Mercury Bank vs Relay Financial comes down to three questions for a non-US Shopify store owner: does the provider accept founders from your country, will the account work with Shopify Payments, and what do international payments cost. This guide compares both using each provider’s own documentation, last checked on October 8, 2026.
Both Mercury and Relay are US fintech platforms, not banks. Both require a US-registered company, and both can decline an application. Neither can promise approval, and eligibility depends on your country of residence, ownership structure and business activity.
In conclusion, comparing Mercury Bank vs Relay Financial highlights unique strengths for both early-stage and high-volume e-commerce stores.
Quick Answer: Mercury vs Relay at a Glance
- Check your country first. Mercury’s restrictions are based on where the founder lives. Relay’s are based on citizenship or residency. Pakistan is on both lists.
- Mercury suits founders who can show US operations, have a non-registered-agent company address, and pay suppliers by USD wire.
- Relay suits founders who want many sub-accounts for budgeting, and can supply a physical operating address if the legal address is a registered agent.
- Shopify Payments is a separate hurdle. A bank account alone does not guarantee activation for a non-US owner.
| Mercury | Relay | |
|---|---|---|
| What it is | Fintech; banking via Choice Financial Group and Column N.A., Members FDIC | Fintech; banking via Thread Bank, Member FDIC |
| Who can apply | US-registered companies with existing or planned US operations | US-registered, operating businesses, including non-US owners |
| Country restriction based on | Founder’s country of residence (and where the business operates) | Citizenship or residency |
| Registered agent address as company address | Not accepted | Allowed as legal address only, with a separate operational address |
| ID for non-US owners | Passport is the usual document; see Mercury’s document guide | Passport only (no national ID cards) |
| Plan cost | $0 base account (reported; verify on Mercury’s pricing page) | Starter $0, Grow $30, Scale $90 (discounted from $120) |
| Non-USD wire FX | 1% | Check Relay’s current pricing page |
| Checking accounts | Check Mercury’s current account limits | 20 (Starter/Grow), 50 (Scale) |
Prices and policies change. Verify on the provider’s page before applying.
Understanding the structural background of Mercury Bank vs Relay Financial helps non-US business owners choose the right banking partner for their corporate entity.
Can a Non-US Resident Open a Mercury or Relay Account? (Best US Bank Account for a Non-US Resident LLC)
Yes, in many cases, but not for every country. A US LLC is required first. Forming an LLC does not oblige either provider to approve you.
When evaluating Mercury Bank vs Relay Financial, account approval speed and identity verification criteria play a huge role.
Country restrictions: the first filter
| Country of the founder | Mercury (based on residence) | Relay (citizenship or residency) |
|---|---|---|
| Pakistan | On prohibited list | On prohibited list |
| Nigeria | On prohibited list | On prohibited list |
| Bangladesh | On prohibited list | Not on the published list |
| Vietnam | On prohibited list | Not on the published list |
| Indonesia, Philippines, Nepal | On prohibited list | Not on the published list |
| India, UAE, UK, Canada | Not on the published list | Not on the published list |
“Not on the list” does not mean approved. Every application goes through underwriting. Source lists: Mercury prohibited countries, Relay prohibited countries (Relay updated August 11, 2026). Both lists can change without notice.
A detail most guides miss: Mercury says citizens of listed countries who live elsewhere may still be eligible, pending review. Relay’s rule covers citizenship or residency, so a citizen of a listed country living abroad is still excluded.
If you live in Pakistan: neither provider can open an account for you under their current published rules. See the alternatives section below.
Mercury Bank vs Relay Financial: Requirements and Documents
Mercury requirements
Per Mercury’s eligibility page, you need:
- A company formed and registered in the US or a US territory
- Existing or planned US operations
- A principal place of business address (residential is accepted; registered agent, PO box and UPS Store addresses are not)
- Business description, source of funds and business documents
- Details of every owner with 25% or more, each with a personal residential address (no PO boxes, mail drops or virtual address services)
Mercury cannot open accounts for money services businesses, crypto exchanges, adult entertainment, cannabis, internet gambling or trusts. It may also ask you to verify your US business operations.
Relay requirements
Per Relay’s document guide (updated May 13, 2026), an LLC needs:
- EIN, Articles of Organization or Certificate of Formation, and an Operating Agreement (multi-member LLCs)
- A physical US business address and phone number
- For each owner: passport photo, personal mobile number and email
- For non-US owners: source of initial income, whether the business is new or established, annual personal income and countries of operation
If your legal address is a registered agent, Relay also wants a separate operational address that is not another registered agent address. Relay’s guide lists a physical personal address for owners. Confirm during sign-up how your overseas residential address is treated.
