Rho Business Banking: The Ultimate Guide for Entrepreneurs

Rho business banking offers entrepreneurs a convenient way to manage business funds, especially those that operate without cash. It’s a solid online banking solution for handling a large volume of transactions and accommodates small business owners.

In this Rho review blog post, you’ll learn what the business account is, and who it’s best for. We will also deep dive into which factors you should consider if you’re thinking about setting one up.

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Rho Business Banking: Quick Overview

Rho Business Banking Features and Services

Rho business banking, unlike some other business accounts, offers entrepreneurs an affordable way to manage a high volume of regular transactions, provided they don’t rely on cash.

With fee-free international wires and same day transfers, it’s easy to pay suppliers. You can also pay employees, and clients with the Rho business banking account without fees. Plus, with high transfer limits, you can use this account even if you handle large sums of money.

Integration with Rho’s other financial products like the treasury allows for access to high-yield interest of up to 4.35% on savings.³ However, you’ll need to set that up with a minimum opening deposit of $500,000.⁴

Who Should Use Rho Banking?

Rho banking is one of several financial solutions that offer financial management tools and is mostly tailored to small business owners who handle frequent transactions and are looking for a solution that offers fee-free transactions and convenient same-day wires.

Benefits of Rho Business Banking

Rho business banking offers a suite of products and features that users can benefit from, whatever stage of business they’re in.

Let’s explore some of the main business account benefits.

Automation and Cost Savings

The Rho business banking account is mostly fee-free. It allows small business owners to transfer money in and out of the business at their leisure. Whether you make a lot of domestic or international transfers, this is an excellent account for keeping costs down.

You can also benefit from automation and integrations. The Rho account allows you to sync with accounting tools to easily send, receive, and pay invoices.

You can easily add and manage vendors and stay on top of your numbers with real-time reconciliation.

Integration with Financial Tools

As a financial services solution, Rho business banking offers more than just a checking account. For example, users can access Rho Treasury, where they can earn up to 4.35% interest on funds stored with secure investments in U.S. Treasury Bills.

Users can easily manage and move their funds between their Rho checking, savings, and Treasury accounts. However, there is a minimum opening deposit of $500,000 to qualify for the 4.35% interest rate.

Expense Tracking

Keeping tabs on business expenses can become a challenge as a small business owner who’s looking to scale. Rho’s expense management product acts as your business’s personal bookkeeper. This allows you to change your financial targets and goals based on expenses and projected spending.

You can use this feature to set up approval workflows to get expenses signed off quickly. You can also enforce an automatic spending policy to ensure you stay on top of your numbers.

How to Get Started with Rho

As a financial technology company, setting up an account with Rho isn’t the same as it would be with a brick-and-mortar bank.

RHO Account Setup Process

To qualify for a Rho business account, you need to manage a business that’s incorporated in the United States. Rho doesn’t offer services to sole proprietorships or unincorporated businesses.

If you meet this criteria, here’s the information and documentation you’ll need to provide about the business, owners, and control persons to set up an account:

• Corporate business formation documents
• Information about your business and industry
• Tax ID
• Beneficial owner and control person information
• Other information and documentation may be required

To get a Rho credit card, you’ll need to provide additional financial information.

Once you’ve collected all the relevant documentation and information, you can apply to open a business banking account through the Rho website.

Fees and Limitations of Rho Business Banking

One of the main benefits of the Rho business account is the minimal fees across transactions, account setup, and more.

Users can set up a Rho business account for free and maintain it without a monthly fee. They can also make domestic and international transactions fee-free. The main fees to consider are the $30 wire recall fee and a 1% charge on foreign currency transfers.

This makes it an attractive option for small business owners. Its competitors including Mercury and Chasecharge monthly fees to keep the account open and some also have a minimum opening deposit.

There are drawbacks to the Rho business account, though. For example, you’ll have no options for dealing with cash in your business which means you won’t be able to deposit or withdraw cash.

If you rely on checks to make payments in your business, Rho might not be the best fit. They can take a relatively long time to clear—up to 7 business days in some cases.

Plus, while the account is tailored to small business owners, it doesn’t provide services to sole proprietors and businesses that aren’t incorporated.

The Easy Way to Manage Business Funds in Different Currencies

If you need a financial product that supports multiple currencies, Wise Business could be the solution.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to 140+ countries.

Register with Wise Business 🚀

Wise Business gives you access to the following:

• No monthly fees
• International payments at the mid-market rate
• QuickBooks integration to track bill payments
• Multiple currency management in one place
• The ability to receive payments like a local with major currency account details
• 40+ currencies

Sources used :

Alls ources checked February 2025

	Editor & Business Expert:
	Panna is an expert in US business finance, covering topics from invoicing to international expansion. She creates guides and reviews to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.

	Author:
	Sam is a UK-based copywriter with 4+ years of experience writing for SaaS and eCommerce brands. He creates comparison guides, informative blog posts, and covers other finance-based topics.