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Guide to US Business Accounts for Non-Resident Founders

Opening a US business bank account as an international founder can be challenging without a local address or SSN. Fortunately, modern financial platforms offer flexible solutions tailored for global entrepreneurs. 

Compare the top options below to find the best fit for your company's operational needs.

us-business-accounts-table

Breaking Down the Chart: What Does It All Mean?

If you are navigating the US banking system for the first time, some of the terminology can be confusing. Here is a simple explanation of each category so you can make an informed decision.

1. Monthly Fee & Setup Costs

  • Mercury and Lili are completely free to maintain on their basic tiers.
  • Wise Business has no monthly fee, but charges a one-time setup fee of $31 to generate your dedicated bank account details (Routing and Account numbers).
  • Revolut Business requires a monthly subscription starting at $10 for its basic US tier.

2. SSN Needed

  • Great news! None of these platforms require an SSN. As a non-resident, you can apply using your foreign Passport, your company's EIN (Employer Identification Number), and your US company formation documents.

3. Transfers (ACH & Wires)

ACH is the standard, slightly slower method for domestic US transfers (like paying a local supplier). A Wire is a faster, direct transfer, often used for international payments or large sums.

  • Mercury is the clear winner here if you deal strictly in USD, offering entirely free ACH and Wires.
  • Lili includes free domestic ACH transfers, but charges $15 for outgoing US wires, and $25 to send or $15 to receive international wires.
  • Wise Business is excellent for receiving local ACH but charges a flat $6.11 to receive USD wires.
  • Revolut Business caps your free local transfers at 10 per month before charging small per-transaction fees ($0.20), and charges $5 per international transfer.

4. Currency Exchange (FX)

  • Wise Business dominates this category. They use the real "mid-market" exchange rate (the one you see on Google) and only charge a tiny, transparent fee (starting at 0.23%).
  • Revolut Business is also great, offering up to $1,000 of free interbank exchange per month, then applying a 0.6% fee.
  • Lili charges a 1% fee on converted international wires, but applies no extra FX fee on standard USD debit card purchases.
  • Mercury is less ideal for multi-currency operations, charging a 1% fee on non-USD wires and 3% on foreign card purchases.

5. FDIC Protection

The Federal Deposit Insurance Corporation (FDIC) is a US government agency that protects your money if the bank goes bankrupt.

  • Because these companies are fintechs and not traditional banks, they partner with regulated banks to hold your money.

  • Your funds are protected up to the standard $250,000. Mercury and Lili take this a step further by using "Sweep Networks" (spreading your money across multiple partner banks) to multiply your insurance up to $5M and $3M, respectively.

6. Earn on Idle Cash

Can your money make money while sitting in the account?

  • Lili offers an excellent high-yield savings sub-account (up to 4% APY).
  • Mercury offers "Mercury Treasury" for well-funded startups with over $250,000 in the bank.
  • Wise Business offers an interest feature, but it is currently restricted to users with a physical US residential address, making it unavailable for most non-residents.
  • Revolut Business does not offer any interest or yield features on its US basic plan.

7. Credit & Cards

  • Mercury offers the IO Corporate Card (a charge card that doesn't require a US credit score, just a healthy bank balance).
  • Lili offers a line of credit of up to $250,000 subject to underwriting and partner approval.
  • Wise Business does not offer credit products—it only provides a prepaid debit card.
  • Revolut Business also does not offer credit products on its basic US plan, providing only standard debit cards.

8. Integrations

  • All four platforms connect seamlessly with major accounting software (like QuickBooks or Xero), saving you hours of manual bookkeeping.

9. Watch Out For 

  • Mercury & Revolut: Their compliance teams are very strict. Even if your LLC is registered in the US, they will often ask for proof of actual US business operations (like US-based customers, vendors, or a physical operating address beyond a simple Registered Agent). Passive holding companies are often rejected.
  • Lili: They do not support all nationalities. You must check their official list before applying, and they only cater to operational small businesses, not complex holding structures.
  • Wise Business: The most flexible for non-residents and holding companies, but you must remember that receiving USD Wire transfers incurs a $6.11 fixed fee every time.

Official Reference Links

To ensure you have the most up-to-date information, you can verify the details directly through the official resources and pricing pages used to compile this guide:

  1. Mercury Pricing & Features: mercury.com/pricing
  2. Lili Account Plans: support.lili.co - Account Plans
  3. Wise Business Pricing (US): wise.com/gb/pricing/business
    (Note: Setup fees adjust dynamically to the US market/USD upon registration).
  4. Revolut Business Plans: revolut.com/business/business-account-plans/

Disclaimer: Fintech fees, requirements, and terms of service change frequently. Always confirm directly on the provider’s official website before applying.

 


If you still have any questions or need further assistance with this topic, we are here to help!

✉️ Simply contact us via email at help@globalfy.com or send a WhatsApp message to +1 (866) 428-2030. Our team will be happy to assist you.