Mercury vs Relay for Non-Resident LLCs (2026 Comparison)

About the author: Foreign Founder Team is the editorial organization that maintains this site. This is an independent comparison of published information, not a hands-on account review or a record of customer approvals.

Direct answer

Non-US residents may apply to Mercury or Relay for an eligible US business, but neither platform accepts every foreign founder. Both are fintech companies, not banks. Eligibility depends on the entity, actual or planned US operations, business activity, owners and control person, countries involved, address evidence, documents, and the platform and banking partner's risk review. A US LLC and EIN do not guarantee approval.

Mercury currently emphasizes no-monthly-fee checking and savings, international vendor payments, cards, invoicing, and finance workflows, with optional paid Plus and Pro plans. Relay emphasizes multiple checking accounts, cash-allocation rules, bill pay, team spending controls, and Starter, Grow, and Scale plans. Those are product differences, not approval signals. Compare the address rules first, then the cost of the payment methods you will actually use, how you divide cash, team permissions, and whether international-wire features are available to your account.

For a wider provider shortlist, see the US business account guide for non-residents. If you are still forming the entity, start with the non-resident US LLC guide.

Mercury and Relay are fintech platforms, not banks

The legal structure matters because the platform, deposit account, cards, international payments, and investment products can involve different regulated providers.

Mercury

Mercury's current business disclosures say it is a fintech company. Banking services are provided through Choice Financial Group and Column N.A., both FDIC members. Mercury debit cards are issued by Choice or Column. The IO charge card is a separate credit product issued by Patriot Bank, N.A. and is subject to eligibility.

Relay

Relay's current disclosures say it is a fintech company and that banking services are provided by Thread Bank, Member FDIC. Relay debit and credit cards are issued by Thread Bank. Relay's international payment services are provided through a separate structure involving Community Federal Savings Bank and Nium.

Partner banks, program banks, and service providers can change. Check the current legal disclosure before applying or moving a large balance.

FDIC insurance: what the advertised limits mean

Mercury currently advertises up to $5 million in FDIC insurance for eligible checking and savings deposits through its partner banks and their sweep networks. Relay advertises up to $3 million when Thread Bank places eligible deposits at program banks in its sweep program. These are potential aggregate limits, not insurance promises made by Mercury or Relay.

For both structures:

• The usual FDIC limit is $250,000 per depositor, per insured bank, per ownership category.
• Deposits held directly or through another intermediary at the same program bank in the same ownership category are aggregated.
• Available coverage depends on sweep allocation, program-bank capacity, accurate records, and satisfaction of pass-through insurance requirements.
• Customers should review the current program-bank list and monitor other deposits held at those banks.
• FDIC insurance responds to the failure of an insured bank. It does not insure a fintech platform's operational failure, fraud losses, commercial disputes, or investment losses.

Mercury Treasury is an investment-management product offered by Mercury Advisory, not a checking or savings deposit. Its securities are not FDIC insured, can lose value, and have separate eligibility and fees. Do not combine a Treasury balance with the advertised deposit coverage when evaluating risk.

Non-resident eligibility comparison

Requirements and country lists can change. This table reflects official pages checked on July 23, 2026 and does not replace the live application.

Requirement	Mercury	Relay
US-registered entity	Company must be formed and registered in a US state or territory	Deposit agreement requires a US-incorporated business entity
US operations or connection	Existing or planned US operations	Business must be registered and operate in the US; application collects US nexus and operating-presence details
Non-US owners	Supported in many countries; US citizenship or residency is not required to apply	Current country page accepts US entities with non-US owners, including owners based abroad, subject to restrictions
Prohibited countries	Founders living in listed sanctioned or prohibited countries and regions are not supported	Owners with listed citizenship or residency are not supported
EIN	IRS-issued CP575, 147c, or returned SS-4 is requested	EIN and formation documents are requested for an LLC
Owner and control-person ID	ID for every 25% or greater owner and at least one control person; international applicants may use a passport	All 25% or greater owners and people with significant control are collected; non-US citizens are directed to use a passport
Address requirements	Separate US legal address and US or international physical/principal address rules	Legal business, operational business, and owner residential addresses may be collected and verified
Restricted industries	Published exclusions include MSBs, adult entertainment, cannabis, internet gambling, and trusts; other cases need review	Published exclusions include MSBs, crypto and NFTs, cannabis, gambling, adult entertainment, debt collection, payday lending, and others
Approval guaranteed?	No	No

A live Relay documentation conflict

Relay's current prohibited-country and entity-document pages expressly discuss non-US owners and international applicants. The entity-document page says a non-US citizen can provide a passport number and passport. However, another current "How to Open" page still says applicants must have a valid SSN, and the entity-document page labels the personal address as a physical US address while the address-verification page discusses residential addresses for international applicants. Because these official pages are not fully consistent, a founder without an SSN or US residential address should confirm the current live application requirements with Relay before relying on an older or more general help article.