Relay also does not support crypto, NFTs, cannabis, debt collection, prescription drugs, payday lending, gambling and direct marketing or telemarketing businesses.
Relay Financial vs Mercury Bank approval rate
Neither provider publishes approval rates. Be cautious of any article that quotes one. What the documentation does say is that approval depends on a full application review.
Can I open a Mercury Bank account without SSN for Shopify?
Mercury’s own eligibility page does not list an SSN as a requirement for non-US founders, and it states you do not need to be a US citizen or resident. Relay asks for an SSN or passport number, and non-US owners use a passport. Both may still request extra verification.
Mercury Bank vs Relay Financial Foreign Transaction Fees
| Cost item | Mercury | Relay |
|---|---|---|
| Monthly plan | $0 base account (reported) | Starter $0 / Grow $30 / Scale $90 |
| Sending non-USD wires | 1% currency conversion fee | See Relay’s pricing page |
| Receiving non-USD wires | Auto-converted to USD. Column N.A. converts at mid-market; Choice Financial Group’s intermediary banks typically add a 2–3% markup | Check Relay’s current pricing page |
| International debit card use | Reported 3% on non-USD card transactions (third-party analysis; verify) | Visa ISA fee of 1–2% on foreign or non-USD merchants |
| Savings APY | Check Mercury’s current rates | 1.19% / 1.87% / 3.21% APY by plan (as of 9/17/2026, variable) |
Understanding Mercury Bank vs Relay Financial foreign exchange rates and international wire fees helps protect your store profit margins.
Sources: Mercury business payments, Mercury incoming non-USD payments, Relay pricing, Relay fee explainer.
Practical point: on international payments, the exchange rate usually costs more than the wire fee. Compare the total cost on a realistic monthly payment, not the headline fee.
Deposit insurance: neither is an FDIC-insured bank. Relay states that deposits placed through Thread Bank’s sweep program can qualify for up to $3,000,000 in FDIC coverage, subject to conditions. Check each provider’s current disclosure rather than relying on an old figure.
Shopify Payments Bank Account: What Non-US Owners Must Know
Shopify’s US requirements say an external payout account must be a full checking account with a US bank, in USD, and eligible for ACH transfers. Savings accounts and money-transferring services that imitate bank accounts are not supported.
Merchant community threads, where Shopify staff reply, show that non-US owners may also be asked for a US tax ID, US business registration and proof the business operates from the US. A forwarding address is generally not accepted as proof. Decisions are case by case.
For seamless payment collection, Mercury Bank vs Relay Financial both offer full compatibility with Shopify Payments and Stripe ACH payouts.
What this means for your account choice:
- Opening Mercury or Relay does not by itself guarantee Shopify Payments activation.
- Whether a particular fintech account is accepted as a “bank” payout account is Shopify’s decision. Ask Shopify support before you rely on it.
- If Shopify Payments is refused, third-party gateways may be an alternative, depending on your country.
How to connect Relay Financial to Shopify Payments
- Open and fund your Relay checking account.
- In Shopify admin, go to Settings → Payments and open Shopify Payments.
- Complete the identity and business verification Shopify requests.
- Add the account’s routing and account number as the payout account, or verify it through Plaid.
- Wait for verification. Shopify states a US pay period of 2–5 business days, depending on how you verify the bank account.
The same steps apply to a Mercury checking account. If Shopify rejects the routing number or asks for more documents, contact Shopify support with the account details.
Best bank account for Stripe payouts as a non-US resident
Stripe has its own country and entity rules. Confirm in Stripe’s current documentation that your US entity, owner country and payout account are supported before choosing a bank.
Cash Flow Tools: Sub-Accounts, Cards and Profit First
Analyzing Mercury Bank vs Relay Financial is essential for international founders who want a smooth US banking setup. Relay is built around splitting money into separate checking accounts. The Starter and Grow plans include 20 checking accounts, Scale includes 50, and cards can be issued per cardholder with spending controls. Founders who budget by Profit First (inventory, ads, tax reserve, profit) often value this.
Mercury is simpler and focused on payments, cards and API access. Check Mercury’s current account and card limits before assuming a feature exists.
E-commerce sellers comparing Mercury Bank vs Relay Financial often look closely at virtual card limits for Facebook and TikTok ad spend.
