Relay

Review Summary

Relay is a digital banking platform for small businesses. It offers powerful tools for managing cash flow. You can open up to 20 free checking accounts. This helps you organize money for taxes, payroll, and profit. The system is perfect for business owners who want financial clarity. It works especially well with methods like Profit First. However, Relay is an online-only platform. It has no physical branches for in-person support. It also charges fees for international card use.

What is Relay

Relay is a financial technology company. It is not a traditional bank. It provides business banking and money management services. Banking services are provided by Thread Bank, which is a Member FDIC. This structure is common for modern digital banks. Relay focuses on giving business owners control over their money. The core idea is to use multiple accounts for specific purposes. This prevents overspending from a single large account balance.

Many businesses use Relay to implement the Profit First system. You can create separate accounts for income, profit, owner's pay, and taxes. Then you can set up rules to automatically distribute funds. This enforces financial discipline. Relay serves over 110,000 businesses. It is a popular choice for US LLCs with non-resident founders. Be aware that this is Relay Financial (relayfi.com). It is not related to Amazon Relay for trucking or Relay.app for automation.

Pros and Cons

Pros

• Open up to 20 free checking accounts.
• No monthly account fees or minimum balance requirements.
• Detailed user permissions and team access controls.
• Direct integrations with QuickBooks Online and Xero.
• Good option for non-US founders with a US LLC.

Cons

• No physical branches for in-person service.
• Charges a 1-2% fee on international card transactions.
• Does not offer a way to deposit cash.
• Savings account interest rates are low on the free plan.

Key Features

Relay's features are designed to create financial clarity and control for business owners. The platform is built around separating funds to understand your cash flow better.

Multiple Accounts

The standout feature of Relay is its account structure. You can open up to 20 individual checking accounts. There are no extra fees for these accounts. This lets you create a dedicated account for every part of your business. You could have separate accounts for operating expenses, marketing, payroll, and inventory. The platform also includes 2 savings accounts. These can be used for taxes or building a cash reserve. You can set up automated transfer rules to move money between accounts. For example, you can automatically send 15% of every deposit to your tax account.

Debit and Credit Cards

Relay allows you to issue up to 50 physical or virtual Visa® debit cards. You can assign cards to specific team members or use them for specific expense categories. Each card has customizable spending limits. This gives you tight control over team spending. You can adjust limits or freeze a card instantly from the dashboard. Relay also offers a Visa® credit card. It provides cash back on eligible purchases. This helps centralize all business spending within one platform.

Accounts Payable & Receivable

Relay includes tools to manage money coming in and going out. For accounts payable, you can upload bills directly to the platform. Relay uses OCR to extract data like vendor and amount. You can then set up approval workflows before paying. Payments can be sent via ACH, wire, or check. For accounts receivable, you can create and send invoices. Customers can pay you via card or bank transfer. The dashboard tracks the status of all invoices. This keeps your payables and receivables organized in one place.

Team Access and Permissions

Relay is built for businesses with teams. It offers granular control over user access. You can invite your accountant, bookkeeper, or employees. There are several permission levels. Roles include administrator, manager, bill-payer, cardholder, and read-only access. A bookkeeper can have read-only access to view transactions. A project manager can be issued a card with a specific budget. This lets you delegate financial tasks without giving away full control of your banking.

Pricing

Relay's pricing is based on a freemium model. The free plan is very functional for many small businesses.

• Relay Starter: This plan is $0 per month. It has no monthly fees or minimum balance requirements. It includes 20 checking accounts, 2 savings accounts, and debit cards. The savings account APY is 1.11%.

• Relay Grow: This paid plan adds features for growing teams. The monthly price is not publicly listed. It unlocks automated bill payments and other advanced features. The savings account APY increases to 1.75%.

• Relay Scale: This is the top-tier plan for larger businesses. The monthly price is also unpublished. It offers the highest savings APY at 3.00% and more sophisticated financial controls.

While Relay advertises $0 hidden fees, some transaction fees apply. International card payments incur a 1-2% Visa ISA fee. Outgoing international wire transfers also have fees. Domestic ACH and wire transfers are free on all plans.

Final Verdict

Relay is an excellent choice for specific types of businesses. If you use or want to use the Profit First method, Relay is built for you. It is also ideal for any owner who wants to enforce strict financial discipline. The ability to create many accounts provides unmatched clarity. It is also a strong solution for non-US founders who need a US business bank account.

The dealbreaker is its digital-only nature. If your business handles cash, Relay is not a good fit. It does not support cash deposits. If you need in-person customer service, a traditional bank is better. For businesses that make many international purchases, the card fees can add up.

If you want better control over your business finances, try Relay. Start with the free plan. The multi-account system might be exactly what you need to master your money.