Relay Banking Reviews: Business Account and Checking (2023)

Mike Renaldi

If you're a small business owner looking for a better way to manage your cash flow, you might want to continue reading. In this review, we'll explore Relay's business account and checking features that could put you in the driver’s seat of your money management.

We’ll also discuss alternatives to a Relay Business Account, such as Wise Business, which could be a great option for your international business needs.

Looking to save while managing your international business needs?

Learn more about the
Wise Business account >>

Trustpilot: 4.4/5 average rating - Excellent¹²
No minimum balance required and no monthly fees

Table of Contents

Relay Business Banking Features

The Relay business banking platform comes with a range of features designed to cater to the needs of modern businesses.¹ In this section, we'll discuss these features to help you understand how Relay can enhance your financial management.

Mobile banking app

Relay's mobile banking app allows you to manage your business finances on the go. With features like mobile check deposits, real-time transaction alerts, and the ability to transfer funds, the app provides a convenient way for busy entrepreneurs to stay on top of financial tasks.

Integration with software

Relay accounts are compatible with popular accounting software like QuickBooks and Xero. That means easy synchronization of your financial data to streamline your bookkeeping process. You’ll also be able to collect payments from popular services like PayPal, Stripe, and Square and receive funds from clients and customers.

Multiple user access

Relay allows you to add multiple users to your business account for a collaborative approach to financial management. This feature is particularly useful for delegating tasks and ensuring transparency within your organization. There’s a seven permission level system, allowing you to maintain true control over your account's security.²

Bill pay and invoicing

Managing bills and invoices is an integral part of any business's financial operations. Relay simplifies this process by offering a built-in bill pay feature so you can schedule and track your payments with ease. What’s more, you can create and send professional invoices directly from your account for a smooth invoicing experience for both you and your clients.

Cash management

With Relay's cash management feature, you can create separate "envelopes" (in other words, accounts) within the Relay platform for specific purposes, such as taxes, payroll, or expenses.³ With unique routing and account numbers, you can automate and organize your funds and ensure that they’re allocated effectively.


Relay offers FDIC insurance for businesses, ensuring that your funds are protected in the event of a bank failure.⁴ Their Visa® debit cards also come with Zero Liability Protection.⁴ This means that you won't be held responsible for any unauthorized transactions made with your card, provided you report the incident as soon as you can.


Relay Business Reviews

As well as considering all the features that Relay for business offers, you might also want to take a look at what other customers are saying. We've gathered insights from Trustpilot to help you make an informed decision.


On Trustpilot, Relay has received 776 reviews and has a 4.2/5 rating.⁵ Users appreciate the ability to open many accounts, their helpful customer support, and user-friendly interface. But as with any service, some customers have encountered minor issues, such as issues with permissions, glitches with account money transfers, and problems with prescribed limits.

Relay Business Pricing

Money can often be tight as a small business owner, and that’s why you’ll want to take a thorough look at Relay’s pricing. In this section, we’ll cover things like monthly fees, international transfer costs, and more.⁶

Minimum balance requirements

One of the perks of using Relay for business banking needs is that there are no minimum balance requirements. Whether you choose to use Relay’s free account or pay for Relay Pro, you won’t have to worry about maintaining a specific balance in your account.

Monthly fees

Relay’s basic plan is entirely free, at $0/month, which gives it an edge if affordability is a priority. However, if your business needs a few extra features like faster, same-day ACH and more advanced billing features, then the Relay Pro plan will set you back $30 per business/month. You can have up to 20 individual checking accounts without any monthly fees on either plan.⁶ 

Withdrawals and limits

Relay allows for free, unlimited withdrawals at AllPoint ATMs and fee-free withdrawals at any ATM in the world.⁷  Keep in mind that the banks that own those ATMs will likely charge a fee. For Relay’s physical cards, there is a maximum daily card transaction limit of $7,000 and an ATM withdrawal limit of $1,000 per card.⁸

Other fees

In general, Relay boasts a fee-free structure for most of its services, but it’s important to go ahead and identify any specific fees that may apply to your business, such as wire transfer fees.

International transfer costs

If your business frequently deals with international transactions, you’ll be happy to know Relay’s international transfer system is incredibly easy to use. Pricing is straightforward - although not exactly affordable at $10 per outgoing transaction. If you’re on the Relay Pro plan, the fee is waived.⁹

Currency conversion costs

Relay determines their exchange rate based on the foreign exchange market, and their conversion rate refreshes every 60 seconds. They’ll apply a rate 1% or above depending on the currency you’re converting to and the rate at the time of your request.¹⁰ You’ll get to see exactly what you’ll be charged and what the recipient will be receiving before you make the conversion.


