Wise Business vs a traditional U.S. bank account — which is better for my foreign LLC?
I see a lot of foreign LLC owners using Wise Business instead of a regular U.S. bank. Is Wise Business actually a bank account? Can I use it for everything a regular bank account does — receive ACH payments, connect Stripe, pay contractors?
I'm also confused about the fees. Wise claims to have low fees, but how does it compare to Mercury or Relay for a foreign LLC that mostly receives USD and occasionally converts to EUR?
Is there any downside to using Wise as my only U.S. account?
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