Relay Financial Review

Relay Financial offers online banking services for businesses. Yes, it is free. But, is it the right platform for you? Find out.

	No-Fee Business Checking Get Deal
	Overall Score	4.6
	Checking	5.0
	Fees	5.0
	Mobile App	4.5
	Customer Service	4.0

5-point scale (the higher, the better)

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Pros and Cons

• Up to 20 checking accounts
• Up to 50 debit cards
• $0 monthly fee
• Earn interest with automated savings

• No paper checks

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Bottom Line

One of the best online business banking accounts for large teams

• What is Relay Financial?
  
• Who Relay is Best For
  
• Pros & Cons
  
• Free Financial Features
  
• Relay Pro Features (Paid)
  
• Fees
  
• How to Open a Relay Account
  
• Is Relay Safe?
  
• Relay Alternatives

Relay Financial is an online banking and money management platform for small business owners. It was built with growth in mind.

Relay offers multiple accounts, custom user permissions, and unlimited transactions. It streamlines banking so you can focus on what really matters: your customers and your business.

Read on for the full breakdown of Relay Financial to see if it's right for you. Also, see how they stack up to similar competitors.

What is Relay Financial?

Relay Financial is a fintech company that provides banking services to businesses. They are partnered with Thread Bank to provide FDIC insurance.

Relay is designed for growing businesses with large teams. You can open up to 20 individual checking accounts for free. And you can create specific permissions for team members and bookkeepers.

Users can set up automated recurring payments, issue debit cards to their team, track spending, and more. It also integrates with Quickbooks and other payroll and accounting software.

There is no monthly fee for Relay Standard. The optional Relay Pro plan has a $30 monthly fee and offers advanced payments automation, faster ACH, and free wires.

Who Relay Business Banking is Best For

Even though Relay was created with teams in mind, it's open to all business owners from freelancers to corporations.

The Relay business checking account may be right for you if you:

• Need many bank accounts for your business
  
• Have a large team and want to share access
  
• Have more than one business

Relay also offers a platform for bookkeepers and accountants. You can access multiple clients' accounts with one login.

Pros & Cons

Pros:

• $0 monthly fee
  
• $0 opening deposit
  
• Up to 20 checking accounts
  
• Up to 50 debit cards
  
• Different user permissions for employees, accountants, etc.
  
• Bookkeeping and payroll integrations
  
• Higher transaction limits than other banks
  
• Free cash deposits and withdrawals at Allpoint ATMs
  
• Up to 2 automated savings that earn interest

Cons:

• No paper checks
  
• Doesn't support Zelle as of now
  
• 6-7 days for check deposits to settle^[2]

Relay Free Financial Features

Relay offers lots of good features designed to make managing business finances smooth and easy. The free Relay Standard account comes with these features:

Multiple Checking Accounts
You have the option of opening up to 20 checking accounts. Each account has its own unique account number.

This lets you organize your business finances exactly the way you need. You can have separate accounts for payroll, taxes, billing suppliers, emergency savings, etc.

Visa® Debit Cards
With a Relay account, you can order up to 50 virtual or physical Visa® debit cards. This means there are no bottlenecks to your spending.

This lets you designate debit cards for a dedicated purpose (for example, marketing expenses). You can assign monthly spending limits to each card to better control your expenses.

Payments
Paying your vendors is crucial for keeping your business running smoothly. With Relay, you can make payments easily via ACH bank transfer, wire transfer, or check. You can schedule one-time or recurring payments.

Member Accounts and Permissions
Relay users can provide their staff with select access to financial accounts. Not every member of your team needs the same level of access. You can choose which accounts team members get access to and what they can do.

This allows your team to make purchases, pay bills, or make deposits without sharing login information. You can delegate some of the financial duties so you don't need to do everything yourself.

Auto-transfer Rules
You can automate cash flow by setting auto-transfer rules between your checking accounts by either setting up the Profit First rule or the Maximum balance rule.

Using the Profit First method enables you to set a maximum balance for your income account and automatically allocate excess to Profit First accounts. This method ensures that you allocate enough money for profit, taxes, owner's pay, and operating expenses.

While the Maximum balance rule allows you to set a maximum balance for one of your checking accounts. Any excess amount will be automatically transferred to other checking accounts on your preferred frequency.

Percentage-based transfers
Efficiently distribute your revenue across accounts through automated percentage-based transfers. Simply define your desired percentage for allocation to your various accounts, and the system will automatically handle the transfers accordingly.

App Integrations
Auto-sync your banking with accounting and payroll software you already use. Relay integrates with Xero, QuickBooks Online, Gusto, and Plaid. You can see your data in real-time so you can reconcile your accounts faster and error-free.

