Do Mercury and Wise both accept ITIN holders?

Yes. Mercury accepts ITIN holders for business banking (requires US LLC/corporation and EIN). Wise accepts ITIN holders for both personal and business multi-currency accounts. Both allow online applications from any country. Mercury requires a US business entity; Wise allows personal accounts without a business.

Is Wise FDIC insured like Mercury?

No. Mercury provides up to $5 million FDIC insurance through its sweep network. Wise is not FDIC insured. Wise holds customer funds in safeguarded accounts at regulated banks, but this is not the same as FDIC insurance. For maximum protection of US dollar balances, Mercury is the safer choice.

Which is cheaper for international transfers?

Wise is significantly cheaper for international transfers. Wise charges 0.3% to 1.5% per conversion at the mid-market exchange rate. Mercury charges a flat $20 per outgoing international wire plus the bank's exchange rate markup (typically 1%-3%). For a $5,000 international transfer, Wise costs $15-$75 while Mercury costs $20 plus $50-$150 in exchange rate markup.

Can I receive payments in multiple currencies with Mercury?

No. Mercury is USD-only. You receive a US routing number and account number for domestic transactions and a SWIFT code for international wires. All transactions are in US dollars. Wise provides local account details in 10+ currencies (USD, EUR, GBP, AUD, CAD, etc.) so you can receive payments as if you had a local bank account in each country.

Which bank is better for e-commerce sellers with an ITIN?

Mercury is better for US-based e-commerce (Amazon, Shopify payouts in USD). Wise is better for international e-commerce where you sell in multiple currencies and want to avoid conversion fees on each transaction. Many Amazon sellers use Mercury for US payouts and Wise for converting proceeds to their home currency at the best rate.

Do both offer debit cards to ITIN holders?

Yes. Mercury issues free Visa debit cards (physical and unlimited virtual) that spend from your USD balance. Wise issues a multi-currency debit card that can spend from any of your 40+ currency balances at the mid-market rate. The Wise card is better for international travel and purchases in foreign currencies.

Which has better accounting integrations?

Mercury has stronger accounting integrations with QuickBooks Online, Xero, Gusto, and Stripe. Transactions sync automatically. Wise integrates with QuickBooks, Xero, and some accounting tools but has fewer direct integrations. For US business accounting, Mercury provides a smoother workflow.

Can I use Mercury and Wise together?

Yes, and this is the recommended setup for many ITIN business owners. Use Mercury as your primary US business bank (receive US payments, pay US vendors, manage payroll). Use Wise for international transfers (send money to contractors abroad, convert currencies, receive payments in foreign currencies). Link them via ACH for free transfers between accounts.

Which bank has faster account approval for ITIN holders?

Mercury reviews applications in 1-3 business days. Wise typically approves personal accounts within 1-2 business days and business accounts within 2-5 business days. Both may request additional verification. Mercury requires more documentation (LLC filing, EIN letter) since it is business-only banking.

Updated April 2026

Mercury vs Wise for ITIN Holders 2026: Business Banking vs Multi-Currency

Mercury and Wise serve different purposes for ITIN holders. Mercury is a US business banking platform with $0 fees, free domestic transfers, and up to $5 million FDIC insurance. Wise is a multi-currency account that holds 40+ currencies with mid-market exchange rates. This comparison helps you decide when to use each — and why many ITIN business owners use both together for the best of both worlds.

How Do Mercury and Wise Compare for ITIN Holders?

Feature	Mercury	Wise
Account type	Business banking	Multi-currency personal/business
Monthly fee	$0	$0
FDIC insurance	Up to $5M	Not FDIC insured
Currencies	USD only	40+ currencies
Domestic ACH	$0	N/A
Domestic wires	$0	N/A
International transfers	$20/wire + markup	0.3%-1.5% mid-market
Local account details	US only	10+ countries
Debit card	Visa (USD)	Multi-currency card
Requires US LLC	Yes	No (personal available)
Best for	US business banking	International transfers

When Should ITIN Holders Choose Mercury Over Wise?

Mercury is the right choice when your business operates primarily in US dollars and you need traditional business banking features:

Receiving US client payments via ACH ($0) or domestic wire ($0)
Paying US contractors and vendors with free transfers
Managing payroll through Gusto integration
E-commerce payouts from Amazon, Shopify, or Stripe
Holding significant cash reserves with up to $5M FDIC protection
Earning yield on idle cash through Mercury Treasury

Full details: Mercury ITIN guide

When Should ITIN Holders Choose Wise Over Mercury?

Wise is the right choice when you deal with multiple currencies or need to send/receive money internationally:

Receiving payments in multiple currencies (EUR, GBP, AUD, etc.) with local account details
Sending money to family or contractors abroad at 0.3%-1.5% fees (vs $20+ wire fees)
Converting currencies at mid-market rates without bank markup
Traveling internationally and spending in local currencies with the Wise card
No US business entity yet — Wise allows personal ITIN accounts

Full details: Wise ITIN guide

Why Do Many ITIN Holders Use Mercury and Wise Together?

The Mercury + Wise combination is the most popular setup for ITIN business owners who operate internationally. Here is how it works:

Use Mercury as your primary US business account. Receive US client payments, pay US expenses, manage payroll, and connect to QuickBooks or Xero for accounting.
Transfer funds to Wise when you need to send money internationally. ACH from Mercury to Wise ($0 fee), then convert and send at the mid-market rate (0.3%-1.5%).
Receive international payments through Wise. Use Wise's local account details in EUR, GBP, AUD, etc. to receive payments from international clients without wire fees.
Transfer proceeds back to Mercury. Convert to USD on Wise at the best rate, then ACH to Mercury for your US business expenses.

This setup saves ITIN business owners an average of $500-$2,000 per year compared to using Mercury alone for international transfers. See also Mercury vs Relay and the ITIN banking hub.

What Is the Final Verdict: Mercury or Wise?

Our recommendation:

These are not competing products — they serve different purposes. Mercury is your US business bank. Wise is your international transfer tool. If you only need one, choose Mercury for US-focused businesses and Wise for internationally-focused businesses. For the best of both worlds, use both together. The combined cost is $0/month since both are free.

Mercury vs Wise for ITIN: Frequently Asked Questions

Choose Mercury for primary US business banking: $0 fees, free domestic ACH/wires, up to $5M FDIC insurance, and Visa debit cards. Choose Wise for international payments: 40+ currency accounts, mid-market exchange rates, and 0.3%-1.5% conversion fees. Many ITIN holders use both: Mercury as the main US account and Wise for international transfers.

Need an ITIN to open Mercury or Wise? Apply through itin.so starting at $297.

Apply for Your ITIN Today