Frequently asked questions from Mercury bank.
Why was my application to the Mercury denied?
Depending on what might be wrong with the application or what your business is dedicated to, the application can be rejected.
Also, please ensure that your country is not restricted from opening a bank account with the Mercury. You can find this information from their FAQ center here.
“We cannot currently open accounts for founders operating in the following countries and regions: Afghanistan, Albania, Bosnia & Herzegovina, Botswana, Burundi, Cameroon, Central African Rep, Democratic Republic of the Congo, Congo, Croatia, Eritrea, Ethiopia, Haiti, Iraq, Kosovo, Lebanon, Libya, Macao, Mali, Mozambique, Myanmar (Burma), Nicaragua, Nigeria, Pakistan, Somalia, South Sudan, Sudan, Tanzania, Venezuela, Viet Nam, Western Sahara, Yemen, Zimbabwe, Belarus, Iran, North Korea, Cuba, Russia, Syrian Arab Republic, Ukraine (specifically, Kherson, Zaporizhzhia, Donetsk, Luhansk, and and Crimea).”
Since, Mercury has its own requirements and policies, we cannot modify or dispute an account rejection with them.
Yet, don't worry, we have other digital banks options that can suit your operations.
We leave you a list of banks here where you can also apply for a bank account in the US.
(Each entity shows the countries restricted from opening accounts according to each application below the link).
Countries restrictions: Afghanistan, Belarus, Burundi, Central African Republic, Chad, Congo, Cuba, Democratic Republic of the, Cuba, Crimea, Eritrea, Iran, Iraq, North Korea, Libya, Somalia, Republic of South Sudan, Russia, Sudan, Syria, Venezuela, Burma (Myanmar), Ukraine and Yemen.
https://help.airwallex.com/hc/en-gb
Cannot onboard UBO/directors that reside in Russia or Belarus (country of residence only)
https://www.payoneer.com/business/
Countries restrictions: Afghanistan, Belarus, Central African Republic, Crimea, Congo, Cuba, Democratic Republic of the, Cuba, Iran, Lebanon, Libya, North Korea, Somalia, Sudan, Syria, Venezuela, Burma (Myanmar), Eritrea, Guinea- Bissau, Kyrgyzstan, Turkmenistan and Yemen.
Countries restrictions: Cuba, Iran, North Korea, Syria, Crimea and Ukraine.
https://www.brex.com/product/business-account
No list of restrictions found
Please note that these options are just recommendations as we don’t have a direct partnership with any of the previous institutions, so each process with them will be done independently.
What is Mercury?
Mercury is a financial service institution. They are focused on providing banking services to startups.
Some of the services they offer as a financial institution are:
- Checking and savings accounts with no monthly fees
- The protection of up to $5M in FDIC insurance
- Debit and credit cards for your whole team
- Wires, ACH, and check payments
- Treasury management and venture debt options
- Time-saving finance automations
- Customizable permissions that keep you in control
- The knowledge, network, and connections you need
*Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC.
**The IO Card is issued by Patriot Bank, Member FDIC, pursuant to a license from Mastercard.
You can find more information about this topic from their FAQ center here.
Can I deposit checks in the Mercury?
Yes, the Mercury offers the service to deposit checks from US banks.
You can deposit checks via remote deposit through your Mercury dashboard by going through the Add Funds flow. Note, initial check deposit limits are determined based on business verification and transaction history, but can be adjusted. They don’t accept eChecks.
You can find more information about this topic from their FAQ center here.
Can you apply for a Mercury account if you are a non-US resident?
Yes, the Mercury supports U.S. companies founded by people across the globe, as well as founders and venture capital firms with an entity based in the Cayman Islands, British Virgin Islands, and United Arab Emirates. Customers must have some type of existing or planned operations in the U.S. and a U.S. or international address for their principal place of business. This can be a residential address, but may not be a registered agent, PO box, or UPS box address.
You can find more information about this topic from their FAQ center here.
How can I get in touch with the Mercury?
You can get in touch with Mercury’s support from this link via chat, email and form.
Their team will review your question/request and will answer as soon as possible.
What companies are accepted by the Mercury as customers?
They can accept most U.S. companies that aren’t money services businesses or involved with adult entertainment, cannabis or internet gambling. Their product is geared towards tech companies, so it might not be the best fit for some other businesses, especially ones that frequently deal with physical cash. We cannot open accounts for trusts.
You can find more information about this topic from their FAQ center here.
If you still have any questions or need further assistance regarding this topic, we are available to assist you. Simply click here to submit your support request and our team will assist you.