Best Banking for Mid-Market Companies: Wise vs Mercury Comparison

Mid-market companies operating across borders need to answer one practical question: which banking platform handles international payments without eroding your margins through hidden FX markups?

The answer depends on your operational footprint. If your 200-person company primarily moves money across European borders, Wise's multi-currency accounts will save you thousands monthly. If you're a US-centric defence contractor with occasional sterling conversions, Mercury's domestic banking strength matters more.

This guide compares Wise against Mercury for companies with 200-2000 employees, covering costs, compliance, and when traditional banks still matter.

Quick Comparison

Cost Comparison: £100,000 GBP to EUR Conversion

For a company paying quarterly bonuses to a 50-person European team, the FX margin difference represents £8,000-12,000 annually.

When to Choose Each Platform

Key limitation: Mercury only serves US entities. UK or German companies need US subsidiaries to access Mercury.

Account Opening Capabilities

The Employment Model Question

Your banking requirements depend on how you employ people internationally.

Cost Reality: Germany Example (10 employees)

The entity route makes economic sense once you employ 20-30+ people in a single country. Below that threshold, platforms deliver the same employment capability without the overhead.

Contractor Misclassification Risk

Paying contractors through Wise versus traditional banks doesn't change employment classification. Under the EU Platform Work Directive, misclassification penalties in Germany, France, Spain, and the Netherlands can be substantial and may include fines and back taxes misclassification penalties in Germany, France, Spain, and the Netherlands can be substantial and may include fines and back taxes.

The payment method doesn't determine compliance. The employment relationship does.

Decision Framework by Company Size

Common Questions

Making the Decision

Most mid-market companies use multiple banking providers: Wise for international payments, Mercury for US operations (if applicable), and traditional banks for commercial lending.

The challenge emerges when managing employment across multiple countries. If you're coordinating contractors in Brazil, employees in Singapore, and owned entities in Germany, banking complexity compounds quickly.

Platforms like Teamed work with whichever banking providers you choose. You approve payments through your existing Wise, Mercury, or traditional bank accounts whilst the platform handles employment contracts, tax compliance, and payroll processing across 180 countries. Onboarding is typically completed within 24 hours, subject to documentation and compliance checks payroll processing across 180 countries. Onboarding is typically completed within 24 hours, subject to documentation and compliance checks.

This approach works whether you're testing new markets (1-20 employees per country) or managing mixed employment models at scale. As you grow beyond 20-30 employees in a market, the platform can support your entity setup process and help coordinate banking relationships, subject to local regulatory requirements.entity setup process and help coordinate banking relationships, subject to local regulatory requirements.

Speak to a specialist about coordinating your banking with global employment operations.