Cash Deposits & Withdrawals
Relay lets you deposit and withdraw cash for free at over 55,000 Allpoint ATMs across the country. If you go out of network, Relay never charges ATM fees (even for ATMs abroad). But the owner of the ATM might.^[4]

Mailed Paper Checks
Relay doesn't give you paper checks, but you can request for checks to be mailed on your behalf for free. Just note that it takes 8-10 business days for the check to arrive.

Mobile Banking
Relay's mobile app lets you bank wherever you are. You can deposit checks, schedule payments, issue debit cards, manage team access, and request for checks. It's available on iOS and Android.

Enriched Transaction Data
Relay provides information about vendors, including category, location, website, and more. This makes managing transactions through your banking dashboard easy.

Register Second Business
If you have more than one business, you can register an additional business bank account. Each business has its own Relay account, but you can access them both with the same login.

24/7 Customer Support
Relay users have 24-hour email support and an online support center. Phone support is available from 9am to 5pm ET, Monday to Friday.

Automated savings that earn interest
With automated savings, you can automate transfers of your excess money into your savings by setting the maximum balance for your checking account. This way, you can earn interest on your savings, and as your savings grow, so does the interest rate you receive.

Relay Pro Paid Financial Features

Relay offers a premium account called Relay Pro. It costs $30 per month. The main difference is that it automates accounts payable.

Extra features include:

Automatic Bill Imports
You can set up automatic imports of your bills from Xero and QuickBooks Online.

Accounts Payable Automation
Relay Pro users can manage all of their bills from one dashboard. You can pay multiple bills in a single batch. You can also set up automated multi-step bill approval systems. This saves you time from having to manually okay each bill.

Free Transfers
Same-day ACH transfers and domestic and international wire transfers are all free with Relay Pro.^[5]

Free outgoing wires
With Relay Pro, it's free to send both domestic and international wires.

Fees to Look Out for

You won't have to worry too much about fees when banking with Relay. Many of their services are offered entirely free of charge. There is:^[6]

• No monthly service fees for up to 20 checking accounts
  
• No overdraft fees
  
• No fee for bounced checks
  
• No incoming wire fees
  
• Free unlimited transactions
  
• Free ATM access at 55,000+ Allpoint ATMs

With the free Relay Standard account, the only fees you may encounter are:

• $5 for outgoing domestic wires
  
• $10 for outgoing international wires

If you opt for the Relay Pro plan, it costs a fixed $30 per month. The price is per business or per client for accountants and bookkeepers.

How to Open a Relay Account

Relay is open to sole proprietors, LLCs, general partnerships, and corporations. Here's how to get started with Relay:

1. Create an account
To open a Relay business banking account, you need to first register on the platform. It'll ask for your name, phone number, position, and work email.

2. Upload documents
Once you've registered, you can fill out your business information and upload documents. You will need to provide:

• Photo of government issued ID
  
• SSN or EIN
  
• Personal address and phone number
  
• US business address and phone number
  
• DBA if you have filed for one
  
• Articles of Organization (for LLCs)
  
• Partnership Registration Form (for partnerships)
  
• Articles of Incorporation (for corporations)
  
• Company Bylaws if applicable

3. Record video authorization
Relay also requires a video authorization. You have to record and upload a video of yourself saying that you authorize account opening at Relay Financial. This helps to confirm your identity.

4. Wait for account review
Relay can take 1-2 business days to review your account. Once it's open, you can go ahead and add money to your account and get full access to the features.

Is Relay Safe?

Like any banking partner, Relay takes security seriously. Both in regard to your money and your data.

Relay offers its banking services in partnership with Thread Bank, which is a member of the FDIC. This allows them to provide FDIC-insured accounts for up to $2,500,000 through an insured cash sweep program managed by Thread Bank, Member FDIC. Thread Bank has been around since 1906 and has been FDIC insured since 1934.

Their Visa® partnership allows them to provide a zero-liability policy on the Relay Visa® Debit Card. You won't be held responsible for unauthorized charges.

And if someone does get hold of your debit card, you can freeze it instantly. You only need a single click from your Relay account.

Relay also employs two-factor authentication. They use popular authenticator apps to prevent unwanted access to your accounts.

Relay Financial Alternatives

Relay Financial isn't the only banking platform offering services targeted toward business owners. Let's take a look at how it stands up to other popular business checking accounts.

