While Mercury offers a suite of online banking services for startups, reported issues like account freezes and payment processing delays have prompted some users to look for alternatives. This article will cover what Mercury is, the reasons you might consider other options, and which platforms could be a better fit for your business needs.
What is Mercury?
Mercury is a financial technology company that provides online business banking tailored for startups and small businesses. The platform delivers comprehensive services like FDIC-insured accounts, corporate cards, and integrated tools for bill pay and invoicing.
It allows entrepreneurs worldwide to open accounts for their U.S.-incorporated companies without needing to be a resident. Mercury is notable for its straightforward pricing, featuring no minimum deposits, no monthly account fees, and no transaction fees.
What to Consider When Selecting a Mercury Alternative?
When searching for a banking platform to replace Mercury, it's helpful to evaluate a few key areas to ensure the new service aligns with your business needs:
- Fee Structure: Analyze the platform’s pricing for monthly maintenance, transactions, and currency conversions to find the most cost-effective option.
- Global Payments: Assess the platform's ability to handle international transactions, including multi-currency accounts and support for global payroll.
- Industry-Specific Tools: Determine if the service offers features tailored to your niche, such as integrated crypto-to-fiat conversions for Web3 companies.
- Customer Support Quality: Investigate the responsiveness and reliability of the customer service team, as this is a common pain point with digital banks.
- Account Stability: Consider the platform's track record regarding account freezes and closures to ensure your funds remain accessible.
If these factors resonate with your priorities, the following section details several alternatives that might be a better fit for your company.
10 Best Alternatives to Mercury
1. OneSafe
At OneSafe, we provide a finance platform designed to modernize banking for businesses, especially those in the Web3 and crypto industries. Our services are built to streamline financial operations, offering tools for efficient fund management and quick payments.
Our platform facilitates direct 1:1 conversions from USD to USDC on Polygon, simplifying payroll and expense management for global teams. We pride ourselves on providing responsive customer support and a reliable system for managing both traditional and digital assets.
Pricing
We believe in transparent and straightforward pricing. Here’s a look at our fee structure at a glance:
- Free Account Services: Enjoy no fees for account opening, maintenance, monthly subscriptions, or card issuance, and no minimum balance requirements.
- 0.1% Domestic Transfers: We charge a simple 0.1% for US domestic ACH and standard wire transfers.
- Starting at 0.2% International & Priority Payments: Our fees are 0.2% for SEPA payments, 0.2% plus a $50 SWIFT fee for international wires, and a flat $25 for domestic Fedwire transfers.
- Low Fees Crypto & FX Transactions: Benefit from a 0.1% fee on USDT transactions, market rates on fiat-to-crypto conversions, and a 3% fee on non-USD corporate card spending.
Reviews
Users consistently praise our platform for its exceptional customer support and ability to solve complex financial challenges, especially for companies in the Web3 space.
- “OneSafe has the best customer support I've ever experienced from a bank.” - Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” - Marco, CEO of Ensuro
Want to see how we can help? Check us out here.
2. Tide Bank
Tide is a UK-based financial technology company established in 2015, providing mobile-first banking services for small and medium-sized enterprises. The company offers current accounts, automated bookkeeping, and integrated invoicing with compatibility for accounting software like Sage, QuickBooks, and Xero.
Businesses can open an account in minutes via the Tide app, which also includes built-in accounting and tax tools. The service facilitates cash deposits at UK Post Office or PayPoint locations, provides expense cards for team spending, and supports international payments.
Pricing
Tide offers a tiered pricing structure with the following plans:
- Free Plan: No monthly fee, with charges of 20p per UK transfer and £1 per ATM withdrawal.
- Smart Plan (£12.49 + VAT per month): Includes 25 free UK transfers, one free expense card, and priority in-app support.
- Pro Plan (£24.99 + VAT per month): Offers unlimited free UK transfers, two free expense cards, and 24/7 phone and legal support.
- Max Plan (£69.99 + VAT per month): Provides unlimited free UK transfers, three free expense cards, and a dedicated account manager.
