Business Bank accounts

Your guide to banking with Relay as a Canadian business

Piyush Singh

02.07.24

Read time 3 minutes

If you need an online bank to handle your Canadian business operations, consider Relay. Relay is designed specifically for small businesses, letting entrepreneurs simplify the nuances of cash flow, profit, and other aspects of bookkeeping. With a seamless user interface and easy-to-use accounts, you and your accountant can handle your business income without breaking a sweat. We’ll also explore Wise as an alternative for affordable international transfers.

Key points we'll look at
A closer look at online business banking with Relay What is Relay Pro for businesses in Canada? Which plan is right for you? Get a Wise Business account for all your global business needs

A closer look at online business banking with Relay

Key Features	Key Considerations
No accounts fee or minimum balances	No physical branches
Open up to 20 checking accounts to separate and manage your money¹	No accounts payable tools with free plan
Physical and virtual Visa debit cards for you and your team	No batch payments with free plan
Sync with popular accounting software like QuickBooks or Xero	Low ACH limits ($1000/day, $5000/month) for Tiers 4 & 5³
Secure collaboration with role-based logins	No e-transfer capabilities
Savings accounts with 1% - 3% APY²	Exchange rate fees markups of >1%⁴

What is Relay Pro for businesses in Canada?

Relay’s base plan, free of account and monthly fees, additionally offers Relay Pro, a paid plan starting at $30/month. This plan gives you access to accounts payable options, same-day ACH, and free wire transfers. You can auto-import bills from your accounting software and implement approval rules for automation.

The original Relay plan charges $5 per outgoing domestic wire and $10 per outgoing international wire along with the exchange rate fee, whereas Relay Pro charges you the currency exchange rate for outgoing international wires.⁵

Which plan is right for you?

If you’re a small business or independent contractor, the base plan should cover all your needs , especially if you generate a small volume of transactions. You can track expenses, use the invoicing tool, and access services that help with daily operations.

If your business is growing fast or dealing with a high volume of transactions, the Relay Pro plan is a better choice. Despite its monthly fee, the plan allows you to utilize various accounts payable features, such as; single and multi-step approval rules, and a single dashboard to handle review, approval, and bill payment. Businesses that frequently deal with wire transfers can also benefit from free transfers, as well as same-day fast ACH.

Get a Wise Business account for all your global business needs

Cross-border transactions are part of doing business today. Whether you’re an ecommerce site, selling on an online marketplace, or dealing with vendors and suppliers from other countries, Wise Business is the ideal account for international business needs.

With a single Wise account, you can manage and hold 40 currencies and even get local account details for 19 different currencies including CAD, USD, AUD, CHF and more! Rather than deal with transaction and exchange fees for popular currencies, you can pay, spend, and receive money like a local. Wise also lets you make batch payments of up to 1000 transactions at once and take advantage of their easy invoice generator.

Canada is also one of the several countries where Wise offers debit cards for your business and your employees. Available as an online and physical card, you can use either to track and spend any of your Wise balances. That flexibility and transparency lets you manage your expenses effortlessly and give your team controlled spending capabilities.

What’s more, you can enjoy the mid-market exchange rate for all your transactions (the real market rate with no markups) and minimal transfer fees that start at just 0.33%. Want a deeper look into your numbers or are looking to handle your bookkeeping? Wise seamlessly integrates with QuickBooks, Sage Cloud, Xero, and more.

Get your Wise business account in a few clicks! 🚀

Please see the Terms and Conditions for your region and visit our pricing page for the most up-to-date pricing and fee information on Wise products.

Wrapping up

Relay’s focus on small business needs and a highly simplistic dashboard make it a strong contender in the realm of digital banking accounts. Its no-fee structure makes it extremely attractive to up-and-coming businesses, and the comprehensive dashboard gives you a useful overview of all your balances. However, when it comes to cross-border transactions and low, transparent fees, Wise Business has an advantage over Relay. When you open a Wise multi-currency account, you can avoid those pesky transaction and conversion fees and take advantage of a whole host of business-specific features.

Sources

1 - Relay
2 - Relay Financial
3 - Deposit Agreement | Relay
4 - Convert Currency in Relay.)
5 - Plans & Pricing | How Relay Adds Up

Sources verified on 2 July 2024

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.