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Mercury Bank vs Wise for non residents

By Rohan Smith, 15 December, 2022

Mercury Bank review for non-residents without SSN

By Rohan Smith, 17 November, 2022
Bank
Mercury Bank
SSN Required?
No
ITIN Required?
No
Can Apply Online?
With EIN
Summary

Mercury is an online banking platform that includes both a business checking account and a business savings account with no monthly fees. Designed with startups in mind.

Features
  • No monthly fees, transaction fees, or minimum opening deposit.
  • Free domestic and international wire transfers.
  • Access to over 55,000 fee-free ATMs to withdraw cash through the Allpoint network.
  • Advanced digital tools including API access to automate and customize your banking.
Cons
  • Not available to sole proprietors.
  • Can’t accommodate cash deposits.
  • Low savings account rate.
Link
Apply Now!
Neobank?
Yes

Wise review for non-residents without SSN

By Rohan Smith, 17 November, 2022
Bank
Wise
SSN Required?
No
ITIN Required?
No
Can Apply Online?
Yes
Summary

Wise isn't a bank in the US but a money transfer operator that's well-known for offering some of the cheapest international transfers globally. However, in addition to money transfers, Wise also offers a Multi-Currency Account, a low-cost foreign currency spending account, and a Visa debit card.

Features

Even without a US residence, the Wise Account gives you US checking details.

  • A debit card to spend in 50+ currencies, including US dollars.
  • You can use this account to get paid by employers in US dollars. - Send money domestically within the US.
  • The Wise debit card is accepted worldwide.
  • Local bank details are not just in the US, but also in the UK, EU, Australia, New Zealand, Singapore, Romania, Canada, and Hungary.
Cons
  • The fee to receive wire transfers (domestic and international) is $7.50 per transaction.
  • Incoming payments can only be in US dollars, no other currency will be accepted.
  • Incoming domestic transfers take 2 to 3 working days to arrive in the account, while international transfers take 4 to 5 days.
  • You can't yet set up a direct debit.
Link
Apply Now!
Neobank?
Yes
Rohan A Smith profile photo

Hi I'm Rohan Smith, an internet entrepreneur who's been running online businesses and working remotely in the US from the Caribbean for over a decade.
I've learned how to operate a US incorporated business, open US bank accounts, & get credit cards without being a resident or citizen.
Read More...

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