An international business account lets a US company receive money from customers abroad, pay overseas suppliers and hold or convert foreign currency without routing every payment through a single high-cost wire. The right account depends on how money actually moves through the business, not on the monthly fee or the app. An importer paying factories in Asia and carrying 90 days of stock needs something different from a consultancy that sends one foreign invoice a quarter.
US banks and non-bank providers are often compared side by side, but they are not the same kind of institution. A bank holds deposits that can be covered by Federal Deposit Insurance Corporation (FDIC) insurance. A fintech or payment company usually holds customer money through partner banks or under a state money transmitter licence, and the protection depends on that structure. This guide compares both, explains what each does well and shows how most trading businesses combine them.
The tables below summarise each provider. The first shows who each one suits; the second shows what kind of institution it is and where the customer's money sits.
| Provider | Best for | Main consideration |
|---|---|---|
| Chase | Established businesses wanting a major US bank | Bank pricing for wires and FX; benchmark against specialists |
| Bank of America | Companies wanting domestic scale plus global payments | International features vary by account and client segment |
| Mercury | Digital-first US companies and startups | A fintech, not itself an FDIC-insured bank |
| Wise Business | Transparent FX and multi-currency payments | Not a conventional bank or credit relationship |
| Airwallex | Multi-market digital businesses | A broad platform that may exceed a simple trader's needs |
| OFX | FX-intensive businesses wanting human support | Not a bank account; sits beside a primary bank |
| Helm | Importers, exporters and wholesalers | Corridors and onboarding depend on the business |
| Provider | Type of institution | Where money is held |
|---|---|---|
| Chase | FDIC-insured bank | Deposits at the bank |
| Bank of America | FDIC-insured bank | Deposits at the bank |
| Mercury | Fintech with partner banks | Choice Financial Group and Column N.A., Members FDIC |
| Wise Business | Non-bank payment provider | Set out in Wise's US terms |
| Airwallex | Non-bank payment provider | Set out in Airwallex's US terms |
| OFX | Licensed money transmitter (NMLS #1021624) | Set out in OFX's US terms |
| Helm | Operating platform | Licensed partners in each region |
Each provider was assessed against the five things that decide the real cost and reliability of international banking for a trading business.
Chase suits established companies that want their main operating account, lending and cash management with one of the largest US banks. Business customers can send international wires in US dollars or foreign currency, and the wider relationship can include credit lines, merchant services and treasury services.
It fits a mature importer that keeps treasury and borrowing at Chase and uses a specialist provider for particular currencies or corridors. Chase sets its wire and foreign-exchange pricing in its business fee schedule, and the exchange rate it applies includes a margin, so the true cost of a payment is the difference between the amount sent and the amount the supplier receives. Compare that figure, not only the wire fee.
Bank of America offers business clients international wires in US dollars and in foreign currencies, with the features available depending on the account and client segment. It suits businesses that value branch access, credit products and the scale of a national bank.
A foreign-currency wire with no stated wire fee is not a free payment, because the conversion carries a margin. When comparing Bank of America with a specialist, compare the exchange rate, the amount the recipient receives, the delivery time and the help available when a payment needs to be traced. Bank of America publishes its business fees in its schedule of fees for each account.
Mercury is a fintech company, not an FDIC-insured bank. Its banking services are provided through Choice Financial Group and Column N.A., Members FDIC, and Mercury states that customers can get up to $5 million of FDIC insurance through its partner banks and their sweep networks. A sweep network spreads deposits across several insured banks so that more of the balance falls within the $250,000 limit at each one.
On pricing, Mercury states that ACH payments and domestic wires are free to send and receive, and that USD international wires can be sent free. Choosing the OUR option, where the sender pays all intermediary charges, costs a flat $15. Non-USD international wires carry a 1% conversion fee, and Mercury asks customers to contact it about exchanges over $200,000. The standard plan is $0 a month, with paid Plus and Pro plans for added features.
Mercury suits US-incorporated technology companies and online businesses that pay contractors and suppliers abroad. It is less suited to documentary trade finance, such as letters of credit, or to a relationship-led currency strategy for large purchase orders.
