How to Open a US Business Bank Account as a UK Founder

Banks use your business description for compliance screening. Vague descriptions like "tech company" or "consulting" raise red flags because they could cover a wide range of activities, some of which are in restricted categories.

While not always strictly required, having a company website dramatically increases your approval chances. Banks use your website to verify that you are a legitimate business. A website does not need to be elaborate — a simple landing page explaining your product and team is sufficient.

At minimum, your website should include:

• Your company name and what you do
• A brief description of your product or service
• Contact information (email at your domain, not @gmail.com)
• Team or founder information

Certain industries face additional scrutiny or outright rejection from fintech banks. If your business falls into one of these categories, you may need a specialised bank or additional documentation:

• Cryptocurrency / Web3: Mercury has restrictions on crypto-related businesses. Consider a specialised crypto-friendly bank.
• Cannabis / CBD: Federally restricted in the US. Most banks will not serve these businesses.
• Gambling / Gaming (real money): Heavily regulated, requires specific licences.
• Money services / remittances: Requires MSB registration with FinCEN.
• Adult content: Most banks will decline these applications.
• Weapons / firearms: Restricted by most fintech banks.

If your business touches any of these areas, be transparent in your application. Misrepresenting your business activities can result in account closure and funds being frozen.

Based on feedback from hundreds of UK founders who have gone through this process, here are the tips that make the biggest difference:

• Apply during US business hours: If there are any issues, support can reach out and resolve them the same day.
• Use a business email: Apply from your @company.com email, not a personal Gmail or Outlook address.
• Have your website live before applying: Even a simple one-page site at your domain name.
• Prepare a concise business description: 2-3 sentences explaining what you sell, to whom, and how you make money.
• Have all documents ready: Uploading incomplete documents and finishing later signals disorganisation.
• Respond to follow-up requests within 24 hours: Delayed responses can cause your application to be deprioritised or rejected.

While Wise Business is excellent for specific use cases, it has limitations that make it unsuitable as your only US bank account:

• Not FDIC insured: Wise operates under an e-money licence, not a banking charter. Funds are safeguarded but not covered by FDIC deposit insurance.
• No check deposits: Cannot deposit US checks (paper checks from clients or government agencies).
• Per-transaction fees: Each conversion incurs a small fee. For high-volume businesses, these fees add up.
• Limited lending: No credit lines, loans, or overdraft facilities.
• VCs may require a "real" bank: Investors typically wire funding to FDIC-insured accounts. Some VCs will not wire to Wise.

Once your US bank accounts are open, you will need to transfer your initial capital contribution from the UK. Here are the most cost-effective methods:

This is one of the most important rules for maintaining your corporate liability protection. Never co-mingle business and personal funds. This means:

• Do not use your personal UK bank account for business expenses
• Do not transfer business revenue to your personal account without proper documentation (salary, dividends, or expense reimbursement)
• Pay yourself a regular salary or documented dividend rather than taking ad-hoc draws
• Use the business debit card only for legitimate business expenses
• Keep a clear paper trail for every transfer between your personal and business accounts

No, not remotely. Traditional US banks (Chase, Bank of America, Wells Fargo, Citi) require in-person visits to a US branch with original documents. Even then, they often require a US address and may decline non-resident applications. If you are planning a trip to the US, you could attempt to open an account in person, but Mercury or Relay are significantly easier for UK-based founders and offer comparable functionality for startups.

Typical approval times for UK founders applying to Mercury directly (without Stripe Atlas) are 2-5 business days. Some applications are approved within 24 hours, while others may take up to 7 business days if additional verification is needed. Stripe Atlas founders are typically approved automatically or within 1 business day. If you have not heard back within 5 business days, contact Mercury support.

Not for Mercury, Relay, or Wise Business. These banks accept applications from UK founders using their UK residential address. Your company address can be your UK address or your Delaware registered agent's address. Traditional banks (Chase, BofA) typically do require a US address, which is another reason fintech banks are the better option for remote founders.

The cheapest method is using Wise (formerly TransferWise). Wise converts GBP to USD at the mid-market exchange rate with a transparent fee of approximately 0.35-0.6%. For a £10,000 transfer, you would pay roughly £35-60 in total fees. Compare this to a standard SWIFT bank wire from a UK high-street bank, which typically charges £15-30 in explicit fees plus a 2-4% markup on the exchange rate — costing £200-400+ for the same transfer. Wise also delivers funds faster (1-2 business days vs. 3-5 for SWIFT).