Relay Business Checking Account Review 2024: Streamlines Bookkeeping

Katie StinerJanuary 7, 2024

Relay offers an online business checking account that includes no monthly fees, no account minimums, and no overdraft fees. Although Relay’s Pro account has a high monthly fee, the Standard plan should be sufficient for the majority of small businesses to get started. 

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HQ	Toronto, ON, Canada
Monthly Fee	$0 for Relay Standard or $30 for Relay Pro
Min. To Open	$0
Min. Deposit For No Fee	$0
Transfer Fee	$0 – $10
Overdraft Fee	$0
ATM Fee	No ATM withdrawal fees at AllPoint ATMs
Rewards	None
Transactions	Unlimited electronic deposits
Branch Access	None
State Restrictions	Available in all US states

In depth review on Relay business checking account 

Relay was founded with the mission to empower small businesses through the automation of business finances. Partnering with Evolve Bank & Trust, Relay provides personalized business support to help your small business grow and be a success. 

Offering a simple two-tier pricing plan, you can get started with no monthly fees and no account minimums. When you upgrade to the Pro plan, you’ll benefit from additional features such as free domestic and international wire transfers, or the ability to auto-import bills from QuickBooks and Xero.  

Currently, the pricing plans include the following benefits: 

Relay Standard	Relay Pro
$0/month	$30/month
Get up to 20 no-fee checking accounts	Import bills from QuickBooks Online and Xero
Get up to 50 Mastercard debit cards	Approve and pay bills from one dashboard
Make payments by ACH, wire or check	Automate multi-stage approval workflows for bills
Set spending limits for team members	Pay bills in batches
Receive bank feeds into Xero and QuickBooks Online	No fees for domestic and international wire transfers
Invite team members to bank online	No fees for same-day ACH transfers

All features in the Standard plan are also included in the Pro plan.  

Relay’s business checking account is best for  

• Business banking that streamlines bookkeeping: Gain greater visibility with spending, savings, and earnings. You’ll be able to issue up to 50 Mastercard debit cards to team members with set spending limits and automate payments to key vendors. Furthermore, it connects with your accounting software for easier bookkeeping.
• No monthly fees: You can get started on the Standard plan which has no monthly maintenance fees. 
• No account minimums: There are no minimum balance requirements to benefit from fee-free business banking.  
• No overdraft fees: There are no overdraft fees or insufficient fund fees.  

Relay business checking account benefits  

• No ATM withdrawal fees: You can benefit from free ATM withdrawals at any AllPoint ATM. Out-of-network or third-party ATM fees are not reimbursed.  
• Account security: Relay gives you peace of mind that your account security and money are a top priority. Logins are protected by two-factor authentication and you can freeze your Relay card within seconds to protect your money.  
• Personalized customer support: Driven by the mission to provide world-class customer service, Relay puts customers at the forefront of everything they do.  
• Increased control over business spending: You can set spending limits for employees and empower your team to collaborate on paying vendors, managing expenses, or staying up to date with the bookkeeping.  
• Seamless software connections: Partnering with some of the leading providers of business software, Relay integrates with Xero, QuickBooks, Gusto, Expensify, and TransferWise.  
• Digital banking experience: Relay offers a digital banking experience where you can easily manage your cash flow and outgoings from your desk or mobile app.  

Relay business checking account drawbacks  

• High monthly fee for the upgraded Pro account: There is a $30/month fee to upgrade to the Pro plan which may be costly for businesses with lower revenue.  
• No sign-up bonus or rewards: There are no rewards or bonuses offered for signing up for a new account.  
• No physical branches: Small businesses that prefer in-person support and access to a branch nearby may want to consider other options for banking.  
• No interest earned on balances: There is no interest paid on balances in your business checking account.  

Account opening 

5

To open a business checking account with Relay, you can sign-up via their website. It only takes a few minutes, and you’ll need to provide the following information: 

• Full name 
• Phone number 
• Position or title 
• Email address 
• Business address 
• Government-issued ID 
• Business documentation 

You can fund your account with an initial deposit via an ACH or wire transfer.  

Fees  

4.5

You can get started with Relay’s business checking account with no monthly fees, no overdraft fees, and no minimum balance requirements. Depending on whether you are on the Standard plan or Pro plan, here are some additional fees to consider: 

Standard plan fees: 

• Domestic wire transfer fees: $5 
• International wire transfer fees: $10 

Pro plan fees: 

• Monthly service fee: $30 
• Domestic wire transfer fees: $0 
• International wire transfer fees: $0 

You can view Relay’s fees and pricing plans on their website.  

Features 

5

Key features for Relay’s business checking account include the following: 

• Digital banking experience: Business owners can manage their finances on the go whether they’re at their desks or using the mobile app.  
• Seamless software connections: Relay integrates with popular business tools to help you streamline your business finances. Some of these include QuickBooks, TransferWise, Xero, and Plaid.  
• Customer-focused: Customers are at the core of Relay’s mission. Combining technology with a drive to provide exceptional customer service, Relay is more than happy to get on a call or screen share to troubleshoot a problem. 
• Dedicated checking accounts: With Relay, you can create up to 20 individual checking accounts and put aside funds for a specific purpose such as taxes, expenses, income, savings, or upcoming investments.  
• Share up to 50 Mastercard debit cards with your team: Invite team members to take control of paying bills and set spending limits.  
• Payment connections: You can receive payments from various payment processors including PayPal, Stripe, and Square.  
• Free same-day ACH transfers: The Pro plan provides free same-day ACH transfers. Standard users can expect to wait 1 – 2 business days for ACH transfers to complete.  

Deposits and withdrawals 

4

The Relay business checking account does not accommodate cash deposits. Customers can receive money via ACH or wire transfer. Remote check deposit is also available via the mobile app.  

For withdrawals, you can access your money using an ATM. Alternatively, you can send an ACH or wire transfer.  

Customer service 

4.5

The Relay business checking account is a fully serviced digital banking experience. There are no physical branches or in-person support available.  

To get in touch you can email support@relayfi.com which is available 7 days a week. Relay aims to respond within a couple of hours.  

For a more personalized experience, you can also call 1-888-205-9304 from 9 am to 5 pm ET, Monday to Friday. 

According to Trustpilot, Relay has an excellent 4.5/5-star rating with many customers enjoying the easy-to-use interface and great customer service. Some of the negative comments come from users not willing to pay $30 a month for extra features and benefits.  

Safe and secure 

5

Relay partners with Evolve Bank & Trust to provide you with FDIC-insured accounts of up to $250,000. In addition, cardholders are covered by the Mastercard® Zero Liability Policy, from any unauthorized transactions.  

Biometric security is used and logins are protected by two-factor authentication. Users can also freeze their Relay card with a single tap to prevent any misuse of debit cards.  

Is Relays business checking account right for you? 

Relay’s business checking account is a great option for small businesses looking for a personalized banking experience with no monthly fees, and an array of business tools to help keep track of day-to-day finances that streamlines their bookkeeping.  

Where Relay stands out is the ability to use up to 20 dedicated checking accounts, this can be assigned with a specific purpose and managed by team members with user permissions.  

However, if you have a small business that is dependent on cash deposits or you’re looking to earn interest on balances in your checking account, you may want to consider looking into alternative options.