People often ask which bank is a better for business, Mercury vs Wise. In this comprehensive guide, I will break down all the features of both banks and help you find a better option that matches your business needs.
If you are an entrepreneur and operate or sell your products globally, you should strongly consider having international bank accounts in each of the major currencies from which your business generates payments.
Mercury and Wise are two of the most widely-used fintechs in the financial market. Both offer desirable rates, but things get a little trickier once you start looking at each one’s features. We’ve outlined some of their features below to help you decide which is best for your business.
Mercury Vs Wise: Which Bank Is Good for Startups
Wise (formerly TransferWise)
Wise, which is formerly known as TranferWise, is one of the world’s most popular fintech for business and personal accounts, Wise has been keeping its customers at competitive exchange rates when it comes to global banking services that also allow you to open simultaneous wallets in over 50 currencies.
By providing their customers with such a comprehensive and everything from bills and taxes, they have 4 million customers worldwide.
Rates & Fees
The process of opening an account and depositing money is easy and free to do. The only optional fee that needs to be paid at the start is a one-time transaction of £16/$20 because sometimes there might be delays in sending and receiving money that can take 24 – 72 hours, depending on what currency or file format you’ve chosen.
After setting up your account, no monthly or yearly charges are applied, as was previously mentioned (including business accounts). However, if you need to send more than £100,000 per month internationally, you will have to pay additional charges, saving more than 50%.
You won’t be charged a fee for taking out $100, £200, or 200€. For higher amounts, we may charge 2%.
Ease of Use
Wise comes with a simple and user-friendly interface accessible from mobile and desktop. This allows users to manage their accounts efficiently from all corners of the globe, even in times of need.
This can be highly beneficial, especially if you’re out at meetings or on vacation and have issues regarding your account balance. If you wish to access your data faster, the best way to do it is via Wise’s Business Card application since this will allow you to track your spending in real-time right there on your phone’s screen.
The platform also offers integrations with Xero and Quickbooks, as it works with Stripe and PayPal to easily withdraw earnings to external third-party payment gateways.
On Trustpilot, one of the free and independent reviews websites, Wise gets more than 100k reviews, with over 80% being positive.
According to one of their customers, Wise is user-friendly, reliable, transparent, secure, and fast. It shows that wise is one of the best service providers in the industry.
Mercury is a business-oriented digital company that aims to help foreign companies looking to start in the world’s largest economy. They do this through an online service that can be found online on their website, within which the main feature available is one where users can easily open up a bank account in the US.
Through this process, they also can earn FDIC insurance coverage of $250K if something goes wrong during their time with Mercury, giving them a haven to develop a more solid foundation for launching and growing their business in America.
Rates & Fees
If you’re opening a business account with Mercury, be prepared to take advantage of the most attractive rates on the market. There are no monthly or account opening charges, minimum deposit, or electronic transfer fees. You also get a free debit card, and if your account holds at least $250K, so do we! Consider our little special reward for taking out one of these limited-amount accounts.
Every month we’ll also buy US government securities with up to 10% of your account balance as an extra perk (as long as your business has $20K or more in it). That way, your money can grow with minimal risk – leaving you plenty of time and energy to pursue the things that are important to you!
Ease of Use
Mercury also has a simple and user-friendly interface. As a digital bank, all operations are available online. This includes analyzing and managing different accounts delegated to employees and approved by supervisors. There’s no limit to the number of users you can have in your bank account.
The Mercury provides application programming interface (API) access and integrates with Xero, US PayPal, Gusto, Stripe, and Quickbooks to automate payments and transactions.
On the free and independent reviews website Trustpilot, Mercury Bank gets the majority of positive feedbacks. According to one of their customers, Mercury is a very well-done platform that runs more smoothly without bank fees. It proves that Mercury is one of the best digital banks in the United States.
Mercury vs Wise: Which is best for your business
It’s challenging to say which one is better because both Mercury and Wise provide exceptional services.
If you are trying to expand your business in the United States, Mercury is the best option for you. But if you are targeting your customers globally Likewise, if your primary target is Europe and Asia, then Wise is the best choice for your business! Why? It works on a very low-cost basis and has become a lot popular amongst many companies in Europe and Asia.
In this guide(Mercury vs Wise: Which is best for your business), I have told you the advantages of both the banks and which is better for your business. I hope this guide will be helpful for you.