Softwr

Accounting · head to head

Mercury vs Wise Business

Mercury logo

Mercury

Accounting

Banking for startups

From
Free
Rated
-
Full reviewWebsite
Wise Business logo

Wise Business

Accounting

The smart way to send and receive business payments

From
$29/month
Rated
-
Full reviewWebsite

The short version

  • Only Mercury has a free tier, so it costs nothing to try first.
  • Each has a real cost: Mercury treasury access requires a $250,000 balance held with Mercury; Wise Business opening a Wise Business account in the UK carries a one off setup fee of 50 GBP
  • They diverge on capability: Mercury covers Business checking, Wise Business covers Multi-currency accounts.

Where they differ

Only the attributes on which Mercury and Wise Business actually diverge.

Attributes where Mercury and Wise Business differ
AttributeMercuryWise Business
Starting priceFree$29/month
Pricing modelfreemiumusage-based
Free tierYesNo
PlatformsWeb, Ios, AndroidWeb, Ios, Android, Api
Founded20192011

Identical on both: user rating (Not yet rated), category (Accounting).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Mercury

  • Business checking
  • Savings accounts
  • Virtual cards
  • Stripe
  • FDIC insured
  • SOC 2

Only in Wise Business

  • Multi-currency accounts
  • International transfers
  • Batch payments
  • Various
  • FCA regulated
  • Bank-level security
  • Api support

Both cover

  • Team management
  • API access
  • QuickBooks
  • Xero
  • Web support
  • Ios support
  • Android support

What people use each for

The jobs each tool is most often brought in to do.

Mercury

  • Business banking and payments for startupsnot Wise Business
  • Managing treasury, invoicing and corporate cards from one accountnot Wise Business

Wise Business

  • Holding and converting multiple currencies as a businessnot Mercury
  • Paying international suppliers and contractors at the mid market ratenot Mercury
  • Receiving payments into local currency account details in several countriesnot Mercury

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Mercury

  • Treasury access requires a $250,000 balance held with Mercury
  • Non USD international wires carry a 1% conversion fee
  • Choosing OUR wire coding, which covers intermediary bank charges, costs $15 per wire
  • ACH invoicing is $1 per transaction on Mercury Plus and only free on the $299 a month Pro plan
  • Advanced and recurring invoicing require Mercury Plus at $29.90 a month

Wise Business

  • Opening a Wise Business account in the UK carries a one off setup fee of 50 GBP
  • Volume discounts on transfers start only above 20,000 GBP equivalent sent per month

Pricing, plan by plan

Mercury

Free
  • Mercury (Free)Free
    • ACH payments
    • Domestic wires
    • Real-time payments
  • Mercury Plus$29.9/month
    • Invoice ACH debits
    • Recurring invoices
    • Invoicing API (500/month)
  • Mercury Pro$299/month
    • All Plus features
    • Relationship manager
    • Free ACH invoice debits

Wise Business

$29/month
  • StandardFree
    • Multi-currency account
    • Real exchange rate
    • Batch payments

Which should you pick?

Choose Mercury if

  • You need business checking.
  • You want to start without paying.
  • You work on Web, Ios, Android.
  • You also want savings accounts.
Mercury review

Choose Wise Business if

  • You need multi-currency accounts.
  • You work on Web, Ios, Android, Api.
  • You also want international transfers.
Wise Business review

Questions people ask

Is Mercury or Wise Business better?
Neither clearly leads. Mercury starts at Free and Wise Business at $29/month, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Mercury or Wise Business?
Mercury has a free tier; the other does not. Paid plans start at Free for Mercury and $29/month for Wise Business.
Does Mercury or Wise Business run on more platforms?
Mercury runs on Web, Ios, Android. Wise Business runs on Web, Ios, Android, Api.
Can I use Mercury for free?
Yes. Mercury has a free tier, so you can try it without paying. Wise Business starts at $29/month.
What is Mercury best used for?
Mercury is most often used for business banking and payments for startups, managing treasury, invoicing and corporate cards from one account. Of those, business banking and payments for startups and managing treasury, invoicing and corporate cards from one account are not what Wise Business is typically brought in for.
What can Mercury do that Wise Business cannot?
Mercury covers Business checking, Savings accounts, Virtual cards, Stripe. Wise Business covers Multi-currency accounts, International transfers, Batch payments, Various. Both handle Team management, API access, QuickBooks, Xero.

Answered from the vendors’ own pages

Mercury: Is Mercury business banking free?

Mercury's base banking tier is free and includes ACH payments, domestic wire transfers, real-time payments, Bill Pay, and QuickBooks/Xero automations at no monthly cost.

Source
Wise Business: How fast are international transfers with Wise Business?

Wise Business offers fast global payments with 70% arriving in 20 seconds and 95% arriving in under 24 hours. You can also pay up to 1,000 contacts in a single batch transfer.

Source
Mercury: What does Mercury Plus add beyond the free tier?

Mercury Plus costs $29.90 per month and adds invoice ACH debits, recurring invoice capabilities, invoicing API with 500 calls per month, unlimited 1099 filings, and access to partner benefits.

Source
Wise Business: Does Wise Business offer volume discounts?

Yes, volume discounts are available on monthly transfers over 20,000 GBP or equivalent.

Source
Mercury: Does Mercury charge monthly account fees?

No, Mercury states there are no minimum account balance requirements, overdraft fees, required monthly fees, or account opening fees. The free tier includes essential business banking, with paid tiers available for additional features.

Source
Wise Business: How does Wise Business keep funds secure?

Wise customers move over AED60 billion monthly with systems built to keep funds safe. The company runs over 7 million daily fraud checks (80 per second), keeps funds diversified with secure financial institutions, and offers 24/7 customer support.

Source
Share

Related pages

More on Mercury

More on Wise Business

Keep looking

Other head to heads