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Banking Guide

Mercury vs Novo Guide

Mercury focuses on startups and tech companies. Novo targets small businesses and freelancers.

Mercury focuses on startups and tech companies. Novo targets small businesses and freelancers. Your EIN is the first requirement for opening any US business bank account. Both free, different features. Apply for your EIN at ein.so ($49) before starting the bank application.

Overview

Mercury vs Novo Overview

| Detail | Information | |--------|------------| | Bank | Mercury vs Novo | | Fees | Both free, different features | | Non-resident friendly | Limited (may require in-person) | | EIN required | Yes | | Documents needed | EIN, LLC docs, passport |

Requirements to Open

  1. EIN — Apply through ein.so ($49)
  2. LLC documents — Articles of Organization from your state
  3. Operating Agreement — LLC governance document
  4. Government ID — Passport or driver's license
  5. EIN confirmation — CP 575 or Letter 147C

For Non-Residents

Non-Resident Banking

The best banks for non-resident LLC owners:

| Bank | Remote Opening | Monthly Fee | Best For | |------|---------------|------------|----------| | Mercury | Yes | $0 | Startups, tech | | Relay | Yes | $0 | E-commerce | | Novo | Yes | $0 | Freelancers | | Wise | Yes | Low | International payments | | Chase | No | $15 | Branch access |

Step 1: Get Your EIN First

You cannot open a business bank account without an EIN. Apply now — $49

Related: EIN for bank account | Best bank for non-residents | EIN for non-residents

Frequently Asked Questions

Do I need an EIN for Mercury vs Novo?

Yes. All US business bank accounts require an EIN. Apply for your EIN at ein.so ($49) before opening your Mercury vs Novo account.

Can non-residents open a Mercury vs Novo account?

Depends on the bank. Mercury, Relay, and Wise accept non-resident LLC owners remotely. Traditional banks (Chase, Bank of America) typically require in-person visits.

What documents do I need?

Typically: EIN confirmation (CP 575 or Letter 147C), LLC formation documents (Articles of Organization), Operating Agreement, government-issued ID (passport).

How long does account opening take?

Online banks (Mercury, Relay): 1-3 business days. Traditional banks: same day (in-person) to 1 week.

Is there a minimum deposit?

Most online banks have no minimum deposit. Traditional banks may require $100-$1,500 initial deposit.

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