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Mercury

Bank accounts built for startups

3.8/5
About
Mercury is building banking for startups. Sign up in under 15 mins for a checking account, debit card, full suite of payments, and cash flow analytics all wrapped up in a great UI. Run your company on a bank that’ll help you scale
Would you recommend this product?

There are plenty of options in terms of banking for US residents. However, Mercury supports non-residents and this makes it a unique offering. There is simply no any other offering like this. I imagine they will be just overwhelmed with thousands of SaaS startup owners from all over the world who wants to have US-based business.

Pros:

Bank account can be opened without visiting US, it takes 30 minutes. UI/UX is top notch, everything is smooth. Live chat support.

Cons:

There is no, so far it is perfect.

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Co-founder and Designer at Dovetail X
This sounds great. Will check it out. Silicon Valley Bank (SVB) has been offering accounts to startups for a long time (including those outside the US). SVB work with Stripe and its Strip Atlas program helping startups incorporate their companies in the US and open a bank account. Mind you, the SVB UI is very dated which drives me nuts as a designer ;)
Downsize is that if your company is not incorporated in the US, you're not eligible for the service.
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Co-Founder ReportDash
Mercury indeed requires that the business is registered in US. (As of April 20, 2019)
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Absolute trash of a service. The whole reason you want to give them a shot is supposed disruptor status to big banks, but they can’t even get basic things right. You would think for a bank that has a tier for accounts that hold a minimum of 250K, that they would be able to service accounts of this size. Wrong. You can’t even wire more than 25K without going through an extensive interrogation as to why you need to send more than that. Despite the paltry limit, whenever you try to send a money, you need to provide documentation and then on top of that they randomly cancel your wire and ask you to provide a full forensic accounting type of due diligence report on who all the connected entities are, their full structure, and just a ton of stuff that I have NEVER had any real bank ask, especially for amounts this small. Their wires require you to pick from a drop down of “for rent” or similar options of why you select it. This gets embedded into the memo so TransferWise doesn’t even pick it up and their response is to just manually confirm the funds with TransferWise. ACH’s take twice as long as any regular bank to send or receive. iOS app is trash, literally can’t do anything you would need to do on it like send money. Then there’s the terrible customer service that takes days to respond, and gives you the wrong information. I was told that there was a 10k limit a day per account. Then told it’s higher if it’s an ACH pull. Stay far far away from this product unless you enjoy missing payment deadlines because of having to go through due diligence for laughably small sums of money. From banking with small community banks to large one alike chase and Bank of America, they ALL are way better, and if you’re trying to disrupt or challenge an antiquated banking, it misses the mark on a somewhat important feature of a bank in actually being able to move your money efficiently.
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@tim_tetra I wish i had read this before signing up. I experienced the exact same thing and it's caused me nothing but headaches.
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Looking forward to using Mercury soon!

Pros:

Great product -- really fills a gap in the market. I alpha tested the onboard and was extremely polished/seamless!

Cons:

None

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Just an aspiring entrepreneur
@kevinyun Hey, I see you've been using Mercury for quite a long time, May I know do you face any issues?
ceo, sincerely

the new user experience is just juicy. not what one normally gets from a bank

Pros:

easiest signup of any banking website ever. I created an account for my new biz a few months ago

Cons:

they are new - so some full banking features probably aren't there yet -but i haven't encountered any for my needs

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Product Manager @ H1

Invited for early access, been playing around with the features for a couple of weeks. Super simple onboarding process, clean UI. Why didn't this already exist before!

Pros:

Really amazing UI, great customer support!

Cons:

None so far :)

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Just an aspiring entrepreneur
@abhiroop_cvk Hey, just had a quick question, do you face any issue with Mercury presently??
I love the premise of the idea and where they are going with it, but I have had nothing but issues. Perhaps it is because they use another bank through which they themselves bank (Evolve Bank & Trust), and who may regulate their activities. However, being one who has banked with the likes of Suntrust, Bank of America, Chase, etc and holds accounts with all--I wanted to still give the "underdog" a shot. Alas, twice, my deposits never showed up on time and to this date I have over 15k missing in deposits. I suppose if you were to use this as a small service account, it would be ok--but I do not recommend running any large business books on it. Not at all. Issue is, they don't even have a phone number and I get it--they are online--but even their chat hardly is staffed (always AFK) and as others mentioned, their email response is hours at best. If you have an emergency, no one will be available. Thank you but I will keep banking with my traditional banks for now. I just get the vibe this operation could shutter at any moment. I will try them again in the future, maybe, but I'd give it a year or two until they iron out some serious kinks. I really did want to give them a shot, but the cash flow crunch they caused made me close my accounts.
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Bank transfers/ach etc seem to take 2x as long as my Bank of America accounts. Not many third party apps sync with them yet either. The initial signup process wasn't smooth either. I came in really excited, and now feel let down.
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Just an aspiring entrepreneur
@joe_speiser hey, I see you've been using Mercury for quite a long time, May I know do you face any issues even now??
Online entrepreneur in B2B
It took 3 weeks to open the account during which I have emailed onboarding@mercury.com and support@mercury.com None of these email addresses EVER replied to me. Did you hear what I just said? They NEVER replied. NEVER! There was no way for me to chat with them either because the account hadn't been opened yet. I feel that my money is not safe with Mercury. If they were to block the account for whatever reason (as this frequently happens with virtual banks and payment gateways) how would I contact them? I thought that Payoneer was bad, but this is another level: zero support nada nothing. Wow! And you call yourself a bank for start ups? Start-ups can't afford to NOT feel that their money is safe. I can't wait to have a real bank account at a real bank. So far TransferWise has been good but they don't offer bank cards in the US yet, which led me to investigate Mercury. I will NOT be using this account.
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Co-Founder Demodesk

Finally a modern business bank in the US. Excited to see where this is going!