Address requirements are not interchangeable

A formation address, legal address, operating address, mailing address, owner address, and registered agent address can serve different purposes.

Mercury address fields

• The company legal address must generally be in the US or a US territory and match where the company is registered. Mercury says it might be an HQ or registered-agent address, but it cannot be a P.O. box, PMB, or virtual office.
• The physical or principal business address can be a US or international home or office. It cannot be a registered-agent address, P.O. box, PMB, UPS Store, or virtual office.
• Mercury may request proof such as an eligible government ID, recent bank or card statement, utility bill, lease-related document, tax document, or pay stub.

Relay address fields

• Relay requests a legal business address. If it is a registered-agent address, Relay says the business must provide a second operational address that is not another registered-agent address.
• Relay's address-verification page rejects P.O. boxes, virtual mailboxes, and pack-and-ship locations for business operating and personal addresses.
• Every owner must provide a residential address, and Relay may request supporting documents.
• The current official pages conflict on whether the personal address must always be in the US for an international applicant, so the live application controls.

A registered-agent address or virtual mailbox is not automatically acceptable just because it appears on formation documents. One platform's acceptance does not establish acceptance by the other. Review the US business address guide for non-residents before buying an address service.

Pricing and plans

Checked July 23, 2026. Prices, plan features, discounts, and transaction fees can change. The table separates the entry plan from paid workflow subscriptions.

Feature	Mercury	Relay
Entry monthly fee	Mercury business checking and savings: $0/month	Starter: $0/month
Paid plans	With annual pricing currently marked as 15% off, Mercury Plus is $29.90/month and Mercury Pro is $299/month. Month-to-month paid plans start at $35/month.	Grow: $30/month; Scale: $90/month promotional price, published regular price $120/month
Minimum balance	No required minimum for business checking and savings	No minimum balance for the deposit account
Standard ACH	Free to send	Free; same-day ACH costs $5 on Starter, $3 on Grow, and Scale includes 10 then $1 each
Domestic outgoing wire	Free	$8 Starter; $5 Grow; $5 Scale
USD international wire	$0 with SHA processing; optional $15 OUR processing for intermediary fees	SWIFT fee is $25 Starter, $22 Grow, or $20 Scale
Local-currency international wire	1% currency-conversion fee; 40+ published currencies	Local Network fee is $5 Starter, $3 Grow, or $1.50 Scale; FX is advertised as low as 1%
Checks and overdraft	Mailed checks are listed at $0; no overdraft fee	Check features are available; no overdraft fee, but other transaction fees apply
Checking-account organization	Admins can create additional checking and savings accounts; no numeric promise is used here	Starter/Grow publish up to 20 checking accounts; Scale publishes up to 50, plus 2 savings accounts
Cards and team controls	Physical and virtual cards, account-level access, custom roles, limits, and approval policies	Physical and virtual cards, role-based permissions, spend controls, and published card limits
Invoices and bill pay	Basic invoicing and bill pay are available at $0; advanced invoicing and workflows require a paid plan or per-use fee	All plans include invoice and bill tools; payment-request processing, advanced approvals, automation, and transaction fees vary by plan

Mercury Plus and Pro subscriptions can be billed monthly or yearly and auto-renew until canceled. Relay Grow and Scale renew by billing cycle; the public pricing page marks Scale's $90 monthly price as a limited-time discount. Do not treat either entry plan as meaning every service or transaction is free.

International payment comparison

Mercury international payments

Mercury's current payments page advertises payments to 200+ countries and regions and conversion into 40+ local currencies, but its prohibited-destination and eligibility rules still apply.

• Sending a USD international wire with SHA processing has no Mercury sender fee, but intermediary banks can deduct fees from the payment and the receiving bank can charge its own fee.
• Optional OUR processing costs $15 and is intended to cover intermediary fees in transit. It does not cover a fee imposed by the receiving bank.
• A non-USD outgoing wire has a 1% currency-conversion fee. The rate shown at checkout and the applicable currency window control.
• Incoming non-USD wires are converted to USD. The conversion route and rate depend on the Mercury partner bank and payment path.
• International wires have account limits, destination restrictions, and document requirements. A US legal address is required for the international-wire feature, and some owner or business-address countries can make the feature unavailable.

