Best Multi-Currency Account for a US LLC
If your US LLC gets paid in euros, pounds and dollars, you need more than one bank account. Here is how to structure multi-currency banking without breaking IRS filing rules.
Why a single USD account usually is not enough
Most European founders form a US LLC to invoice US clients, use US payment processors like Stripe, or access US suppliers and marketplaces. But your customers are rarely all in one currency. You might get paid in USD from a US client, in EUR from a German customer, and in GBP from a UK agency. If your only account is a USD checking account at a traditional US bank, every incoming EUR or GBP payment gets converted at whatever rate the bank feels like giving you, often with a hidden markup of two to four percent.
A multi-currency setup lets your LLC hold EUR, USD and GBP balances separately, pay suppliers in their local currency, and convert only when you actually need to, at something close to the real mid-market rate. The tricky part is that no single provider does everything well, so most founders end up combining a US-native account with a multi-currency layer.
The two building blocks: US banking and multi-currency banking
It helps to separate the two jobs your LLC's money needs done.
- US operating account, for receiving USD from Stripe, PayPal, or US clients, paying US vendors by ACH, and building a US banking history. Mercury and Relay are the two most commonly used for foreign-owned LLCs. Both onboard fully remotely.
- Multi-currency layer, for holding EUR and GBP balances, invoicing European clients in their own currency, and converting between currencies without going through a US bank's wire desk. Wise Business is the most widely used option here, with Airwallex as a growing alternative for founders doing heavier volume in Asia or the Middle East.
Neither Mercury nor Relay currently lets you hold a real EUR or GBP balance inside the account. They are USD accounts that can send and receive international wires. Wise Business, by contrast, gives you local account details in multiple currencies (a US account number and routing number, a UK sort code and account number, an EU IBAN) all tied to the same LLC.
Comparing the main options
| Provider | Currencies held | Needs EIN | US formation docs required | Card | Best for |
|---|---|---|---|---|---|
| Mercury | USD only | Yes | Yes | USD debit and charge card | Primary US operating account, ACH, Stripe payouts |
| Relay | USD only | Yes | Yes | USD debit cards, multiple sub-accounts | Bookkeeping separation, team spending |
| Wise Business | USD, EUR, GBP and 40+ others | Yes | Yes | Multi-currency debit card | Holding and converting EUR/GBP, paying overseas vendors |
| Airwallex | USD, EUR, GBP and others | Yes | Yes | Multi-currency card, expense controls | Higher volume, multiple team cards |
A common working setup is Mercury or Relay as the main USD account that your EIN and Stripe payouts are tied to, plus Wise Business sitting alongside it to receive EUR and GBP invoices directly and to pay any non-US suppliers without unnecessary conversion.
What you need in place before you can open any of these
Every one of these providers underwrites based on the same core documents, so get them in order first.
- A formed US LLC, with Wyoming being the common low-cost default for founders who do not need a specific state for legal reasons.
- An EIN (Employer Identification Number) from the IRS. Non-residents apply using Form SS-4, and since you generally cannot get an EIN online without a US Social Security Number, most non-resident applications go by fax or mail directly to the IRS.
- A government ID for each beneficial owner, usually a passport.
- A US business address, which can be a registered agent or virtual address in most cases.
None of these providers require you to have an ITIN to open a business account. The ITIN is a personal tax identifier for people who are not eligible for a Social Security Number, and it only becomes relevant if you personally need to file a US tax return, for example if the LLC's income becomes effectively connected to a US trade or business, or if you want to claim a tax treaty benefit. It has nothing to do with visas: an ITIN does not require any US immigration status at all.
Do not let multi-currency banking distract from your filing obligations
Holding multiple currencies does not change your US filing requirements, and this is where founders get caught out. A foreign-owned single-member LLC is treated by the IRS as a disregarded entity, which means it does not file its own income tax return in the normal sense. Instead, it must file Form 5472 together with a pro-forma Form 1120, every year, even if the LLC had zero revenue and never touched a US bank account. This is an information return, not a tax calculation, and it exists so the IRS can see transactions between the LLC and its foreign owner (capital contributions, loans, distributions, and so on).
Missing the Form 5472 deadline carries a penalty of 25,000 dollars per form, and the clock does not care whether your LLC made any money that year.
Because a multi-currency account moves money between the LLC, you personally, and possibly other entities you own, keep clean records of every transfer and its currency at the time of the transaction. This is what your accountant will need to complete the 5472 correctly.
Practical setup order
- Form the LLC and get your EIN.
- Open your primary USD account (Mercury or Relay) using the EIN and formation documents.
- Open Wise Business for EUR and GBP balances and send those account details to European clients instead of asking them to wire USD.
- Get an ITIN only if your accountant confirms you need one for a personal filing.
- Set a simple rule for moving money between currencies, for example converting EUR to USD only when you actually need USD for expenses, rather than converting every payment on arrival.
Founders Credit sets all of this up as one done-for-you package, forming the LLC, filing for the EIN, applying for an ITIN if needed, and getting the business banking and cards opened, entirely remotely, so you are not chasing five separate providers on your own.
Quick glossary
EIN: the tax ID number the IRS issues to your LLC, required to open any US business bank account.
ITIN: a personal US tax ID for people who cannot get a Social Security Number. Not required for banking, only for certain personal filings.
Disregarded entity: the IRS classification for a single-member LLC, meaning the LLC's activity is reported through its owner rather than taxed separately.
Form 5472: an annual information return foreign-owned LLCs must file alongside a pro-forma 1120, reporting transactions with the foreign owner, even at zero revenue.
Mid-market rate: the real exchange rate with no markup, what you see on Google or Reuters, and the benchmark to compare any provider's conversion fee against.
Frequently asked questions
Do I need an ITIN before I can open a multi-currency account for my LLC?
No. Business banking providers open accounts using your LLC's EIN and your passport. An ITIN is a personal tax identifier and is only needed if you personally have a US tax filing obligation, which is a separate question from banking.
Can Mercury or Relay hold euros or pounds directly?
No, both are USD-only accounts. They can send and receive international wires, but any EUR or GBP is converted to USD on arrival. For an actual EUR or GBP balance, pair them with a provider like Wise Business.
Does opening a multi-currency account remove my Form 5472 filing requirement?
No. Form 5472 and the pro-forma 1120 are required annually for a foreign-owned single-member LLC regardless of which banks or currencies you use, and regardless of whether the LLC had any income.
Which US state should I register the LLC in if banking simplicity matters most?
Banks care about your EIN, formation documents and identity verification, not primarily the state. Wyoming is a common default for its low fees and privacy, but Delaware and others work fine for banking purposes too.
Can I get a debit or credit card in euros or pounds?
Wise Business issues a multi-currency debit card that draws from whichever currency balance you choose. Mercury and Relay currently only issue USD-denominated cards.
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