While RelayFi is a known online banking platform for small businesses, some users have reported issues like transaction delays, prompting them to explore other options. This article will provide an overview of RelayFi, delve into the reasons you might consider an alternative, and present other banking and payment solutions tailored to your specific business needs.
What is RelayFi?
Relay Financial is a financial technology company that provides an online banking platform specifically for small businesses. It offers unique benefits like fee-free banking with no minimum balances and the ability to create up to 20 checking accounts for detailed financial management.
The platform also helps businesses grow their savings automatically with high-yield accounts and supports a popular profit-focused accounting method. Businesses can issue customizable debit cards with spending limits and integrate their finances with popular bookkeeping software.
What to Consider When Selecting a RelayFi Alternative?
When searching for a banking platform to replace RelayFi, it's helpful to evaluate your options based on a few key business requirements:
- Pricing and Fees: Consider the total cost, including monthly subscriptions, transaction charges, and any foreign exchange markups.
- Global Payments and Currency Support: Evaluate if the platform can efficiently handle international wires and hold balances in multiple currencies.
- Cryptocurrency Features: Determine if you need the ability to manage digital assets, such as converting between USD and stablecoins for payroll or expenses.
- Software Integrations: Check if the service connects with your existing accounting, payroll, or expense management tools to automate workflows.
- Customer Support: Assess the quality and availability of customer service to ensure you can get timely help when issues arise.
If these considerations align with your business priorities, the following section details several strong alternatives worth exploring.
10 Best Alternatives to RelayFi
1. OneSafe
OneSafe is a finance platform we designed to modernize banking for businesses, particularly those operating in the Web3 and crypto sectors. Our platform provides the necessary tools for straightforward fund management, quick payments, and access to both traditional and digital assets.
We enable a direct 1:1 conversion from USD to USDC on Polygon, simplifying global payroll and expense management. Businesses also benefit from our end-to-end expense and payroll tools, rapid account setup, and responsive customer support tailored for the digital asset space.
Pricing
We believe in transparent pricing so you can manage your finances without surprises. Here’s a look at our fee structure at a glance:
- Free Account Essentials: We don't charge for account opening, monthly maintenance, or virtual and physical card issuance, and there are no minimum balance requirements.
- Low-Cost Domestic Transfers: Move money within the US for just 0.1% per transaction for ACH and standard wires, or a flat $25 fee for Fedwire.
- Competitive International Payments: Handle global business with a 0.2% fee on SEPA (EUR) payments and 0.2% plus a $50 SWIFT fee for other international wires.
- Straightforward Crypto & FX Fees: Benefit from a simple 0.1% fee on USDT transactions and direct fiat-to-crypto conversions at market rates. Non-USD card spending incurs a 3% FX fee.
Reviews
Clients consistently praise our exceptional customer support and ability to solve major banking headaches, often calling OneSafe a game-changing, reliable solution for modern businesses.
- “OneSafe has the best customer support I've ever experienced from a bank.” - Amit Chu, Investments @ Celo Foundation
- “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.” - Marco, CEO of Ensuro
Want a banking solution that gets it? Check us out here.
2. Kontist
Kontist is a German financial service provider that offers business banking solutions designed for freelancers and self-employed individuals. The service provides users with a business account, a German IBAN, and a physical Visa debit card.
The platform includes tools for automatic tax estimation and real-time tax calculation, allowing users to set aside funds for tax payments. Paid plans introduce features like subaccounts, additional SEPA transfers, and VAT return services.
Pricing
Here is a look at Kontist's pricing structure:
- Free Business Account: Includes a German IBAN, a physical Visa debit card, and real-time tax estimation.
- €11/month + VAT Start Plan: Adds subaccounts and 30 SEPA transfers.
- €25/month + VAT Plus Plan: Includes VAT return and business evaluation services.
Reviews
User reviews mention concerns regarding high fees, limited free transactions, and the responsiveness of customer support. Check out more Kontist reviews here.
3. Airwallex
Airwallex is a financial technology company that offers a suite of services including cross-border payments, multi-currency business accounts, and expense management. The Singapore-based firm, founded in 2015, also provides corporate cards for businesses.
The platform allows businesses to hold funds in over 20 currencies and make free local transfers to more than 120 countries. It also offers corporate cards with no international fees and integrates with accounting software like Xero and QuickBooks.
Pricing
Here's a look at Airwallex's pricing at a glance:
- Free Explore Plan: This plan is free for users who deposit at least $5,000 per month or maintain a minimum balance of $10,000. It includes multiple business accounts, free transfers to over 120 countries, and access to interbank FX rates.
- $99/month Grow Plan: This plan includes all features of the Explore Plan, plus international batch transfers, expense management, and bill pay services.
- $499/month Accelerate Plan: This plan includes all features of the Grow Plan, along with centralized management of finances across global entities and single sign-on capabilities.
- Custom Plan: Pricing is tailored for high-volume businesses or those needing custom API implementations.
Reviews
User reviews indicate varied experiences, with some customers reporting challenges related to customer service responsiveness, account suspensions, and the company's compliance processes. Check out more Airwallex reviews here.
4. Hype
Hype is an Italian fintech company founded in 2015 that provides digital banking services for both individuals and businesses. It offers financial management tools through its mobile app, with a specific service called HYPE Business for professionals and small enterprises.
The platform provides users with a mobile app that has real-time notifications, budgeting tools, and instant payment capabilities. Its business plan includes a World Elite Mastercard, free SEPA transfers, and tools for tax management and expense monitoring.
Pricing
HYPE Business has a monthly fee of €2.90. This plan includes a World Elite Mastercard, free SEPA transfers, free F24 payments, and access to tools for tax and expense monitoring.
