What is Mercury Bank? The bank for startups and digital entrepreneurs
Mercury is a digital bank (neobank) designed specifically for startups, technology companies and digital entrepreneurs. It was founded in 2019 and today it is the bank of choice for thousands of Latin American, European and Asian founders who operate LLCs in the United States remotely.
Unlike traditional American banks (Chase, Bank of America, Wells Fargo), Mercury was built from scratch for the modern entrepreneur: everything is managed online, the opening process is 100% digital, and it has no monthly fees in its basic plan.
✓ No monthly fees in the basic plan (Mercury Personal and Mercury for Startups)
✓ 100% online — completely remote opening without stepping into the USA
✓ No SSN required — only LLC + EIN + passport
✓ Physical and virtual cards included from day one
✓ ACH and international transfers (wire transfers) available
✓ Integration with Stripe, QuickBooks, Xero and more
✓ Developer API and advanced integrations
Requirements to open Mercury from LATAM
Mercury is relatively accessible to non-residents, but has clear requirements that you must meet before applying:
Mandatory requirements
- Active and good standing LLC: You need the Articles of Organization or Certificate of Organization issued by the state, showing that the LLC is active.
- EIN (Employer Identification Number): the tax number of your LLC before the IRS. Essential.
- Valid passport: of the owner or owners of the LLC. It must be current and legible.
- Operating Agreement: the LLC's internal document that describes who the members are and their interests.
- US Address: Mercury requires a physical address in the United States for the account. If you use Start Companies as your registered agent, this address may be that of your registered agent.
Recommended requirements (not mandatory but increase approval)
- Active website of your business
- Founder's LinkedIn profile
- Clear description of the business model (what the company does, who it serves, how it generates revenue)
- Previous activity of the LLC (even if it is only a few months)
Application process: step by step
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Go to mercury.com and click on "Get Started"
Start the process from the Mercury website. The application process takes between 15 and 30 minutes to complete.
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Describe your business
Mercury will ask about the type of business, industry, expected revenue model, and estimated monthly volume. Be specific and honest. Avoid vague answers like "consulting" without further details.
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Enter the LLC information
LLC legal name, formation status, formation date, and EIN. Verify that these data match exactly with your official documents.
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Upload the LLC documents
Articles of Organization (or Certificate of Organization) and Operating Agreement. Files must be clear and readable PDFs. Mercury reviews them manually.
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Verify your personal identity
Upload your passport. Mercury uses an identity verification system (usually Persona or similar) that may request a passport photo and a selfie.
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Add the address in the USA
Enter the physical address of your registered agent in the USA. Make sure it matches what appears in your LLC documents.
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Wait for the review
Mercury reviews requests within 1 to 5 business days. They can contact you by email if they need additional documentation. Check your spam folder.
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Approval and first card
Once approved, you will receive immediate access to your account. Your physical card will arrive by mail to the USA address in 7–10 business days.
Common reasons for rejection and how to avoid them
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Vague or inconsistent business description
Mercury filters out high-risk businesses. If you describe your business ambiguously ("miscellaneous services", "general consulting") or if there are inconsistencies between what you say and your website, rejection is likely. Be specific: "custom software development for e-commerce companies in the USA" is much better than "digital services".
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Recent or pending EIN
If your EIN was issued less than 2 weeks ago, it may not yet appear in the IRS verification systems that Mercury consults. Wait at least 2–3 weeks after receiving the EIN before applying.
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Illegible or incomplete documents
PDFs should be clear, with all pages included. An unsigned or undated Operating Agreement, or an Articles of Organization with missing pages, causes immediate rejection.
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Restricted industries
Mercury does not accept certain industries: cryptocurrencies (in many cases), gaming, weapons, cannabis, foreign exchange (FX) services, and some high financial risk industries. If your business falls into any of these categories, consider Relay or other alternatives.
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No verifiable digital presence
Mercury hopes the business will have some digital presence. If you do not have a website or LinkedIn or any verifiable presence, the request may be rejected or delayed for manual review.
Tips to maximize your chances of approval
- Have your website active before applying, even if it is a simple landing page with a description of the service.
- Make sure the domain name of your website matches or is consistent with the name of your LLC.
- Update your LinkedIn profile and connect the link in the application if Mercury allows it.
- Describe the flow of money: where the income comes from, who you charge and how.
- Wait at least 3 weeks after obtaining the EIN before applying.
- Upload documents in high-quality PDF, with all pages complete and signatures visible.
- Use your registered agent address as the LLC's primary address.
- If Mercury rejects your request, you can wait 60–90 days and try again with improved documentation.
Alternatives to Mercury Bank: Relay and Lili
- No basic fees
- Virtual/physical cards
- APIs and integrations
- Ideal for startups and technology
- International wire transfers
- Up to 20 accounts per company
- No fees in basic plan
- Excellent for e-commerce
- May be more flexible in approval
- Integrated expense management
- Integrated accounting tools
- Automatic tax estimation
- Ideal for freelancers and creatives
- No fees in basic plan
- Fewer options for startups
Don't worry: a rejection from Mercury is not final. First try Relay, which has a different review process and is usually more flexible with foreign entrepreneurs. You can then reapply to Mercury after 90 days with more complete documentation.
Start Companies facilitates the LLC and EIN formation process, but the decision to approve the bank account is solely with the financial institution. Ebizboost LLC cannot guarantee approval of any bank account. We act as documentary facilitators, not as banking advisors.
Can I use Wise or PayPal instead of a bank?
Wise Business and PayPal Business are excellent complementary tools, but they do not completely replace a US bank account for your LLC. Here we explain why:
- Wise Business: Allows you to receive payments in USD, EUR, GBP and other currencies. It is not a bank in the regulatory sense, but a payment service provider. Excellent for international transactions and currency conversion, but does not provide the traditional routing number and account number of an American bank that some clients or platforms require.
- PayPal Business: not recommended as a primary bank account. PayPal has restrictive policies with non-resident accounts and is known for blocking or limiting accounts of foreign entrepreneurs without prior notice.
The ideal combination is: Mercury as the main bank account + Wise Business for international payments in multiple currencies.
Start today
Do you want to open your LLC without complications?
Our team of international accountants and tax experts accompanies you throughout the process. LLC activates in 7 business days.
We serve by WhatsApp: +1 (786) 935-4213
Written by
Ignacio Navarro
Ignacio Navarro is a Certified Public Accountant, graduated in 2020 from the National University of Tucumán. Founder of Start Companies since 2023, he advises clients worldwide on forming LLCs in the United States and on proper tax filing. His expertise combines legal, tax, and practical knowledge, offering a comprehensive service that spans from company formation to bank account setup and sales platform integration.