Score 8.5
Regulation FDIC
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Score 8.5
Regulation FDIC

What is Relay?

Relay provides clients with an intuitive set of practical business banking solutions. These include secure collaboration, automated payables, and full transparency of spending activity. Clients can enjoy the added benefit of FDIC insured accounts up to $2,500,000 with zero liability on Visa, 2-FA, and card freezing capabilities for enhanced security.

In addition, Relay provides business owners with full integration with a range of accounting systems and solutions, and instant connectivity to a range of money transfer services. Among the many benefits are zero-fees for money management, zero-barriers for business checking accounts, full integration with accounting programs, and streamlined accounts payable with Relay Pro.

Key Details

Toronto, Ontario Canada
FDIC (through the Evolve Bank & Trust and Thread Bank)
Relay Key Details
Founded 2018
Headquarters Toronto, Ontario Canada
Users 295,000
Regulation FDIC (through the Evolve Bank & Trust and Thread Bank)

Relay Pros & Cons

  • green-check-mark No fees or minimum account balances.
  • green-check-mark Option to open up to 20 separate checking accounts .
  • green-check-mark Option to issue up to 50 physical/virtual Visa debit cards
  • green-check-mark Easily send/receive bank wires, checks, or ACH transfers.
  • green-check-mark No ATM fees.
  • green-check-mark Professional customer support via telephone and email.
  • green-check-mark Fully integrated with world-class accounting software, payroll & HR software, including Xero, Plaid, intuit QuickBooks, and Gusto.
  • green-check-mark Secure, automated, and tailored business banking for team members.
  • green-check-mark Up to 2 savings accounts with up to 3% APY
  • green-check-mark Business banking services are offered to SMBs in the US, with support offered to business owners in 200+ countries worldwide.
  • No physical bank branches.
  • Outgoing domestic and international wire transfers subject to $5 & $10 fees respectively. However, these fees can be waived for businesses on Relay Pro.
  • Services not offered to SMBs in iGaming, cannabis, private ATM operations, or cryptocurrency exchange.
  • No lending services provided – no personal loans, lines or credit, or credit cards offered.
  • Telephone support is limited to weekdays between 9 AM – 5PM EST.

Relay Banking Features

Relay include a spread of options, notably Visa debit cards (virtual and physical), spending limits and expense tracking, full compatibility with Google Pay and Apple Pay, FDIC insurance up to $2,500,000 per account, top-end security features, and more.

Rapid Account Registration

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Relay offers business clients FDIC-insured banking services through the Middlesex Federal Savings bank. It is easy to apply for an account from your handheld device, no fuss, and no delays necessary. Getting started is a breeze; simply enter a business email, password, and referral code if you have one. Customer care consultants work hard to expedite new account registrations.

Team-based business banking

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As a business owner, you can easily have Visa cards issued to team members. Set maximum limits per team member per card and seamlessly track all transactions (spending activity) through the app. Relay permits each team member to have a role assigned to them to make it easier for management purposes.

Fully digitized banking services

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Relay is, first and foremost, a virtual banking solution for businesses. As a business owner (SMB), you can send money, receive money, and manage business banking services online through the app. Well-trained customer support is standing by to assist during business hours via telephone, and around the clock for email requests. It’s worth reiterating that all the primary banking services Relay provides are free to use.

Dynamic bookkeeping services

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Relay are fully integrated with the premier accounting software, including Xero and QuickBooks Online, for seamless account management of business banking services. This allows business owners to provide access to accountants, bookkeepers, or financial advisors for all business debits and credits.

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Create up to 20 individual checking accounts

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As an SMB owner, you can easily manage your funds with up to 20 checking accounts. These can be used to manage business expenses, organize cash reserves, and track all business finances. By compartmentalizing expenses, business owners can allocate cash reserves for contingencies like payroll, taxes, and petty cash.

Multiple currencies supported

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international wires can be converted into 32 currencies, including the Mexican peso, European euro, British pound, Canadian dollar, Australian dollar, New Zealand dollar and others, with more currencies anticipated in the future.

Recurring internal transfers

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With Relay, it is possible to transfer funds between different checking accounts as much as needed. As a case in point, a business owner can assign a % of deposits to be transferred to separate accounts. Business owners can do this regularly for better management of expenses.