Reviews
User feedback mentions challenges with customer support responsiveness and account access, as well as app reliability and the presence of in-app advertisements. Check out more Hype reviews here.
5. Anna Money
ANNA Money is a UK-based financial service provider that offers business accounts tailored for small and medium-sized enterprises, freelancers, and creative professionals. The company provides financial management tools through its mobile and web applications.
The service allows for quick account setup and integrates invoicing, receipt scanning, and tax calculations. It also provides 24/7 customer support, expense management with automatic receipt matching, and payroll services that facilitate bulk payments.
Pricing
ANNA Money's pricing is usage-based and starts at £0 per month. Users are charged for the services they use, and no monthly fee is applied if the account is inactive for a month.
Reviews
User feedback often mentions the app's invoicing and support features, while some customers report issues with account freezes and difficulties accessing funds. Check out more Anna Money reviews here.
6. Credem
Credem, also known as Credito Emiliano, is an Italian banking institution founded in 1910. The bank offers a variety of financial products, including retail and corporate banking, insurance, and investment solutions.
It operates through several specialized divisions for retail, corporate, and private banking. The institution is also known for accepting Parmigiano Reggiano cheese wheels as collateral for loans.
Pricing
Credem's pricing varies depending on the specific product or service. Account maintenance fees start at €4 per month, while card issuance is free and withdrawals at Credem ATMs do not incur a charge.
Reviews
User feedback often points to challenges with certain aspects of the bank's services. Common complaints include delays in receiving debit and credit cards, a lack of digital card options, and concerns about the responsiveness of customer support. Check out more Credem reviews here.
7. Currensea
Currensea is a UK-based financial technology company that offers a travel debit card designed to reduce foreign exchange fees. The card connects to a user's existing UK bank account, which eliminates the need for pre-loading funds before use.
The service offers real-time exchange rates and provides immediate notifications that detail transaction amounts and any savings. Users also receive access to a mobile app for managing their account and can avoid hidden fees on international spending.
Pricing
Here's a look at Currensea's pricing at a glance:
- Free Essential: This plan has no monthly fee and offers real-time exchange rates. Card spending at this rate is capped at £500/month (1% fee after), and ATM withdrawals are fee-free up to £200/month (2% fee after). A £4.95 card delivery fee applies.
- £39.95 annually Pro: This plan provides market-leading exchange rates, unlimited fee-free card spending, and fee-free ATM withdrawals up to £500 per month, along with other perks.
- £150 annually Elite: This plan includes all Pro features, with an increased fee-free ATM withdrawal limit of £750 per month and enhanced perks.
Reviews
User feedback often addresses the card's general usability, exchange rates, and how it connects with bank accounts. Some customers have noted issues with card acceptance in some places and with the responsiveness of customer support. Check out more Currensea reviews here.
8. Novo
Novo is a financial technology company that provides FDIC-insured business deposit accounts through its partnership with Middlesex Federal Savings. The company offers a mobile-first banking experience tailored for small business owners, freelancers, and entrepreneurs.
The platform includes a business checking account with no monthly fees or minimum balance requirements, built-in invoicing, and refunds on ATM fees. It also integrates with business tools like Xero and Stripe and gives account holders access to discounts on various services.
Pricing
Novo provides a business checking account that does not have monthly fees, minimum balance requirements, or transaction fees. The account includes free incoming wires and refunds on ATM fees up to $7 per month.
Reviews
User feedback often points to challenges with customer service, dispute resolution, and unexpected account freezes or closures. Check out more Novo reviews here.
9. OneMoneyWay
OneMoneyWay is a digital platform that provides global financial services for small and medium-sized enterprises based in Europe. The company offers international transfers with local IBAN accounts, foreign exchange for over 24 currencies, and various payment solutions like SWIFT and SEPA.
The platform processes transactions at a faster rate than traditional banks and does not set transaction limits. It also provides virtual and physical corporate cards, business accounts, and payment terminals through its regulated partners.
Pricing
Here's a look at OneMoneyWay's pricing at a glance:
- Free Freemium: For businesses with annual revenue below £150,000, this plan includes one business account, one virtual corporate card, and higher transaction fees.
- £49 per month Starter: Billed annually, this plan provides up to three business accounts, two virtual and two physical corporate cards, lower transaction fees, and automatic bookkeeping.
- £99 per month Business: Billed annually, this plan offers up to five business accounts, unlimited virtual and four physical corporate cards, the lowest transaction fees, and automatic bookkeeping.
All prices are indicative and depend on the company's revenue and industry.
Reviews
User feedback often addresses the level of service, staff interactions, and platform features, while some customers note that account setup can take longer due to the thoroughness of the process. Check out more OneMoneyWay reviews here.
10. Soldo
Soldo is a spend management solution designed to help businesses streamline and control their expenses. The platform offers a user-friendly app combined with versatile payment methods, enabling organizations to manage decentralized spending.
Key functionalities include real-time monitoring of multi-currency expenses, customizable user roles, and integration with accounting software like Xero. This approach allows employees to make necessary purchases while the company maintains financial oversight, which can improve productivity and lessen administrative tasks.
Pricing
Soldo has a tiered pricing structure, but specific details are not publicly available. The company offers a free trial, and interested businesses should contact Soldo directly for detailed pricing information.
Reviews
User feedback indicates a range of experiences, with some reviewers reporting issues such as login problems, slow statement delivery, and difficulties with account closure, alongside mixed opinions on customer support. Check out more Soldo reviews here.
Which One Should You Go With?
Choosing the right financial partner is a big decision, and any of the platforms listed can serve your business well depending on your specific needs. If you're looking for a modern banking solution that understands the digital asset space, we believe OneSafe is an excellent choice. Ready to see the difference? Sign up for OneSafe today.
