Wise vs Mercury vs Relay: a real case with each

Three clients asked us the same thing in the same month: "which is the best bank for my LLC?". They ended up at three different banks — Mercury, Wise and Relay — and in all three cases it was the right call. Not because one is better than the others, but because "the best bank" doesn't exist: the one that fits how you get paid, in which currencies, and where you live does.

Handling account openings for non-resident LLCs, we've opened and run accounts with all three. None is a bank in the classic sense: they're fintechs riding on licensed partner banks. Here's what each one does well, where it breaks, and the real case where it was the right choice.

Why "the best bank" is the wrong question

The question comes from treating the account as a commodity: if they all hold dollars, it shouldn't matter which you pick. It does matter. The differences aren't in the balance — they're at the edges: how you receive a payment in euros, what happens when a client asks for a refund, whether you can send an international wire without getting your account frozen, and which countries of residence they accept.

Those edges are exactly where most people realize — too late — that they chose wrong. Opening the account is easy; finding out six months in that your bank doesn't receive SEPA transfers in euros, or that it closes accounts for residents of your country, is expensive. So the useful question isn't "which is best," but "which fits MY operation." Let's break it down.

The three, side by side

A quick snapshot before the cases. Exact fees change — always confirm on each provider's official site before deciding — but each bank's profile is stable:

Now the detail, with a real case behind each column.

Mercury case: when it's all USD

A client we'll call ATLAS had a single-member LLC in New Mexico and a software development business billing companies in the United States and the EU, always in dollars. He wanted a card for SaaS expenses, to receive USD wires, and to connect his bank to his invoicing tool. For that profile, Mercury is hard to beat: no monthly fee, USD wires included, and a fintech ecosystem built for companies that live in dollars.

Mercury runs on partner banks (Choice Financial, Column, Evolve), so it inherits two layers of compliance. That has an upside — a very polished product for startups — and a downside: a public list of prohibited countries of residence that shuts the door on perfectly legitimate founders just for where they live. Had ATLAS lived in one of those countries, not even the best application would have saved him.

ATLAS wasn't on the list, earned in USD and spent in USD. Mercury fit. If Mercury rejected you, before switching banks it's worth understanding why — we break it down in the 5 real reasons Mercury rejects an LLC.

Wise case: when you earn in several currencies

We'll call the second client MERIDIAN: a design agency with a non-resident LLC billing clients in euros, pounds and dollars. With a USD-only bank, every European payment got converted to dollars at a bad rate and with a fee — she lost money on every invoice just because of the currency. That's the scenario where Wise wins.

Wise Business gives you local account details in several currencies: your German client pays you by SEPA transfer in euros to an account with an IBAN, your British client in pounds, and you hold the balance in each currency without forced conversion. When you do convert, it uses the mid-market rate with a transparent fee, not a traditional bank's hidden margin. For MERIDIAN, that was the difference between losing money or not on every international payment.

The honest caveat: Wise isn't a US-licensed bank, it's an electronic money institution. It doesn't give you the full "American bank" ecosystem some processors or platforms expect. For a multi-currency operation it's excellent; as your only "banking" link in the US, it sometimes falls short. To see how it fits an LLC's billing setup, read how to invoice with your LLC.

Relay case: when you need order (or a Plan B)

The third client, VERTEX, ran a small e-commerce and wanted to separate the money: one sub-account for taxes, another for suppliers, another for operating spend, and different cards for each. He'd also had a prior rejection at another fintech. Relay fit for two reasons: it lets you open several sub-accounts and several cards at no cost, ideal for budgeting; and its compliance profile sometimes accepts residencies another fintech rejects.

Relay is also a fintech (it runs on partner banks) and, like Mercury, lives mostly in dollars. It doesn't shine at multi-currency like Wise, nor does it have the broadest integration ecosystem. But for someone who needs structure — splitting funds into digital envelopes — or a real Plan B after a rejection, it's a serious option, not a consolation prize.

The pattern across the three cases: nobody chose "the best bank." Each chose the bank whose strength matched their pain point — pure USD, multi-currency, or structure and a fallback.

Why not open all three "just in case"

The temptation after reading this is to open accounts at all three and spread out. We advise against it. Each account is a compliance relationship to maintain: each asks for identity verification, a business description and, above all, consistency. Having money flowing in and out of three entities under the same LLC multiplies the compliance questions and the risk that one freezes funds over a movement it doesn't understand.

We also advise against choosing by the card or the cashback. They matter least. An account that receives your payments well and doesn't freeze is worth a thousand times more than two reward points. Pick one primary account that fits your real operation, and open a second only if you have a concrete need the first doesn't cover — not "just in case."

The mistake all three cases shared at the start

ATLAS, MERIDIAN and VERTEX all arrived with the same wrong idea: that choosing the bank was the first step. It isn't. The first step is being clear about YOUR operation: which currencies do you bill in? which country do you reside in? do you need structure or simplicity? With those three answers, the bank almost picks itself. Without them, any choice is a gamble.

And a reminder that applies to all three: your LLC pays its taxes and meets its obligations — like the FBAR when it applies — regardless of the bank you choose. The bank moves the money; it doesn't change what you report. Choosing the bank well saves you operational friction, not tax obligations.

Checklist: which to choose by your operation

Before opening anything, answer these five and the answer falls out on its own:

• Do you only earn in USD? Mercury or Relay. If you also want the most polished fintech ecosystem, Mercury.
• Do you earn in euros, pounds or other currencies? Wise, for the local account details and the mid-market rate.
• Is your country of residence on Mercury's prohibited list? Rule it out up front; look at Relay or Wise.
• Do you need to split funds into sub-accounts? Relay, for the free multi sub-account and multi-card.
• Were you already rejected at one? Don't reapply hot or open "all three." Understand the reason for the rejection and go to the one that fits your real profile.

None of the three is "the best." Mercury, Wise and Relay solve different problems, and the only wrong choice is the one made without knowing what your problem is. Define your operation first; the bank is the consequence, not the starting point.