Brex Cash review: Pros, Cons, Top Alternatives

Panna Kemenes

Brex Cash offers users an alternative to the traditional business account.

The Brex cash management account works much the same as a standard business account. The difference is, Brex Cash focusses their service on startups and scaled companies.

There’s no Brex Cash minimum balance or fees, and you can earn yield on your cash through a money market fund.

Need an international business account?
Discover Wise Business

Table of Contents

Brex Cash: Quick overview

Here are the important features of the Brex Cash account at a glance:

Minimum opening deposit$0
Monthly fee¹$0
APYIn money market funds: currently 2.77% seven-day yield. No yield for uninvested cash.
Trustpilot rating²3.6 out of 5
Great for:Earning yield on your investment and supporting a startup

What is Brex cash?

Brex Cash is a business account alternative that can help you grow your wealth, build a startup, or make unlimited fee-free transactions. It’s a cash management account by FINRA-registered broker-dealer Brex Treasury.

You can store your investment in one of Brex Cash’s money market funds to earn up to 2.77% Brex cash yield. These funds are held by the Bank of New York Mellon and invested in the Dreyfus Government Cash Management Fund.

You can connect your Brex Business Cash account to PayPal for quick transfers, and send Brex Cash international wires free from charge unless third-party banks are involved.

For outgoing ACH transfers, you can track them using a 15-digit trace number. For payroll services, you can link your Brex Business Cash account to your payroll service provider with your account and routing numbers.

So how does it work exactly?

When you sign up with Brex Cash you have two options:

1. Put your uninvested funds into one of Brex’s partner banks

Brex partners with various third-party banks, all of which are FDIC-insured which means your money is secure up to the value of $250,000.

2. Invest your money into a money market fund

If you want the chance to earn yield on your funds, you can invest them into a money market fund. The seven-day yield is currently valued at 2.77% though it’s liable to change over time. With the money market fund you’ll have SIPC insurance up to the value of $500,000.

There are no limits as to how much money you can store in either Brex’s partner banks or its money market fund. This means there’s flexibility in how you store your funds. For example, you could set up a 60/40 split or assign a cap and have the spillover funds allocated to the other account

To set up a Brex Cash account, your business needs to meet at least one of the following requirements:⁴

  • Received an equity investment of any amount (accelerator, angel, VC or web3 token)
  • More than $1 million a year in revenue
  • More than 50 employees
  • More than $500k in cash
  • Tech startups who are on a path to meeting the criteria above, and are referred by an existing customer or partner

To initiate the account registration process, simply navigate to the website and you can start it there.

Once you’ve completed the application process, and been approved, you’ll receive a virtual Brex Mastercard. You can also choose to receive a physical card anywhere in the US, with an expected delivery time of around one week.

Brex Cash is great for…
Startups and scaled companies looking to hold and move funds in a free account.

Brex Cash Pros and Cons

✅ Pros❌ Cons
  • Free account
  • Unlimited fee-free transfers
  • Up to 2.77% yield
  • Excludes unincorporated businesses
  • No debit card or ATM access.
  • Only available to startups and scaled companies.

Key features

Brex Cash allows you to quickly reimburse employees for company expenses. You can invite employees to submit reimbursement requests, and provide managers the ability to approve them.³

The Brex Cash account also comes with a variety of integrations.

You can use QuickBooks Online and Netsuite integrations to instantly register reimbursements, and Wise Business to pay overseas employees in the most cost-effective way.

One of the standout features of Brex Cash is the option to store money in one of its money market funds to earn up to 2.77% yield.

Money market funds are regulated by the Securities and Exchange Commission (SEC) and can be a low-risk way to increase your investments.

How much does Brex cost?

One of the most attractive features of the Brex Cash account is the lack of fees. There’s no account registration fee, monthly fees, or transaction fees.

Plus, with the possibility of earning yield through its money market funds it can improve your company’s financial health.

FeatureFee
Sending/ receiving wire transfer$0
Sending/ receiving international wiresIntermediary bank fees and currency conversion fees may apply

Alternatives to Brex Cash

Brex Cash is a viable option for venture-backed startups and scaled companies, but it isn’t available for small, unincorporated, and medium-sized businesses.

Check out the following alternatives to see if they’d be a better fit for your business:

ProviderFeatures
Wise Business
  • Account opening fee: $0 ($31 to set up bank details in 10 different currencies)
  • Monthly fee: $0
  • Top features:
  • International transfers to 80+ countries
  • Mid-market rate currency exchange
  • Bank details for 10 different currencies
  • Great for
  • Low-cost international transfers
Bluevine Business Checking
  • Account opening fee: $0
  • Monthly fee: $0
  • Top features:
  • Earn up to 1.5% interest
  • Access to revolving line of credit
  • Schedule recurring payments
  • Great for
  • Small businesses looking to grow their wealth and can benefit from a line of credit
Axos Business Checking
  • Account opening fee: $0
  • Monthly fee: $0
  • Top features:
  • Unlimited domestic ATM fee reimbursements
  • Signup bonus for new customers
  • Unlimited transactions
  • Great for
  • Newly-incorporated companies and those who need fee-free access to US ATMs

Looking for a small business account? Try Wise Business

If you had a small business account with Brex up until recent changes, then Wise Business can be an excellent alternative.

Wise Business is the ideal solution if you're looking for a business account that supports low-cost international transfers. When you trade overseas, Wise Business ensures you pay the mid-market rate for currency exchange.

There are no monthly subscription fees, and you can access a host of useful integrations, such as QuickBooks and the Stripe connection. This helps your business save time and money.

Get a Wise Business account today

You can also set up account details in 10 different currencies, so clients can pay you like a local business - without incurring any fees.


Sources:

  1. Brex fees
  2. Brex Reviews | Read Customer Service Reviews of brex.com
  3. How do reimbursements work? | Brex
  4. Brex Requirements

All sources checked November 24, 2022.


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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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