By Yacine Terai — Founder, Propex.app & Tokeniz.ai
Co-founder of Companiz.xyz

You formed your company. Maybe a US LLC through Wyoming. Maybe an HK Ltd or a SG Pte Ltd. The incorporation agent made it sound easy. And it was — that part takes a few days.

Then you try to open accounts. And everything breaks.

Mercury rejects you because you live in a prohibited country. Revolut flags your industry. You can't get a card shipped to where you actually are. The multi-currency account you signed up for doesn't support your entity type. You spend weeks in application limbo, juggling KYC requests, and nobody tells you upfront which providers will actually work for your setup.

I went through all of this myself when I set up my HK Ltd for Propex. This playbook is what I wish someone had given me before I started. It covers the exact accounts I use, why I use them, and how to open each one — with all the eligibility traps spelled out so you don't waste time applying to providers that will reject you.

The Dual Finance Thesis: Here's something most founder banking guides ignore: fiat and USDC are not competing rails. They're complementary. Your holding company receives client payments in fiat via Stripe or wire. Your operations account handles multi-currency conversions. And alongside all of that, a USDC-compatible account lets you settle faster, hold value without FX erosion, and pay contractors globally in minutes instead of days. The smartest founders I know are already running both — using fiat for compliance and traditional payments, and stablecoins for speed and flexibility. You don't pick a side. You build a stack that handles both. This playbook is built around that reality.

You don't need one account. You need a stack — multiple specialized accounts, each handling what it does best. This is how institutional treasurers think, and it's how you should think too, even as a solo founder. One for USD operations, one for multi-currency, one for card spend, one for payments and FX.

Clients pay via Stripe / Wire / USDC → Mercury (US LLC — USD operations + treasury) → Airwallex (HK/SG — multi-currency receiving) → Statrys (HK/SG — payments + FX at 0.1%) → Elephants (HK/SG — Visa® card + multi-currency wallet + global payouts)

Why this stack worksMercury gives you FDIC-insured USD operations and treasury yield for your US LLC. Airwallex gives you dedicated account numbers in HK/SG/US/UK across 20+ currencies without needing a local entity in each. Statrys adds a licensed HK payment layer with sharp FX rates from 0.1% and fast SWIFT transfers. And Elephants adds a Visa® card layer with a multi-currency wallet and global payouts for your HK or SG entity, bridging the gap between fiat and digital-first spending. Each tool has a clear role. No overlap, full coverage.

The multi-account mindsetDon't try to do everything through one provider. No single fintech covers all jurisdictions, all currencies, and all use cases. The correct approach is multiple specialized accounts, each handling what it does best. One for USD ops, one for multi-currency, one for card spend. Layer them.

If you've formed a US LLC (Wyoming, Delaware, or otherwise), these are the accounts you need to operate it. The US LLC is often the first entity non-US founders create — it's cheap, fast, and gives you access to US payment infrastructure.

RECOMMENDED — US LLC PRIMARY

Mercury KYC Crackdown — Read This: Mercury tightened KYC massively in 2024–2025. They no longer accept registered agent addresses as business addresses. If you're using a Wyoming LLC with only a registered agent, you'll likely get rejected. You need a real US mail forwarding address (like iPostal1 or Stable) or a co-working space address. This caught a LOT of founders off guard.

Mercury maintains a list of 37+ countries where founders residing there cannot open an account — even with a valid US entity. These include: Belarus, Burundi, Cameroon, Central African Republic, Republic of Congo, Croatia, Cuba, DRC, Iran, Iraq, Lebanon, Liberia, Libya, Mali, Mozambique, Nicaragua, Nigeria, North Korea, Pakistan, Philippines, Somalia, South Sudan, Sudan, Syria, Ukraine, Venezuela, Yemen, Zimbabwe — and the list expands periodically. Card shipping also paused to: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE.

