Wise vs Revolut vs Mercury: Best Pick for DAFT Visa
We've used all three of these platforms since moving to the Netherlands on the Dutch-American Friendship Treaty (DAFT) visa. Each one solves a different problem, and none of them is perfect for everything.
Here's our honest breakdown of Wise, Revolut, and Mercury for DAFT entrepreneurs who need to manage money across two countries.
Wise (formerly TransferWise)
Wise is the one we use most for moving money between the US and the Netherlands. It's built for international transfers, and it shows.
What it does well:
- Mid-market exchange rates with transparent, low fees (typically 0.4-0.7% for USD to EUR)
- Multi-currency account that holds both USD and EUR
- Local bank details in multiple countries (US routing/account number + European IBAN)
- Fast transfers -- most arrive within hours
- Debit card that works in both countries
Where it falls short:
- Not a full business bank. Limited invoicing and accounting integrations.
- Customer support can be slow for complex issues.
- Account holds happen occasionally, which is stressful when you're depending on access to your DAFT deposit funds.
Best for: Transferring money between the US and Netherlands. This is its core strength and nothing else we've tried matches it for cost and speed.
Revolut
Revolut positions itself as a financial super-app. It does a lot of things, but for DAFT entrepreneurs, a few features stand out.
What it does well:
- Free currency exchange up to a monthly limit (paid plans increase the limit)
- Budgeting and spending analytics
- Virtual and physical cards in multiple currencies
- Crypto buying and selling within the app
- Business accounts with invoicing features
Where it falls short:
- Exchange rate markup kicks in on weekends and after you hit the free limit.
- Customer support is chat-only and can be frustrating.
- The Lithuanian banking license means your deposits aren't covered by Dutch or US deposit insurance in the same way a traditional bank's are.
- Some US financial institutions don't recognize Revolut account details for ACH transfers.
Best for: Day-to-day spending in EUR with easy currency conversion. The budgeting tools are genuinely helpful when you're tracking expenses in two currencies.
Mercury
Mercury is a US-based business banking platform designed for startups and small businesses. Several DAFT entrepreneurs we know use it as their primary US business account.
What it does well:
- Clean, modern interface built for small businesses
- No monthly fees, no minimum balance requirements
- Easy ACH transfers and wire capabilities
- Integrates well with US accounting software (QuickBooks, Xero)
- Virtual and physical debit cards
- Treasury product for earning yield on idle cash
Where it falls short:
- US-only. No multi-currency accounts, no IBAN.
- International wires are possible but more expensive than Wise.
- Not designed for non-US transactions.
- You need a US-registered business entity (LLC, C-Corp) to open an account.
Best for: Maintaining a US business presence. If you have a US LLC alongside your Dutch eenmanszaak, Mercury keeps your US banking clean and organized. Pair it with Wise for international transfers.
Head-to-Head Comparison
| Feature | Wise | Revolut | Mercury |
|---|---|---|---|
| Multi-currency | Yes | Yes | No (USD only) |
| EUR IBAN | Yes | Yes | No |
| USD account | Yes | Yes | Yes |
| Exchange fees | 0.4-0.7% | Free up to limit | N/A |
| Business accounts | Basic | Yes | Yes |
| US deposit insurance | Partial | No | Yes (FDIC) |
| Monthly fee | Free (personal) | Free tier available | Free |
| Best for | Transfers | Daily spending | US business banking |
How We Use All Three
Our actual setup:
-
Mercury holds our US business funds. Client payments from US clients land here. We pay US bills (student loans, credit cards, maintaining our US credit) from Mercury.
-
Wise moves money between countries. When we need to fund our Dutch business account or bring money back to the US, Wise handles the transfer. We've compared it against other transfer options and it consistently wins.
-
Revolut is our daily spending card in the Netherlands. We load it with EUR and use it for groceries, restaurants, and transit. The spending analytics help us track our monthly living costs.
This three-platform setup takes about 15 minutes a month to manage. The savings compared to using traditional banks for international transfers easily cover the time.
What About Traditional Banks?
You'll still need a traditional Dutch bank account for your DAFT business. Most DAFT entrepreneurs open an account at ABN AMRO, ING, or Rabobank. This is where your DAFT deposit sits and where you'll receive payments from Dutch clients.
Traditional banks charge significantly more for international transfers -- often EUR 10-25 per transfer plus a markup on the exchange rate. That's why we use fintech platforms for cross-border money movement and keep the traditional bank account for Dutch-specific needs.
For keeping your US bank accounts active, see our guide on best US banks for expats.
FAQ
Q: Can I use Wise or Revolut as my official DAFT business account?
A: The IND and KVK generally want to see a Dutch business bank account from a recognized Dutch bank. While Wise and Revolut offer IBAN accounts, we'd recommend keeping a traditional Dutch bank account as your official business account and using fintech platforms for transfers and daily spending. Don't risk a complication with your visa for the sake of convenience.
Q: Do these accounts trigger FBAR reporting?
A: Yes. Wise multi-currency accounts, Revolut accounts, and any other foreign financial accounts must be reported on your FBAR if the combined value exceeds $10,000 at any point during the year. Mercury is a US account, so it doesn't count toward FBAR. Make sure you understand your FBAR requirements.
Q: What if one of these platforms freezes my account?
A: It happens, and it's terrifying when your money is locked up. Never keep all your funds on one platform. Spread your emergency fund across multiple accounts in both countries. If one platform freezes, you still have access to funds elsewhere.
Digital Guide — $99
We're not immigration lawyers -- just Americans who did this. Requirements change, so verify with official sources.