Score 8.5
Regulation FDIC
Relay's card
Score 8.5
Regulation FDIC

What is Relay?

Relay Financial 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 $250K, with zero liability on MasterCard, 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

Founded
2018
Headquarters
Toronto, Ontario Canada
Users
Undisclosed
Regulation
FDIC Insured up to $250K
Rating
Relay Key Details
Founded 2018
Headquarters Toronto, Ontario Canada
Users Undisclosed
Regulation FDIC Insured up to $250K

Relay Pros & Cons

Pros
  • 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 MasterCard 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 Quick and easy management of employee accounts.
  • green-check-mark Business banking services are offered to SMBs in the US, with support offered to business owners in 200+ countries worldwide.
Cons
  • No physical bank locations for depositing checks.
  • Outgoing domestic and international wire transfers subject to $5 & $10 fees respectively.
  • 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 financial services include a spread of options, notably MasterCard debit cards (virtual and physical), spending limits and expense tracking, full compatibility with Google Pay and Apple Pay, FDIC insurance up to $250,000 per account, top-end security features, and more.
There are plenty of features available through Novo business banking solutions, notably:

Plus, in an era of low-interest rates, they offer 0.6% interest on your money balances up to $100,000. Businesses that qualify can enjoy credit lines up to $250,000, and you only pay for the credit you use. Clients do not need to concern themselves with early repayment penalties. When approved for loans, they will be deposited into your account within 24 hours. The following features are readily available through this FinTech corporation:

Rapid Account Registration

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Novo 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 MasterCard debit 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 financial services 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 set up checking accounts for up to 20 employees. 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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internal wires can be converted into six currencies, including the Mexican peso, European euro, British pound, Canadian dollar, Australian dollar, and New Zealand dollar, 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.

Top-end business banking security features

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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 $250,000. The company’s partner bank has been operating since 1925 – Evolve Bank & Trust and is a member of the FDIC. 

Plans & Pricing

There are two sets of pricing plans available for Relay Financial services. 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 debit MasterCard is 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.

FAQ

Who qualifies to open a Novo business bank account?

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Novo business accounts are only available for business owners in the US. These business owners must provide a SSN.

What types of documentation are required to open an account?

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Novo 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, 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 Novo 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 Novo 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 Novo?

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You can access your account through your mobile device. The Novo 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, Novo is intently focused on the safety and security of client information. This disruptive company has partnered with Middlesex Federal Savings (FDIC insured up to $250,000) to guarantee the security of deposits held by MFS. Additionally, Novo 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 Novo. The privacy policy details how Novo 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 financial services 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 financial.