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Banking Guide

Mercury vs Relay Guide

Mercury and Relay are the two most popular banks for non-resident LLC owners. Both offer $0 fees.

Mercury and Relay are the two most popular banks for non-resident LLC owners. Both offer $0 fees. Your EIN is the first requirement for opening any US business bank account. Both free, feature comparison. Apply for your EIN at ein.so ($49) before starting the bank application.

Overview

Mercury vs Relay Overview

| Detail | Information | |--------|------------| | Bank | Mercury vs Relay | | Fees | Both free, feature comparison | | 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 Relay?

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

Can non-residents open a Mercury vs Relay 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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