Banks and fintechs for your LLC: choose accounts around your payments, currencies and costs
Compare Relay, Slash, Mercury, Wise and Revolut by payment needs, currency costs and non-resident access. Choose accounts that support how your business works.
A US LLC can use a bank account, a fintech service or a combination of both. The useful comparison is between the actual products: who holds the funds, which payments the account supports, what it costs to use and whether the owner's circumstances fit the application requirements. “Bank” and “fintech” are not two quality ratings.
For an international founder, the right setup makes ordinary business easier. Customers receive clear payment instructions, suppliers get paid in the intended currency and company funds remain separate from personal money. You do not need every account on a comparison list. You need a small selection that covers the work your LLC actually does.
Start with the transactions you expect to make
Before choosing a provider, write down where money will come from and where it will go. Include direct customer payments, platform payouts, recurring expenses, refunds and any cash you want to retain. This often reveals that two accounts have genuinely different purposes, rather than being duplicates.
| Business requirement | Check in the proposed account | Why it matters |
|---|---|---|
| Receive US customer payments | Incoming ACH and wire capability, beneficiary name and limits | Establishes a usable USD collection route |
| Collect euros | EUR receiving details, SEPA and the ability to hold the balance | Avoids assuming every payment must become USD immediately |
| Receive processor payouts | The processor's accepted account country, currency and account type | Connects the account to your actual sales channel |
| Pay overseas suppliers | Supported currencies, destination countries and total delivered amount | Makes payment costs comparable |
| Give staff spending access | Cards, individual users, permissions and approval limits | Lets people work without sharing the owner's login |
| Keep business reserves | Deposit or payment balance, underlying institution and access terms | Matches the product to the intended holding period |
| Use branches, cash or checks | The bank's available services and application channel | Identifies when a direct banking relationship adds value |
Do not treat sending and receiving as the same feature. An account may support outgoing international wires without offering the incoming route you need. Likewise, a currency balance and local receiving details are separate capabilities. Check both in the account that has actually been approved.
An LLC can maintain several accounts in its own name. Adding a provider does not itself require another company. The application, account holder and business purpose should still describe the same LLC.
What the words bank, fintech and EMI mean
A bank holds a banking charter. You may deal with it directly or access its services through another business. The presence of an app does not make a provider a nonbank, and the presence of a card does not prove that it is a bank.
Fintech is a broad description of financial technology, not a particular licence. A provider may partner with banks, hold payment authorisations or form part of a group with banking entities in some countries. Its legal role has to be read at product and jurisdiction level.
An electronic money institution, or EMI, is authorised to issue electronic money. A payment institution is a different category. Calling every multicurrency provider an EMI obscures the contract instead of explaining it. Wise's US arrangements, for example, should not be described simply by borrowing a European regulatory label.
Find the legal provider, any partner bank and the type of balance in the account agreement. The same interface may offer a deposit account, payments and investment products under different terms. That distinction gives you a reliable basis for comparing features.
Where the main providers can fit
Relay: organising the LLC's USD activity
Relay provides banking services through Thread Bank, Member FDIC. Its multiple business accounts and team access can help organise funds by purpose. Assess the permissions, payment methods and account features included in the plan you would actually use.
Accounts labelled for taxes, expenses or projects can make cash easier to understand. They do not automatically create separate deposit-insurance limits. Our Relay guide covers the practical account organisation in more detail.
Slash: operating banking as well as additional products
Slash's banking services are provided by Column N.A., Member FDIC. It is not merely a place to invest spare cash: operating accounts, cards and payments are distinct from its treasury and digital-asset services.
For an international LLC, examine each service separately. Which account receives the money? In what currency? Is another provider handling a conversion? That makes it possible to use Slash for a defined operating purpose without treating every balance visible in the service as the same product.
Mercury: match the account to the company
Mercury currently identifies Choice Financial Group and Column N.A. as banking providers. Your account agreement and statements identify the relevant relationship. Its banking and investment services are separate products.
Consider it against the LLC's collections, outgoing payments, cards and administrative needs. An old comparison promising every transfer for free, one permanent banking partner or approval within a fixed number of days is not a useful substitute for the current account terms.
Wise Business: receiving, holding and paying in different currencies
Wise Business can be useful for receiving international payments, managing currency balances and paying suppliers. It is not inherently limited to a secondary role. Whether it becomes a collection account or a supporting FX service depends on the business and the product.
There is an important US product distinction: the ordinary Wise balance and the optional interest feature are not identical. Eligible customers who opt into the programme may have qualifying funds placed with programme banks under pass-through FDIC arrangements. That is neither universal insurance for every Wise balance nor a reason to say Wise can never offer access to insured deposits.
Revolut Business: use the US terms for a US relationship
The US terms identify Revolut Technologies Inc. and banking services from Lead Bank. Do not apply the status of a European Revolut entity to that contract.
Multicurrency balances and exchange at an interbank rate can be useful capabilities. Compare the plan allowance, market-hours conditions, additional charges and available receiving details. A market-based exchange rate does not mean that every conversion has no cost.
Direct accounts with traditional banks
Chase, Bank of America and other banks may suit businesses that need branches, cash services, checks or a lending relationship subject to underwriting. They should not be dismissed because the application is different from a fintech's.
