What a fintech account is
A fintech is a software company. The account it gives you sits at a partner bank; the platform handles the onboarding, the app and the rules about who may hold an account. Mercury says so on its own site: "Mercury is a fintech company, not an FDIC-insured bank. Banking services provided through Choice Financial Group and Column N.A., Members FDIC." Others carry similar lines.
That structure is what makes remote onboarding possible, and it is also what makes the account conditional. The platform's eligibility rules, including which countries of residence it will serve, are set by the platform and its partners, and they change. In July 2024 Mercury announced closures for customers in prohibited countries; in 2026 founders shared a new notice with a 1 May deadline for businesses with addresses in those countries.
What a chartered bank account is
An account at Chase, Bank of America, Wells Fargo, Truist or Capital One is an account at the institution itself. It is opened in a branch, in person, by a banker who verifies your original documents and records who you are and what the business does. Bank of America directs non-residents to an appointment at a financial center and does not accept foreign business customers online; that is the trade: it is slower to get, and it is yours.
The relationship is the product. The banker who opened the account is the person who later hears a card application from a client they know, not a form from a stranger. Jorge, an e-commerce founder from Spain, described discovering that the path existed: "I thought it was impossible. It's actually possible and it's open for anyone. You just have to know the rules and walk a little bit of a different path in order to get there."
Side by side
- Opening: fintech, online, days, from most countries on its list. Bank, in person, one appointment, after the ITIN and the company exist.
- Who decides you are a customer: fintech, the platform and its partner banks, by residence and policy. Bank, the branch, by identity, documents and the file in front of it.
- Personal account for the founder: fintech, usually business only. Bank, personal and business, often the same day.
- Path to US credit cards: fintech, its own charge products at most, not the bank cards our clients hold. Bank, a funded relationship a banker can underwrite a card against.
- How it ends when rules change: fintech, a notice and a deadline. Bank, a person you can call, and a track record the institution can see.
- What suppliers and platforms think: an e-commerce founder from Latvia said it for us: "When I told the warehouse I have Bank of America and Chase, oh, you are set up, all good."
When a fintech is the right first step
If your business is pre-revenue, if you are testing whether the US market exists for you, or if you cannot make a trip yet, a fintech account is a reasonable place to receive your first payouts. Use it as a working account, not as your foundation. Keep balances you cannot afford to have frozen somewhere else, download statements monthly, and read every eligibility update the platform sends.
It is not the right step if your monthly spend is real, your customers pay you in dollars and you want US credit. Those founders are the ones who lose the most when a platform changes its list, because the whole business runs through one door they do not control.
When the real bank is the answer
If you run an active business with real revenue and spend, can make one trip to Miami, and have the liquidity to fund your own US accounts, the chartered bank is the base and everything else is built on it. Jack, who runs an AI growth consultancy from Australia, on the end of his banking day: "Now I have three banking relationships with three of the most powerful institutions in the world."
That is what the base is: the ITIN, the company with its EIN, the documentation, the relationships opened in person, then the cards. The credit card approval that follows is guaranteed in our client agreement; a specific limit, date or points value is never promised, because the bank decides those.
Five questions to ask any provider before you move money
- Are you a bank, or a platform whose accounts sit at a partner bank? Which bank holds my deposits?
- What are your residency and address rules for owners, and how will you tell me if they change?
- Can I, the founder, hold a personal account with you as well as the company's?
- Who do I call, by name, when something goes wrong?
- Is there a path from this account to a relationship that can underwrite credit?
A fintech answers the first question in its footer. A chartered bank answers the last two with a person.
If you already have a fintech account
- Keep it running while you build the base. Two working accounts are better than one during the transition.
- Move recurring payouts to the bank account once it is open, one platform at a time, before the next payout date.
- Do not let the fintech balance become the business's only cash. A closure notice with a deadline is much easier to handle when it is not.
- Keep the fintech statements. Banks like to see history, wherever it was kept.
This guide describes how the US system works for non-US founders and how we build within it. It is not tax, legal or immigration advice; your CPA or attorney answers those questions for your situation.