BlueVine Business Checking - Banking Review

Vivien Thuri

To succeed as a business, having a dedicated business checking account is crucial. For small to medium sized businesses, this can present challenges in terms of fees. 

BlueVine’s business checking bank account is an option offering some incentives, not the least of which are unlimited transactions, minimal fees and a competitive interest rate.

This article puts all the features of BlueVine business banking under the spotlight.

Table of Contents

BlueVine business checking

BlueVine is an online, FDIC insured banking platform that offers its customers a business checking account as well as a line of credit.

With unlimited transactions, minimal fees, a revolving credit scheme, a debit Mastercard, and 1.5% interest, BlueVine business banking is a potentially useful company for small to medium sized businesses to open a business checking account with.¹

At the current time of writing, BlueVine is available across all 50 states as well as the District of Columbia. Bluevine customers can also send eight currencies across 26 countries with highly competitive exchange rates and a transparent, low fee rate powered by Wise Platform. Additional currencies and countries will also be added.

Read more about how Bluevine partners with Wise

BlueVine application process and requirements

To apply for a BlueVine business account you need to be either a US citizen or permanent resident with an address in either the District of Columbia or one of the 50 states of the US.

That being said, US citizens located in US Territories, inclusive of Puerto Rico, are currently ineligible.

In addition, you need to be a small business owner, with a minimum age of 18 years old, who does not work in the adult entertainment, gambling, virtual currency, illegal substances or weapons and firearms industry.¹

You’ll need to provide BlueVine with some basic information pertaining to you and your business. Setting up your account takes only a matter of minutes and is done completely online.¹

If you're unsure - learn more about What You'll Need to Open a Business Bank Account.

BlueVine Interest

BlueVine calculates interest as simple interest daily and credits it monthly. They pay in whole cents, meaning the end monthly value will either be rounded up or down accordingly.¹

From February 1, 2022, BlueVine business checking account holders will earn 1.5% interest on balances up to and including $100,000, which is 40 times higher than the national average.

Additionally, from May 1, 2022, BlueVine business checking account holders must meet at least one of two eligibility criteria to continue earning 1.5% interest on balances up to and including $100,000.

  • Either, spend at least $500 USD per month using your BlueVine debit Mastercard,

  • or receive a minimum of $2,500 USD in customer payments into your BlueVine business checking account by means of ACH, wire transfer, mobile deposit or from your merchant processing provider.²

Learn more about the Best High-Yield Savings Accounts. It does matter how much you earn on your savings!

BlueVine fees

A standout aspect of BlueVine is its lack of fees - an attractive feature for small business owners.

ProsCons
  • No minimum balance fees
  • No monthly fees
  • No NSF charges
  • No ACH payment fees
  • No incoming wire fees
  • No ATM fees within the MoneyPass Network
  • Outgoing wire fee of $15 USD per payment, plus 2.9% fee of the total payment amount for credit card transactions
  • Expedited debit card replacement fee of $30 USD per shipment
  • Cash deposit fees at Green Dot retail locations of $4.95 USD³
  • With BlueVine, there are no minimum balance fees, monthly fees, NSF charges, ACH payment fees nor incoming wire fees.

    Additionally, there are no BlueVine ATM fees at the 37,000+ locations within the MoneyPass network.

    BlueVine fees are applied only on outgoing wires, expedited debit card replacements, and cash deposits at Green Dot retail locations.¹


    BlueVine app

    To make the online banking experience even more convenient, BlueVine offers an app for its users.

    The BlueVine app is available on both the App store and Google Play.⁴ ⁵


    BlueVine credit card

    After completing your BlueVine business checking account, you’ll be sent your BlueVine business debit Mastercard within 7-10 days.⁶

    Once you receive it, you’ll then need to follow the steps to activate your BlueVine card.

    Withdrawing money from your BlueVine business checking account is fee-free, as long as it is withdrawn from an ATM within the MoneyPass network.

    Outside of this network, you’ll be subjected to a withdrawal fee of $2.50, plus any additional third-party ATM fees.³

    MoneyPass has an ATM locator tool on their website, enabling you to find an ATM within their network near you, so you can avoid this extra fee.

