If you've formed a US LLC as a UK or European founder, you'll quickly encounter three names when researching US business banking: Mercury, Wise Business, and Relay. All three are legitimate platforms that accommodate non-resident LLC owners, and all three have no monthly fees on their standard plans. But they are not interchangeable — each has distinct strengths, limitations, and ideal use cases. This comparison covers what matters most for international founders. Before applying to any of them, ensure you have your documents ready — see our banking documents checklist.
Mercury — The Remote Founder's Default
Mercury is the most widely recommended banking platform for remote-owned US LLCs, built explicitly for technology startups and digital businesses. Its onboarding process is designed to accommodate foreign-owned US entities without friction, and it consistently receives the highest satisfaction ratings among international founders.
Strengths: Free checking and savings accounts with no monthly fees, no minimum balance, and no transaction limits. Mercury's dashboard is one of the best-designed in the category — clean, fast, and genuinely useful for day-to-day financial management. Native integrations with Stripe, PayPal, QuickBooks, and Xero reduce bookkeeping effort considerably. Mercury Treasury offers higher-yield cash management for businesses holding larger USD balances. FDIC-insured up to $250,000 through Choice Financial Group and Evolve Bank and Trust.
Limitations: International wire transfer fees are higher than Wise for currency conversions. If you regularly need to move USD to GBP or EUR, Mercury's exchange rate and fee structure is less competitive than Wise's mid-market rate approach. Mercury holds everything in USD — no multi-currency balances.
Best for: Founders who want a primary US business account with a clean interface, strong payment processor integrations, and reliable FDIC-protected banking. Mercury is the strongest all-round choice for the majority of non-resident LLC owners.
Wise Business — The Multi-Currency Specialist
Wise Business is not a bank in the traditional sense but provides US banking details (routing number and account number) that function equivalently for receiving payments and making transfers. Its fundamental strength is multi-currency account management and international money movement at the mid-market exchange rate.
Strengths: Hold balances in over forty currencies simultaneously within a single account. Convert between USD and GBP (or EUR, or any major currency) at or near the mid-market rate with a transparent, typically low percentage fee — significantly cheaper than bank wire fees or Mercury's international transfer pricing. For UK founders regularly converting US income to GBP, Wise Business consistently saves money on every transfer. Wise also provides local account details in multiple countries — receive GBP into a UK sort code and account number, and USD into a US routing number, all within the same account.
Limitations: Not FDIC-insured. Customer funds are held in segregated accounts with regulated financial institutions, but this differs structurally from deposit insurance. Wise's dashboard is less intuitive for day-to-day US business operations, and its accounting software integrations are less developed than Mercury's or Relay's.
Best for: Founders who need to move money between USD and GBP or EUR regularly and want the best available exchange rates. Wise Business works best as part of a two-platform approach — Mercury as the primary US account, Wise Business handling currency conversion and UK/EU transfers.
Relay — The Organised Operator's Choice
Relay is the least well-known of the three outside founder communities, but it has a loyal user base among founders who want structural control over their business finances. Its headline differentiator is the ability to create up to twenty separate checking accounts and fifty virtual debit cards within a single LLC profile.
Strengths: The multi-account structure makes Relay particularly attractive for founders who practise intentional cash allocation — operating expenses, owner distributions, tax reserves, and project budgets in dedicated accounts without needing multiple bank relationships. Customer support is consistently rated as more responsive than Mercury's. FDIC-insured through Thread Bank. Integrates well with QuickBooks Online and Xero, and includes basic invoicing directly from the banking platform.
Limitations: Product polish is a step behind Mercury's. Relay lacks Mercury's Treasury product and has less depth in payment processor integrations. Less commonly recommended by US CPAs and formation services, which can occasionally create minor friction if your accountant is unfamiliar with its export formats.
Best for: Founders who want clear financial organisation within their US business — especially those who allocate cash by category and want separate dedicated accounts without opening multiple banking relationships. Also a strong alternative for founders who have found Mercury's customer support responsiveness to be an issue.
Side-by-Side at a Glance
- Monthly fees: All three — none on standard plans
- FDIC insurance: Mercury — yes; Relay — yes; Wise Business — no (segregated funds)
- Multi-currency balances: Mercury — no; Relay — no; Wise Business — yes (40+ currencies)
- International transfer rates: Mercury — moderate; Relay — moderate; Wise Business — excellent (mid-market)
- Multiple sub-accounts: Mercury — limited; Relay — up to 20; Wise Business — limited
- Stripe/PayPal integration: Mercury — excellent; Relay — good; Wise Business — basic
- Dashboard quality: Mercury — excellent; Relay — good; Wise Business — functional
- Non-resident onboarding: All three support foreign-owned US LLCs
The Recommended Setup for Most UK and EU Founders
For the majority of UK and European founders, the optimal setup is Mercury as the primary US business account — handling day-to-day transactions, payment processor payouts, and US-dollar financial management — combined with Wise Business for converting US income to GBP or EUR and sending international transfers. This two-platform approach costs nothing in monthly fees, is entirely operable remotely, and covers every core financial function a non-resident LLC owner needs. Relay is worth adding if you want granular account segregation, but for founders starting out, Mercury plus Wise Business is the cleanest and most practical combination.
Get the Right Foundation in Place First
Before any of these accounts can be opened, you need a formed US LLC and an EIN. We help UK and European founders complete the formation and EIN process remotely so you can move straight to banking applications as soon as your EIN is confirmed.
US Banking Documents Checklist
Why Bank Applications Get Rejected
Best Fintech Tools for US LLCs
View Pricing