Mercury Bank has become the bank of choice for thousands of Canadian entrepreneurs who operate US LLCs. It offers remote account opening, USD banking, and seamless integration with Stripe and other US payment tools. Your ITIN is the key to compliant Mercury account operation from Canada.
Why Canadians Choose Mercury Bank
Mercury Bank features that Canadian entrepreneurs love:
- 100% online account opening — no US visits required
- No minimum balance requirements
- Free domestic and international wire transfers
- Instant virtual debit card upon account approval
- Seamless Stripe integration
- FDIC-insured up to $250,000
- Modern API and fintech integrations
What Mercury Requires from Canadian LLCs
To open Mercury with a foreign-owned US LLC:
- LLC formation documents (Articles of Organization / Certificate of Formation)
- LLC operating agreement (if applicable)
- EIN (Employer Identification Number) for the LLC
- Passport of all beneficial owners
Your ITIN is needed for IRS Form 5472 compliance as the Canadian owner, but Mercury's account opening form primarily uses the LLC's EIN. ITIN enables proper beneficial ownership declaration for FinCEN requirements.
ITIN's Role in Mercury Beneficial Ownership
US banks (including Mercury) are required by FinCEN (Financial Crimes Enforcement Network) to verify the beneficial owners of business accounts. As the Canadian beneficial owner of your US LLC, you provide your passport and personal information during Mercury's account opening.
While Mercury's account form uses the LLC's EIN, your ITIN establishes your identity as the LLC's owner in the US tax system — creating a consistent and verifiable paper trail between your Canadian identity and your US business.
ITIN Plus for Canadian Mercury Bank Users
$99, 8–14 weeks, IRS Certified Acceptance Agent. Email apply@itinplus.com. Most Canadian Mercury Bank customers apply for their ITIN simultaneously with LLC formation to have everything ready when their Mercury account opens.
Frequently Asked Questions
Can Canadians open Mercury Bank without a US LLC?
No. Mercury Bank is a business bank — it requires a US business entity (LLC or corporation). You cannot open Mercury as an individual Canadian without a US business entity.
Does Mercury Bank require an ITIN?
Mercury's account form uses the LLC's EIN as the business Tax ID. However, your ITIN is needed for IRS Form 5472 compliance as the Canadian owner of the LLC — a separate but equally important requirement. Some Mercury applications also reference the beneficial owner's Tax ID.
Is Mercury Bank FDIC insured?
Yes. Mercury Bank is FDIC-insured up to $250,000 per depositor. It is a legitimate, licensed US bank with full regulatory compliance.
How long does it take to open Mercury Bank as a Canadian?
After submitting your LLC documents and EIN, Mercury typically approves accounts within 1–5 business days. The main bottleneck is getting the EIN (4–6 weeks by fax or immediate by phone). Get your ITIN in parallel — it takes 8–14 weeks.
How long does it take to get an ITIN?
8–14 weeks from the IRS submission date. Apply through ITIN Plus for $99.