We usually set up our bank accounts with Mercury (https://mercury.co), our banking partner. It operates as a US bank but has more benefits for startups and is more convenient for foreign-owned startups. You can choose other US bank but that would mean physically visiting the US or physically visiting a branch in order to do so.
You will receive a debit card once the account has been set up.
Mercury reviews all applications. When someone applies with Mercury, they’ll first review your company documents, and your beneficial owner documents (ID and address). Then, they also review your website and the business description you provide to them.
If there’s no website or storefront (amazon, ebay, or otherwise), or a very vague/short business description, they can’t find any information about the company or founders, or any other potential inconsistencies with your application, they have to request more information from you to determine if they can offer you banking services.
These are the requirements for opening an account with Mercury.
- EIN (which is part of our package)
- US operations
- Serving US customers
- Or plans on expanding in the US market
Banking services are currently provided by Mercury.co – Mercury works with FDIC-insured banks, including BBVA Compass, Member FDIC, and Evolve Bank & Trust, Member FDIC, to store your deposits.