Relay international payments

Relay offers Local Network and SWIFT Network outgoing wires. Its current help center lists EUR, GBP, CAD, and AUD for Local Network sending, with broader but still limited SWIFT currency support.

• Current outgoing fees are $1.50-$5 for Local Network and $20-$25 for SWIFT, depending on plan.
• Relay publishes an FX rate "as low as 1%"; the live quote is what matters.
• Relay deposit accounts hold USD. Supported incoming non-USD wires are converted to USD rather than held as foreign-currency balances.
• Receiving international wires requires separate activation. Nium must approve the required information and documents before enabling the feature; availability depends on account eligibility, permissions, business type, documents, and review.
• Relay's current activation page is internally inconsistent about the ownership threshold: its main eligibility text says 25% or more, while its FAQ says more than 25%. The activation option shown in the live Dashboard controls. A qualifying owner must be listed on the account and have appropriate owner/admin permissions; activation also requires the requested documents and Nium approval, and non-profits are not eligible.
• Relay says incoming international wires typically have no Relay receiving fee, but intermediary or sending-bank fees can apply. A wire received through a Payment Request has a separate published $5 processing fee.
• A 1% international transaction fee applies to Relay debit-card ATM or point-of-sale transactions outside the US.

Network-level maximums are not a promise that a specific account has no limit. Country, currency, owner citizenship, account tier, compliance review, intermediary bank, and receiving institution can all affect availability, cost, and delivery.

Account structure and operating features

Mercury

• Checking and savings accounts, with additional accounts available for organizing funds.
• Physical and virtual debit cards; one active physical debit card per team member under the current help article.
• Admin, employee, and configurable roles with account access, payment, card, and approval permissions.
• Invoicing, bill pay, reimbursements, and accounting connections to QuickBooks, Xero, and NetSuite. Some enhanced workflows are paid.
• Treasury and credit products have separate eligibility. Treasury is an investment product, and the IO card is not automatically issued to every account.

Relay

• Up to 20 checking accounts on Starter and Grow or 50 on Scale, with unique account details shown for each account under the business.
• Two savings accounts under the current plans.
• A Profit First auto-transfer template and other cash-allocation rules.
• Role-based team access, cards, spending controls, receipt tools, and bill approvals.
• Accounts payable, invoices, Payment Requests, and QuickBooks Online and Xero integrations. Processing and automation fees depend on the plan.
• Relay Visa credit-card access is a separate credit decision, not an automatic account feature.
• Cash deposits are supported through eligible Allpoint+ ATMs and Green Dot retailers, subject to limits and possible retailer fees.

Multiple checking accounts help divide operating, payroll, tax, and reserve cash, but they are accounts for the same business. They do not create separate legal entities or separate ownership categories for FDIC purposes.

Which one may fit your business?

• Digital startup with international vendors: Mercury may be a better fit if its destination coverage, $0 USD international wire option, 1% local-currency conversion, and finance workflows match the payment pattern.
• Small business dividing operating cash: Relay may be a better fit if the business wants 20 or more checking accounts, savings accounts, and Profit First-style allocation.
• Team with controlled spending: Compare the exact roles, approval rules, card limits, and paid-plan boundaries. Both platforms offer controls, but the workflows differ.
• Business holding a larger deposit balance: Compare the actual sweep allocation, program-bank list, other deposits at those banks, and any non-deposit investment balance. Do not choose from the headline FDIC amount alone.
• Business receiving international wires: Confirm activation before choosing Relay; confirm Mercury's partner-bank and currency conversion path before relying on non-USD receipts.
• Founder with an address mismatch: Eligibility comes first. If the legal, physical, operational, or owner address cannot satisfy one platform, its feature list does not change that result.
• Founder avoiding a monthly plan: Both have a $0 entry tier, but Relay charges for domestic and international wires and Mercury charges for specified FX, premium processing, and advanced workflows.
• Business needing accounts-payable automation: Compare Relay Grow/Scale with Mercury Plus/Pro based on approvals, batch processes, integrations, and monthly transaction volume.

Before applying, confirm

1. The entity is eligible and has real existing or planned US operations.
2. Every owner and control person can provide the requested identity information.
3. The legal, physical or operational, mailing, and residential address fields are understood separately.
4. The EIN document and formation documents show matching legal details. See the non-resident EIN guide.
5. The business activity, website, counterparties, and expected transaction volume can be explained accurately.
6. The countries of residence, citizenship, operation, customers, and vendors are supported.
7. The phone number used for account security can be maintained, but is not treated as an approval shortcut.
8. The expected ACH, wire, FX, card, invoice, and subscription costs have been calculated from the current pricing page.

