Banking & EIN — Getting a U.S. Bank Account and Tax ID
When your wallet becomes a company on OtoCo, it usually needs two things that crypto can't give you: an EIN (U.S. Tax ID) and a U.S. business bank account. OtoCo handles both — either as add-ons during formation, or on demand from Genco after the fact.
EIN (Tax ID): $189 one-time. Optional at formation, or order it later from Genco. U.S. Bank Account: $299 one-time for a Mercury Bank application that Genco prepares with your entity documents. Best-effort — Mercury approval is not guaranteed. U.S. Mailing Address: $249/yr for a Virtual Mailing Address (a real U.S. address for mail and bank documents).
Why an EIN matters
An EIN (Employer Identification Number) is your company's tax ID with the IRS. You'll need one to:
- Open a U.S. business bank account (Mercury, Stripe Treasury, etc.)
- Accept payments via Stripe, PayPal, or Square under the company name
- File U.S. tax returns
- Issue 1099s to U.S. contractors
- Engage with most U.S. SaaS vendors
OtoCo's EIN add-on is expedited — the IRS processing for non-U.S. owned entities can take 4–8 weeks normally; OtoCo's flow is the same IRS process but with all the paperwork pre-filled correctly, which avoids common rejections.
How to order an EIN
Option 1 — During formation. Toggle Tax ID (EIN) on in the Additional Formation & Services section.
Option 2 — After formation. Open your DashPanel, click the Genco orb in the bottom-right, and say "I need an EIN." Genco generates the payment link and triggers the order.
Option 3 — Included with BYOE. If you're bringing an existing LLC via BYOE, the EIN is included in the $149 setup fee.
When your EIN arrives
The IRS issues the EIN to OtoCo as your registered agent. We forward it into your DashPanel and to the email on file as soon as we receive it. The number appears on the Overview tab of your entity.
Why a U.S. bank account matters
Even fully onchain businesses run into "we need a U.S. bank wire" at some point — for SaaS subscriptions, hiring through U.S. payroll providers, contractor payments, or for any counterparty that isn't crypto-native. Mercury is OtoCo's preferred banking partner because:
- It's designed for startups (FDIC-insured business checking + savings)
- It supports international owners (with the right entity documentation)
- It integrates with the major business financial tools (QuickBooks, Stripe, Brex, etc.)
- It issues physical and virtual debit cards
- It does not require you to visit a branch
How to apply for Mercury via OtoCo
- Your OtoCo entity must already exist and have an EIN.
- Open your DashPanel and click the Mercury Bank Application card on your entity overview — or ask Genco: "Open a business bank account."
- Pay the $299 one-time Mercury application service fee.
- OtoCo / Genco auto-fills the Mercury application with your entity documents:
- Certificate of Formation
- EIN letter
- Operating Agreement
- Beneficial owner information
- Business description (clean, non-crypto-presenting)
- You receive a link to complete the personal details portion directly with Mercury.
- Mercury reviews and decides. Approval times vary but are usually fast.
What you get if approved
- Business checking and savings accounts
- Physical and virtual debit cards
- FDIC insurance on deposits
- Wire and ACH support
- Integration with QuickBooks / Brex / Stripe / Ramp
- Dedicated business banking support
Important disclaimer
The $299 fee covers the application service — i.e., OtoCo pre-filling and submitting the Mercury application on behalf of your entity. Mercury's approval decision is its own, and OtoCo does not guarantee approval. Mercury can decline based on its own KYB/AML standards, business model, or country-of-residence rules.
Why a U.S. mailing address matters
Mercury (and most U.S. banks) require a U.S. address for the entity. Even if your registered agent address is in the same state, banks usually want a separate business address for the company itself.
OtoCo's Virtual Mailing Address ($249/yr) gives you:
- A real U.S. mailing address you can put on bank applications, invoices, and contracts
- Mail scanning and forwarding (we scan incoming mail and upload it to your DashPanel)
- Used by many OtoCo customers as their corporate "physical" address
Toggle Virtual Mailing Address on during formation, or ask Genco: "I need a U.S. business address."
— If you bring an existing LLC via BYOE, the VMA is free for your first year.
Putting it together for non-U.S. founders
If you're a non-U.S. founder forming a Delaware or Wyoming LLC, the typical bundle looks like:
| Item | Cost |
|---|---|
| Delaware or Wyoming LLC (Series) | $99/yr |
| Tax ID (EIN) | $189 once |
| Virtual Mailing Address | $249/yr |
| Mercury Bank Application | $299 once (best-effort) |
| Total year-one out-of-pocket | ~$832 + gas |
You may also need an annual U.S. Tax Filing for Foreign-Owned LLCs — OtoCo offers this in the Tax Center inside your DashPanel.
Frequently asked questions
Can I open a non-Mercury bank account?
Yes — you can use any bank that accepts your entity documents. OtoCo's bundle is optimised for Mercury because it's the fastest path for most OtoCo customers, but the Certificate of Formation, EIN, and Operating Agreement OtoCo provides are accepted by any U.S. bank that supports remote business onboarding.
Do I need an EIN before I apply for Mercury?
Yes — Mercury requires the EIN to be issued before they can complete onboarding. Order your EIN first, then apply.
Does OtoCo do European banking?
For Swiss Associations and EU-resident founders, OtoCo's bundle is U.S.-focused. For European bank accounts, OtoCo customers typically pair their OtoCo entity with a partner like Revolut Business or Wise Business. Ask Genco for the current recommended path.
What if Mercury declines my application?
The $299 application service fee is non-refundable because the work of preparing and submitting the application has already been done. Genco can help you re-apply with an updated business description, or pivot to an alternative bank.
Next: How to Form a Delaware LLC · Bring Your Existing LLC to OtoCo · Genco AI