Why Choose Fintech Over Traditional Banks?
If you’re running a business from outside the US, you’ve probably learned the hard way that most traditional banks aren’t built with foreign owners in mind. That’s why many are now turning to nonresident banking options in the US, especially those powered by fintech.
These are some of the reasons why you should consider fintechs:
No Need to Visit a Branch
Most US banks require you to show up in person to open a business account. For non-residents, this can mean booking an international flight just to walk into a bank. Fintech platforms let you open an account completely online, from wherever you are in the world.
No SSN or ITIN Required (in Most Cases)
Traditional banks almost always ask for a Social Security Number or Individual Taxpayer Identification Number. Many fintechs, on the other hand, understand that non-residents might not have these yet, and they still allow you to open and use a business account legally.
Faster and Easier Onboarding
Bank paperwork is notoriously slow and confusing. Fintech platforms simplify the process with user-friendly dashboards, digital ID verification, and clear steps, so you can get up and running in days instead of weeks.
Lower Fees
Traditional banks often charge monthly account fees, expensive wire transfer fees, and require a minimum account balance. Many fintechs offer zero monthly fees, free or cheaper domestic wires, and better exchange rates, saving you money right from the start.
Built for Modern Businesses
If you run an e-commerce shop, a startup, or a service-based business, fintech tools are made for you. You get features like:
- Virtual cards for online spending
- Team access controls
- Easy integration with payment processors like Stripe and PayPal, and accounting tools such as QuickBooks and Xero
Key Features That Matter to Foreign Business Owners
Before choosing a platform, it’s important to know what to look for, especially if you’re figuring out how to open a US business bank account from overseas. Not all options work the same, and the right one for you will depend on your current setup, where you’re located, and what stage your business is in.
Here are the key features you should pay attention to:
Remote Access & Global Onboarding
Can you open the account without setting foot in the US? Many foreign founders are still abroad while setting up their LLC or C Corp. A good fintech platform should allow remote identity checks and onboarding, right from your laptop.
SSN or ITIN Requirements
Some platforms allow you to sign up without a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN), while others don’t. If you don’t have one yet, ensure your chosen platform doesn’t require one to get started.
US Address Requirements
You’ll often need a physical US address to complete registration. But here’s the catch: PO boxes or registered agent addresses are usually not accepted. A platform that works with virtual mailbox services or lets you update your address later can save you time and frustration.
Ease of Use & Onboarding Time
Look for a platform with:
- Simple, step-by-step onboarding
- Clear document requirements
- Fast account approval (within a few days)
This matters especially if you’re getting an EIN or have just been issued one and you’re eager to start operations.
Fees & Transfer Options
Make sure to check:
- Are there monthly maintenance fees?
- Are sending and receiving international wire transfers and SWIFT payments supported?
- Can you send and receive ACH transfers easily?
Transparent, low-fee platforms are a big win for any growing business.
Extra Perks for Entrepreneurs
Some fintechs go the extra mile with:
- Virtual or physical cards (great for team use or international spending)
- Multi-user access (if you have a remote team)
- Proof of funds letters (useful for visa applications, EIN, or investor requirements)
- Integrations with tools like Stripe, PayPal, Xero, and QuickBooks
Meet the Fintechs
Now that you know what to look for, let’s meet the top contenders: Adro, Mercury, Brex, and Relay. Each platform has its pros and cons, especially when it comes to working with foreign-owned businesses.
Take a look at this quick side-by-side comparison to help you see which ones are accessible to non-residents:
| Platform | Non-Resident Friendly | SSN/ITIN Required | US Address Needed | Monthly Fees | Best For |
| Adro | Yes | Not needed | Yes (can update later) | None | Business owners physically based outside the US or those that have outgrown digital wallets like Wise and Payoneer |
| Mercury | Yes (if US LLC exists) | Not needed | Yes (real address only) | None | Startups with US operations |
| Brex | Yes (but selective) | Not needed | Yes (real operations required) | None | VC-backed startups |
| Relay | No | Yes required | Yes + SSN | None | US residents only |
What This Table Tells You
- Adro is the only platform on this list specifically designed for foreign business owners who don’t live in the US yet and don’t have an SSN or US presence.
- Mercury for non-residents is a strong option once you’ve formed your US business and secured a real address.
- Brex works well for funded startups but has stricter entry requirements.
- Relay looks great on paper, but it’s not an option for non-residents. It requires a Social Security Number and a personal US address, so it’s out of reach for most foreigners.
