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How to open a Mercury US bank account in United Kingdom

By Doola

Published on 1 Aug 2024 2 min read

Opening a Mercury US Bank Account in the United Kingdom: A Streamlined Process

How to Open a Mercury US Bank Account in the United Kingdom

If you are ready to apply for a Mercury US bank account in the United Kingdom, follow our step-by-step guide.

Benefits of Opening a Mercury US Bank Account in the United Kingdom

Opening a Mercury US bank account while residing in the United Kingdom offers a variety of advantages. This account provides you with the ability to operate in US dollars, providing a financial bridge to the vast American market. Furthermore, Mercury offers a modern and efficient banking interface, designed specifically for startups and tech-savvy entrepreneurs.

With a Mercury US account, you can also benefit from lower transaction fees, seamless integration with financial tools, and round-the-clock customer support. It’s an excellent tool for UK businesses looking to expand their operations across the Atlantic.

Pros and Cons of Mercury US Bank Account in the United Kingdom

There are numerous pros to having a Mercury US bank account in the United Kingdom. These include easy access to the US financial market, an intuitive online banking platform, and the ability to transact in multiple currencies with ease. The digital-first approach of Mercury also means that there is less hassle compared to traditional banking methods.

However, potential cons include the complexity of meeting US compliance and regulatory requirements, and possible issues with transferring large sums of money internationally. Additionally, there might be currency conversion fees when moving funds between your UK and US accounts.

How to Open a US Business Bank Account From the United Kingdom

To open a US business bank account such as Mercury from the United Kingdom, you generally need to have a legally-compliant US-based company. First, register your business with the appropriate US authorities, ensure you have an Employer Identification Number (EIN), and prepare necessary documents like your passport and business incorporation papers.

Once your company is set up, you can apply for a Mercury US bank account through their online platform. The process typically involves filling out detailed application forms, submitting your identification and business documents, and possibly undergoing a verification process.

Compliance Requirements

When using a Mercury US bank account in the United Kingdom, it is imperative to understand the compliance requirements. U.S. banks are bound by stringent regulations to prevent fraud, money laundering, and other illegal activities. As a result, you’ll need to adhere to Know Your Customer (KYC) and Anti-Money Laundering (AML) policies.

This means you must provide accurate and up-to-date information about your business and its operations. Regular audits or checks may occur to ensure compliance. Staying compliant is crucial for maintaining the integrity of your account and avoiding legal complications.

Tax Obligations

Using a Mercury US bank account while residing in the United Kingdom also comes with specific tax obligations. You need to understand the tax implications of holding funds in a U.S. account. This includes both U.S. and U.K. tax laws, which may require you to report your U.S. income on your U.K. tax returns.

Engaging a knowledgeable accountant who is experienced with international taxation can help you navigate these waters. They can advise you on how to declare your U.S. earnings correctly and avoid potential issues with tax authorities in both countries.

Can I Apply for a Mercury US Business Bank Account From the United Kingdom?

Yes, you can apply for a Mercury US business bank account from the United Kingdom. doola is happy to help you open your bank account via doola’s partnership with Mercury. However, please keep in mind that Mercury cannot currently open accounts for founders operating in the following countries and regions: Afghanistan, Albania, Belarus (Republic of Belarus), Bosnia & Herzegovina, Burundi, Cambodia, Cameroon, Central African Rep, Congo (the Democratic Republic of the), Congo (the), Croatia, Cuba (Republic of Cuba), Eritrea, Haiti, Iran (Islamic Republic of Iran), Iraq, Lebanon, Liberia, Libya, Mali, Mozambique, Myanmar (Burma), Nicaragua, Nigeria, North Korea (DPRK – Democratic People’s Republic of Korea), Pakistan, Palestine (State of), Philippines, Russia (Russian Federation), Somalia, South Sudan, Sudan (the), Syria (Syrian Arab Republic), Ukraine, Venezuela (Bolivarian Republic of), Yemen, Zimbabwe.