Relay vs. Wise: Which is better for small business banking?

Businesses around the world send more than 45 million cross-border Swift transactions every day. If your company is one of them, where you bank and how you move money internationally directly affects what those transfers cost. While Wise is known for sending international payments, Relay competes on transparent, flat-fee pricing while offering an all-in-one online banking solution for businesses.

Relay vs. Wise: the short answer

Relay is the better fit if you want a complete business banking platform—multiple checking accounts, savings, debit cards, and bill pay—with transparent, flat per-wire pricing for international payments. Wise is the better fit if your main need is high-volume currency conversion at the lowest exchange margin and you already bank elsewhere. Many businesses run Relay as their primary bank and reach for a currency specialist only for unusually large foreign-exchange volume.

What is Relay?

Relay (that’s us!) is an online banking and money management platform that makes it easy (and affordable) to do business—especially when international payments are involved.

With Relay, small business owners can open up to 20 individual business checking accounts and 2 savings accounts (up to 50 checking accounts on the Scale plan). You can also issue up to 50 virtual and physical debit cards³. Together, these features make it easy to stay on top of all your business's cash inflows and outflows.

Relay offers three subscription plans—Starter, Grow, and Scale—so you can match features to your business. The Starter plan has no monthly maintenance fee and charges flat, per-wire fees for outgoing international wires⁵. Higher-volume businesses can move up to Grow or Scale, where the per-wire international fee drops (as low as $1.50 per local-network wire on Scale).

Relay's Grow and Scale plans also include automated accounts payable for businesses that want to approve bills in a single dashboard, consolidate vendor payments, and create bill approval rules.

All Relay plans integrate with popular small business software (like QuickBooks Online and Xero) to streamline your financial operations. You can also open up to 20 business checking accounts and two savings accounts to keep your money organized.

Plus, Relay is known for our stellar customer service via phone and email, so you can confidently take advantage of the digital banking features best suited to grow your business.

³The 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.

⁵International payment services are provided by Community Federal Savings Bank ("CFSB"), a federal savings bank chartered in the United States. These services are facilitated by Nium, Inc., which operates under a program sponsored by CFSB. Relay provides access to these payment services through its platform.

Subscription and account fees may apply. See full terms at relayfi.com/pricing.

What is Wise?

Wise is a “money service business,” not a traditional bank or online banking platform. One of Wise’s main offerings is its business payments platform, which allows companies to pay vendor bills and invoices in over 70 countries.

Wise’s pricing varies with the amount you send, how you pay, and the live exchange rate. Conversion fees can run as low as 0.33% on major currency routes, but are higher on most others, and a fixed per-transfer fee applies on top.

In addition to international payments, Wise also offers small business debit and expense cards. It’s not an all-in-one business banking solution, but Wise does offer services that could be beneficial for some businesses, especially those with frequent and high-volume international transactions.

Differences between Relay vs. Wise

The main difference between Relay and Wise is that Relay offers comprehensive banking and money management services, while Wise focuses on international payments and debit cards.

The pricing structure for international payments also differs greatly. Relay has a flat fee structure, while Wise calculates fees based on each transaction.

Here’s a side-by-side comparison of what each platform offers.

Debit card availability

Relay has comprehensive debit card availability compared to Wise. Customers have access to up to 50 Visa debit cards³, which include both physical and virtual card options. You can also set spending limits for different card-holding team members. All Relay customers are eligible for business debit cards.

Wise debit cards, on the other hand, are just available to sole proprietorships and single-member LLCs in the U.S. You can only get virtual debit cards, with no options for a physical card. The first card is free, additional team cards cost $5 each, and unlocking full account details carries a one-time $31 fee.

³The 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.

Number of checking accounts

Business owners can open up to 20 individual checking accounts with Relay (up to 50 on the Scale plan). Plus, you don’t have to worry about any monthly maintenance fees draining your balances—with Relay, there are no minimum balance requirements, overdraft fees, or other hidden fees. And your Relay account balances are FDIC-insured via Thread Bank.

Because Wise isn’t a bank, it doesn’t offer a business checking account. It does, however, offer a business account that lets you send and receive money from across the world. You’re charged transaction fees based on the type of payment coming in or going out. The account funds are held by Wise in a Program Bank account through J.P. Morgan Chase.

You can think about your Wise account like a Venmo account (a platform often used in the US for personal payments). Venmo isn’t a bank, but you can hold money within your account, so it’s easy to access when you need to send a payment to a friend. In the same way, you can hold your business funds in Wise until you need to send an international payment to a contractor or vendor.

Savings account options

Relay customers may open up to two interest-bearing savings accounts. You earn between 1.11% and 3.00% APY¹ depending on your subscription plan. To maximize your savings, Relay also has auto-transfer rules that analyze your checking account cash flow and sweep excess cash into savings. You can even set your own auto-transfer rules based on income percentages and frequency. This process is based on Profit First principles.

