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Mercury vs Airwallex

These two are compared as if you had to pick one, but they answer different questions. Mercury is a US business bank account. Airwallex is cross-border infrastructure for collecting and paying in many currencies. The useful question is which problem you have first — and, if you are a founder outside the US, which documents each one will ask you for.

Last verified September 18, 2026

These are not substitutes. Mercury is a US business bank account and requires a US entity. Airwallex is cross-border infrastructure and requires a registered business, but not a US one. Decide which problem you have — US banking, or collecting and paying in several currencies — before comparing a single fee.

BonusBench is paid by both companies in this comparison: it may receive a referral benefit when someone opens Mercury through its referral link, and BonusBench is an approved Airwallex affiliate (approved September 2, 2026) and is paid a commission on customers it refers. This page carries neither link. Every link here is internal or to the provider’s own documentation, no provider reviewed it before publication, and the criteria are the ones the research pages already used.

Side by side

CriterionMercuryAirwallex
Who can open oneA company formed and registered in the US or a US territory, with existing or planned US operations. Mercury states founders can live anywhere, apart from countries on its restricted list. No trusts, money services businesses, adult entertainment, cannabis, or internet gambling.Any registered business in an eligible country, fully incorporated and in good standing. Airwallex states it cannot offer personal accounts to individuals at all.Mercury requires a US entity. Airwallex does not, but it requires a registered company — so an individual or an unregistered sole trader is excluded either way.
What it actually isUS business banking: checking and savings through partner banks, cards, bill pay, invoicing, and treasury.Cross-border financial infrastructure: multi-currency Global Accounts, international payouts, corporate cards, and card payment acceptance.Plenty of companies run both — Mercury as the US operating account, Airwallex for collecting in other currencies.
Monthly costBusiness checking and savings are $0 with no minimum balance. Mercury’s FAQ says paid plans start at $35 per month; its pricing page shows Mercury Plus at $29.90 and Mercury Pro at $299 per month on annual pricing.Explore is $0 per user per month. Grow is $12 per user per month plus a platform fee that depends on team size. Accelerate is custom-priced. The fee is charged per business legal entity.
Holding other currenciesMercury documents USD checking and savings accounts. It does not document local-currency accounts for receiving in other currencies.Global Accounts receive and hold 20+ currencies, with local transacting in 70+ countries.If customers need to pay you into a local account in their own currency, only one of these documents that.
Currency conversion cost1% conversion fee on non-USD international wires, plus an international transaction fee on non-USD debit and credit card transactions.0.5% above interbank rates for major currencies, and 1% for all other currencies.
Sending moneyACH, domestic wires, and real-time payments are free. USD international wires are free when processed as SHA, or a flat $15 for OUR, which charges intermediary fees back to Mercury.Domestic USD and CAD transfers are free. Batch transfers are free to 120+ countries. SWIFT transfers to 200+ countries cost $15–$25 (SHA and OUR).
Accepting card payments from customersNot documented as a product. Invoicing with ACH debit is part of the paid plans.Domestic cards 2.80% + $0.30 per transaction, international cards 4.30% + $0.30.If you need to charge customers by card, only one of these does it.
Deposit protectionMercury is a fintech company, not a bank. Banking services are provided by Choice Financial Group and Column N.A., Members FDIC, and Mercury states deposits are FDIC-insured up to $5M through partner banks and their sweep networks.Not researched yet. BonusBench has not confirmed Airwallex’s deposit protection against Airwallex’s own documentation, so nothing is claimed here.
Physical cashMercury states its product might not be the best fit for businesses frequently dealing with physical cash.Not documented on the Airwallex pages this comparison cites.
Proof of US operations (non-US founders)US operations, existing or planned, are part of eligibility. The principal place of business may be a US or international address, including a residential one, but not a registered agent, P.O. box, or UPS box address.For foreign businesses, or businesses largely run outside the US, Airwallex says it may request proof of US ties: a statement from a brick-and-mortar US bank, contracts with US businesses, invoices to US customers, evidence of US employees, or a coworking lease.Airwallex’s US bank statement requirement excludes neobank statements and names Mercury as the example. A Mercury statement will not satisfy it, so plan on one of the other documents.
Bonus for opening an account$250 through a referral link, after the balance reaches $10,000 and stays there for a full day within 90 days of approval.None. Airwallex states it does not currently offer a general customer referral programme, so there is no customer bonus and no referral code.

Figures come from each provider’s own US pricing and help pages. Both providers price and gate features by region, so the same row can read differently for you.

Which one fits your case

Neither one is better in general. These are the conditions under which each is the reasonable choice — including the case for running both.

  • Mercury

    • You have a US company, or are forming one, and want a US operating account with free USD payments.
    • Your customers pay you in USD and your costs are mostly in USD.
    • You want a free tier with no minimum balance and no monthly fee.
    • You want the deposit structure spelled out: partner banks, sweep networks, and a stated FDIC limit.

  • Airwallex

    • Your company is registered outside the US, which rules Mercury out.
    • You need to be paid in currencies other than USD, into local account details.
    • You need to accept card payments from customers, not only send and receive.
    • You want corporate cards with per-employee spend controls across several currencies.

  • Both

    • You have a US entity that also sells abroad: Mercury as the US operating account, Airwallex for multi-currency collection.
    • Note the order if you are a non-US founder — opening Mercury first does not help an Airwallex application, because Airwallex does not accept a neobank statement as proof of US operations.

  • Neither, yet

    • You are an individual or a freelancer with no registered company. Neither one is open to you; Wise is the closer fit.
    • You have not checked whether your country of residence is restricted. Both providers gate onboarding on where founders live, and that check is free.

The full research on each

Mercury referral offer and termsAirwallex: fees, eligibility, restrictionsWise vs Airwallex

Sources