A lesson on LLC Banking
Finding the best Bank to set up a business account wasn't as straight forward as we had hoped, especially amidst the COVID-19 pandemic. After many months of research, rejections, trial & error, we have a list of some of the top choices with pros and cons.
Purely Online Banking
$10 / month for starter account
Up to 20 transactions
Unlimited debit card payments
Focuses on mobile banking - quite a mixed bag of reviews
International bank
No min balance
No maintenance charges
No annual fees
no foreign transaction fees
cash-back cards and shopping discounts
Mostly positive reviews
Unlimited # of transactions
No fees except outbound wires
Only supports one user in their system
Supports a very limited number of non-citizen visa customers
Mercury - We went with this one!
Caters to companies with international owners :)
no minimum balance
no monthly fee
domestic wires = $5 & international wires = $20
$50 to start account
great for US studios with multiple owners
difficult application process for international owners
In the end, we decided on Mercury and have anything in order. The whole process took about 3 weeks and you need all your documents including EIN, Filing Evidence, and statement of organizer ( if applicable ), so be sure to have everything ready before you start applying! 💪