01 — ContextThe 2026 Banking Landscape for Non-Residents
Every platform in this guide — Mercury, Wise, Relay, and Airwallex — is not itself a bank. They are fintech companies that partner with FDIC-insured banks to hold customer funds. This determines your deposit protection and matters for understanding your risk. All four require a US LLC registered and in good standing before you can apply.
02 — RequirementsWhat You Need Before Applying
All four platforms require the same foundation. A declined application is rarely reversible — do not apply until everything below is confirmed.
| Requirement | Details | Notes |
|---|---|---|
| US LLC registered | Articles of Organization from any US state | Wyoming, Delaware, Florida, New Mexico are most common for non-residents |
| EIN from the IRS | Apply by faxing Form SS-4 — write "Foreign" on Line 7b | Faxed IRS confirmation accepted by all platforms. No need to wait for CP 575. Standard: ~2 weeks. Corporatee expedited: 3 business days. |
| Valid passport | For all owners with 25%+ ownership | Foreign passports accepted by all four platforms |
| Specific business description | What you sell, who your customers are, how revenue is generated | Generic descriptions ("consulting") are a leading cause of rejection |
| Country eligibility confirmed | Check each platform's list before applying | See Section 07 for the full breakdown including OFAC-sanctioned countries |
| Operating Agreement | Not required upfront by any platform | May be requested only during additional compliance review |
03 — PlatformMercury
Mercury is a fintech company. Banking services are provided through Choice Financial Group and Column N.A., both FDIC members, giving deposits FDIC coverage up to $250,000. Mercury is the most widely used US banking platform among non-resident LLC founders and has the strongest Stripe integration.
Address Fields — the Most Misunderstood Part
Mercury collects two separate address fields that work differently. Confusing them is the most common application mistake:
| Field | What It Is | What Mercury Accepts |
|---|---|---|
| Legal address | Address from your formation documents | ✓ Registered agent address fully accepted. No P.O. boxes. |
| Physical / operating address | Where you work day-to-day | ✓ Home country residential address explicitly accepted for non-residents. Cannot be a P.O. box, PMB, virtual office, or registered agent address. |
| Requirement | Details |
|---|---|
| SSN required | ✓ No — EIN and foreign passport accepted |
| Formation documents | Articles of Organization |
| EIN confirmation | IRS fax confirmation or CP 575 — both accepted |
| ID | Passport for all owners with ≥25% ownership |
| Operating Agreement | Not required upfront — may be requested during additional review only |
| Website | Strongly recommended — improves approval odds significantly |
| Fees | No monthly fees. No minimum balance. |
04 — PlatformWise Business
Wise is a licensed Money Services Business (MSB), not a bank. It provides a real US routing number and account number — accepted by Stripe, PayPal, Amazon, and all major payment processors. For founders from Mercury-prohibited countries, Wise is often the primary banking solution, not a fallback.
FDIC Coverage — Precise Facts
| Account Type | FDIC Status | Details |
|---|---|---|
| Standard Wise account | ✗ Not FDIC-insured | Funds are safeguarded in segregated accounts at commercial banks and US government bonds. FDIC deposit insurance does not apply. Per Wise's FDIC disclosure. |
| With Interest feature opted in | ✓ Up to $250,000 FDIC pass-through | Funds swept to JPMorgan Chase N.A. (Program Bank). Requires: US-based customer, US-based profile address, verified SSN or EIN, and residence outside New York or Alaska. Most non-residents do not qualify. |
| Requirement | Details |
|---|---|
| SSN required | ✓ No — EIN and foreign passport accepted |
| Setup fee | $31 one-time fee to unlock US account details |
| ACH | Full ACH send and receive via partner bank infrastructure |
| Multi-currency | Hold and convert 40+ currencies at mid-market rate |
| Country eligibility | Broadest of all four platforms — check Wise's unsupported countries list |
05 — PlatformRelay
Relay is a fintech company. Banking services are provided through Thread Bank (FDIC member), with FDIC coverage up to $3 million via a sweep program — the highest of all platforms reviewed. Relay has strong accounting integrations (QuickBooks, Xero). The practical barrier for non-residents is the SSN or ITIN requirement.
| Requirement | Details |
|---|---|
| SSN or ITIN | ⚠ SSN or ITIN required in practice — Relay's application flow requests one for each beneficial owner. Non-residents with an ITIN can apply. Those without either face a practical barrier — contact Relay support before applying to confirm current policy. |
| FDIC coverage | ✓ Up to $3,000,000 via Thread Bank sweep program |
| Legal address | Registered agent address accepted |
| Personal address | Home country residential address accepted |
| Fees | No monthly fees. No minimum balance. |
| Prohibited countries | Check Relay's prohibited-country list before applying |
An ITIN (Individual Taxpayer Identification Number) is available to non-residents who have a US tax filing obligation — for example, those filing Form 1040-NR or claiming treaty benefits. If you plan to file a US tax return, obtaining an ITIN unlocks Relay and its $3M FDIC coverage. Contact Relay support directly to confirm current non-resident policy before applying.
06 — PlatformAirwallex
Airwallex is a multinational fintech providing multi-currency accounts with local banking details across multiple countries. For a US-registered LLC, it provides US account details. Eligibility depends on two factors: your company's registration country and your owner/director's country of residence.
| Requirement | Details |
|---|---|
| SSN required | ✓ No |
| Company registration | Must be in one of Airwallex's 68 eligible countries — US qualifies |
| Owner / director residence | OFAC-sanctioned countries blocked. See Section 07 for the full list. |
| US account details | Real US routing and account number for US-registered entities |
| Multi-currency | Hold and exchange 64+ currencies; send to 150+ countries |
| Fees | No monthly fees for basic account |
07 — Country EligibilityCountry Restrictions Compared
Each platform applies its own rules, driven by OFAC sanctions, FATF grey and black lists, and partner-bank compliance requirements.
