Looking for a business bank in Florida? In this guide, we compare Relay, an online banking platform, and Banesco USA, a traditional bank.
Traditional banks, like Banesco USA, offer a blend of in-person and online services, and modern platforms, like Relay, provide a fully digital banking experience tailored for businesses. Let's delve deeper into what each institution brings to the table
Table of contents:
What is Relay?
Relay is not just a banking platform—it's a partner in your business success. It empowers businesses by providing clear and concise financial management tools. Relay offers up to 20 checking accounts, 50 physical or virtual Visa debit cards, and no hidden fees.
Relay is the epitome of transparent and efficient banking. It's a platform designed to keep business owners in control of their finances, ensuring no more anxiety over financial record reconciliation—only crystal-clear insights into your financial movements.
Banking Built for Business Owners
No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.
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What is Banesco USA?
Banesco USA, based in South Florida, is a member FDIC traditional bank that serves personal and business banking needs including online banking, mobile banking, savings accounts, and other banking services. It has customer support through phone, email, and in-person. It has a strong presence as a local bank in its community. The president and CEO of the financial institution is Calixto Garcia-Velez.
It has branches in key locations like Miami, Hialeah, Coral Gables and Aventura, and there’s even a branch in Puerto Rico. However, many Banesco USA accounts come with monthly account fees, minimum balance requirements, and other charges that might not be the most favorable for small to medium-sized businesses.
Relay vs. Banesco USA comparison chart
Features/Services | Banesco USA | Relay |
Open Account Online | ⛔️ | ✅ |
Online Banking | ✅ Web, Apple iOs and Android Mobile Apps | ✅Web, Apple iOs and Android Mobile Apps |
Monthly Account Fees | $15-$20 | $0 |
Minimum Opening Deposit | $20-$500 | None |
Minimum Balance Requirement | $2,500 | None |
Overdraft Fees | $35 | $0 |
Money Movement | Wire Transfer: $10-$1,000 ACH Payments: $.30 | Wire Transfer: $5 domestic, $10 international (Free with Relay Pro) ACH Payments: Free |
ATM Access | 55,000+ | 55,000+ |
Branch Locations | 7 | Online-only |
Interest-bearing accounts | ✅Varies by account | ✅1-3% APY on savings depending on balance |
Business Credit Cards | ⛔️ | ⛔️ |
Online Reviews |
Multiple checking accounts
Relay provides up to 20 checking accounts with no monthly account fees, allowing businesses to organize their finances efficiently. Banesco USA, on the other hand, does not offer the flexibility of a wide variety of business checking accounts, which could limit your ability to manage different financial needs separately. It does offer some commercial banking services.
Online account management
Both Relay and Banesco USA offer online and mobile banking, but Relay stands out with its seamless online account setup and management, allowing you to handle all your banking needs without the need to visit a branch. Banesco USA, while offering online banking, requires you to visit a branch to open an account, which might not be convenient for all businesses.
Customer support and fees
Relay offers extensive customer support via phone, email, and chat, ensuring you have access to assistance whenever you need it. Banesco USA also provides customer support through phone, email, and in-person, but it comes with various fees including monthly account fees, minimum balance requirements, and overdraft fees, which Relay does not charge.
Verdict: Which banking partner is right for your business?
Choosing the right banking partner is crucial for the success and growth of your business. Both Relay and Banesco USA offer features tailored to support business needs and both offer unique banking experiences.
While Relay provides a digital-first approach with seamless integrations and no monthly fees, Banesco USA specializes in local South Florida traditional banking.
To find the right fit for your business, consider your goals and the type of support you need. Then, choose the banking platform that aligns with your business plan. And if you're ready to sign up for Relay, you can !
Banking Built for Business Owners
No account fees or minimums; 20 checking accounts; 2 savings accounts with 1.00%-3.00% APY; 50 virtual + physical debit cards. Open account 100% online.
Learn more
