Mercury vs Relay Guide

Yes. Every US business bank account requires an EIN, including Mercury and Relay. The bank uses your EIN to verify your LLC with the IRS and to comply with federal banking rules. The IRS charges $0 for an EIN. ein.so files Form SS-4 by fax for $49 (Standard, 4-7 business days) or $97 (Express, 2-3 business days).

Yes. Both Mercury and Relay accept non-resident LLC owners and open accounts fully remotely. You do not need to visit the United States or hold an SSN. You provide your EIN confirmation, LLC formation documents, an operating agreement, and your passport. Traditional banks like Chase and Bank of America usually require an in-person branch visit instead.

Both are strong. Mercury suits startups, tech founders, and SaaS companies that want virtual cards, treasury features, and software integrations. Relay suits e-commerce sellers and agencies that want multiple accounts and built-in expense tracking. Both charge $0 monthly fees and accept non-residents remotely. Your EIN opens either account, so the choice is about features, not eligibility.

Both banks require four core items: your EIN confirmation (CP 575 or Letter 147C), your LLC formation documents such as Articles of Organization, your operating agreement, and a government-issued ID like a passport. Some applications also ask for a business description and an estimated transaction volume. Missing the EIN confirmation is the most common reason applications stall.

Mercury and Relay both review most applications in 1-3 business days once you submit complete documents. Approval depends on a clean EIN confirmation and consistent LLC details. The slower step is usually getting the EIN itself, which takes 4-7 business days through ein.so Standard or 2-3 business days through Express. Get the EIN first, then apply to the bank.

No. Both Mercury and Relay open business checking accounts with no minimum opening deposit and no minimum balance requirement. You can fund the account after approval by ACH transfer or wire. Traditional banks differ and may require an opening deposit. Confirm current terms on each bank's site, since banking policies change.

Yes. Non-residents do not need an SSN or ITIN to get an EIN. You enter your passport number on Form SS-4 Line 7b instead. The IRS online EIN tool requires an SSN, so non-residents must use the fax method. ein.so faxes Form SS-4 to the IRS for you and returns your EIN so you can open Mercury or Relay.

The bank account itself does not create a tax bill, but owning a foreign-held US LLC creates filing duties. A foreign-owned single-member US LLC files Form 5472 with a pro-forma Form 1120 each year. The penalty for not filing Form 5472 is $25,000. Most LLCs also file a BOI report. Confirm your specific obligations with a CPA. ein.so does not give tax advice.

Most rejections trace back to mismatched details: an LLC name that differs from the EIN confirmation, an unverified address, or an incomplete business description. Fix the underlying document and reapply, or apply to the other bank. Because both accept non-residents, a rejection at one rarely means rejection at both. A clean EIN confirmation from ein.so prevents the most common cause.