Reviews
User reviews indicate some customers experience delays with support and face challenges with account access, particularly during onboarding or compliance checks. Check out more Tide Bank reviews here.
3. N26
N26 is a German fintech company founded in 2013 that delivers a fully mobile banking experience. The platform provides services including transaction accounts, debit cards, overdrafts, and various investment products.
It offers real-time banking through a user-focused app interface for managing finances. The service also incorporates tools for monitoring spending and organizing savings.
Pricing
N26 provides several account plans with different fee structures:
- Free N26 Standard: A free account that includes a virtual Mastercard for online and mobile payments.
- €4.90/month N26 Smart: This account offers tools for spending and saving, with the ability to add up to 10 sub-accounts.
- €9.90/month N26 Go: A plan designed for travel that includes free ATM withdrawals abroad and travel insurance.
- €16.90/month N26 Metal: This premium account includes a metal card, travel insurance, and priority customer support.
Reviews
User reviews point to issues with customer support, such as slow response times and difficulty contacting agents. Some customers have also reported unexpected account closures and frozen funds. Check out more N26 reviews here.
4. Blank
Blank is a French company that provides online professional accounts tailored to freelancers and small businesses. The platform delivers a suite of financial services intended to support independent professionals and entrepreneurs.
Their offerings include a professional account with a French IBAN, a Visa Business card, and tools for managing quotes and invoices. The service also provides automated Urssaf declarations, simplified accounting, and access to professional insurance options.
Pricing
Here's their pricing at a glance:
- €6/month (excl. tax) Simple: Includes 30 SEPA transfers, tools for quotes and invoices, automated Urssaf declarations, and expense tracking.
- €17/month (excl. tax) Confort: Contains all Simple plan features, plus phone support 5 days a week, 30 additional SEPA transfers, increased card limits, and income maintenance insurance.
- €39/month (excl. tax) Complète: Offers all Confort plan features, with unlimited SEPA transfers, email and phone support 6 days a week, and higher card limits.
Reviews
User feedback indicates some customers have experienced challenges with account closure and fund transfers. Check out more Blank reviews here.
5. VIALET
VIALET is a Lithuanian Electronic Money Institution established in 2017, offering digital banking services for small and medium-sized enterprises. The company provides dedicated International Bank Account Numbers for SEPA, SEPA Instant, and SWIFT transactions, as well as card processing solutions.
The platform supports various payment methods, including C2B, B2B, and B2C, and offers banking APIs and mass payouts for global SMEs. Additionally, VIALET accepts payments to and from cryptocurrency processors and provides accounts for EU-licensed crypto exchanges.
Pricing
VIALET does not publicly disclose its pricing information. To receive pricing details, businesses must submit an application, and the final fees may be customized based on the information provided.
Reviews
User feedback indicates some customers have encountered unprofessional behavior and poor customer service. Other reported issues include difficult account opening processes with excessive information requests and long response times. Check out more VIALET reviews here.
6. Multipass
Multipass is a UK-based financial technology company that provides businesses with multi-currency virtual International Bank Account Numbers (IBANs) and local accounts in the EU, UK, and US. The platform also offers corporate cards for daily expenses, online banking services, and additional IBANs.
The service enables businesses to send, receive, and exchange over 70 currencies and assigns dedicated relationship managers to each account. It also provides local accounts in the UK, Europe, and the USA to support regional transactions.
Pricing
Here's their pricing at a glance:
- Starting from £500 Onboarding: This fee covers account opening and due diligence, with priority service available for an additional charge.
- Starting from £100 Monthly Maintenance: A recurring fee for account upkeep, with a minimum balance requirement equivalent to three monthly fees.
- Variable Payment Fees: Charges apply for local and international transactions, including SEPA, SWIFT, and ACH transfers.
- Variable Card Fees: Costs are associated with card issuance, maintenance, transactions, and ATM withdrawals.
- Additional Fees: Charges include £100 for each additional user after setup and an annual due diligence fee starting from £100.
