Mercury vs Wise for a US LLC: what the CRS really changes

You’ve set up a US LLC for your online business, your agency or your international freelance work. One question still weighs on your day-to-day operations: where should your company’s US bank account live? LLC Place steers you toward Mercury or Relay and prepares the account application on your behalf.

Plenty of founders open a Wise Business account right after forming their LLC, because it’s quick and the app is pleasant to use. Others go with Mercury, the American fintech that has become the go-to bank for US LLCs owned by non-residents. Both work, but they differ on three things that matter: fees, account stability and the rules on tax information exchange.

We walk founders through this step every week. Here’s what actually sets Mercury apart from Wise as a US bank account, including on the CRS, a topic that’s often poorly explained.

What the CRS does, and what it doesn’t

The CRS, or Common Reporting Standard, has been adopted by more than 100 countries. It sets up the automatic exchange of financial information between tax authorities: every year, a bank in a participating country identifies accounts held by residents of another participating country and sends their balances and income to the relevant tax authority.

Depending on the currency and on which Wise entity holds your balances, part of your account may sit with a European institution and therefore fall under the CRS. In that case, your tax authority receives the account information automatically. We break down exactly what Wise reports in our article on Wise and the CRS.

The United States doesn’t apply the CRS. It runs its own system, FATCA, with only limited reciprocity: for a company account like your LLC’s, a US bank generally sends nothing automatically to your home tax authority.

In other words, choosing between Mercury and Wise doesn’t decide what you report. The choice comes down to what really matters for your business: currency, fees and how reliable the account is.

Why Mercury is a better fit for a non-resident’s LLC

Opening a US bank account for a US LLC as a non-resident used to be an uphill battle. Mercury changed that by making it possible to open an account 100% remotely, with your company’s EIN and an online identity check.

Mercury operates in the United States through partner banks licensed there. Your LLC gets real US account and routing numbers in dollars, which is what Stripe, Amazon and your American clients expect from a US company. To get approved, have your official LLC documents ready, especially your Articles of Organization and the EIN letter issued by the IRS. LLC Place hands you all of these documents when it forms your company.

Fees designed for founders

Where Wise makes its money on conversions and some transfers, Mercury was built for startups and growing companies:

• $0 to open the account, ideal right after forming your LLC.
• $0 in monthly maintenance fees.
• $0 on dollar transfers, ACH and wires alike, incoming and outgoing.

Fewer frozen funds

Wise’s compliance checks tend to be cautious with US companies run from abroad. Freezes for routine reviews can last weeks and bring your business to a standstill. Mercury knows the model well: non-resident US LLCs, e-commerce and service agencies. If your business takes card payments, our guide to opening a Stripe account with an LLC completes the setup.

The bottom line: give your LLC the bank that fits it

A US LLC works in dollars, bills American clients and gets paid by American platforms. A Mercury account matches that reality: a real US account, almost fee-free, well accepted by Stripe and Amazon, and steadier under compliance checks. Wise remains a good complement for the occasional conversion into your local currency.

Whichever bank you choose, your obligations stay the same: report the account and the income in your home country, and keep your LLC’s IRS filings up to date.

Frequently asked questions

Is Mercury really a bank or a fintech?

Mercury is a fintech that works with partner banks licensed in the United States. Your funds are held in the US, under US jurisdiction, and your LLC gets US account and routing numbers.

Can I open a Mercury account without an SSN or US residency?

Yes. That’s exactly why it appeals to non-residents. You need a properly registered LLC, an EIN and photo ID. The account opens 100% remotely, with no trip to the US and no Social Security number.

Does a Mercury account mean I don’t have to report anything?

No. The absence of the CRS only means your tax authority doesn’t receive the information automatically. Your country of residence still expects you to report the LLC’s account where its rules require it, and the company’s income remains taxable there. Many countries have a comparable declaration, such as Schedule FA in India or form 3916 in France.

Does using Wise put me in breach of anything?

No, Wise is a perfectly legal service. The difference from Mercury lies in fees, account stability and the type of account, not in legality.

Can I use Mercury and Wise side by side?

Yes, and many people do. Plenty of founders keep Mercury as the company’s main account and use Wise for the occasional conversion into your local currency. Just report both accounts in your home country. For a step-by-step walkthrough, read opening a Mercury account for an LLC from abroad.