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Mercury Business Bank Account

: 2024 Review

Best for remote startup founders
Price: 
Free (get $150 with affiliate link)
Countries:
United States
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Mercury Business Bank Account

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Review

Mercury powers Money Abroad's main business bank account. We love using it for our checking and savings accounts, automated transfers (to setup Profit First), physical and virtual debit cards, domestic and international wires, and integrations. Plus, no monthly fees.

Launched in 2019, Mercury is backed by Silicon Valley's top investors, including Coatue, A16Z, and CRV.

How to apply

Head to https://mercury.com/partner/moneyabroad to apply in minutes, from anywhere.

*Mercury is a financial technology company, not a bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC.

Pros

  • No monthly fees, no overdraft fees, no minimum balance
  • Free domestic and international wires
  • Smooth integrations with third-party apps
  • Deposits FDIC-Insured up to $5 million through their partner banks and their sweep networks
  • API access allows for customizations like sweep rules and automatic mass payments
  • Invite as many team members as you need

Cons

  • No savings account and checking account interest
  • No method for depositing cash
  • No phone support
  • Requires Employer Identification Number (EIN) to apply

Key Benefits and Features

  • Setup automated transfers (for Profit First method)
  • Easy-to-use dashboard
  • Invite other team members, e.g. bookkeeper
  • Read and write API access
  • Custom user permissions and payment schedules
  • iOS and Android mobile apps
  • Mercury Raise (get intros to top investors)

‍

Fees

  • Free checking & savings accounts
  • No minimum balances
  • Free domestic wires
  • Free USD international wires
  • 1% fee on currency exchange

‍

Dexter Zhuang
Dexter Zhuang

Dexter is the founder of Money Abroad, an online education platform that helps people shift from "live to work" to "work to live." He writes about money, portfolio careers, and life design. Starting his career in San Francisco, he has lived and worked across Southeast Asia and Latin America for the past 6 years. He has 10+ years of experience building products and teams at public companies (Dropbox) and scaling startups (Xendit). His work has been featured in global outlets like Business Insider, CBS, US News & World Report, and Tech in Asia. He graduated from Dartmouth College.

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