Best for: US LLC holders who need clean USD operations, Stripe payouts, and treasury yield. The de facto standard for US startups — but harder to access for foreign founders than it used to be.

If rejected: Pivot immediately to Relay or Novo. Apply to both simultaneously — use whichever approves first. Don't wait weeks hoping Mercury reconsiders.

GOOD — US LLC BACKUP

Use as: Backup if Mercury rejects you. Apply to Mercury AND Relay simultaneously — use whichever approves first. Don't put all eggs in the Mercury basket.

If you've set up a Hong Kong Limited or Singapore Pte Ltd — either as a standalone holding company or as part of a holding + subsidiary structure — these are the accounts that give you multi-currency operations, international payments, and sharp FX.

RECOMMENDED — MULTI-CURRENCY RECEIVING

Australia, Brazil, Canada, Cayman Islands, Hong Kong, India, Indonesia, Japan, Malaysia, New Zealand, Philippines, Singapore, South Korea, Switzerland, Taiwan, Thailand, UK, US, Vietnam, BVI, plus all EEA countries, and more. Prohibited: Russia, Belarus + OFAC-sanctioned countries. UBOs or directors residing in Russia/Belarus cannot onboard.

Best for: Multi-currency receiving. Airwallex gives you local account numbers in multiple countries — clients in the US pay to a US account number, clients in the UK pay to a UK account number, all landing in your single Airwallex dashboard. This is the core operations layer for HK/SG entities.

GOOD — PAYMENTS & FX

Best for: Outbound payments and FX. Statrys' 0.1% FX rate on major pairs beats most competitors. Use Airwallex to receive, Statrys to send. That's how I'd structure an HK holding company.

Airwallex + Statrys — Use Both: These aren't competitors in your stack — they're complementary. Airwallex gives you dedicated local account numbers in multiple countries (great for receiving). Statrys gives you sharp FX rates and fast SWIFT (great for sending). Receive with Airwallex, pay with Statrys.

GOOD — HK TRADITIONAL

Best for: Founders who travel to HK and want traditional credibility, credit facilities, or trade finance. Not essential for most digital businesses, but a strong addition if you need credit-level services that fintechs can't provide.

CHECK ELIGIBILITY FIRST

US, UK, Australia, Canada, Singapore, India, Brazil, Israel, Japan, Mexico, New Zealand, Switzerland, UAE, plus all EEA countries (Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Cyprus, Romania, Slovakia, Slovenia, Spain, Sweden), plus territories (Gibraltar, Guernsey, Isle of Man, Jersey).

Prohibited Industries — Check Before Applying: Revolut does NOT support: cryptocurrency exchanges and mining services, alternative medicines (homeopathy), payday loans, debt consolidation, credit repair services, MLM/network marketing, game key distribution, sale of live animals, copyright-infringing activity, defence, adult content, gambling, precious metals. This list changes periodically. If your business touches crypto, tokenization, or blockchain, Revolut may flag you.

Best for: A secondary multi-currency account alongside Mercury or Airwallex. The free plan is useful as a backup. But the prohibited industries list is aggressive — if you're in crypto-adjacent business, this may not work for you.

The accounts above handle your fiat operations — receiving payments, managing treasury, converting currencies. But you also need a spend layer that bridges fiat and digital rails — a card you can use globally, a wallet that holds multiple currencies, and a platform built for cross-border founders who operate outside the traditional system.

DUAL FINANCE — HK/SG ENTITIES ONLY

Eligibility Restrictions — Read Carefully: Elephants cannot serve residents of:USA, UK, Singapore, China, Russia, Iran, North Korea, Myanmar.If you reside in any of these countries, this platform is not available to you — regardless of where your company is registered. The entity must be a Singapore Pte Ltd or Hong Kong Limited. US LLCs are not supported.

