
Transfer Example Costs
$10,000 USD → INR (Indian Rupees):
- Wise: ~₹8,32,000 (0.7% fee = $70)
- Mercury Wire: ~₹8,20,000 ($30 fee + poor rate = ~$150 lost)
- PayPal: ~₹8,15,000 (2.5% fee + markup = ~$250 lost)
Wise is Best For:
- Businesses frequently transferring money internationally
- Freelancers receiving payments from multiple countries
- Agencies with international contractors
- E-commerce businesses selling globally
- Anyone wanting to minimize currency conversion costs
Payoneer: Full Analysis
Payoneer
Overview: Payoneer is a payment platform that provides US banking details. Popular with marketplace sellers (Amazon, Upwork) and businesses receiving payments from clients/platforms.
Key Features
- US bank account details
- Multi-currency receiving accounts
- Prepaid Mastercard
- Integration with 70+ marketplaces
- Request payment service for invoicing
- 24/7 customer support
- Mass payout capabilities
✅ Pros
- Excellent for marketplace sellers
- Easy to receive payments from clients
- Multi-currency support
- Fast approval process
- Good for businesses in restricted countries
- Virtual and physical cards
- Direct integrations with Amazon, Upwork, Fiverr
❌ Cons
- $29.95/month fee (waived with sufficient volume)
- Higher fees than competitors (up to 2%)
- Not a real bank account
- Poor exchange rates
- Hidden fees on some transactions
- Customer support can be slow
- Account freezes more common
Pricing
- Monthly Fee: $29.95 (waived if you receive $1,000+/month)
- Receiving Payments: Up to 2% (varies by source)
- Currency Conversion: Up to 2% above mid-market rate
- Withdrawals to Bank: $1.50 per withdrawal
- Card Fee: $29.95 (one-time)
- ATM Withdrawals: $3.15 per transaction
Fee Examples
- Receive $5,000 from Upwork: $75 fee (1.5%)
- Receive $5,000 from US client: $50-100 fee (1-2%)
- Transfer $5,000 to India: ~$100-150 in fees + poor rates
Payoneer Warning
Payoneer's fees add up quickly. If you're not a marketplace seller or don't receive $1,000+/month, the $29.95 monthly fee + transaction fees make it expensive compared to Mercury or Wise.
Payoneer is Best For:
- Amazon sellers
- Upwork/Fiverr freelancers
- Businesses receiving marketplace payments
- Agencies managing multiple client currencies
- Entrepreneurs in countries where Mercury/Wise don't work
Complete Side-by-Side Comparison
| Feature | Mercury | Wise | Payoneer |
|---|---|---|---|
| Type | Real US bank | Multi-currency wallet | Payment platform |
| Monthly Fee | $0 | $0 | $29.95 (waivable) |
| FDIC Insured | ✅ Yes ($5M) | ❌ No | ❌ No |
| Physical Card | ✅ Yes | ✅ Yes | ✅ Yes |
| US Routing # | ✅ Yes | ✅ Yes | ✅ Yes |
| Multi-Currency | ❌ USD only | ✅ 50+ currencies | ✅ Multiple |
| ACH Transfers | Free | Free | Up to 2% |
| Wire Transfer (Out) | $30 | 0.5-1% | 1-2% |
| Best Exchange Rate | ❌ Poor | ✅ Excellent | ⚠️ Fair |
| Stripe Compatible | ✅ Perfect | ✅ Yes | ✅ Yes |
| Approval Time | 2-5 days | 1-2 days | 1-3 days |
| Customer Support | ⭐⭐⭐⭐⭐ | ⭐⭐⭐ | ⭐⭐⭐⭐ |
| Mobile App | Excellent | Excellent | Good |
Which One Should You Choose?
Choose Mercury If:
- ✅ Your clients are primarily in the US
- ✅ You use Stripe or PayPal heavily
- ✅ You want a "real" US bank account
- ✅ You plan to raise venture capital
- ✅ You rarely transfer money internationally
- ✅ You want the best app experience
Perfect for: SaaS companies, US-focused businesses, VC-backed startups
Choose Wise If:
- ✅ You frequently transfer money between countries
- ✅ You have international contractors or suppliers
- ✅ You want to minimize currency conversion costs
- ✅ You receive payments in multiple currencies
- ✅ You transfer profits back to your home country regularly
Perfect for: Agencies, freelancers, e-commerce, international businesses
Choose Payoneer If:
- ✅ You sell on Amazon, Etsy, or other marketplaces
- ✅ You freelance on Upwork or Fiverr
- ✅ You receive $1,000+/month (waives monthly fee)
- ✅ Mercury/Wise aren't available in your country
- ✅ You need marketplace integrations
Perfect for: Marketplace sellers, high-volume freelancers
Can You Use Multiple Banks?
YES - and many successful entrepreneurs do!
Popular Combinations
Strategy 1: Mercury + Wise (Most Common)
- Mercury: Primary account for US operations, Stripe, PayPal
- Wise: Transfer money internationally at best rates
How it works:
- Receive payments in Mercury (from Stripe, clients, etc.)
- Keep operating capital in Mercury
- Transfer profits to Wise when ready to send home
- Use Wise's great rates to convert USD → your currency
Strategy 2: Mercury + Payoneer
- Mercury: Primary business banking
- Payoneer: Receive marketplace payments (Amazon, Upwork)
How it works:
- Receive marketplace payments in Payoneer
- Transfer from Payoneer to Mercury
- Use Mercury for operating expenses and US payments
Strategy 3: All Three!
- Mercury: Primary US banking and Stripe
- Wise: International transfers and currency exchange
- Payoneer: Marketplace payments
Best for: High-volume businesses with diverse payment sources
Practical Setup Timeline
Week 1: LLC Formation
- Form your US LLC
- Get your EIN
- Prepare all documentation
Week 2: Banking Applications
- Apply to Mercury (2-5 days approval)
- Apply to Wise (1-2 days approval)
- Apply to Payoneer (1-3 days) - optional
Week 3: Payment Processor Setup
- Link Mercury to Stripe
- Set up PayPal Business
- Configure payment flows
Week 4: Launch!
- Start accepting payments
- Test transfer flows
- Optimize your banking setup
The Bottom Line
For most international entrepreneurs:
- Start with Mercury as your primary bank
- Add Wise when you need to transfer money internationally
- Use Payoneer only if you're a marketplace seller
Cost comparison for typical scenario ($50K annual revenue):
- Mercury only: ~$300-500/year in international transfer fees
- Mercury + Wise: ~$50-100/year total fees
- Payoneer only: ~$1,000+/year in fees
Ready to Set Up Your US Banking?
We'll guide you through the entire process:
- ✅ LLC formation in Delaware or Wyoming
- ✅ EIN application assistance
- ✅ Bank account application support
- ✅ Stripe setup guidance
- ✅ Ongoing compliance and tax filing
Special Support: We help with Mercury, Wise, and Payoneer applications to ensure approval.