Citizens and residents of Russia and Belarus cannot open accounts with Mercury, Wise, Relay, or Airwallex. This applies regardless of where the company is registered. All four platforms enforce OFAC sanctions, and Russia and Belarus are comprehensively restricted across the board. There are no workarounds.
| Platform | Restriction Model | Key Blocked Countries (beyond OFAC) | Official List |
|---|---|---|---|
| Mercury | Longest list — 50+ countries based on founder's current residence | Afghanistan, Cuba, Iran, Iraq, North Korea, Nigeria, Philippines, Syria, Ukraine, Venezuela, Zimbabwe + more | mercury.com |
| Wise | Shorter list. Ukraine is not blocked as a country — only occupied regions are restricted. | Afghanistan, Cuba, Eritrea, Iran, Iraq, North Korea, Libya, Myanmar, Somalia, Sudan, Syria, Venezuela, Yemen. Occupied Ukrainian regions: Crimea, Donetsk, Luhansk, Kherson, Zaporizhzhia. | wise.com |
| Relay | OFAC-based plus own compliance list. SSN/ITIN requirement is a separate practical barrier. | OFAC-sanctioned countries plus Relay's own list | relayfi.com |
| Airwallex | 68 eligible company registration countries — US qualifies. Owner/director OFAC-sanctioned countries blocked. | OFAC-sanctioned countries (owner/director residence) | airwallex.com |
Ukrainian Citizens — the Key Distinction
Ukraine as a country is not on Wise's blocked list. Only the occupied regions (Crimea, Donetsk, Luhansk, Kherson, Zaporizhzhia) are restricted. Ukrainian citizens physically residing in a supported country — with a valid residential address there through a long-term visa, residence permit, or EU temporary protection status — can use Wise and apply to Mercury based on their current country of residence.
Platforms assess eligibility based on where you currently live and operate. Your passport nationality alone does not determine your eligibility. A Ukrainian citizen residing in Poland, Germany, or any other supported country with a valid address there can apply using that country as their physical/operating address. The same applies to citizens of other restricted countries who have legal residence in a whitelisted country. Always use your actual current residential address — never misrepresent your location.
Nigeria was removed from the FATF greylist in October 2025, the Philippines in February 2025, Croatia in June 2025. As of March 2026, Mercury had not updated its list to reflect these removals. Check Mercury's current list directly before applying.
08 — ComparisonMercury vs Wise vs Relay vs Airwallex
| Feature | Mercury | Wise Business | Relay | Airwallex |
|---|---|---|---|---|
| Banking partner | Choice Financial Group & Column N.A. | Safeguarded + JPMorgan Chase (Interest only) | Thread Bank | Multiple partner banks |
| FDIC coverage | ✓ $250,000 | ⚠ Interest opt-in only — most non-residents ineligible | ✓ $3,000,000 | Varies by product |
| SSN required | ✓ No | ✓ No | ⚠ SSN or ITIN required | ✓ No |
| Monthly fee | $0 | $31 one-time setup | $0 | $0 (basic) |
| Real US routing number | ✓ Yes | ✓ Yes | ✓ Yes | ✓ Yes (US entity) |
| ACH send / receive | ✓ Full, free | ✓ Full | ✓ Full, free | ✓ Yes |
| Multi-currency | USD primary | ✓ 40+ currencies | USD primary | ✓ 64+ currencies |
| Country eligibility | Restrictive — 50+ prohibited | Broadest of the four | Moderate (SSN/ITIN barrier) | Good (US company qualifies) |
| RA address as legal address | ✓ Yes | ✓ Yes | ✓ Yes | ✓ Yes |
| Home country as physical address | ✓ Explicitly accepted | ✓ Yes | ✓ Yes | ✓ Yes |
| One-attempt rule | Partial exception — contact support | ✗ One attempt | ✗ One attempt | ✗ One attempt |
| Best for | Eligible countries, strong Stripe integration | Mercury-prohibited countries, multi-currency | ITIN holders, high FDIC coverage | Multi-currency, non-SSN founders |
09 — Critical WarningThe One-Attempt Rule
Most fintech platforms record declined applications permanently. A second application from the same LLC is typically rejected automatically without human review. Mercury is the only partial exception — declined applicants may contact support to discuss re-application, but it is not guaranteed.
Before submitting: (1) confirm your current country of residence is not on the platform's prohibited list; (2) have your EIN fax confirmation, Articles of Organization, and passport ready; (3) prepare a specific business description; (4) use the registered agent address as your legal address and your actual home country residential address as your physical address.
Check the prohibited-country list first
Go to the platform's prohibited-country page and confirm your current country of residence is not listed. Links are in Section 07. If listed, choose a different platform — do not apply.
Prepare all documents before starting
Articles of Organization, EIN fax confirmation (no need for CP 575), and passport for all owners with 25%+ ownership. Incomplete applications trigger compliance flags.
Write a specific business description
State exactly what you sell, who your customers are, in which industry, and on which platforms. Generic answers ("software services") are the second most common cause of rejection after country restrictions.
Use the correct address in each field
Registered agent address → legal address field. Your actual current residential address → physical/operating address field. Never claim a US address as your personal address if you do not live there.
→ Misrepresentation triggers permanent rejectionSubmit once, then wait
Approval takes 1–5 business days. If declined, contact the platform's support before reapplying. Move to your next-preference platform instead of resubmitting.
10 — FAQFrequently Asked Questions
LLC Formed. EIN in 3 Business Days. Bank-Ready.
Corporatee handles US LLC formation ($699) and expedited EIN service — so your application to Mercury, Wise, or Airwallex is ready in under two weeks. No travel. No guesswork.