Wise Business lets a US company hold, receive, convert and send many currencies, with the conversion fee shown separately from the mid-market exchange rate. For US businesses Wise charges a one-time $31 set-up fee, and registering is free. Wise provides local account details in 22 currencies, so a customer in Europe can pay into a euro account and a customer in the UK into a sterling account rather than sending an international wire.
Wise states conversion and sending fees that vary by currency and start at 0.23%. Receiving domestic USD payments that are not wires is free; receiving a USD wire or SWIFT payment costs $6.11 per payment. Holding money is free, and volume discounts apply to spend above $25,000 or the equivalent.
Wise is useful for comparing real supplier payments and customer receipts and for spending foreign currency already received. It is not a full-service bank and does not offer trade-finance facilities or a relationship manager for credit.
Airwallex combines global accounts, multi-currency balances, transfers, cards and spend tools in one platform. In the US it offers Global Accounts to collect and hold funds in more than 20 currencies, local transfers to more than 120 countries and SWIFT transfers to more than 200 countries. Domestic USD and CAD transfers are free.
Airwallex charges 0.5% above interbank rates to convert major currencies, including USD, EUR, GBP, CNY, HKD, AUD and SGD, and 1.0% above interbank for all other currencies. SWIFT transfers cost $15 to $25 each. The Explore plan is free; the Grow plan is $12 per user a month plus a platform fee, and the Accelerate plan is priced on request.
Airwallex suits ecommerce, software and multi-region teams that need local collection accounts in several markets and card spend under one roof. A simple importer with one or two supplier corridors may not use most of the platform.
OFX has a long-standing focus on foreign exchange and international payments. Its US Global Business Account lets a business receive, hold and pay in more than 30 currencies across more than 170 countries, with 24/7 support from people rather than a chatbot. OFX is a licensed money transmitter (NMLS #1021624), and it states plainly that the Global Business Account is not a bank account.
The Standard plan is $0 per user a month, and the Full Suite costs $75 a month for five users plus $10 for each additional user. OFX states $0 FX fees on international payments made from held balances; the exchange rate itself carries the margin. OFX suits businesses where currency is a material line in the profit and loss account and where a dealer who knows the business adds value. It should sit beside a primary US bank that holds operating cash and provides lending.
Helm, the firm's own business account and payments platform, brings a trading business's collection accounts, payout accounts, currency conversion and trade documents into one place. Suppliers are paid on local payment rails, buyers can pay locally, and balances are held with licensed partners in each region, with whom the business contracts through Helm. Each payment carries the invoice, customs and tax documents the business needs for reconciliation.
Helm is built for businesses where cross-border payments are part of the core trading cycle, such as an importer paying deposits months before stock is sold or a wholesaler collecting receipts while buying new inventory. Live corridors cover Latin America, Africa, the Gulf and South-East Asia to and from the United Kingdom, Europe and North America. Onboarding typically takes two to four weeks from documents, and pricing is a monthly platform fee plus the partners' transaction and conversion fees, set out in writing. A domestic business with occasional foreign spend is usually better served by a simpler account. More detail is on the Helm platform page.
The figures below are taken from each provider's published US pricing page in October 2026. Banks set international wire and FX charges in their own fee schedules, which vary by account, so they are not listed. In every case the exchange rate margin matters as much as the stated fee.
| Provider | Conversion fee | Notes |
|---|---|---|
| Mercury | 1% on non-USD international wires | Contact Mercury above $200,000 |
| Wise Business | From 0.23% | Varies by currency |
| Airwallex | 0.5% major currencies; 1.0% others | Above interbank rate |
| OFX | $0 FX fee from held balances | Margin is in the rate |
| Provider | Account fee | Wire fees |
|---|---|---|
| Mercury | $0 standard plan | USD international wires free; OUR option $15 |
| Wise Business | $31 one-time set-up | $6.11 to receive a USD wire or SWIFT payment |
| Airwallex | Explore free; Grow $12 per user a month plus platform fee | SWIFT $15–$25 |
| OFX | Standard $0; Full Suite $75 a month | Set by OFX per payment |
To compare like with like, take three recent supplier payments and three customer receipts, and price each through every shortlisted provider on the same day. The cheapest provider on paper is often not the cheapest on the payments the business actually makes.
