Relay Overview

Relay is a business banking platform great for enterprises of all shapes and sizes. The company offers up to 20 checking accounts and 50 physical or virtual debit cards for your business. It has no monthly or overdraft fees or minimum balance requirements, and it integrates with many accounting and payroll tools your business may already use. While there are no physical branches, Relay lets you withdraw and deposit for free at over 55,000 AllPoint ATMs throughout the U.S. The company also has great reviews and an intuitive mobile app.

Relay at a Glance

Suitable For?

Relay is a solid choice for businesses that want a no-fee business checking account with no minimum balance requirement.

Relay is also great for larger businesses that need multiple bank accounts and cards to manage and organize their finances. The company lets you open up to 20 accounts for your business and up to 50 virtual or physical debit cards for your team.

Relay’s extensive list of integrations makes it a great choice for businesses that use various types of business software.

Features/Highlights

Advantages over traditional banks

One of the main advantages of using Relay over traditional bank accounts is the absence of a monthly fee. In addition, there are no minimum balances or overdraft fees, and it doesn’t charge for ACH transfers, bounced checks, or incoming wires.

Also, outgoing wires are much cheaper than with traditional banks—with a flat fee of $5 for sending domestic wires and $10 for sending international wires. You can also open and start using an account right from home, without having to go into an office or get on a call.

Cutting-edge banking services

The Relay app lets you manage business finances from anywhere and on a variety of devices. It includes features like mobile check deposit, comprehensive data for payments/transfers, and user permissions management.

You can also use role-based permissions to delegate different business banking and money management tasks. This enables you to restrict access so team members only see/use the features and data they need to do their job.

If your business uses tools like QuickBooks and Xero, Relay can seamlessly integrate with them, too.

Traditional banking services

While it has no physical locations, Relay provides some traditional banking services. For example, you can use any of the 55,000 AllPoint ATMs to deposit or withdraw funds for free. The company also enables you to send and collect funds through ACH transfers, wires, and checks. It also offers a business savings account that can earn between 1-3% APY.

Relay offers up to 20 different checking accounts (10 for sole proprietorships) and up to 50 debit cards. So instead of having everything flow in and out of a single account, you can use multiple accounts to separate different expenses and sources of income, streamlining fund allocation and tracking.

Interest rates and fees

The Relay business checking account has no monthly fee, no minimum balance requirement, and no overdraft fees. There’s no charge for bounced checks, no-fee ACH transfers, and you can get free cash deposits at all eligible AllPoint ATMs. Relay does charge for outgoing wire transfers, but it’s only $5 for domestic wires and $10 for international wires.

In addition to its free business bank account, Relay offers a premium account called Relay Pro. It starts at $30 per month and includes same-day ACH transfers, unlimited free wire transfers, and accounts payable.

Customer service and online experience

Signing up for an account and using the app/website is straightforward.

If you’re having trouble, Relay offers customer service via email or over the phone at 1-888-205-9304. Phone support hours are 9am - 8pm ET, Monday-Friday, while email support is 7 days a week. Relay has a goal of getting back to all emails on the same day, generally within a few hours. Wait times for phone support are typically under 3 minutes.

The website includes an FAQs page and a comprehensive support center that covers everything from how to set up your account to how to send and receive money.

The company has mainly positive reviews and maintains a 4.6/5 rating on Trustpilot, with over 1,200 reviews. Users highlight the support, reliability, and sign-up process as strong points.

Mobile app

The Relay mobile app is available for both iOS and Android devices, and has a 4.7 rating on the Apple App Store and a 4.5 on the Google Play Store. The app is intuitive, looks great, and contains several outstanding features. These include the ability to deposit checks on the go, view balances and transaction data, manage debit cards, and send or receive payments.

Security

Relay takes your security seriously and offers 2-factor and biometric authentication to protect your account. It also offers tips on how to improve account security, such as using strong passwords, frequently reviewing transactions, and watching out for phishing.

The company uses AES-256 encryption to protect data, has a dedicated security team, and performs regular penetration tests to identify and fix potential security vulnerabilities. It has an in-depth privacy policy that covers the information it collects, what it’s used for, who it’s shared with, and more.

Accounts are FDIC-insured, protecting your deposit accounts for up to $2.5M if the bank fails. Relay is a financial technology company rather than a bank, so its FDIC insurance and bank offerings are provided through Thread Bank.

Application Process

Applying for an account is easy and done entirely online. To get started with Relay, you need to:

• Click “Sign Up” on the website and create an account by providing your name, phone number, date of birth, email, and password.
• Next, you’ll have to offer information about the business owner, such as their social security number, position/title, and personal address.
• The following page requires your business information, including the name and type of business, employer identification number (EIN), industry, revenue, website, and number of employees.
• The next few pages are all about verifying your identity and phone number, as well as providing documents to verify the things you’ve shared about your business. For example, you may be required to share your EIN verification letter to prove it’s legitimate.
• Other types of documents that could be required (depending on your business type) include articles of incorporation, articles of organization, and company bylaws.

Relay Summary

Relay is a no-fee business banking platform that helps you consolidate your business finances. You can send and receive funds, have up to 20 checking accounts to manage and organize cash flow, and view detailed data on all of your business’s payments.

There are no overdraft fees or minimum balances, and you can issue up to 50 debit cards to your team. Add in the solid reviews and security the company provides, and you have a great option for business banking.

Physical Address

60 Adelaide East, Suite 700 Toronto, ON, M5C 3E4

590 Madison Avenue New York City, NY, 10022

Disclaimer

Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank; Member FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.

The interest rates and annual percentage yield on your account are accurate as of 05/16/23 and are variable and subject to change based on the target range of the Federal Funds rate. APY will vary between 1-3% depending on the balances held. 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. There are no minimum balances or minimum deposits required to earn interest on your account.

Your deposits qualify for up to a maximum of $2,500,000 in FDIC insurance coverage when placed at program banks in the Thread Bank deposit sweep program. Your deposits at each program bank become eligible for FDIC insurance up to $250,000, inclusive of any other deposits you may already hold at the bank in the same ownership capacity. You can access the terms and conditions of the sweep program at https://go.thread.bank/sweepdisclosure and a list of program banks at https://go.thread.bank/programbanks . Please contact customerservice@thread.bank with questions on the sweep program.

Payment services (non banking/checking accounts or services) are provided by The Currency Cloud Limited. Registered in England No. 06323311. Registered Office: The Steward Building 1st Floor, 12 Steward Street London E1 6FQ. The Currency Cloud Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money (FRN: 900199). In the US Currency Cloud operates in partnership with CFSB. CFSB fully owns the bank program and services are provided by The Currency Cloud Inc.

Please note that funds relating to Currencycloud's services are not FDIC insured or protected by the Visa Zero liability protection policy. In regards to Currencycloud's services when funds are posted to your account, e-money is issued in exchange for these funds, by an Electronic Money Institution who we work with, called Currencycloud. In line with regulatory requirements, Currencycloud safeguards your funds. This means that the money behind the balance you see in your account is held at a reputable bank, and most importantly, is protected for you in the event of Currencycloud’s, or our, insolvency. Currencycloud stops safeguarding your funds when the money has been paid out of your account to your beneficiary’s account.

All testimonials, reviews, opinions or case studies presented on our website may not be indicative of all customers. Results may vary and customers agree to proceed at their own risk.