Common Reasons for Rejection or Account Problems
- Founder resides in a restricted country. The most common avoidable cause.
- Registered agent address as company address (Mercury). Not accepted as the principal place of business.
- No visible US operations. Both providers ask about US presence.
- Inconsistent details between the LLC filing, EIN letter, passport and application.
- Prohibited industry, such as crypto exchange or gambling.
- Unclear source of funds or business description.
- LLC not in good standing because of unpaid state annual fees. Keep your registered agent and state filings current.
If you were declined, see Mercury’s guidance on reapplying.
Which Should You Choose? (Illustrative Scenarios, Not Real Cases)
| Scenario | What to check first | Likely direction |
|---|---|---|
| Founder lives in Pakistan | Both providers list Pakistan | Neither is available under current rules |
| Founder lives in Bangladesh or Vietnam | Mercury lists the country; Relay’s published list does not | Relay may be worth applying to; approval is not guaranteed |
| Pakistani citizen living in the UAE | Mercury judges residence; Relay excludes citizenship | Mercury may be eligible pending review; Relay cannot |
| Founder in India or UAE paying China suppliers by USD wire | Neither country is on either list | Compare USD wire costs; Mercury reports free USD wires, Relay’s wire fees depend on its current pricing |
| Founder who wants many budget sub-accounts | Relay’s account structure | Relay fits better |
Many founders hold more than one account, but each application is reviewed separately.
How to Get a US Business Bank Account for a Foreign Shopify Store
- Check the Mercury and Relay prohibited country lists against your residence and citizenship.
- Form your US LLC and obtain your EIN. See our guide to forming a US LLC as a non-US resident and EIN for non-US residents.
- Prepare a non-registered-agent operating address if you plan to apply to Mercury.
- Prepare your passport, formation documents, EIN letter and operating agreement.
- Describe your US operations and source of funds clearly and consistently.
- Apply, then respond quickly to any verification requests.
- Ask Shopify (and your payment processor) whether the account is accepted before moving your store over.
To better evaluate Mercury Bank vs Relay Financial for your e-commerce operations, let’s look at two practical non-resident founder scenarios.
Alternatives If Mercury or Relay Is Not Available to You
If your country is on a provider’s list, other business-finance platforms may serve you, each with its own country and entity rules. Read our guides on Relay Financial for non-US residents and Wise Business for non-US residents, and verify eligibility on each provider’s official page. We did not verify availability for specific countries in this article.
FAQ: Mercury Bank vs Relay Financial for Non-US Shopify Store Owners
Below are common questions regarding Mercury Bank vs Relay Financial for non-US Shopify store owners.
1. Which is better for a non-US Shopify store, Mercury or Relay?
It depends on your country, address situation and payment needs. Check country eligibility first. If both accept you, compare USD wire costs, sub-account needs and address requirements.
2. Can a Pakistani resident open Mercury or Relay?
Under both providers’ published lists as of October 2026, no. Pakistan appears on both. Lists can change, so verify before applying.
3. Can I open Mercury without SSN or ITIN?
Mercury’s eligibility page states you do not need to be a US citizen or resident, and it does not list an SSN as required. Relay accepts a passport number in place of an SSN for non-US owners.
4. Can I use a registered agent address as my business address?
Not as Mercury’s principal place of business. Relay accepts it only as the legal address, with a separate operational address.
5. Does opening Mercury or Relay guarantee Shopify Payments approval?
No. Shopify reviews your business and bank account separately and may ask for proof of US operations.
6. Can I open both Mercury and Relay for the same LLC?
Nothing in the sources we reviewed prohibits it, but each provider reviews applications independently. Confirm with each provider.
7. Do Mercury and Relay charge foreign transaction fees?
Mercury lists a 1% fee on non-USD wires. Relay’s card use abroad may incur a Visa ISA fee of 1–2%. Check each provider’s current fee page.
Sources and Editorial Note
Last verified October 8, 2026. Sources: Mercury eligibility, Mercury prohibited countries, Relay required documents, Relay prohibited countries, Relay pricing, Shopify Payments US requirements, Thread Bank sweep disclosure.
PayGlobalHub is an educational resource, not a bank, law firm or tax advisor. This article is general information, not personal legal, tax or financial advice. Provider policies change; confirm current terms before applying. Tax obligations of foreign-owned LLCs (for example Form 5472) are separate from banking, so consult a qualified professional.