Check the application channel before making travel arrangements. Bank of America's published LLC guidance distinguishes online eligibility and excludes some foreign business applicants from that channel. An online-form restriction is not the same as a universal rule that a non-resident cannot hold a US LLC account. Confirm the people, documents and appointment requirements for the route being offered.
Read the protection attached to the balance
The standard FDIC limit is USD 250,000 per depositor, per insured bank, per ownership category. A validly formed LLC carrying on an independent activity can have business deposits assessed separately from its owner's personal deposits under the applicable rules.
Different account labels within the same LLC do not multiply that limit at the same bank. A deposit sweep may distribute funds among several banks, subject to programme conditions. Check the actual placements and any balances the LLC already holds at those banks.
Pass-through deposit insurance also depends on the relevant relationship and records meeting the requirements. It is not general insurance against every problem involving an application.
Safeguarding uses a different arrangement for protecting customer money. Investment holdings are different again. Keep those distinctions clear when comparing accounts; the separate guide to how bank and fintech funds are protected explains that subject without turning a product comparison into an investment recommendation.
The number of app logins is therefore a poor measure of diversification. Two providers can use the same bank or overlapping deposit networks. Look at the underlying relationships rather than counting brands.
Compare a realistic month's costs
Use your own expected volume to compare accounts. Include the monthly subscription, exchange costs, transfer fees and any relevant card or intermediary charges. Compare quotes at the same time, for the same currencies and the same amount delivered to the recipient.
Here is an illustrative calculation, not pricing from any named provider:
| Amount converted each month | Option A: EUR 9 plus 0.60% | Option B: EUR 25 plus 0.25% |
|---|---|---|
| EUR 4,000 | EUR 33 | EUR 35 |
| EUR 20,000 | EUR 129 | EUR 75 |
The example includes only subscription and conversion. At lower volume, the smaller subscription wins narrowly; at higher volume, the lower percentage matters more. Actual quotes may include other costs, allowances or different exchange rates.
The practical question is not simply which percentage looks smaller. Ask how many dollars arrive, when they become usable and what it would cost to return or refund the payment. Those details affect a real business more than a headline fee alone.
Keeping euros for euro expenses can also avoid converting the same money twice. Your USD account can cover dollar commitments while the EUR balance pays European suppliers. Base the split on upcoming payments, not on a forecast of where exchange rates will move.
Prepare the application around the LLC's real activity
Have the company's formation details, EIN, ownership and signing authority ready. The provider will determine which corporate, identity, address and business documents it needs.
An Operating Agreement is important company documentation, but not every provider requests it in the same way. Keep a complete corporate file and respond to the actual checklist. Do not assume that a generic four-document list proves eligibility or that every file must be uploaded at the first step.
Legal, residential and operating addresses have different purposes. Your home may also be where you operate the business, including outside the US, when that describes the facts and the provider accepts it. A Registered Agent address does not by itself establish where the work takes place. The proof-of-address guide explains the distinction.
The company EIN and the owner's personal identification are separate matters. Likewise, choose any W-8 or W-9 certification according to the relevant holder and tax classification, not merely because the account is for an LLC. Resolve the facts before signing the provider's certification.
Putting the comparison to work: a consulting LLC
Consider an illustrative consulting business with European customers, US suppliers and an external bookkeeper. It needs SEPA receipts, a way to retain euros for European expenses and USD payments to American providers.
A suitable arrangement might combine a EUR collection service with a USD operating account. Only the amount needed for forthcoming dollar expenses is converted. Transfers between accounts owned by the same LLC remain identifiable as internal movements, rather than being counted as another sale.
The bookkeeper receives the access needed to review transactions and download statements. Spending authority can remain with the authorised people. Neither a banking recommendation nor bookkeeping access should require sharing the owner's password or one-time security codes.
Before distributing payment instructions widely, test a receipt and a payment. Confirm the beneficiary shown, reference, final currency, fee and downloadable statement. Then connect the relevant processor payout destinations and recurring supplier payments. Approval is the beginning of a usable banking arrangement, not the final check.
Questions worth settling before you apply
What is the best bank for a non-resident-owned LLC?
The best fit accepts the applicant's circumstances and supports the company's actual collections, payments and currencies. A direct bank, a fintech service or a combination may work. Compare the account agreement and required functions rather than using a universal provider ranking.
Can my LLC have a US account and a euro account?
Yes. An LLC can maintain several financial relationships in its own name. Each provider determines eligibility and available services. Check third-party receipts, account ownership, settlement currency and transfers between the company's own accounts.
Is an ITIN always required for a business account?
No. Requirements vary by provider, product and application channel. The EIN identifies the company, while personal identification and tax details are reviewed separately. Confirm the actual requirement before starting an additional application.
Do two fintech accounts mean two different banks?
Not necessarily. Providers may share a banking partner or use overlapping deposit networks. Account agreements, statements and programme allocations are more informative than the number of apps you use.
Choose and open your LLC accounts with Exentax
We start with your customers, suppliers, residence, business activity and existing accounts. From there, we compare suitable providers, prepare the application material and follow the review and any additional requests through to an outcome. The institution makes the approval decision.
Our work also covers how you will use the account: payment instructions, currencies and the role of each provider. Whether you are forming a new LLC or improving an existing one, the aim is a practical financial setup that supports the business and remains straightforward for you to use.