Relay Bank: Is Your Business Banking Ready for Growth?
Updated May 2025
If you’re a small business owner looking for a streamlined, efficient, and user-friendly banking solution, Relay might just be the perfect fit for you. This fintech platform has carved out a niche in the crowded financial technology space by focusing on providing a robust banking platform specifically designed for small and medium-sized enterprises (SMEs). Relay accounts are FDIC-insured up to $2.5M–$3M through a sweep program with its partner, Thread Bank, Member FDIC.
Products and Services
Relay offers a suite of banking services tailored to meet the needs of small business owners. Here are the key services they provide:
No-Fee Banking: Relay prides itself on transparent, no-fee banking. There are no monthly maintenance fees, overdraft fees, or incoming wire fees; outgoing domestic/international wires cost $5/$10 (free with Relay Pro, $30/month), making it an attractive option for cost-conscious business owners.
Business Checking Accounts: Relay allows you to open up to 20 checking accounts (10 for sole proprietorships), which is ideal for budgeting, managing cash flow, and setting aside funds for specific purposes. The accounts come with no minimum balance requirements or monthly fees. Up to two savings accounts earn 1–3% APY, supporting reserves for taxes or emergencies.
Corporate Cards: Relay offers Visa business debit cards, allowing you to issue up to 50 physical or virtual cards ($7,000 daily transaction limit, $1,000 ATM/card). Invite-only Visa credit cards are available for select users. These cards support customized spending limits, helping manage employee expenses effectively.
Bill Pay: Relay’s bill pay service is straightforward, allowing users to schedule ACH, wire, or mailed check payments to vendors and suppliers seamlessly. Relay Pro ($30/month) adds auto-import from QuickBooks/Xero, batch payments, and approval workflows, saving time and ensuring you never miss a payment.
Team Management: Relay offers multi-user access with seven permission levels, enabling business owners to provide their teams, accountants, or bookkeepers with secure, role-based access to the company’s finances. Integration with Gusto streamlines payroll management.
Budgeting Tools: The platform offers features like auto-categorization, receipt capture, and Profit First automation to track spending and manage budgets effectively, with auto-transfer rules for allocating income.
Integration with Accounting Software: Relay integrates with QuickBooks Online, Xero, Gusto, Plaid, Yodlee, Stripe, PayPal, Square, Venmo, and Wise, ensuring that your transactions are automatically synced and categorized, reducing manual data entry and potential errors.
Merchant Services: Relay does not directly offer merchant services like payment processing but integrates with third-party platforms such as Stripe, PayPal, and Square to manage transactions.
P2P Transfers: Relay supports instant internal transfers between Relay accounts and ACH transfers to external accounts (1–2 days, same-day with Relay Pro). It does not support Zelle or international transfers beyond wires.
Target Market
Relay is primarily aimed at small business owners, freelancers, entrepreneurs, and e-commerce businesses who require a banking solution that offers flexibility, transparency, and seamless integration with their existing financial tools. Their services are ideal for businesses following the Profit First method, looking for a cost-effective, scalable banking solution, and needing to manage multiple checking accounts and handle numerous transactions without incurring excessive fees.
Pros and Cons of Relay
Pros:
- No Fees: Relay stands out with its no-fee banking approach for its free plan, eliminating monthly fees, overdraft fees, and incoming wire fees.
- Multiple Checking Accounts: The ability to open up to 20 checking accounts (10 for sole proprietorships) is a significant advantage for businesses that need to manage different budgets and expenses.
- Team Access: Multi-user access with seven customizable permission levels enhances security and teamwork.
- Accounting Integration: Seamless integration with QuickBooks Online, Xero, Stripe, PayPal, Square, and more offers flexibility and simplifies financial management and bookkeeping.
- Savings Yield: Up to two savings accounts earn 1–3% APY, supporting financial planning.
- User-Friendly Interface: The platform is intuitive (4.7/5 App Store), with a clean design that makes managing your finances a breeze.
- Unlimited Transactions: Relay does not cap the number of transactions you can make, making it ideal for high-activity accounts.
- Cash Deposits: Free cash deposits at Allpoint ATMs support cash-based businesses.
Cons:
- Limited Physical Presence: As a digital-first platform, Relay doesn’t offer in-person banking services, which might be a drawback for businesses that prefer face-to-face interactions.
- Transfer Times: ACH transfers take 1–2 days (same-day with Relay Pro); no Zelle or direct international transfers beyond wires.
- Account Limitations: Advanced bill pay and same-day ACH require a Relay Pro subscription ($30/month).
- No Loans or Limited Credit Cards: Relay does not offer loans, and Visa credit cards are invite-only, limiting financing options.
- No In-House Merchant Services: While integration with third-party platforms is available, the absence of in-house merchant services might be inconvenient for some users.
- No Interest on Checking: Checking accounts earn no interest, unlike some competitors offering 2%+ APY.
- Slow Check Clearing: Some users report delays in check processing, impacting operations.
Reward Programs
Relay does not currently offer traditional reward programs like cashback or points. Their focus remains on providing a high-quality, no-fee banking experience with robust features tailored for small businesses, though past partner discounts (e.g., Xero) have been offered.
Marketing and Niches
Relay markets itself as the go-to banking solution for small businesses, emphasizing its “On The Money” branding, fee-free structure, multiple checking accounts, and seamless integration with accounting software. As the official banking platform for Profit First Professionals, Relay supports businesses adopting this cash management method. Their branding and marketing efforts highlight the ease of use, transparency, and efficiency that their platform brings to small business banking, appealing particularly to e-commerce and businesses that value streamlined financial operations and clear, organized financial oversight.
Final Thoughts on Relay
Relay stands out in the neobank space as a powerful tool for business owners who need more than just a basic checking account. Its ability to create multiple checking accounts, integrate with popular accounting software, manage unlimited transactions without monthly fees, and support Profit First automation makes it an attractive option for SMEs. While it lacks some traditional banking products like loans and broadly available credit cards, its focus on efficiency and cost-effectiveness more than makes up for these gaps.
If you’re an entrepreneur, e-commerce owner, or small business owner looking for a banking solution that aligns with your need for detailed financial management and seamless integrations, Relay is definitely worth considering. Its user-friendly platform and robust feature set provide a comprehensive financial toolkit designed to help your business thrive—and its 4.5 score on Trustpilot (over 2,000 reviews) reflects strong support but some delays in verification and check processing. Explore at relayfi.com.
