Updated April 2026
Mercury vs Relay for ITIN Holders 2026: Which Is Better?
Mercury and Relay are the two leading online business banks for ITIN holders. Both charge $0 monthly fees, accept ITIN applications from 150+ countries, and require no branch visit. The differences are in FDIC coverage ($5M vs $250K), wire transfer fees ($0 vs $5), checking account structure (1 vs 20), and budgeting features. This comparison covers every feature, fee, and use case to help you choose the right bank for your ITIN business.
How Do Mercury and Relay Compare Side by Side?
| Feature | Mercury | Relay |
|---|---|---|
| Monthly fee | $0 | $0 |
| FDIC insurance | Up to $5M (sweep) | $250K |
| Checking accounts | 1 per entity | Up to 20 |
| Domestic ACH | $0 | $0 |
| Domestic wires | $0 | $5 outgoing |
| International wires | $20 outgoing | Limited |
| Physical debit card | Free Visa | Free Mastercard |
| Virtual debit cards | Unlimited free | Pro plan ($30/mo) |
| Treasury/yield | Yes (Mercury Treasury) | No |
| Auto-allocation | No | Yes (percentage-based) |
| Approval time | 1-3 business days | 1-5 business days |
| Accounting integrations | QuickBooks, Xero, Gusto, Stripe | QuickBooks, Xero, Gusto, Wave |
| Best for | Startups, e-commerce, tech | Freelancers, profit-first |
When Should ITIN Holders Choose Mercury?
Mercury is the better choice in 5 situations for ITIN business owners:
- You need maximum FDIC protection. Mercury offers up to $5 million in FDIC coverage through its sweep network. This is 20x more than Relay's $250,000 standard coverage. If your business holds large cash reserves, Mercury provides significantly more protection.
- You send frequent domestic wires. Mercury charges $0 for all domestic wires. Relay charges $5 per outgoing wire. If you send 10 wires per month, that is $50/month saved with Mercury ($600/year).
- You want to earn yield on idle cash. Mercury Treasury lets you earn yield on uninvested cash while maintaining FDIC coverage. Relay does not offer a treasury or yield product.
- You use Stripe for payments. Mercury has a direct Stripe integration that auto-reconciles transactions. This is valuable for e-commerce sellers and SaaS businesses.
- You need unlimited virtual debit cards. Mercury provides unlimited free virtual cards for managing subscriptions, ad spend, and vendor payments. Relay requires its Pro plan ($30/month) for virtual cards.
Read the full Mercury ITIN guide for account setup instructions.
When Should ITIN Holders Choose Relay?
Relay is the better choice in 4 situations:
- You want profit-first budgeting. Relay's ability to create up to 20 checking accounts with automatic percentage-based transfers is designed for the Profit First methodology. Automatically allocate income to profit (5%), taxes (15%), operating expenses (50%), and owner's pay (30%).
- You are a freelancer or consultant. ITIN freelancers benefit from Relay's multi-account structure to separate client payments, tax savings, and personal draw.
- You use Gusto for payroll. While both integrate with Gusto, Relay's dedicated payroll account feature makes it slightly easier to manage payroll funding.
- You use Wave for accounting. Relay has a direct Wave integration that Mercury does not offer. Wave is a popular free accounting tool for small businesses.
Read the full Relay ITIN guide for account setup instructions.
What Is the Final Verdict: Mercury or Relay?
Our recommendation:
Choose Mercury if you are a startup, e-commerce business, or tech company that values free wires, maximum FDIC coverage, and Treasury yield. Choose Relay if you are a freelancer or service business that wants automatic profit-first budgeting with multiple checking accounts. Both are excellent choices with $0 fees for ITIN holders. Consider using both if your business needs justify it.
For international transfers, pair either bank with a Wise ITIN account for multi-currency support. See also Mercury vs Wise comparison and our complete ITIN banking hub.
Mercury vs Relay for ITIN: Frequently Asked Questions
Mercury is better for startups and tech businesses that need free domestic wires, up to $5M FDIC insurance, and Treasury yield features. Relay is better for freelancers and service businesses that want profit-first budgeting with up to 20 separate checking accounts and automatic percentage-based transfers. Both charge $0 monthly fees and accept ITIN holders.
Yes. Both Mercury and Relay accept ITIN holders for business banking accounts. You need a US-registered LLC or corporation, an EIN from the IRS, and your ITIN. Both allow 100% online applications from any country. Neither requires a branch visit or SSN.
Mercury offers significantly better FDIC coverage. Mercury provides up to $5 million in FDIC insurance through its sweep network across multiple partner banks. Relay provides $250,000 in standard FDIC coverage through Thread Bank. If you hold large balances, Mercury provides 20x more protection.
Mercury charges $0 for domestic wire transfers (both incoming and outgoing). Relay charges $5 per outgoing domestic wire. For incoming wires, both are free. If you send wires frequently to contractors, vendors, or partners, Mercury saves you $5 per transaction. Mercury also charges $0 for domestic ACH transfers.
Yes. Many ITIN business owners use Mercury as their primary operating account (for receiving payments and making transfers) and Relay as their profit-first budgeting tool (for allocating income to taxes, savings, and expenses). You can link both accounts via ACH transfers, which are free at Mercury and free at Relay.
Mercury integrates with QuickBooks Online, Xero, Gusto, and Stripe. Relay integrates with QuickBooks Online, Xero, Gusto, and Wave. Both provide automatic transaction syncing. Mercury has a slight edge for Stripe users. Relay has a slight edge for Wave users. Both work well with standard accounting workflows.
Mercury provides 1 primary checking account per business entity with unlimited virtual debit cards. Relay provides up to 20 separate checking accounts per business, each with its own account number. Relay's multi-account structure is ideal for profit-first budgeting where you allocate percentages of income to different purposes.
Mercury reviews most applications within 1 to 3 business days, with some same-day approvals. Relay reviews applications within 1 to 5 business days. Both may request additional documentation (Articles of Organization, EIN letter), which can extend approval by 3 to 5 days. Mercury is generally slightly faster for straightforward applications.
Yes. Mercury issues free Visa debit cards (physical and unlimited virtual). Relay issues free Mastercard debit cards (physical, with virtual card capability on the Pro plan at $30/month). Mercury's unlimited free virtual cards give it an advantage for online purchases and subscription management.
Neither Mercury nor Relay specializes in international transfers. Mercury charges $20 per outgoing international wire. Relay has limited international transfer capabilities. For international transfers, pair either bank with a Wise account for mid-market exchange rates at 0.3% to 1.5% fees in 40+ currencies.
Need an ITIN to open your Mercury or Relay business account? Apply through itin.so starting at $297.
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