Relay Bank Review
Guide to Relay banking for US LLCs. Free business banking with multiple checking accounts and powerful budgeting tools.
Relay is a free business banking platform designed for small businesses. It offers multiple checking accounts for organizing your finances and is popular among businesses using the Profit First methodology.
What is Relay?
Relay launched in 2019 as a business banking solution focused on simplicity and organization. Like Mercury, it provides banking services through Evolve Bank & Trust (FDIC insured) and allows fully remote account opening.
Key Features
Multiple Checking Accounts
Create up to 20 checking accounts at no extra cost. Each account has its own account number, making it easy to organize:
- Operating expenses
- Tax reserves
- Profit account
- Owner’s pay
- Emergency fund
This is perfect for Profit First or envelope budgeting systems.
Auto-Transfer Rules
Set up automatic transfers between accounts based on incoming deposits. For example:
- 10% of each deposit → Tax reserve
- 5% of each deposit → Profit account
- Remainder → Operating account
Team Features
- Add team members with role-based permissions
- Issue debit cards with spending limits
- Approval workflows for large transactions
Fees
| Service | Cost |
|---|---|
| Monthly fee | $0 |
| Incoming ACH | Free |
| Outgoing ACH | Free |
| Incoming domestic wire | Free |
| Outgoing domestic wire | $5 |
| International wire | $30 |
| Physical debit card | Free |
Relay vs Mercury
Both are excellent options. Here’s how they compare:
| Feature | Relay | Mercury |
|---|---|---|
| Checking accounts | Up to 20 | Up to 14 |
| Virtual cards | Limited | Up to 50 |
| Auto-transfers | Yes | Basic |
| Interface | Good | Excellent |
| International wires | $30 | $20 |
| Best for | Profit First users | General use |
Our recommendation: Mercury for most users due to better virtual card support and lower international wire fees. Relay if you need many accounts for Profit First-style budgeting.
Opening a Relay Account
- Apply online at relayfi.com
- Submit documents — LLC documents, EIN letter, ID
- Wait for approval — Usually 1-3 business days
- Fund your account — Via ACH or wire
Required Documents
- Articles of Organization
- EIN Verification Letter
- Government-issued ID
- Proof of address
Our Verdict
Relay is a solid choice for foreign-owned US LLCs, especially if you want to implement Profit First or need multiple accounts for organizing your finances. The lack of virtual cards is the main drawback compared to Mercury.
Need help with business banking? Our LLC Formation package includes guidance on opening your first bank account.
Written by Chris Natterer
Founder of Globalization Guide, helping international entrepreneurs form and manage US companies since 2019.