The Mercury payment service began to close the accounts of American companies that have Ukrainian founders or employees. Shocked customers received a message from Mercury telling them their accounts had been closed. In its further explanations, the service clarified that strict measures will be applied to companies where Ukrainians live in Ukraine.
A significant number of clients faced the urgent task of opening accounts elsewhere in a short period of time. The situation does not become simpler, because Ukrainians also face the question of remote opening procedures. Here are some alternative options for opening:
1. Payoneer
• Features: Payoneer allows you to open a business account with the ability to receive payments in different currencies. The registration and verification procedure takes place online. This platform is popular among freelancers and small businesses.
• Important: We are the official representative of Payoneer in Ukraine, and our partnership agreement allows us to offer unique service conditions to our clients (dedicated private manager, special reduced rates for service).
2. Wise Business
• Features: Wise provides a multi-currency business account that allows international transactions with low fees. Account opening is possible remotely, but requires a bank account at a local bank to connect to the system.
• Important: Physical access to the US account is required, so Wise is more suitable for businesses that already have a US account.
3. Brex
• Features: Brex offers business accounts for startups and technology companies. The registration process can be done entirely online. Brex has certain requirements for companies and they often work with startups with high growth potential.
• Important: You must have a legal address in the US.
4. Revolut Business
• Features: Revolut offers multi-currency accounts that can be opened completely online. They have a convenient interface for managing business accounts.
• Important: Revolut may have certain restrictions for companies registered in the USA, namely the requirements that the beneficiaries of the company should be resident if not in the USA, then in France, Ireland, Great Britain, Germany, Belgium or Australia.
5. Relay Financial
• Features: Relay allows you to open a business account remotely and they provide services aimed at supporting small businesses. The registration process is completely online.
• Important: Additional documents may be required to verify beneficiaries from Ukraine.
6. Bluevine
• Features: Bluevine offers business accounts with minimal fees and the account opening process can be completed online. They also offer small business loans.
• Important: Bluevine may have restrictions for non-US residents.
7. Firstbase.io (with partners)
• Features: Firstbase.io is a platform that helps founders from around the world register companies in the US and open bank accounts. They cooperate with several banks and financial institutions that can offer solutions for Ukrainian beneficiaries.
• Important: It is necessary to check the terms of cooperation with each partner bank.
8. Azlo (now Novo)
Features: Novo offers accounts with no monthly fees and free bank transfers, which is good for small businesses with the ability to integrate with popular business tools like Stripe, Shopify, and more.
Important: the opening process may require additional effort and time for verification and preparation of documents.
Recommendations for opening an alternative account:
1. Preparation of documents: Be prepared to provide all necessary documents for verification (passport, proof of address, company incorporation documents, etc.). Be sure to create a statement with the movement of funds on the company’s account in Mercury now, while the account is still active.
2. Check that the information is up-to-date: Be sure to check the current requirements of each institution, as policies may change due to changes in regulations or the international situation.We advise you to familiarize yourself with the reviews of users who are already customers.
3. Consultations with specialists: We recommend contacting our professionals who specialize in opening accounts in the US for international companies.