Wise Business vs Relay: Side-by-Side Comparison
Side-by-side comparison across 13 dimensions. Data is approximate and for informational purposes only.
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| Dimension | Wise Business | Relay |
|---|---|---|
| Type | Money transmitter / non-bank (Wise US Inc.) | Banking platform (Thread Bank) |
| Monthly Fee | $0/mo (one-time $31 set-up fee for account details) | $0 (Starter); $30/mo (Grow); $120/mo (Scale, currently discounted to $90) |
| Currencies | 40+ currencies | USD only |
| FDIC Insured | Safeguarded; $250K pass-through if opted in | Yes (up to $3M via sweep) |
| Local Bank Details | US, UK, EU, AU, CA, NZ, SG, HK, HU | US |
| International Transfers | Native multi-currency (mid-market + fee) | Wire: Local network $1.50–5, SWIFT $20–25 (by plan); incoming wire $5 |
| Currency Conversion | Mid-market rate + from 0.57% (varies by currency) | FX fee from 1.00% (upper bound not published); rate refreshed every 60s |
| Interest on Deposits | Yes (select currencies)* | Yes (savings, 1.11–3.00% APY by plan) |
| Debit Card | Virtual + physical (country-gated) | Virtual + physical |
| Team Access | Multi-user | 6 permission levels (Admin, Manager, Bill Payer, Cardholder, Deposit Only, Read Only) |
| Accounting Integrations | QuickBooks, Xero | QuickBooks, Xero, FreshBooks |
| API Access | Yes | Unknown — ask vendor |
| Non-Resident Access | Broad entity types; holder address gates apply — USD details blocked in China, Nigeria, Pakistan, Türkiye + others | US entity required; non-resident owners explicitly accepted (31 countries excluded) |
Key Notes
Wise Business
Best for multi-currency operations. Local bank details in 9 countries/regions, transparent mid-market rates, and 40+ holdable currencies. Not a bank — Wise US Inc. is a licensed money transmitter; funds are safeguarded by default, with a $250K FDIC pass-through via a Program Bank only if you opt into the interest feature. Address gates are the catch for founders abroad: USD account details are unavailable to addresses in China, Nigeria, Pakistan and Türkiye, and the Wise Business card is limited to a published country allowlist.
Relay
Best for profit-first budgeting. Category-based accounts help separate operating, tax, and profit funds (Relay is the official banking platform for Profit First Professionals, with up to 20 real checking accounts). USD-only balances. Savings accounts earn 1.11–3.00% APY depending on subscription plan (rates variable, as of 5/1/2026). Explicitly accepts US entities with non-resident, non-citizen owners, excluding 31 countries of citizenship or residency. Read the account tiers before you rely on it, though: Relay's binding Deposit Account Agreement names a "Basic" tier for "U.S. based entities with foreign beneficial owners", who "may be placed in this tier at account opening at Relay's sole discretion" — and that tier caps INCOMING ACH at $2,000/day while still allowing $400,000/day outgoing and $200,000/day by domestic wire. A foreign-owned US LLC can therefore be approved, and pay its bills normally, while being unable to receive ordinary customer ACH payments. Relay publishes no criteria for which applicants land in Basic or how to leave it, and directs you to log in to see your own limits — so plan to invoice for wire rather than ACH until you know your tier.
*Wise is not a bank and is not FDIC-insured. FDIC insurance is provided as pass-through insurance through a Program Bank (currently JPMorgan Chase Bank, N.A.). Eligible customers must opt in to the interest feature. Availability of FDIC deposit insurance is subject to certain conditions. For customers opted in to receive interest on EUR and GBP, the $250,000 pass-through limit applies to USD, EUR and GBP balances combined.
*Wise is not a bank. Interest is paid via an opt-in feature under which balances are held at a Program Bank (currently JPMorgan Chase Bank, N.A.). Eligible customers must opt in. Rates are variable and were last updated 2025-12-17.
*Relay is a financial technology company and is not an FDIC-insured bank. Banking services provided by Thread Bank, Member FDIC. FDIC deposit insurance covers the failure of an insured bank. FDIC insurance available for funds on deposit through Thread Bank, Member FDIC. Certain conditions must be satisfied for pass-through FDIC insurance to apply.
*The Relay Visa® Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa debit cards are accepted.
What Real Users Say
Anonymized and paraphrased observations from founder communities, review platforms, and forums.
Wise is multi-currency first. Relay is USD-only budgeting first. Multi-currency revenue points to Wise. USD cash flow management across buckets points to Relay.
Source: Reddit r/smallbusinessRelay is US-only — requires a US entity. Wise Business accepts non-residents globally. Non-US founders without a US entity cannot use Relay.
Source: Founder communitiesWise international transfers are cheaper than almost any US bank. Relay domestic transfers (ACH, wires) are free. Different strengths for different payment directions.
Source: Trustpilot reviewsFrequently Asked Questions
How We Compared
We reviewed fee structures, currency support, FDIC coverage, transfer capabilities, and non-resident access policies from each provider's published documentation.
Disclaimer: All data on this page is approximate and for informational purposes only. Pricing, features, and availability change frequently. This is not legal, tax, or financial advice. Verify all figures directly with each provider before making decisions. Data reflects conditions as of early 2026.
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