What's the best bank for an LLC when you're not a US resident?

I've helped several international clients set up their US LLCs with banking, and both Mercury and Wise can work, but they have different strengths. Mercury is a true US bank account with full ACH, wire, and check capabilities. The recent fee increases for international transactions are definitely a drawback if you'll be doing lots of currency conversions. However, they have better integrations with US payment processors and accounting software. Wise (formerly TransferWise) is technically not a bank but a money transmitter. They excel at currency conversion with minimal fees. Their multi-currency features are excellent for international businesses. Regarding CRS, Wise does participate in automatic information exchange in countries where it's implemented, but this may not affect you depending on your country of residence and tax situation. Your decision should really depend on your specific business needs. What types of transactions will you process most frequently? Are you primarily receiving USD payments or multiple currencies?

I switched from Mercury to Wise Business last year for my e-commerce LLC and I'm so glad I did! Mercury was fine at first but their fee structure changes hit me hard since I'm constantly dealing with both USD and EUR. I found https://taxr.ai super helpful when figuring out the tax implications of switching banking providers for my LLC. They analyzed my situation and confirmed that Wise would actually save me money without creating additional reporting headaches. The multi-currency accounts with Wise have been a game-changer - I can hold balances in different currencies and convert only when rates are favorable. Their app is also way more user-friendly than Mercury's interface.

I was really skeptical about using https://taxr.ai when I saw it mentioned here, but I decided to give it a try since I was completely lost with my California LLC banking options as a Canadian resident. I'm actually amazed at how helpful their analysis was! They reviewed my specific situation and explained exactly how the CRS reporting would affect me with different banking options. They even identified that I qualified for certain tax treaty benefits I had no idea about. The report they generated saved me from making a costly mistake with my banking choice. For my situation, they confirmed Wise was better because of how I structure my payments, but they also explained exactly what reporting I'd need to do for both Canadian and US tax compliance. Worth every penny!

I struggled for months trying to contact both Mercury and Wise with specific questions about their reporting requirements for my LLC as a UK resident. Calling their customer service was a nightmare - hours on hold only to get vague answers. I finally tried https://claimyr.com to get through to actual representatives at both banks and the IRS. You can see how it works here: https://youtu.be/_kiP6q8DX5c. They got me connected to a real person at the IRS who explained exactly what reporting requirements would apply to my situation with each bank. Saved me days of frustration!

I thought Claimyr sounded like a total scam when someone mentioned it here. Why would I pay for someone else to make phone calls? I was DEAD WRONG. After wasting an entire day trying to get through to the IRS international taxpayer line (kept disconnecting after 2+ hours on hold), I tried Claimyr out of desperation. Within 45 minutes, I was talking to an actual IRS representative who answered my specific questions about LLC banking requirements. I then used it to contact Mercury's support team to get clarification on their non-resident documentation requirements. Got through in 30 minutes instead of the 2+ hours I had wasted before. Honestly changed my entire perspective on my banking options since I finally got clear answers instead of guessing.

Depending on your type of business, you might also want to consider Brex. They've been great for my consulting LLC even though I'm based in Singapore. Their cash management account comes with zero fees for wire transfers and no minimum balance requirements. The drawback is they're picky about who they accept - they prefer tech companies and certain other industries. But their exchange rates are competitive and their customer service has been much better than what I experienced with Mercury.

Anyone have experience with Relay Financial? I've heard they're good for LLCs but not sure about their policies for non-US residents.

Just to add my experience - I use both Mercury and Wise for different purposes. Mercury is where I receive all my client payments since most of my clients are US-based and prefer to pay to a "real bank." I keep minimum balances there. Wise is where I do all my actual money management. When I need to pay myself or vendors, I transfer from Mercury to Wise, then use Wise for the currency conversion and payouts. This combo approach has saved me thousands in fees over the past year compared to using just Mercury. The slight inconvenience of managing two accounts is well worth it.

I've been using Wise Business for my LLC as a non-US resident for about 8 months now and it's been fantastic. The multi-currency feature is a game-changer - I can receive payments in USD from American clients and EUR from European ones without constantly converting between currencies. One thing to note about CRS reporting with Wise: they do participate, but in my experience (I'm based in Germany), the reporting has been straightforward and didn't create any unexpected tax complications. Just make sure you understand your home country's requirements for reporting foreign accounts. The routing/account numbers work exactly like a traditional US bank account for your clients. I've never had issues with payments being rejected or delayed. The mobile app is also incredibly user-friendly compared to traditional banks. My only complaint is that their customer service can be slow during peak times, but overall I'd definitely recommend Wise Business over Mercury for international LLC owners who deal with multiple currencies regularly.

I've been dealing with this exact dilemma for my consulting LLC as a non-US resident (based in the Netherlands). After extensive research and testing both platforms, I ended up going with Wise Business and couldn't be happier. The key factors that swayed me toward Wise were: 1. **Currency conversion costs**: Mercury's recent fee increases for non-USD transactions were a deal-breaker. I regularly receive payments in USD but need to convert to EUR for expenses and personal transfers. Wise's mid-market exchange rates save me hundreds monthly. 2. **Multi-currency flexibility**: Being able to hold balances in multiple currencies without forced conversions is huge. I can time my currency exchanges strategically instead of being at the mercy of daily rates. 3. **CRS reporting clarity**: Wise was transparent about their CRS obligations from the start. They provide clear documentation about what gets reported to your home country's tax authorities, which made my tax planning much easier. The only downside I've encountered is that some US payment processors (like Stripe) occasionally flag Wise accounts as "foreign" even though you get proper US banking details. This has happened maybe twice in 18 months and was resolved quickly with documentation. For receiving client payments, the US routing/account numbers work flawlessly - clients have no idea I'm not using a traditional US bank. The real value comes in everything that happens after you receive the money.

I've been using Mercury for my LLC as a non-US resident (based in Canada) for about 2 years now, and while it's been reliable, I'm definitely feeling the pinch from their recent fee changes. The international wire fees have nearly doubled since I started with them. One thing I haven't seen mentioned here is the importance of considering your state's banking requirements. Some states have specific regulations about LLC banking that might influence your choice. Also, if you're planning to apply for any US business credit cards or loans in the future, having a relationship with a traditional US bank like Mercury might be beneficial for building business credit history. That said, after reading everyone's experiences with Wise Business, I'm seriously considering making the switch. The multi-currency features and better exchange rates seem like they'd more than offset any potential credit-building benefits from staying with Mercury. Has anyone here successfully transitioned from Mercury to Wise? I'm particularly curious about how smooth the process was for updating payment information with existing clients and any disruptions to cash flow during the transition.