Is Mercury Bank unavailable in Canada? Here are some alternatives

Mercury Bank has taken tech startups in the US by storm , striving for effortless and simplified financial services operations. While called a bank, it's technically a financial technology company, which hasn't yet arrived on this side of the border in Canada. That means if you're building a startup north of the border, you'll need to look at other accessible alternatives, which is where this guide comes in. We’ll talk through what's available in Canada, including Wise’s features and usability.

Why Mercury Bank isn’t available in Canada

Mercury isn’t available to businesses incorporated in Canada at this time.² Some Canadian founders may be eligible if their company is registered in the U.S., U.S. Virgin Islands, or British Virgin Islands, as Mercury will support US-incorporated businesses only if the founders or financial controllers live outside the country.²

Canadian Alternatives for Mercury Bank

While Mercury remains out of reach, several Canadian fintechs and digital banks offer comparable services.

Square

Square is an all-in-one payment platform that allows businesses to accept payments and manage their finances. It enables you to take payments from customers in multiple currencies, including Canadian dollars.

Square is known for its ease of use. The platform also features advanced analytics tools that allow you to track your transactions and understand your customer base better. Additionally, Square has a mobile app for Android or iOS devices so you can keep track of your money on the go.

Square does not have the same level of bank integration as Airwallex – it only offers basic bank transfers in Canada. Additionally, it does not offer the same advanced analytics dashboard as Airwallex.

Wise Business

Opening a business account at Wise is free, online and easy! With Wise, you don’t lose money to monthly subscriptions or have it held up as minimum balance. You pay only for what you use. Here’s what you get for the essential and complete version for a one-time fee of 55 CAD:

You can always upgrade from the essential features to avail all Wise business features for a one-time payment of 55 CAD

Experience owning a Wise business account
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It only takes a few minutes to set up your multi-currency account, and make the most of the mid-market exchange rate.

Step 1. Enter information relevant to yourself and your business.
Step 2. Share essential information about your business. This includes

• Business registration
• The business registered and trading addresses
• The industry you’re in
• Online presence
• Name, date of birth, country of residence - for all stakeholders
• Documents proving ownership of the business

Step 3. Enter essential information to verify your identity
Step 4. Set up and make a transfer as indicated on your account. Alternatively, you could pay the one-time fee and get account details in over 10 currencies.
Step 5. Wise sends you a confirmation email within 10 working days.

In case you add team members to the business account, they will need to be verified too.

Wise's has been reviewed and appreciated on public platforms such as:

• Trustpilot Canada: 4.3/5 stars with 256,776+ reviews
• Play Store Canada: 4.7/5 stars with 1.28M+ reviews

Payoneer

Payoneer is a digital payments platform designed for businesses that need to pay and receive money from customers in multiple currencies. It allows you to send and receive payments between Payoneer accounts for free³, no matter the currency.

What makes Payoneer unique is its low fees and fast transfers. Payments are made quickly, with no hidden charges or extra transaction fees. Payoneer also provides a secure system that protects your data, making it easy for you to manage your payments.

Payoneer is missing some features that Airwallex offers, such as the ability to send multiple currencies at once and a more advanced analytics dashboard. Additionally, Payoneer does not have integration with banks in Canada.

PayPal Business

PayPal is one of the most well-known payment services in the world. It allows you to send and receive payments from customers quickly and securely.

PayPal is popular because of its wide acceptance among merchants and consumers worldwide, as well as its integration with banks in Canada. You can also pay for goods or services with your credit card through PayPal, which makes it a great option for businesses that need to accept payments from customers across different countries.

However, PayPal does not have some of the features Airwallex offers, such as bank integration and multiple currency transfers at once. Additionally, fees can be higher than Airwallex, especially for international payments - international micropayments require 6% plus a fixed fee⁵.

Conclusion

Mercury may not be available in Canada, but several solid alternatives cater to both personal and business needs. For personal banking, KOHO and Wealthsimple are solid modern, no-fee experiences with user-friendly apps, without business functionality. Simplii is a more traditional option that lacks some of the innovative features of newer platforms. PayPal Business remains a widely used solution for receiving payments, but it’s often criticized for high fees and a less intuitive interface. Wise emerges as a well-rounded alternative with transparent pricing, multi-currency support, and robust tools for managing international payments. Choosing the right platform ultimately depends on your specific needs, but for cross-border business banking, Wise stands out as the closest match to Mercury.Get started with Wise.

References

1. About Mercury
2. Business Checking & Savings Accounts | Mercury
3. Eligibility – Mercury
4. Plans & pricing - Square Online
5. Payoneer Fees
6. Fees | Merchant and Business | PayPal CA