Account reviews, restrictions, and closure risk

Both platforms and their banking providers can request more information, set transaction limits, hold or reject a payment, restrict features, suspend access, or close an account under their agreements and applicable law. Initial approval does not guarantee permanent access.

Keep the following current and downloadable:

• Formation documents and operating agreement.
• IRS EIN notice.
• Owner and control-person identity and address evidence.
• Contracts, invoices, source-of-funds records, and counterparty details.
• Account statements, payment confirmations, and beneficiary instructions.

Update changes in the legal name, addresses, owners, control person, business activities, and expected transaction pattern promptly. Maintain a practical backup payment path and do not keep every dollar of operating cash in one fintech interface. This is continuity planning, not a prediction that either platform will close a particular account.

Mercury, Relay, and Stripe are separate reviews

Mercury or Relay account and routing details do not guarantee Stripe activation, payout acceptance, or uninterrupted payouts. The banking account application and the Stripe merchant review are separate processes with different providers, documents, restricted activities, and ongoing monitoring. Read the Stripe account requirements for non-resident LLCs before treating either account as a payment-platform solution.

Frequently asked questions

Can a non-US resident open Mercury?

Mercury says founders do not need to be US citizens or residents to apply for a US-registered company. The business must meet its US operations, country, industry, address, documentation, ownership, and review requirements. Application acceptance is not guaranteed.

Can a non-US resident open Relay?

Relay's current country and entity-document pages say US entities with eligible non-US owners may apply and must have a US operating presence. Other current Relay help text still uses conflicting SSN and US personal-address language, so a founder abroad should confirm the live application requirements before relying on a general help page.

Is Mercury or Relay a bank?

No. Mercury and Relay are fintech companies. Mercury's current banking services are provided through Choice Financial Group and Column N.A. Relay's are provided by Thread Bank. All named banks are FDIC members.

Which has lower fees?

It depends on the transactions. Both have a $0 entry plan. Mercury currently charges $0 for standard ACH and domestic outgoing wires, while Relay charges for domestic wires and offers different fees by plan. Both charge for specified international and advanced services.

Which is better for international payments?

Mercury may fit businesses sending frequent USD or supported local-currency vendor payments. Relay may fit a business that can use its Local Network or needs its bill-pay workflow. Compare destination, currency, account activation, FX quote, sender fee, intermediary fees, and receiving-bank fees rather than a single headline price.

Are Mercury and Relay deposits FDIC insured?

Eligible deposits may receive pass-through FDIC insurance through the named partner and program banks. Mercury advertises up to $5 million and Relay up to $3 million, subject to sweep availability, per-bank limits, ownership category, other deposits, recordkeeping, and other conditions. Mercury and Relay are not themselves FDIC-insured banks.

Will Mercury or Relay work with Stripe?

Neither platform can guarantee Stripe approval or payout continuity. Stripe decides whether the merchant account and payout method satisfy its current requirements.

Do I need a US business address?

Both collect US business address information, but they distinguish legal, operating or physical, and owner addresses. Mercury permits an international physical or principal address under its published rules while requiring a US legal address. Relay requires a US-registered and operating business and may require a second operational address if the legal address is a registered agent. The live application and requested proof control.

Official sources

Sources below were checked on July 23, 2026.

Mercury

• Eligibility and requirements for opening a Mercury account
• Gathering your documents
• Mercury address requirements
• Prohibited countries
• Mercury pricing
• Mercury for Business disclosures
• Business payments, international wires, and FX
• Sending international payments
• Sending non-USD international wires
• Covering recipient fees for USD international wires
• Mercury sweep program agreement
• Mercury subscription service addendum
• Understanding account closures and access restrictions

Relay

• How to Open a Relay Business Account
• Required documents by entity type
• Accepted address verification documents
• Prohibited countries
• Prohibited industries
• Relay pricing
• Relay Business Deposit Account Agreement
• Thread Bank sweep disclosure
• Thread Bank program-bank list
• Sending international wires
• Receiving an international wire
• Activating incoming international wires
• Currencies available in Relay
• Team member permissions
• Profit First and auto-transfer rules
• Adding cash to Relay

FDIC

• FDIC deposit insurance
• FDIC pass-through deposit insurance coverage

Related Guides

• How to Open a Wise Business Account for a US LLC (2026 Guide)
• Non-Resident LLC Compliance Guide 2026 (Taxes, BOI Status & ITIN)
• Best LLC Formation Services for Non-Residents (2026 Comparison)
• BOI Report for US LLCs: 2026 Status, Exemptions & Filing Checklist
• How to Build US Business Credit for Non-Resident LLCs (No SSN)