Relay vs. Hanmi Bank

Considering a new banking partner? We’ve compared Relay and Hanmi Bank to help you can choose the best business bank in California.

In this article:

• What is Relay?

• What is Hanmi Bank?

• Relay vs. Hanmi Bank comparison chart

• Additional financial services from Hanmi Bank

• Additional banking features from Relay

• Relay vs. Hanmi Bank: What’s best for your business?

What is Relay?

Relay is an online business banking and financial management platform, committed to supporting small businesses in effectively managing their cash flow without any hidden fees. Designed as a fee-free solution, Relay empowers small businesses to take control of their cash flow.

With Relay, you can:

• Open up to 20 distinct checking accounts to manage income, expenses, and reserves, including two savings accounts with an attractive 1-3% APY.

• Issue up to 50 virtual or physical Visa® debit cards.

• Easily send and receive ACH transfers and wires.

• Conveniently deposit and withdraw cash using Allpoint ATMs nationwide.

• Receive payments from popular platforms like Stripe, Square, Shopify, and more.

• Automate cash transfers between accounts with auto-transfer rules.

• Enhance security by assigning role-based banking access to financial advisors and team members.

• Benefit from personalized customer support via both email and phone.

Every Relay account is fully backed by FDIC insurance through Thread Bank, in addition to coverage by the Visa® Zero Liability Protection Policy.

What is Hanmi Bank?

Hanmi Bank was established in 1982 by Korean immigrants, marking it as the first Korean American bank. Initially serving the Korean-American community in Los Angeles, Hanmi Bank has expanded its reach to many different communities across the United States. The bank operates through a network of 35 branches and 8 loan production offices spread across 9 states, including Texas, New York, and Illinois.

Headquartered in Los Angeles, California, Hanmi Bank specializes in personal and business banking as well as various types of lending including real estate, commercial, Small Business Administration loans, and trade finance lending, primarily to small and middle-market businesses. It is a wholly-owned subsidiary of Hanmi Financial Corporation, Inc.

Relay vs. Hanmi Bank comparison

More banking features from Hanmi Bank

💰 Business Money Market: Gain immediate access to your funds with check-writing capabilities and earn tiered interest rates based on your balance. Automatically sweep excess funds from business checking accounts to maximize earnings.

📱 Online and Mobile Banking: Access various banking services through an online platform without visiting a branch.

💼 Business Loans: Explore options for personal and business loans, including term loans, mortgage loans, and revolving lines of credit.

💳 Small Business Credit Cards: The bank offers several business credit cards with different credit limits and perks.

🏦 Treasury Services: Benefit from comprehensive treasury solutions tailored to meet the unique needs of businesses.

🏬 Merchant Services: Streamline payment processing and enhance cash flow with the bank's merchant services.

🤝 Personalized Customer Service: Access dedicated customer assistance in person, via email, or through the phone number provided on the bank's website.

📊 Business Savings Account: The bank offers a business savings account featuring a low minimum balance of $100 to open and earn 0.05% APY*. You can waive the $5 monthly maintenance charge by meeting the minimum balance requirement.

🌐 Trade Finance: Hanmi Bank International Trade Operations Team provides efficient and dependable services for various trade finance products, including issuing and negotiating commercial Letters of Credit (L/C), handling import/export financing, and offering standby L/C's for collateral purposes.

More banking platform features from Relay

At Relay, our dedication lies in leading the way in the digital banking realm. Our sole focus is on crafting online business banking accounts to simplify your business's financial tasks. Discover the distinctive features that set us apart:

📊 Transaction Insights: Achieve a comprehensive understanding of your cash flow with Relay. It provides in-depth information about vendors, payments, and customers, enhancing the efficiency of purchase verification and account reconciliation.

🌎 Various Payment Options: With Relay Pro, reap the advantages of same-day ACH payments and unlimited wire transfers, both domestically and internationally, with clear fees. Relay also facilitates wire transfers in your recipient's local currency, minimizing foreign exchange costs.

📜 Security Measures: Even though Relay is a tech platform and not an FDIC-insured bank, the security of your funds is paramount to us. Each business account is insured by FDIC through our associate banks like Thread Bank. Moreover, Visa's Zero Liability Protection adds an extra layer of security against card theft.

👨‍💻 Digital Sign-Up: Enjoy a smooth account setup with our online modern banking platform, a notable difference from traditional banks. 🧾 Effortless Software Integration: Relay effortlessly integrates with QuickBooks Online, Gusto, and Xero, ensuring streamlined and precise account management for your accounting team.

✅ Consolidated Account Access: Effortlessly manage multiple business accounts under a single login with Relay, ensuring seamless account transitions.

💷 Profit-First Approach: Relay eases the implementation of the Profit First accounting, especially the zero-balance method. We recognize the traditional hurdles and provide tools to revolutionize your financial management. With Relay, obtain immediate insights into your business’s finances.

🖥️ Automated Transfers: Establish auto-transfer rules with Relay to automatically allocate funds among your various accounts based on your preferences. 

🔒 Enhanced Security Features: Relay provides role-based permissions, enabling you to designate team member access levels, set spending limits, and monitor account activities remotely.

Relay vs. Hanmi Bank: Which is best for your business?

In the ever-evolving landscape of business banking, both Relay and Hanmi Bank present unique offerings tailored to different business needs. Relay, with its digital-first approach, caters to modern businesses seeking seamless online banking experiences, integrations, and a focus on cash flow clarity. Hanmi Bank, on the other hand, brings decades of banking experience, a rich history of serving multi-ethnic communities, and a diverse range of traditional banking and lending services.

For businesses that prioritize digital banking, multiple account management, and integrative software solutions, Relay emerges as a compelling choice. However, those looking for a blend of traditional banking, personalized customer service, and a variety of lending options might find Hanmi Bank more aligned with their needs.

Ultimately, the best bank for your business hinges on your specific requirements, preferences, and the scale of your operations. It's essential to assess both banks' features closely and consider how they align with your business's present and future goals.

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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Still unsure which banking partner to choose? Check out some of our other comparisons with Bank of America, Wells Fargo, and Chase.