Mercury vs Novo Comparison

Yes. Mercury and Novo both require an EIN to open a US business bank account. The EIN is your federal tax ID for the LLC or corporation. You cannot complete either application without it. Non-residents apply for an EIN at ein.so for $49 (Standard, 4-7 business days) or $97 (Express, 2-3 business days) before starting the bank application.

Yes. Mercury accepts non-resident LLC owners remotely without an SSN. You provide your EIN, LLC formation documents, an operating agreement, and a passport. Mercury serves founders from many countries, though it restricts some high-risk regions. You need the EIN first. ein.so files Form SS-4 using your passport number on Line 7b, so no SSN or ITIN is required.

Novo primarily serves US-based small businesses and sole proprietors. Non-residents report mixed approval results compared to Mercury, which is built for remote, international founders. Many non-resident LLC owners choose Mercury or Relay for reliable remote onboarding. Confirm current eligibility on Novo's site before applying. All applicants need an EIN first, available at ein.so for $49.

Mercury and Novo both advertise $0 monthly account fees and no minimum balance. Neither charges to open a standard business checking account. Pricing differs on add-on features, wires, and treasury products, which change over time. Confirm current fees on each bank's site. The EIN you need to open either account costs $0 from the IRS and $49 through ein.so.

Both require an EIN confirmation (CP 575 or Letter 147C), your LLC formation documents (Articles of Organization), an operating agreement, and a government-issued ID such as a passport. Mercury asks non-residents for proof of business activity and ownership details. Get your EIN at ein.so first, then gather the formation paperwork from your registered agent.

Mercury approves many applications within 1-3 business days; complex non-resident reviews take longer. Novo opens many accounts within 1-2 business days for eligible US businesses. The slower step for non-residents is the EIN. ein.so delivers EINs in 4-7 business days (Standard, $49) or 2-3 business days (Express, $97), so order the EIN before applying to either bank.

Mercury and Novo are financial technology companies, not banks themselves. They provide accounts through partner banks that are FDIC-insured. Your deposits sit at the partner bank, not at Mercury or Novo directly. This structure is common for online business banking. Confirm the current partner bank and FDIC coverage limits on each provider's website before depositing funds.

Yes. Mercury and Novo open business accounts, which require a registered US entity such as an LLC or corporation. You form the entity through a registered agent, then apply for the EIN, then open the bank account. Non-residents form LLCs in states like Wyoming, Delaware, or New Mexico. Apply for the EIN at ein.so once your LLC is registered.

Yes. You can open a Mercury account and move your funds and payment connections from Novo at any time. Your EIN stays the same across banks because it belongs to the LLC, not the account. Keep your EIN confirmation letter safe; you reuse it for every account, payment processor, and tax filing the business needs.

ein.so files your Form SS-4 and delivers your EIN, the first requirement for any US business bank account. ein.so does not open bank accounts for you, but the EIN it provides is what Mercury and Novo both demand. After approval, you apply directly with the bank using your EIN, LLC documents, and passport.