Relay Business Checking Account

The Relay Business Checking Account is an excellent fit for various types of businesses, especially ones that enjoy simple and cost-effective banking solutions. After all, money is already complicated enough when running a business. Businesses that can benefit the most from Relay include small businesses, startups, freelancers, and digital-first enterprises.

Small businesses and startups often operate on tight budgets, which makes Relay's fee-free structure super appealing. With no monthly fees, minimum balance requirements, or charges for unlimited transactions, these businesses can minimize their banking expenses so they can allocate resources to other important aspects of their operations.

Freelancers and independent contractors have plenty to gain from Relay's offerings too, as the lack of minimum balance requirements and monthly fees allows them to manage their finances without added financial burdens. Fee-free transactions also make it convenient for freelancers who may have fluctuating incomes and varying transaction volumes.

Relay is also well-suited for ecommerce businesses, as the platform's compatibility with popular payment services like PayPal, Stripe, and Square simplifies the process of collecting payments from customers. And with integrations with accounting software such as QuickBooks and Xero, these businesses can enjoy seamless financial management with accurate bookkeeping and reporting.

As most businesses primarily operate online or don’t need access to physical branches, Relay's digital-first approach is an added bonus. The convenience of mobile banking, bill pay, and invoicing features makes it easy for these businesses to manage their finances remotely without the need for in-person banking services.

The platform can especially be an attractive option for businesses that value transparency and collaboration in their financial management. The multiple-user access feature with customizable permissions means that team members can work together efficiently, knowing their accounts are secure. This feature promotes a transparent financial environment and makes it easier for businesses to assign tasks efficiently.

Relay Business Alternatives

While Relay offers a comprehensive suite of features for businesses, it's always a good idea to explore alternatives to ensure you're making the best choice for your company's unique needs. Let’s discuss three alternatives: Wise Business, PayPal, and Payoneer.

Wise Business

Wise Business is a popular alternative to Relay for business owners seeking a comprehensive financial management solution, which has just a few steps to get started. With its focus on cost-effective international transactions, Wise Business can be particularly beneficial for companies that deal with cross-border payments. These are some of the benefits of using Wise Business:

  • Wise Business is known for using the mid-market exchange rate - the fairest and most transparent currency conversion rates available.
  • Lower fees than many other financial institutions for sending and receiving international payments
  • Hold and manage funds in an account with over 40+ currencies
  • Integration with accounting platforms like QuickBooks and Xero
  • Instant payments in select currencies
  • Get a Wise card to spend and withdraw funds when necessary
  • A one-time fee to get local account details in 10 currencies to receive payments like a local

Looking to save while managing your international business needs?

Learn more about the
Wise Business account >>


PayPal is a well-known global payment platform that also provides business solutions, including business accounts and debit cards. With its vast user base and established reputation, PayPal is a reliable alternative to Relay. Some of the benefits of using PayPal for your business include:

  • PayPal is a globally recognized brand with a large user base, which can instill trust in your customers and clients when making transactions
  • Comprehensive payment processing capabilities, including invoicing and recurring payments
  • Integration with a wide range of ecommerce platforms and accounting software
  • Eligible businesses can access financing through PayPal Working Capital, providing a convenient funding solution for growth and expansion
  • With the Seller Protection program, businesses can receive support and coverage for certain types of transaction disputes, adding an extra layer of security

The platform’s fee structure is a lot more complex than Relay's, however, with flat fees and percentage fees for receiving payments and international transactions. For example, there’s a minimum rate of 4% to convert USD into another currency.¹¹


Payoneer is another global payment platform that caters to businesses, freelancers, and online sellers. Like Wise, the platform focuses on cross-border transactions. Some notable features of Payoneer include:

  • Extensive global network - over 200 countries and 150 currencies
  • Competitive currency conversion rates for more cost-effective international transactions
  • The ability to send and receive payments in multiple currencies
  • Integration with popular online marketplaces and platforms, such as Amazon, eBay, and Airbnb
  • Financing solutions, such as merchant cash advances and capital advances, provide businesses with access to funds

The platform boasts a wide range of integrated solutions for billing, ecommerce, mass payouts, and working capital.

Bottom Line

With Relay Financial, you will find plenty of options for your business. With key features, such as cash management, mobile banking, and integration with software, you can ensure that your fundamental business needs will be met.

If you're still unsure about Relay for overseas business, Wise Business can be a great option with no monthly fees or minimum balance requirement.

Try Wise Business >>

Further Reading:

BBVA Business Checking Review (2023)

The 13 Best Banks for an Ecommerce Business (2023)

Lili Bank Review: Features, Fees, and Key Details (2023)

Found Bank Review: Is Found Right For Your Business?

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks



This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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