Pros:

easy and fast signup, beautiful UI, everything is free of charge plus you get 2% interest rate

Cons:

so far everything was great

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Just an aspiring entrepreneur
@veronika_riederle hey, I see you did a review about 2 years ago... May I know do you face any difficulty with them even now...?
The most unprofessional bank I've dealt with. Starting my second startup - have excellent credit - and this bank can't complete the onboarding. They wanted a selfie of me. Why the ___ does a bank need a selfie? I have excellent credit. A company needs a bank account to complete its payment integration before it can launch. I have a valid, incorporated business. Do your job or get out of the banking profession. Quit wasting my time.
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Startup company
Very bad on boarding experience. Feel like i am talking to walls. No exaggeration at all. I have tried contacting numerous time on the onboarding email and hello email for the bank. no response. My application was not accepted for no reason provided. i am not a war criminal to be rejected for no reason. i had provided all details requested for opening bank account and numerous 5 business days waiting emails were sent for questions asked. Wasted 1 quality month of startup time for me. All i want to find out is why ..
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@prahalad_brane_cognitives same here...they are a real waste of time
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Absolutely trash of a product. Strongly recommend AVOIDING. Use ANY other bank. They can't complete simple transactions without significant delay or extra work. For example, the first transaction I tried to complete with Mercury was a sizeable international wire. Not only did they block the wire (which I've made countless times with my original legitimate bank), but now they are refusing to return the wire unless I answer compliance questions. I missed a deadline AND I had to wire the same amount back to my original bank, so now I'm down 2x the size of the wire and Mercury is still just holding onto the original wire a week later. Use any other platform except Mercury. It's only caused headaches for me.
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Internet Entrepreneur
It's good to see Imad is from 3rd world country, Pakistan and he might feel for internet entrepreneurs from such countries but do you know what a worse experience I had with Mercury bank and it's the support team? the support team has no phone number to call they only available for email chat. since my balance got negative because facebook charged offline transaction without having enough balance and that wasn't my mistake mercury let them charged it and that's not my mistake since then Mercury become evil for me they declined my multiple transfers which I made to make my balance positive then again somehow I managed to make my balance positive then someone form support emailed me asking for 8-10 additional information which I provided each and everything and they said I can no longer use my mercury bank acc because they have issues with validating my US operations, seriously? your bank says you guys welcome non-resident US LLC owner with US COMPANY AND EIN but now they asked me questions 10 times more than PayPal and blocked me just like PayPal after holding my account for 3 weeks. every Non-resident US company owner should be beware with them because they might suspend anytime they want because they have the power to do that. I asked a lot of questions to Imad on twitter before I opened Mercury bank but now ended up having worse experience ever I had with any financial institution. because of mercury, I had to lose so much opportunity and I even gave this account to many companies where I work so and which I might get payment after a few months so it's really frustrating. PRETTY WORSE SERVICE AND EXPERIENCE HERE AND I ALWAYS FELT THEY WANTED TO BLOCK ME BECAUSE THEY TOOK THIS PERSONALLY. I am open for debate with anyone from Mercury regarding my mercury bank account. anyone here? Pros: GOOD UI Cons: Live chat never replies, worse support experience. they hold your money like PayPal, THEY BLOCK YOUR ACCOUNT WITHOUT REASON just because they want to. error on the transaction.
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im kelly
@basugharti how was your experience with Mercury now? have they return your money or not?
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The clean UI makes this bank seem pretty appealing, but there's a lot going wrong under the hood that you should take into consideration before applying. Live support is non existent and traditional email support takes 2-3 business days per reply (and nothing will be handled without 3+ replies, so plan for ~30 days for possible resolution.) This is likely because this bank employs ~30 people total so support isn't a top priority and is probably made up of 2-3 people handling all requests. Race is a determining factor in the application regardless of the country you apply from (including US companies.) This is highlighted by a subjective "content moderation" step. There are no objective factors when applying with Mercury. If you're desperate and have exhausted all of your other options, consider resorting to this. Any non-white applicants should take caution.
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One of the best banking experience ever.
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Just an aspiring entrepreneur
@sahil_ahuja how's your experience now with Mercury??? Did you face any difficulty while availing their services...? Thanks in advance
CEO & Co-founder Waydev

The product is very easy to use, I'm sure they will disrupt the market!

Pros:

Awesome product!

Cons:

None

Mercury is really great banking option for international entrepreneurs. Signup process was smooth. I signed up and my account was active in 3-4 days. They are doing a great job. Hopefully they'll release an ios and android app soon as well.
Just an aspiring entrepreneur
@arslan_sarwar hey do you face any issues currently with Mercury??
Amazing to see this product! Being a non-resident but having a business registered in the US, I am very excited to work with this. I signed up yesterday and waiting for approval. Though I have few questions on my mind. I and all of my team members reside outside the US so I have to do an international wire transfer to my local bank every week or month. Are there any transfer limits? You are providing bank accounts for non-US citizens/residents but why are you not shipping cards outside the US? I am currently using a BB&T account, what differences am I gonna get between Mercury and BB&T being a non-US citizen but having a company in the US? @immad
Just an aspiring entrepreneur
@suman_jung hey, did you face any issue with Mercury's services?? Can u please share your experiences...
FortusPartners.com
Was excited about trying Mercury. Super slick UI. Finished application, said to wait 10 days. Ok, annoying, wish they told me up front. Then after 8 business days i get an email "We're sorry, we cannot open an account for you. Best of luck." Really? Thankfully I find out now how terrible their customer service is. I am opening a company to build an ios app and can't use Mercury. "Best of luck" Mercury!
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It’s easy to open an account for your US Inc or LLC. Very friendly service. Great features and good price.