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Ask HN: Best Bank for Startups?

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Re: Ask HN: Best Bank for Startups?

#41

Post by immad »

markh wrote: post #39
immad wrote: post #7

(I am the CEO of Mercury.com.) Lots of people switch over from SVB to us. Happy to answer any questions you have. We go out of our way to be transparent in pricing, have great customers service and "just work". We dont currently do LoCs though. Also feel free to email me (my username AT mercury.com)

We switched to Mercury only to discover you don’t support wiring money to all countries (we need South Africa support). Perhaps this (hopefully temporary) limitation could/should be included in your FAQ? In the interim we’re going to look into Pilot for team payments. Anyone here using Pilot?

If you email us we can enable support to South Africa (and most countries). We need some extra info right now to do that.

We should be able to do most (non sanctioned) countries by default soon too.

Re: Ask HN: Best Bank for Startups?

#42

Post by quadrifoliate »

immad wrote: post #37
quadrifoliate wrote: post #34

Earlier quoted context omitted.

> Displaying personal balance - Thats come up before, will try to get a fix prioritized for that. Leaking information about a personal account when it has only been used authorized for the purposes of transfer seems to be a P0 bug to me, from a disinterested third-party point of view. If I authorize a transfer of $10k to my startup and for some reason my co-founder is able to see that my personal account balance at B…

99% of the time Plaid functionality is used to transfer money from your previous business bank account to Mercury. In that scenario it's useful to have balance information. Most people transfer money from personal account via another means (checks, wire etc). Though agreed that it's bad when a personal account is used and the balance is leaked to cofounders.

Ah I see, I had the typical use case wrong. Thanks for your response!

Re: Ask HN: Best Bank for Startups?

#43

Post by markh »

immad wrote: post #41
markh wrote: post #39

Earlier quoted context omitted.

We switched to Mercury only to discover you don’t support wiring money to all countries (we need South Africa support). Perhaps this (hopefully temporary) limitation could/should be included in your FAQ? In the interim we’re going to look into Pilot for team payments. Anyone here using Pilot?

If you email us we can enable support to South Africa (and most countries). We need some extra info right now to do that. We should be able to do most (non sanctioned) countries by default soon too.

Thank you, I’ll email you directly. Your super quick response on a previous HN thread was a key reason we decided to sign up with Mercury in the first place...

Re: Ask HN: Best Bank for Startups?

#44

Post by mfkp »

immad wrote: post #24
westoque wrote: post #17

Earlier quoted context omitted.

same here. happy mercury customer. just disappointed the webapp wasn't build mobile friendly from the start. the UI is simple enough that it should've been working on mobile! should've used a responsive CSS framework vs using css modules. recreated the wheel for not a lot of value.

We now have an iOS app. I don't think CSS modules are the issue to making it responsive. We just decided to focus the design/engineering resources on making mobile apps instead of responsive web app. Ideally we would do both though, and hopefully we can in the future.

I'd switch to Mercury with my $250k+ bank account if there was an Android app as well

Re: Ask HN: Best Bank for Startups?

#45

Post by markvdb »

Related question: what bank would you go with for a super simple euro zone llc?

The requirements are simple:

- a proper EU based IBAN

- SEPA bank transfer

- SEPA direct debit

- proper customer support

- proper web experience

- debit card

- (preferably) limited credit card support

- honest and transparent pricing

There's obviously the company's home country banks, but I'm specifically wondering about banks offering EU wide services. Either I'm not looking well enough or there isn't really a decent bank offering these services EU wide:

- Many more traditional banks don't seem to be interested in working with companies in different EU countries.

- N26 doesn't seem to do llc's.

- Revolut doesn't have a proper web client.

Re: Ask HN: Best Bank for Startups?

#46

Post by immad »

xzel wrote: post #30
tujson wrote: post #20

Earlier quoted context omitted.

+1 for Mercury. Super simple signup, and great UI. Love that there's a mobile app! Real nice to have virtual cards. Only nitpick is when my co-founders linked their bank accounts to Mercury to transfer money, Mercury displayed their personal account balances (after unlinking their accounts, their personal balances no longer showed up). I had to wire transfer since Plaid didn't work for my bank.

I'd love to provide virtual cards for my business. Is it a simple process to start using them with Mercury?

Yeah, super easy. Just go to mercury.com/cards once you have an account.

Re: Ask HN: Best Bank for Startups?

#47

Post by carlosdp »

immad wrote: post #7

(I am the CEO of Mercury.com.) Lots of people switch over from SVB to us. Happy to answer any questions you have. We go out of our way to be transparent in pricing, have great customers service and "just work". We dont currently do LoCs though. Also feel free to email me (my username AT mercury.com)

Another +1 for Mercury, simple to start and really does just work.

Re: Ask HN: Best Bank for Startups?

#48

Post by physicsAI »

immad wrote: post #7

(I am the CEO of Mercury.com.) Lots of people switch over from SVB to us. Happy to answer any questions you have. We go out of our way to be transparent in pricing, have great customers service and "just work". We dont currently do LoCs though. Also feel free to email me (my username AT mercury.com)

+1 for Mercury. We also switched to Mercury after 8 months with SVB. It is crazy how much difference a good UI makes and the time it saves.

Re: Ask HN: Best Bank for Startups?

#49

Post by mchusma »

immad wrote: post #7

(I am the CEO of Mercury.com.) Lots of people switch over from SVB to us. Happy to answer any questions you have. We go out of our way to be transparent in pricing, have great customers service and "just work". We dont currently do LoCs though. Also feel free to email me (my username AT mercury.com)

+1 for Mercury. My only feature wish is the ability to write paper checks (not send via mail). It comes up occasionally (e.g. in CA need to give paper checks to employees on the spot when terminating).

But SO much better than Wells Fargo.

Re: Ask HN: Best Bank for Startups?

#50

Post by S15H »

markvdb wrote: post #45

Related question: what bank would you go with for a super simple euro zone llc? The requirements are simple: - a proper EU based IBAN - SEPA bank transfer - SEPA direct debit - proper customer support - proper web experience - debit card - (preferably) limited credit card support - honest and transparent pricing There's obviously the company's home country banks, but I'm specifically wondering about banks offering EU…

Maybe have a look at bunq. They check most (all?) of your boxes.
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