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Relay is entirely managed via a safe and secure app. This business banking solution is SSL secure (secure socket layer) and protected against third-party interception of personal data. The FDIC fully insures each account held at Relay for up to $2,500,000. The company’s partner bank has been operating since 1925 – Evolve Bank & Trust and is a member of the FDIC. 

Savings account

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Earn 1% to 3% APY on spare dollars as Relay moves them from operating accounts to savings effortlessly. No account fees, no minimum balances, and interest paid monthly. Open up to two savings accounts.

Plans & Pricing

There are two sets of pricing plans available for Relay’s service. These include the $0 Relay Standard and the $30 per month, per business option. This is known as Relay Pro, and it offers full scaling of business financial activity (payment management). There are separate features for ”Businesses” and ”Accountants & Bookkeepers”, but the pricing remains the same on both accounts.

Relay Standard Account

  • Free to register
  • Zero monthly fees
  • Free ACH and Checks
  • Zero minimum account balance
  • 20 fee-free checking accounts are available
  • 50 virtual/physical Visa debit cards are available

Relay Pro Account

  • $30 per business per month
  • Auto-import bills from QuickBooks Online or Xero into Relay
  • Review, approve and pay all bills in one Relay dashboard
  • Create single- or multi-step approval rules for bill payments
  • Consolidate payments to the same vendor into a single transaction
  • Auto-sync paid bills as “paid” back to your general ledger for one-click reconciliation
  • Same-day ACH payments and free outgoing domestic and international wires.


Who qualifies to open a Relay business bank account?

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Relay business accounts are only available for business registered in the US. These business owners must provide a SSN or passport (for non-US residents).

What types of documentation are required to open an account?

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Relay is a FinTech corporation that has partnered with an FDIC-insured bank. As such, all activities are aboveboard and compliant with regulatory requirements. This means that sole proprietorships, LLCs, partnerships, and corporations will be required to provide extensive information and proof of business ownership, location, and other pertinent data.

Clients will be required to enter a mobile phone number, Social Security number/Passport, business ID number (EIN), meet the minimum age requirement of 18+ et al. The registration process requires proof of ID/citizenship. Your driver’s license, ID card, or passport will be required to process your application.

What is the process for opening a Relay business bank account?

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It’s a relatively straightforward process. If you are a foreign corporation operating in the US, or a US-based business, you can apply to open a Relay business bank account. The following companies qualify – sole proprietorships, partnerships, LLCs, and corporations. You must enter your Social Security number (SSN) and your business EIN for LLC corporations.

How can I access my account at Relay?

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You can access your account through your mobile device. The Relay mobile app is compatible with Android and iOS devices. So, log into your account at your leisure.

Are my funds protected?

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Absolutely! As a FinTech company, Relay is intently focused on the safety and security of client information. This disruptive company has partnered with Evolve Bank & Trust and Thread Bank to guarantee the security of deposits held by MFS. Additionally, Relay utilizes industry-standard, bank-level encryption protocols (SSL) to safeguard the integrity of your account. The security of your account is enhanced by way of multiple safeguards (ID telephone number, business address, EIN, SSN, and other forms of verification). Only a legal, registered business owner can open an account at Relay. The privacy policy details how Relay protects your information.

Our Verdict

As a business banking solution, Relay presents a highly competitive and viable option. There are two account types: The Relay Standard Account and the Relay Pro Account. The former is free, and the latter with advanced functionality is $30 per business per month. Most of the features and functions of Relay banking services are free – a massive saving for businesses. Plus, Relay are fully integrated with accounting platforms and programs for effective business expense tracking and auditing management. Except for outgoing domestic and international wire transfers, most of the services provided by Relay are complimentary. We fully endorse the business banking solutions offered by Relay. 

User Reviews


Middle of the night, everyone sleeping, Relay teams answered the call and saved a large contract for my business. The team at Relay went out-of-band in the middle of the night to address the specific needs of my company, the professionalism and attention to customers needs really allows their commitment to excellence to shine. Don’t waste your time elsewhere, Relay is where you want to be.

By B. W. L. Jun 4, 2023

Relay has great customer service …. Relay has great customer service with quick and helpful responses. Their online platform is very easy to use and understand – very user friendly. I highly recommend Relay Financial!

By John May 11, 2023

Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank and Evolve Bank & Trust; Members FDIC.The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.