Reviews
User reviews for Multipass tend to focus on the platform's interface, its handling of international payments, and customer support, with a small portion of feedback consisting of 1-star ratings. Check out more Multipass reviews here.
7. Everestcard
Everestcard is a neobank that provides services for business financial management. It offers instant issuance of both virtual and physical Mastercard credit cards for team use.
The platform allows for entirely online management, giving real-time control over cards and expenses via a dashboard and web app. It also includes expense management tools like automated reports, digital receipt scanning, and transaction history tracking.
Pricing
Here's their pricing at a glance:
- €20 Monthly Subscription: Includes up to three Mastercard credit cards and access to expense management tools.
- €5 per Additional Card: A monthly fee for each card issued beyond the initial three.
- 90-Day Free Trial: Allows businesses to use the platform's features before subscribing.
Reviews
Available user feedback is limited, with existing reviews expressing concerns about the company's reliability and responsiveness, citing issues like slow support and problems with account access. Check out more Everestcard reviews here.
8. Credem
Credem, or Credito Emiliano S.p.A., is an Italian banking institution founded in 1910 that provides retail and corporate banking, insurance, and investment solutions. The bank operates through several divisions, including Credem Banca for retail customers and Credem Banca d'Impresa for corporate clients.
A notable aspect of its operations is the acceptance of Parmigiano Reggiano cheese wheels as collateral for loans. This practice highlights its specific approach to financing within its regional market.
Pricing
Here's their pricing at a glance:
- Account Maintenance: Fees start from €4 per month.
- Card Issuance: The issuance of cards is free.
- ATM Withdrawals: Withdrawals are free at Credem ATMs.
- Investment Services: Pricing for investment services is customized.
Reviews
User feedback points to issues such as delays in receiving debit and credit cards, a lack of digital card options, and concerns about customer service responsiveness. Check out more Credem reviews here.
9. Reap
Reap is a financial technology company established in 2018 that provides products to manage financial operations for businesses. Its offerings include the Reap Card, a corporate credit card, and Reap Pay for making payments in various currencies.
The Reap Card is a secured corporate credit card that allows for bill repayments in both fiat and digital currencies and provides global coverage. The platform also includes features for spend control, API solutions for card issuing, and automated global payouts.
Pricing
Here's their pricing at a glance:
- No Annual Fee: The Reap Card is available with no annual or hidden service fees.
- 1.2% Fee: A handling fee is charged for stablecoin repayments.
- 2% Fee: This fee applies to ATM withdrawals and foreign exchange transactions.
- Custom Pricing: Packages for card issuing, payment APIs, and compliance APIs are priced based on product usage.
Reviews
User feedback indicates some customers have experienced issues such as credit limit resets without notice and limitations in setting categories, while also noting concerns about customer service. Check out more Reap reviews here.
10. MuralPay
MuralPay is a financial technology company that focuses on international transactions, aiming to address challenges from outdated infrastructure and the globally unbanked population. The company offers a platform and API for pay-ins, payouts, invoicing, and compliance, all powered by stablecoins for businesses operating across the Americas.
Its system facilitates instant global payments, multi-currency invoicing, and virtual accounts for different currencies and digital assets. The service also incorporates tools for batch and recurring payments, real-time currency conversion, and built-in compliance management.
Pricing
MuralPay does not publicly disclose its pricing information. For specific pricing details, businesses are advised to contact the company directly, and a free demo is available to explore the platform.
Reviews
User feedback indicates some concerns, including occasional transaction delays, a complex interface on smaller devices, high costs for large teams, and issues with compliance. Check out more MuralPay reviews here.
Which One Should You Go With?
Choosing the right financial partner depends entirely on your business's unique demands, and any of the platforms listed can be a solid choice. If you're looking for a modern solution that understands the complexities of global and digital asset management, we believe OneSafe stands out as an excellent alternative. Ready to see the difference? Sign up for OneSafe today and streamline your financial operations.
