Mercury is the account most founders abroad open first, because it's built for them: you apply online, there's no monthly fee, and a foreign passport is routine for its reviewers. It's also a company with a list of countries it won't serve, which it lengthened in 2024. Here's what it is, who it takes and what it asks for.
What it is
Mercury is a financial technology company, not a bank. It provides the account, the cards and the software, and your deposits are held at partner banks, which is where the deposit insurance comes from. That matters in one way: Mercury decides who it takes and can change its mind, as it did in July 2024, and its partner banks' rules sit behind its own.
Who it takes
Companies formed and registered in the US, including LLCs and corporations owned by people who live abroad, in most countries. Mercury asks that the company have existing or planned US operations. It doesn't open accounts for founders living in about 48 countries, including Bangladesh, Indonesia, Nigeria, Pakistan, the Philippines, Ukraine and Vietnam, or in countries under comprehensive US sanctions. The rule goes by where you live, not your passport, so a citizen of one of those countries who lives elsewhere may be eligible. Each of our country pages says which applies.
What it asks for
- The company's EIN, on the IRS letter or the fax the IRS sent back.
- The stamped formation document and the signed operating agreement.
- A passport for the applicant and for every owner of 25% or more, with a selfie check.
- The company's principal address, which can be abroad. A registered agent's address, a PO box or a UPS Store address isn't accepted.
- Your home address abroad, with a document that shows it.
- A description of the business and, if you have one, a website. This is where many declines come from, because a description that could mean anything reads as a risk.
- Expected activity: roughly how much money, from where and to whom.
You don't need a US address, an SSN, an ITIN or a minimum deposit. The application takes about fifteen minutes, and the review usually takes a few business days, sometimes with a follow-up question.
What it costs, and what you get
No monthly fee and no minimum balance. Domestic ACH transfers and wires are free, and so are outgoing international wires in US dollars, while wires in other currencies carry a conversion charge. You get virtual and physical debit cards, extra accounts for reserves, invoicing and API access, with treasury products for larger balances. It doesn't handle cash or give you a chequebook, though it accepts cheque deposits through the app.
Keeping it open
- Receive what you said you'd receive, from where you said. If a software company starts receiving marketplace payouts from a new country, tell Mercury before it asks.
- Answer compliance questions quickly and fully. A question isn't a problem; an unanswered one is.
- Keep the company's money separate from yours and from anyone else's. Moving money for other people is the quickest way to a closure.
- Check Mercury's list of restricted industries before you start: adult content, gambling, cannabis, most crypto activity and a few others aren't allowed.
If Mercury says no
It says so briefly and rarely says why. The usual causes are a country it doesn't serve, a business description it couldn't place, or documents that didn't match. Fix what you can, then apply to Payoneer, or check whether Wise Business will take your company. A decline at Mercury isn't held against you anywhere else.