The FDIC insures deposits up to $250,000 per depositor, per FDIC-insured bank, for each account ownership category. Corporation, partnership and unincorporated association accounts form one of those categories, so a company's deposits at one bank are insured together up to that limit. FDIC insurance covers deposits only, and only at an FDIC-insured bank; it does not cover the insolvency of a non-bank company.
A fintech that places customer money with partner banks can extend cover through pass-through insurance, where each customer is treated as the depositor at the partner bank, and through sweep networks that spread balances across several banks. Payment-provider balances held under a money transmitter licence are protected differently, through the state licensing rules and the provider's own safeguarding arrangements. Check the current programme, the conditions and the named banks in each provider's terms, and use the FDIC's BankFind tool to confirm a bank's status.
Non-bank providers are often stronger for collections, currency conversion and cross-border routes. The decision is less about bank or fintech and more about which provider does which job, and where material cash balances sit overnight.
Every US bank and regulated payment provider must identify the business, its directors and its owners before an account opens. Preparing the file in advance shortens review times considerably.
Many US banks expect a US address and a director present in the US. Several fintech providers onboard US companies with non-resident owners, subject to their own country lists. Since FinCEN's final rule took effect on 14 August 2026, US companies are exempt from beneficial ownership information reporting to FinCEN; foreign companies registered to do business in a US state remain within the reporting rules. Account providers still collect ownership details at onboarding regardless.
The strongest set-up for most international businesses is a primary US bank for domestic treasury, payroll, lending and core cash, plus one specialist account for foreign-currency collections, supplier payments or particular corridors. The bank provides credit and the deposit relationship; the specialist provides local receiving accounts and lower conversion costs.
Each additional provider adds reconciliation work, user access to manage and one more set of terms. Add an account only where it produces a measurable gain: a lower all-in currency cost, easier collection from a key market, more reliable supplier delivery, access to finance or better support. Our comparison of business bank accounts for importers and exporters and the guide to USD business accounts for international businesses cover the same decision from the trader's side.
No single provider is best for every business. The right choice answers four questions: how customers can pay, how reliably suppliers get paid, what conversion really costs, and how quickly a named person can help when a payment needs attention. Importers can see the payment routes in detail in the best ways for US importers to pay overseas suppliers, and the firm's banking and payment processing team arranges bank and provider relationships for businesses that need them.
There is no single best account. Chase and Bank of America suit businesses that want lending and an institutional relationship, Mercury suits digital-first US companies, Wise and Airwallex suit multi-currency collections and payments, and OFX suits FX-heavy businesses.
No. They are non-bank payment providers that hold customer money under state money transmitter rules and through banking partners; OFX, for example, is a licensed money transmitter. Check each provider's current terms for how funds are protected.
Up to $250,000 per depositor, per FDIC-insured bank, for each ownership category; a company's accounts at one bank are insured together up to that limit. Sweep programmes can spread balances across several banks to extend cover.
Mercury is a fintech, not a bank. Its banking services are provided through Choice Financial Group and Column N.A., Members FDIC, and it states up to $5 million of FDIC insurance through partner banks and their sweep networks.
Many fintech providers onboard US companies with non-resident owners, subject to their country lists, while many banks expect a US presence. The company needs an EIN, which foreign-based businesses obtain from the IRS by phone, fax or mail.
Usually yes: a primary bank for domestic operations and lending, and a specialist account for currency collections or supplier payments. Each account should do a clear job and be reconciled monthly.
The receiving routes customers can use, supplier payment coverage, the all-in conversion cost, wire and receiving fees, settlement reliability, how funds are protected, approval controls, investigation support and access to finance.
Buckingham Capital Consulting has obtained FCA payment institution and e-money licences for firms including Nexpay, Orbital, Global Send and Dzing Finance since 2013, and arranges the bank, operating and payment accounts those firms run on. Its banking and trade payments teams also arrange US and international accounts for importers, exporters and wholesalers that move money across borders.
Speak to an expert: WhatsApp +44 7563 115980, Telegram @buckinghamcapital or info@buckinghamcapitalconsulting.co.uk.
This article is general information, reviewed against the regulator’s published requirements on the date shown. It is not legal advice; the regulator’s current publications take precedence.