Wise doesn’t have a savings account, but you can opt to earn interest on your business account balance. The current rate for U.S. businesses is 3.14% APY (variable). It’s worth noting that Wise is not a licensed brokerage or bank; it passes along FDIC insurance from its program banks only on opt-in interest-bearing balances.

¹For Relay Subscription Plans with an interest-bearing deposit account, the interest rate and Annual Percentage Yield on your account are accurate as of 5/1/2026 and are variable and subject to change based on the target range of the Federal Funds rate. Fees may reduce earnings: When you are subscribed to the Starter Plan, the interest rate on your savings accounts is 1.10% with an APY of 1.11%. When you are subscribed to the Grow Plan, the interest rate on your savings accounts is 1.74% with an APY of 1.75%. When you are subscribed to the Scale Plan, the interest rate on your savings accounts is 2.96% with an APY of 3.00%.

International payments with Wise vs. Relay

Both Relay and Wise offer international payments for business customers, but the pay structures vary widely for each one. Here’s what you need to know.

International wire transfers

Relay doesn’t charge any fees to receive an international wire transfer. Plus, there are over 30 supported currencies on the platform.

Sending an international wire costs $5 on the Starter plan via the local network (as low as $1.50 on Scale), or $25 via the SWIFT network ($20 on Scale)⁵.

Wise’s fees for sending money vary by currency, amount, and payment method, running as low as 0.33% on major routes. If you send large monthly volumes, you’ll receive a volume discount for transfers of any size.

When receiving funds, Wise accepts money in 40+ currencies and lets you convert between them once the funds are in your account. It costs $6.11 for each incoming wire transfer.

Exchange fees

Relay’s exchange rates refresh every 60 seconds based on the foreign exchange market, with currency conversion starting around 1% of the transaction amount⁵. Wise uses the mid-market rate with conversion fees as low as 0.33% on major routes, which can make it cheaper for pure currency conversion at high volume.

⁵International payment services are provided by Community Federal Savings Bank ("CFSB"), a federal savings bank chartered in the United States. These services are facilitated by Nium, Inc., which operates under a program sponsored by CFSB. Relay provides access to these payment services through its platform.

Verdict: Relay, Wise, or both?

How do you know which business platform is best for you? It depends on your business model, volume, and banking needs. Relay offers comprehensive banking solutions, not just a way to send and receive international payments. Wise does have a strong focus on international solutions, especially if you want to take advantage of the high-volume discount on fees.

At the same time, Relay’s flat per-wire pricing drops on higher plans—as low as $1.50 per local-network wire on Scale—so you always know the cost up front, while Wise’s transfer fees vary with each transaction.

Luckily, you don’t need a crystal ball to understand Relay’s pricing. It’s worth exploring Relay if you’re looking for an online banking solution that has transparent, flat-fee pricing for international payments. Get started entirely online here!

Frequently asked questions

Is Wise a bank?

No. Wise is a money service business, not a bank. It holds your funds at partner banks—in the U.S., JPMorgan Chase—and passes through FDIC insurance only on opt-in, interest-bearing balances. Relay, by comparison, provides business banking services through Thread Bank, Member FDIC.

Does Relay charge to receive an international wire?

No. Relay doesn't charge a fee to receive an international wire and supports currency conversion across 32 currencies. Sending an international wire is a flat, per-wire fee that varies by plan⁵—$5 via the local network on Starter, as low as $1.50 on Scale.

Which is better for international payments, Relay or Wise?

For pure, high-volume currency conversion at the lowest exchange margin, Wise's mid-market rate is hard to beat. For businesses that want international payments inside a complete banking platform—checking, savings, cards, and bill pay—Relay's flat, predictable wire pricing is the better fit.

Can Relay hold foreign currencies like Wise?

Relay accounts are U.S. dollar accounts. You can send and receive international wires with currency conversion across 32 currencies⁵, but Relay doesn't hold ongoing foreign-currency balances the way a Wise multi-currency account does.

Does Relay offer both checking and savings accounts?

Yes. Relay offers up to 20 business checking accounts (up to 50 on the Scale plan) and up to 2 savings accounts that earn 1.11%–3.00% APY¹ depending on your plan.

¹For Relay Subscription Plans with an interest-bearing deposit account, the interest rate and Annual Percentage Yield on your account are accurate as of 5/1/2026 and are variable and subject to change based on the target range of the Federal Funds rate. Fees may reduce earnings: When you are subscribed to the Starter Plan, the interest rate on your savings accounts is 1.10% with an APY of 1.11%. When you are subscribed to the Grow Plan, the interest rate on your savings accounts is 1.74% with an APY of 1.75%. When you are subscribed to the Scale Plan, the interest rate on your savings accounts is 2.96% with an APY of 3.00%.

⁵International payment services are provided by Community Federal Savings Bank ("CFSB"), a federal savings bank chartered in the United States. These services are facilitated by Nium, Inc., which operates under a program sponsored by CFSB. Relay provides access to these payment services through its platform.