Score 8.8
Regulation FDIC
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Score 8.8
Regulation FDIC

What is Mercury Business Banking?

Jason Zhang, Immad Akhund, and Max Tagher founded Mercury in 2017. It is based in San Francisco, California, and funded by prominent Silicon Valley investors including Andreessen Horowitz, Coatue, Jared Friedman, Roger Smith, Qasar Younis, SVAngel, L2 Ventures, and others. The business banking solutions offered by Mercury feature transactions, payments, cards, treasury, and accounts.

The Mercury banking products include Mercury Treasury for cash management for high-growth start-ups and e-commerce accounts. All Mercury accounts are FDIC insured. These banking products are offered at affordable pricing with a standard account, with the only fee being a 1% fee on currency exchange. The Tea Room fees required are $250,000 in deposits, with various business features included.

Mercury business banking accounts are geared towards high-growth start-ups, notably e-commerce operations and SMEs. Clients can enjoy a business savings account and a checking account with no monthly fees.

Key Details

San Francisco Bay Area
FDIC (via Choice Financial Group & Evolve Bank & Trust)
Mercury Key Details
Founded 2017
Headquarters San Francisco Bay Area
Regulation FDIC (via Choice Financial Group & Evolve Bank & Trust)

Mercury Account Pros & Cons

  • green-check-mark FDIC insured up to $250 K
  • green-check-mark No minimum deposit, no monthly fees, no transaction fees
  • green-check-mark Multiple third-party integrations
  • green-check-mark Rapid transactions processing and seamless functionality
  • green-check-mark Simple & elegant user-interface
  • Only companies with EINs can apply
  • Company founders from certain countries are excluded
  • No cash deposits supported through ATMs

Mercury Banking Features

Mercury is a full-service online bank offering a variety of account features. These include a checking account, savings account, debit cards, ACH payments, check payments, domestic and international wire transfers, and other tools and features. All deposits are FDIC insured up to $250,000. Another nifty feature is Mercury Treasury. This automated business account management system allows clients to deposit extra cash into US government securities and money market funds for greater yield. All qualified companies (SMEs) with EINs can set up an account with Mercury business banking.

Checking account

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All Mercury business account holders – Standard and Tea Room – have access to a full-service checking account. Sending and receiving checks are free for both account types. Clients can have as many team members linked to the account as required with business accounts. Full control regarding the permission of the user account is available through the app. It’s possible to have up to 15 separate checking accounts with your Mercury business banking account.

Savings account

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All Mercury business account holders – Standard and Tea Room – have access to a full-service savings account. With savings accounts, there are no limits to the number of possible transfers. All Mercury accounts come with a savings account, but it’s possible to generate additional savings accounts at your discretion.

Debit Cards

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All Mercury business account holders – Standard and Tea Room – have debit cards. Clients will receive their physical debit card in a white envelope sent directly to their business address. In addition, virtual debit cards are available for immediate use. Business clients can complete all activities on Mercury debit cards through the app. Debit cards can be used at ATMs, and there are no fees charged over and above what ATM operators charge. Mercury mails all physical business cards through USPS, and they are usable anywhere that MasterCard is available.

ACH Payments

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It is possible to send and receive ACH payments free with both standard and Tea Room accounts. Regarding payments, domestic wires can be sent and received for free, and international wires can be sent and received for free. However, there is a 1% charge for currency exchange for standard and Tea Room account holders. During the onboarding process, account limits are imposed on all Mercury accounts. If a higher payment amount is required, clients must contact the Mercury support team.

Integrations with Software

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Mercury business banking solutions are fully integrated with Xero and QuickBooks for quick and easy syncing of transactions. It’s also possible to add bookkeeper accounts to provide statements and account history permission. Mercury is also fully integrated with PayPal, provided your PayPal account facilitates USA bank account linking. Mercury also supports payment processing solutions, including Shopify, Square, and Stripe.

Domestic and International Wire Transfers

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Mercury accounts facilitate domestic and international wire transfers. Clients can find details of wire information in the Accounts Page or through Add Funds flow. It is free to send money directly from the Mercury dashboard on your smartphone. Domestic and international wire transfers are possible using the Send Money feature. The currency exchange option permits forex transfers in non-USD currencies. Over 30 currencies are supported for international money transfers. Transfers can take between 2-3 business days to complete.