Best for: Founders with an HK Ltd or SG Pte Ltd who reside outside the prohibited countries. Elephants fills the spend-layer gap — it's the card you carry for global purchases, the wallet for multi-currency operations, and the bridge between fiat and stablecoin rails. It sits alongside — not instead of — Airwallex and the other accounts in your stack.

How I use it: My Propex HK Ltd entity is onboarded with Elephants. I use the Visa® card for operational expenses, the wallet for multi-currency holding, and the payout feature for international contractor payments.

Required Disclosure: Elephants Inc. offers a multi-service platform. Digital Currency Exchange and Remittance services are registered with AUSTRAC in Australia. The Elephants Card is issued by a licensed Hong Kong financial institution. Not all services are available in all jurisdictions. This content is for informational purposes only and does not constitute financial advice. Elephants Inc. services may not be available in your jurisdiction. Please check the Elephants Inc. website for eligibility. #ElephantsPartner

Why dual finance matters for your stackMost founder guides tell you to pick a neobank and call it done. That's 2020 thinking. In 2026, the founders I know in Bali, Bangkok, and Lisbon are running parallel rails: fiat for compliance and traditional receivables, stablecoins for cross-border settlement and paying international teams. You're not choosing one or the other. You're choosing both. Mercury/Airwallex/Statrys handle fiat. Elephants bridges into the stablecoin world. Together, they give you full coverage across both rails.

Pro tip: salary structureIf your holding company structure includes a local subsidiary, pay yourself a modest director salary from the subsidiary (to satisfy local visa/tax requirements). Keep the bulk of your income in the holding company. Withdraw via dividends or management fees as needed. This minimizes your local personal income tax exposure while staying compliant.

Week 1: Wise Business (holding company)

Apply immediately after incorporation. Fastest to open. Start receiving payments right away while other accounts process.

Week 1–2: Mercury + Relay (US LLC) / Airwallex + Statrys (HK/SG)

Apply in parallel with Wise. For US LLC: apply Mercury AND Relay simultaneously. For HK/SG: apply Airwallex (multi-currency receiving) and Statrys (payments + FX) at the same time. Redundancy is the strategy.

Week 2–3: Elephants (HK/SG entities only)

Once your HK Ltd or SG Pte Ltd is confirmed and KYB documents are ready, apply for the Elephants multi-service platform. The Visa® card and wallet add your spend layer. Requires ~1 week for KYB review. Referral code: PROPEX.

Week 3–4: Stripe (connected to holding company)

Apply once your primary account is active. Stripe needs a connected account for payouts. Link to Wise, Mercury, or Airwallex.

Week 4–6: Test the full stack

Send a test payment through each account. Verify funds flow correctly. Test FX conversions, card spend, and intercompany transfers if you have a multi-entity structure. Fix any issues before you rely on the stack for real revenue.

If you have a holding company + subsidiary structure (e.g., HK Ltd that owns a local subsidiary), you need a clean, documented system for moving money between them. This is critical for tax compliance and audit trails — whether the money moves via fiat wire or stablecoin settlement.

The holding company lends money to the subsidiary. Requires a formal loan agreement specifying amount, interest rate (must be arm's length), repayment schedule, and currency.

The holding company provides services (management, IP licensing, technical support) to the subsidiary. Subsidiary pays service fees.

The holding company invests additional capital into the subsidiary as an equity contribution.

What I use: A combination of service agreement (for regular monthly flows — management fees from subsidiary to HK Ltd) and intercompany loan (for larger one-time capital needs). The service agreement creates a tax-deductible expense for the subsidiary while generating income in HK where the offshore exemption may apply. Always work with a tax advisor to structure this properly for your specific jurisdictions.

The Done-With-You package includes guidance on which accounts to open for your specific structure, introductions to partners who work with foreign-owned entities, and help structuring intercompany flows across fiat and stablecoin rails.

Account products, requirements, and fees change frequently. Verify current requirements directly with each institution before applying. This guide reflects conditions as of early 2026. Not financial advice. The opinions expressed in this article are the author's own.

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