Spot on. I actually thought about this after I had shot the video. It's just a tech platform providing banking services through their partner banks. Thanks for trying to clarify this for us all!
Very informational! For the transfer limits, is there a difference for business accounts? For example, if my purpose was to invest in startups I would need to write a larger check which might be over the daily limit amounts.
I'm not sure if Mercury has that, but I think Baselane might. One of their big features is payment collection from tenants: go.retipster.com/baselane/yt-06xrcvQxsG4 - you can see a video review I did on that one here: ua-cam.com/video/6LGl80qNxE4/v-deo.htmlsi=69HccEoVsiawOtQP
Do you have your ITIN yet? You can use that in place of the SSN on your W9. You'll also need your ITIN to start a US business entity, so if you don't have that yet, that should be your first step: ua-cam.com/video/DQqJt8xrul0/v-deo.htmlsi=ZwGFLgBzkYlt-uk2
@@Retipster Yeah but is it legal? According to "James Baker CPA" (his UA-cam channel) using W9 as a non US citizen for foreign owned single member LLC is not legal. Is he wrong?
I'm not sure about the Trust, you'd probably have to reach out to their support to ask that question. Here's a link where you can do that: mercury.com/contact/sales?irclickid=wphzHzQwLxyNRriyXCRw8XCiUkFWa8UoKXwzU80&irgwc=1
Amazing Video, the best on the internet about Mercury bank , thanks a million and keep up the very good work
Thanks for the kind words!
I would not call it mercury bank. They are not a bank. They are a tech company that works with a few different banks.
Spot on. I actually thought about this after I had shot the video. It's just a tech platform providing banking services through their partner banks. Thanks for trying to clarify this for us all!
Great information! I'm securing financing and expanding my business & came across this video. THANK YOU!
Glad it was helpful!
There is one issue with mercury which you can't link you international credit card to the Bank.
Is it even possible for a non US resident without an LLC in the US to open a Mecury bank account??
I'm not sure if it is possible without either. They'll ask you for your SSN or your EIN when you sign up.
Apply for LLC then you will get EIN, later you can apply for it
Very informational! For the transfer limits, is there a difference for business accounts? For example, if my purpose was to invest in startups I would need to write a larger check which might be over the daily limit amounts.
I'm not 100% sure, but I wouldn't be surprised if the business types make a difference.
x1.75. Thanks for this video!!!
Thanks for watching!
Do they have an invoice system? or do you recommend one
I'm not sure if Mercury has that, but I think Baselane might. One of their big features is payment collection from tenants: go.retipster.com/baselane/yt-06xrcvQxsG4 - you can see a video review I did on that one here: ua-cam.com/video/6LGl80qNxE4/v-deo.htmlsi=69HccEoVsiawOtQP
Checks are thing of past
Yeah, perhaps. I guess it depends on your business and whether they're necessary or not.
How can I get a bank statement from Mercury ?
You should be able to get it from your dashboard.
Is there a way to collect payment from customers or send out invoices?
Certainly. You'd probably need something more than Mercury, though (like accounting software or invoicing software).
can you link this account to stripe?
I haven't tried that... but I'm not sure why it would be a problem.
Yes you can link them. They're pretty seamless actually.
I think you can add it as a bank account in stripe.
GReat review
I'm a Colombian 20 yo, trying to get my first credit card. I don't really have that much monthly income, would mercury be a good option for me?
I don't believe your income plays a big role in getting approved. It's probably worth a shot!
Thoughts on W9 that is now needed to login into Mercury Bank? That's an issue for foreign owned single member LLC's...
Do you have your ITIN yet? You can use that in place of the SSN on your W9. You'll also need your ITIN to start a US business entity, so if you don't have that yet, that should be your first step: ua-cam.com/video/DQqJt8xrul0/v-deo.htmlsi=ZwGFLgBzkYlt-uk2
@@Retipsterif my single member foreign owner LLC has a EIN, does that work or do I still need an ITIN?
@@Retipster Yeah but is it legal? According to "James Baker CPA" (his UA-cam channel) using W9 as a non US citizen for foreign owned single member LLC is not legal. Is he wrong?
Most of the world has done away with checks. It's dated and expensive for banks to administrate.
Good to know. :) Thanks for sharing! Maybe I'm still stuck in the 2010's.
by the way do they pull chex system report?
I want to you the profit first banking system for my personal finances. Can I open up an account using a Trust?
I'm not sure about the Trust, you'd probably have to reach out to their support to ask that question. Here's a link where you can do that: mercury.com/contact/sales?irclickid=wphzHzQwLxyNRriyXCRw8XCiUkFWa8UoKXwzU80&irgwc=1
Run! The worst bank there is…run! Man you’re giving bad advice.
Why do you say that? Did you have a bad experience? Do share!
Why? I was planning to open account with them
Stop that cap! I have been using mercury for years, its a good bank
I live in UK, can I open an account with Mercury Bank?
I don't see why not. As long as you can get your ITIN and set up your LLC before you get to this stage, you should be able to get through the process.
Why would you want a US bank account when if your British can’t you open an account in Cayman Islands? Or even Bahamas very easy?
I’m in Germany and have my business bank account with Mercury since 2020. First I set up my company and got an EIN / ITIN like Seth said.
@@stoerring1 Can you please share the site link from where you set up the LLC?
You should have a LLC and open an EIN and you can apply for it