A Platform-by-Platform Deep Dive
Now let’s break it down. In this section, we’ll take a closer look at each fintech platform: Adro, Mercury, Brex, and Relay, so you can see what sets them apart and which one fits your needs best.
Adro
If you’re a foreigner setting up your business from outside the US, Adro is built exactly for you.
- No SSN or ITIN required
You can open a business account with just your passport, business documents, and a valid address; there is no need to be a US resident.
- Remote onboarding
Everything is done online or through the app. You don’t have to visit the US or have a US phone number to get started.
- Designed for non-residents
Unlike other platforms that can work for foreigners with extra effort, Adro was made specifically for international business owners.
- FDIC-insured accounts, zero fees, and business tools
You’ll get deposit-insured checking and savings accounts, virtual and physical debit and credit cards, the ability to send and receive ACH and wire transfers, all with no monthly maintenance fees.
Best for: Foreigners without a US presence who want a simple, legal way to bank and operate a business remotely.
Mercury
Mercury is a popular choice among startups and tech founders. It works well if your business is already registered in the US
- No SSN needed, but you’ll need a US LLC and a real US address
PO boxes or registered agent addresses won’t work. You’ll also need to show that your business has a real presence.
- Fast, clean interface
Mercury offers a beautiful dashboard, team access, virtual cards, and support for ACH, wire, and check payments.
- Zero monthly fees
Like Adro, Mercury doesn’t charge monthly maintenance fees, which is a big plus for early-stage startups.
Heads up: Mercury has become stricter with compliance. If your documents or business setup aren’t clear, your application might be delayed or rejected.
Best for: Startups with a US business structure, real address, and plans to grow in the US market.
Brex
Brex is designed for high-growth, venture-backed companies, and it shows.
- No SSN or personal credit check
Approval is based on your business, not your personal finances.
- Requires proof of US operations
You’ll need to show that your business is real, active, and ready to scale, typically with revenue, cash in the bank, or VC backing.
- Comes with a charge card
Brex offers a business card that you pay off in full each month. No interest, and your credit limit is based on business cash flow.
- Great for scaling
Advanced tools, employee cards, expense management, and integrations are all included.
The catch: Brex isn’t beginner-friendly. If your business is brand new or not well-funded, you might not get approved.
Best for: Venture-backed or fast-growing startups with a US presence.
Relay
Relay has excellent features for US-based businesses, but it’s not open to some countries per the terms set by their banking partner.
- SSN and a personal US address are required
If you’re applying from outside the US or using a registered agent’s address, your application will likely be denied.
- A lot of features
Multiple sub-accounts, virtual cards, and team permissions, great tools if you qualify.
- No monthly fees
Relay is free to use, which is why it attracts many small businesses in the US.
Best for: US residents only. If you’re a foreigner, Relay isn’t the ideal option due to some countries being prohibited.
Which One is the Best Fintech for Foreigners?
Before you hit that “Apply” button, here are some quick tips on selecting the best fintech bank for foreigners:
Think about where you are in your business journey. Do you already have a US company and address? Are you still waiting for your EIN? Do you already have an SSN or not? Your answers will make all the difference.
Let’s recap the best fit for different types of foreign founders:
You’re based outside the US or have outgrown your Wise and Payoneer accounts?
Go with: Adro
- Made for non-residents
- No SSN or ITIN needed
- Remote onboarding from anywhere
- Great as your first US business account after getting your EIN
- Also offers an option for company formation and getting an EIN if you don’t have one
You have a US LLC and real address, and want a sleek, startup-friendly platform?
Go with: Mercury
- Friendly to international business owners
- Fast and modern interface
- No monthly fees
- Just make sure your documentation is solid
You’re funded, growing fast, and want credit + advanced tools?
Go with: Brex
- Ideal for VC-backed startups
- Expense management, employee cards, and integrations
- But entry requirements are higher
You live in the US, have an SSN, and want a powerful free account?
Go with: Relay
- Excellent features
- But only available to a limited foreigners; mostly US residents can apply
Final Thoughts
Choosing the best fintech for foreigners is one of the first big steps when expanding into the US, as these platforms make your expansion plans easier than ever. Whether you’re still waiting on your EIN or already have a US company in place, there’s a solution out there for you.
And speaking of EIN, Head to EINwaittime.com to check the latest processing times and helpful guides. Once your EIN arrives, you’ll know exactly where to go next.