E-2 investors and O-1 entrepreneurs need a US business bank. Mercury and Relay both work without SSN at the business level.
Mercury vs Relay: Best Business Bank for Immigrant Founders?
E-2 investors and O-1 entrepreneurs need a US business bank. Mercury and Relay both work without SSN at the business level.
Quick Comparison Table
| Feature | Option A | Option B | Winner |
|---|---|---|---|
| Monthly fee | Varies | Varies | Depends on balance |
| ATM network | Nationwide | Nationwide | Similar |
| ITIN accepted | Yes (most) | Yes (most) | Both |
| Wire transfers | $25-35 | $25-35 | Similar |
| Mobile app | Strong | Strong | Both |
| International features | Varies | Varies | Check details |
What Immigrants Need in a Bank Account
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Must-Haves
- ITIN acceptance — Open without SSN using passport, visa, and ITIN
- No ridiculous fees — Monthly fees waivable with direct deposit
- Wire transfer access — For sending money home internationally
- Mobile deposit — Deposit checks via app (common for payroll)
Nice-to-Haves
- No foreign transaction fees
- ATM fee reimbursements
- High-yield savings option
- Multi-currency support
The Immigrant Banking Setup
Month 1 (no SSN yet):
Open a basic checking account with ITIN + passport. Chime, Wise, or a big bank ITIN program all work.
Month 3-6 (after SSN):
Upgrade to a premium checking account. Apply for your first credit card to start building credit.
Month 12+:
Open a high-yield savings account (Marcus, Ally, or SoFi) for your emergency fund earning 4-5% APY.
ITIN Banking Tips
- Most big banks accept ITIN in person — call ahead to confirm the specific branch accepts it
- Bring original documents: passport, visa, I-20 or I-797, and a utility bill or bank statement for address verification
- Online-only banks may have stricter requirements — some require SSN
- Credit unions are often more flexible with ITIN applications
Useful Resources
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