Relay

If you are looking for a commercial bank that is 100% digital, it is an option that you should consider. Offers business checking accounts with no monthly payments, minimum balance requirements, or transaction limits. These features make Relay a particularly suitable option for new companies.

How does Relay work?

The first thing you should know about Relay is that it is a 100% digital bank. That is, it does not have physical branches and all banking operations are done through the website or mobile application. Relay partners with Thread Bank which allows them to offer federally insured deposit accounts up to $250k.

Relay is a good option for small business owners who need multiple bank accounts, don’t handle cash, and run e-commerce. It’s also ideal for those who use Xero or QuickBooks Online and want to integrate their cash management services with their banking services.

The good and bad

Relay offers several benefits, the main one being that it is a completely free online banking platform designed for businesses. There are no monthly fees or commissions for incoming transactions or transfers. Although there is the option to buy Relay Pro, the free version can meet your needs without any problem.

Another benefit of Relay is that it offers you the option to open up to 20 accounts or 50 debit cards (physical or virtual). It also offers accounting features on the platform and you will be able to integrate Relay with Xero or QuickBooks Online. In addition, you will be able to connect your account with Venmo, PayPal, Square and Stripe.

However, there are certain negative points to note about Relay. Since this is fully digital banking, no cash deposits can be made. If your company handles cash on a regular basis, this will be a problem for you.

Funding options are wire transfers or mobile check deposits, which take 6-7 days to reflect in your funds. Another thing to note about Relay is that customer support over the phone is only available Monday through Friday from 9 a.m. to 5 p.m. to 5 p.m. ET.

How to open an account

The process of opening a business checking account in Relay is very simple, you just have to go to the website or download the mobile application, available for Android or iOS. Once there, you will need to create an account and provide all the necessary information and documents.

To open the account, you will need the following requirements about the beneficial owners of the company, including the founders, owners with more than 25% participation and managers with control over the company’s finances:

• Photo ID
• Passport or Social Security number
• Address and personal number
• Address and company number
• Email address

At NUMA we have an officer within the bank who helps us streamline the application and account opening process for our clients. Once we present everything, in about 3 to 5 business days the account is open and ready to use.