    BlueVine also comes with a credit card feature, allowing you to pay suppliers using a credit card, while the payee receives the payment via ACH transfer or physical check.

    This allows you to work with vendors who normally don’t accept credit based payments while also allowing you to reap the benefits and rewards that come with credit card payments.⁷ 


    BlueVine small business loans 

    woman-on-the-phone-thinking-blue-background

    By opening and using your BlueVine business checking account, you’ll build a credit and transaction history with the company.

    While BlueVine emphasises that having an account with them won’t increase your chances of loan approval, they do say that it will make the evaluation process smoother.¹

    BlueVine offers a revolving credit scheme called “Flex Credit”. This allows you to take out further loans as you make repayments, up to your credit limit - rather than only a one-off loan.¹

    To be eligible for a BlueVine loan, your business needs to be either:

    • an LLC or corporation in existence for a minimum of 6 months,

    • generate a minimum monthly revenue of $10,000 USD,

    • and you need to have a personal credit score of at least 600.

    Additionally, due to regulatory restrictions, BlueVine is prohibited from providing loans to businesses operating in the states of Nevada, North Dakota and South Dakota.¹

    Loan repayments are automatically debited from your BlueVine business checking account. That means that as long as your balance is sufficient, you don’t need to worry about missing any repayments.¹

    Once you’ve been approved for a loan, the funds can appear in your BlueVine business checking account within a matter of hours.

    BlueVine allows you to choose between ACH transfer or wire transfer.

    • ACH transfers are fee-free and can take between 1-3 business days to appear in your account,

    • while wire transfers cost $15 but usually reach your account within the same day.

    At the time of writing, BlueVine is not accepting any new loan forgiveness applications.


    Is BlueVine safe?

    BlueVine is partnered with Coastal Community Bank which means your funds are FDIC insured at $250,000 USD per depositor.¹


    BlueVine customer service

    Users rate BlueVine customer service for its professionalism, patience and overall helpfulness.

    BlueVine customer service is available by phone and email.

    For issues related to Banking and Lending, customer service can be reached by calling
    • (888) 216-9619 from 8am-8pm (ET) Monday to Friday.
    For queries concerning the Paycheck Protection Program, dial
    • (650) 338-4012 from 8am-6pm (ET) Monday to Friday.

    BlueVine reviews

    BlueVine bank reviews are overwhelmingly positive, with 81% of users rating it 5 out of 5 on TrustPilot.

    Customer service is praised for its professionalism, diligence, kindness, patience and helpfulness.

    The service itself is rated for its functionality in helping small businesses, its lack of fees, its transparency, as well as its habit of letting users know well in advance about changes to fees or policies. 

    Here are just a few BlueVine business checking reviews.

    ”Customer service was beyond helpful and I left 100% comfortable with the process. Thanks!”

    “BlueVine has been great, any changes have been clearly communicated, in a timely manner. I highly recommend this bank which understands we all don't have hundreds of thousands of dollars in our small business accounts.”

    ”Customer service was amazing! They were kind, polite, friendly, and helpful. They helped me to understand the product I was getting and knew what they were talking about.”⁸

    Find the best fit for your business! Check out the Best Online Business Bank Accounts

    Bluevine and Wise Platform - Make international payments with no hidden fees

    If your business has an international scope, then being able to manage cross-border payments is crucial for giving your business the edge. The partnership powered by Wise Platform allows Bluevine users to make international payments with no hidden fees to 26 countries

    • With Wise Business, you’ll have your money exchanged at the mid-market rate, with no hidden fees.

    • Customers won’t face hidden markups in the exchange rate or convoluted transaction fees.

    • These international payments can be made with only a few easy clicks from the Bluevine account dashboard, ending the need to call or visit a physical branch for support.

    Sources:

    1. BlueVine - FAQ
    2. BlueVine - Interest rate
    3. BlueVine - Account fees
    4. Google Play - BlueVine
    5. App Store - BlueVine
    6. BlueVine - Receiving your debit card
    7. BlueVine - Benefits of paying with a credit card
    8. Trustpilot - BlueVine

    All sources checked 2022 March 4


    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.

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