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Mercury requires multi-factor authentication every time a client logs into the app. Strict verification protocols are in effect, and clients can download the 2FA authentication app from Google Authenticator, Last Pass authenticator, or Authy. These 2FA apps provide temporary tokens used for logging into your account. As for the security of your funds, all business account holders are protected up to $250,000, courtesy of the FDIC. For enhanced security, text message 2FA is not supported.

Plans & Pricing

Mercury business banking services rank among the lowest cost online business banking solutions. There are no fees charged for other business banking features, except for the advanced features. These include treasury management, non-USD forex transactions, and mass payments on the API. Additionally, there are no monthly fees, no overdraft fees, no fees to open accounts, and no account minimums. There are two types of accounts, a.k.a. plans, and they include the following:

The Standard Account

  • 1% fee for foreign exchange
  • Complimentary bank accounts
  • US$0 minimum to open the account
  • Complimentary domestic wire transfers
  • No minimum account balance is required
  • Complimentary international US$ wire transfers

Tea Room Account

  • Complimentary bank accounts
  • Complimentary domestic wire transfers
  • Complimentary US$ international wires
  • 1% fee for foreign exchange transactions
  • $250,000 + minimum account deposit/balance


The simple fee structure allows Mercury business banking to offer the most competitive solution to SMEs. The company makes its money through all transactions processed through MasterCard and Visa, which charge fees. Mercury gets a small fee from those credit card companies. It’s known as interchange. Additionally, Mercury operates with a partner bank that generates interest on deposits. Mercury earns a percentage of this amount too.

  • The 1% conversion fee on your USD amount for money transfers is used to cover the costs of sending money abroad
  • All transfers are done through the SWIFT network, and the fees are used to cover the costs of exchanging currencies
  • Auto transfers do not cost any money at Mercury


Who can open a Mercury Business account?

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Tech companies, primarily SMEs, are the primary focus of Mercury Business accounts. Sole proprietors and trusts are excluded.

What countries can you open an account in?

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The USA.

What documents do I need to open a Mercury business account?

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Clients must submit company documentation, including official formation documents, government-issued ID (driver’s license, ID card, passport), and a federal EIN. The rules and regulations are strict to ensure compliance with all regulatory requirements.

How do I open a Mercury business bank account?

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The first order of business is to click Open Account to get started. Complete all the necessary sections, add all information, and submit all the required documentation. Customer support representatives will check the information. If any additional documentation is required, Mercury will notify you.

How can I access my Mercury account?

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Mercury accounts are accessible directly through the app on your iPhone, iPad, or Android device.

Is my money safe?

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Yes. All accounts are safe and secure; thanks to firewall protection, it is still encryption, multi-vector protection using authentication apps, and secure username/password combinations.

User Reviews


Everything is perfect, I highly recommend Mercury 100%!!!!

By Eloy Oliveira Oct, 2021

Mercury has reinvented banking with their ultra slick product. They’ve removed all the friction and make getting things done easy and efficient. A stark contrast to my CapitalOne personal account which is an overly complicated and confused mess which is always getting it my way with the inescapable advertising and up selling of other services.

By Yara L. Oct, 2022

Sign up was easy and the first transfer took 2-3 business days. Wish it was instant from one bank account to another, but that is my only complaint. Otherwise, good so far.

By Shannon Feb, 2022

Our Verdict

Mercury business banking offers extraordinary functionality with very little downside. Checking, savings, ACH, international money transfers, domestic transfers, business debit cards, virtual cards, and full mobile functionality are readily available. You can download and install Mercury to your Android or iOS device. The only fee that you need to be concerned about is a 1% commission on Forex transactions.

Visa and MasterCard levy charges on transfers and transactions, and Mercury gets a small percentage of their fees as compensation. Overall, fantastic features, functions, and cut-rate prices make this hard to beat. Mercury is a viable solution for US companies, provided you meet the requirements. With FDIC insurance up to $250,000, your funds are safe at all times. We recommend Mercury business banking without reservation.