		MercuryNovo
	Visit Site	Learn More	Visit Site
	Relay	Mercury	Bluevine
	SPECIAL OFFER No-Fee Business Checking - Learn More	SPECIAL OFFER Banking for Startups - Learn More	SPECIAL OFFER Free Business Checking - Earn $300 Bonus - Learn More
	Benefits and Features
Savings	Earn up to 3% APY: Earn 1% APY on savings balances of less than $50,000, 1.5% APY on savings between $50,000 and $250,000, 2% APY on savings balances between $250,000 and $1,000,000 and 3% APY on savings balances of more than $1,000,000.	1 free savings account; more upon request	No savings account, but you add 5 free sub accounts
Checking	Up to 20 individual business checking accounts; no monthly fees; no overdraft fees	No monthly fees; no balance requirements	4.25% APY for Premier customers, 3.0% APY for Plus customers, 1.5% APY for Bluevine Standard tier customers. No monthly fees, no balance requirements, and no overdraft fees for Bluevine Standard
Monthly Fee	$0	$0	Standard tier: $0 per month Plus Tier: $30 per month (can be waived with $20k average daily balance and $2k debit card spend) Premier tier: $95 per month (can be waived with $100k average daily balance and $5k debit card spend)
APY	N/A	N/A	4.25% APY on balances up to $3M for Premier customers; 3.0% APY on balances up to $250,000 for Plus customers; 1.5% APY on balances up to $250,000 for Standard tier customers that meet monthly eligibility requirements
Minimum Deposit to Open	$0	$0	$0
ACH Transfer Fee	$0	$0	$0
ATMs	55,000+ AllPoint ATMs	55,000+ Allpoint ATMs	approximately 40,000 MoneyPass ATMs
Balance Requirement	None	None	None
Cash Deposit Fee	$0 for cash deposits at Allpoint ATMs	N/A	$4.95 per deposit at Green Dot locations or $1 + 0.5% of the deposit amount at Allpoint+ ATMs
Customer Service	Phone: Monday - Friday, 9 am - 5 pm ET; Email: Everyday	Email only	Phone and email: Monday - Friday. 8 am to 8 pm EST
Incoming Wire Transfer Fee	$0	$0	$0
Locations	Online only	Online only	Online only
Out of Network ATM Fee	Fee from ATM owner	$0	$2.50
Outgoing Wire Transfer Fee	$5 for domestic; $10 for international	$0	$15 ($12 for Plus; $7.50 for Premier)
Overdraft Fee	$0	$0	$0
	Visit Site	Learn More	Visit Site
	No-Fee Business Checking	Banking for Startups	Free Business Checking - Earn $300 Bonus Free Business Checking - Up to 1.5% APY Premier Business Checking - Up to 4.25% APY

Relay Financial vs Mercury
Mercury offers a business bank account specifically created for tech startups and online-only businesses. You get a checking account and savings account bundle. There's no monthly fee or minimum balance requirements.^[8]

Mercury also lets you add unlimited team members with different permission levels. You can also open multiple accounts and issue debit cards for your team.

Mercury requires an EIN to apply. It's not open to sole proprietors, whereas Relay is.

The unique thing about Mercury is their Raise program to connect startups to top investors. It has a quarterly fundraising round that lets you get your startup in front of 500+ investors. It's a great way to potentially accelerate your seed funding.

Relay Financial vs Bluevine
Bluevine is popular for its free business checking account with interest. You have the potential to earn up to 1.5% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000.

Opting for the paid Plus and Premier tier grants you the potential to earn up to an impressive 4.25% APY without minimum qualifications.

If you write paper checks and occasionally deposit cash, Bluevine is the better choice. You get 2 free checkbooks per year. And you can deposit cash at 90,000+ Green Dot locations and 1,500+ Allpoint+ ATMs (though there's a fee).

Both business banking accounts allow for multiple users. But, Bluevine only offers five subaccounts, as opposed to the 20 offered by Relay.

What sets Bluevine apart from Relay is their small business loans. You can borrow a revolving line of credit up to $250,000.^[9] This means your credit restarts as you continue payments.

What to Look Out for When Choosing a Bank

Picking the right banking service for your business--big or small--is a decision that you shouldn't make lightly.

At best, your bank is a partner. One who understands your needs as well as or better than you do. Who makes your life easier by providing useful tools to keep your business running smoothly.

The worst-case scenario is that you find yourself tied to a bank that's uninvolved and uninterested. And, it sees you as just another number on the balance sheet. Managing your finances becomes a chore. That slows you down and keeps you from making your business all that it could be.

However, that's only the worst-case scenario. With a little research and critical thinking, you can surely make a good choice.

Bottom Line

Relay Financial is a trustworthy, flexible option for small business banking. Especially for businesses that would benefit from a large number of checking accounts or debit cards for staff. You can set custom permissions for each team member.

However, there are some downsides. Relay also doesn't offer the widest range of integrations. Compare your options to see if another business banking account may be better for you instead.

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