Rho Business Banking Review

  • Commercial Banking
  • Accounts Payable
  • Corporate Cards
  • Checking Accounts
  • Treasury Accounts

Rho Business Banking is an all-in-one digital business banking platform with a focus on high-growth businesses. They provide both start-ups and mid-sized companies with all financial, business banking services.

With all these premium features, what makes this bank stand out? Here’s our comprehensive Rho Banking Business review.

If you are a modern entrepreneur with a fast-growing business, Rho Business Banking is your go-to. They’ll keep up with your business account and help set up your company for success.

Pros and Cons

Pros

  • No hidden fees
  • Treasury account that’s FDIC-insured up to $75 million.
  • Two in one account on one platform
  • No minimum balance
  • Flexible credit terms and cashback
  • Seamless accounting integration
  • Team accounts
  • Links to business funding
  • Dedicated business banking team.

Cons

  • Limit on international wire transfers
  • Low APY
  • Limited team ATM access
  • You have to schedule a call with the team to open an account.

About Rho Business Banking

Rho Business Banking is an American Fintech company. Founded in 2018 by Alex Wheldon and Everett Cook, the company is based in New York.

Rho’s banking services are provided by Evolve Bank and Trust, a member of FDIC, while Sterling National Bank, Member FDIC, issues the card services.

This company offers financial products for start-ups and high-growth businesses, including corporate cards, commercial banking, and accounts payable.

Why is Rho Business Banking So Special?

Rho offers its clients premium account features. Their corporate cards come with a 1.75% cashback. The Rho Card is good for your business to monitor transactions in real-time, control spending, and have no fees.

With an account at Rho Business Banking, businesses can access seamless expense management tools and accounting software to help sync all business expenses. These tools make it easier to handle financing and accounting tasks.

All-in-one commercial banking is perfect for businesses. Rho provides a fully integrated platform that centralizes your payments, deposits, budgets, and corporate cards. What’s more, the platform is free.

Rho also offers its customers treasury accounts that have FDIC insurance of up to $75 million.

How to Open a Rho Business Banking Account

To open an account with Rho, you must be at least 18 years old and have an incorporated business that has been registered in the U.S. As long as your business is registered in the country, you can open a Rho account, even if you are not a U.S. citizen.

When registering via the website, you need to input the first and last name, the company name, work email, phone number, company size, and the approximate monthly card spend. After filling in these details, you can submit the information and book a meeting with the Rho team. The call is to guide you through the onboarding process.

To join Rho, you also need to submit your EIN letter issued by the IRS. The company will also need details such as the company address, articles of incorporation, and any business licenses.

How to Deposit Funds to a Rho Business Banking Account

Once you open a Rho Business Banking account, you can either make a direct deposit from a linked account, check deposit, ACH transfer, or transfer funds from your treasury account. On the banking dashboard, you should click deposit funds and then add funds that allow you to move cash to any of your accounts.

Depositing a Check to your Rho Business Account

Before depositing a check, confirm that you’ve signed it at the back. To deposit a check with Rho, you need to use the photo check deposit, which requires you to capture an image of the front and back of your check. Then, you can upload it to the Rho app.

Here’s how to deposit the check.

  • Open the banking dashboard.
  • Select the account you want to send money to
  • Click Deposit Funds
  • Open Add Funds Page
  • Select Deposit a Check

You also need to input the sender’s name, check amount in USD, and the account that’s receiving the cash.

After the check has been captured and validated by the Rho team, the money will be transferred to the account. The money will be available within 3-4 days after the upload.

However, some checks can take up to 7 days. The limit for these remote check deposits is $300,000 daily.

Depositing Money from a Linked Account

You can deposit cash from a linked external account via the app. The app allows you to effect the transfers immediately or schedule them for a later time and date. In addition, you can also schedule the transfers as a recurring transaction if you add money from the same account each time. The Rho team will process these transactions as ACH transfers.

After you effect the transfer, the cash will take 2-3 business days to reflect. To deposit the funds:

  • Select the banking icon on the toolbar
  • Click on the bank account
  • Select Deposit Funds
  • Tap the Add Funds page
  • Enter the amount to be transferred
  • Select the linked account
  • Select the account to receive the funds
  • Specify the desired frequency
  • Schedule the transfer for now or later
  • Confirm the transfer

Transferring Funds from the Treasury Accounts

If you want to transfer some funds to your Rho primary account from your treasury account, you are only limited to 6 outbound transactions monthly, according to federal regulations. The funds will settle in your Rho account after 1-2 days.

What Financial Products Does Rho Offer?

Businesses who open accounts with Rho Business Banking can access products such as commercial banking, accounts payable, and corporate cards. Let’s take a look at the benefits of each of these features to companies.

Commercial Banking

This all-in-one commercial banking product offers Rho customers a unified dashboard, with all the expenses, accounts, corporate cards, and budgets in one place. This form of integrated banking is essential when sending payments, checks, wires, ACH transfers, and checks with just a few clicks. Rho has two major accounts, checking and treasury.

Checking Accounts

This checking account is one of the accounts offered by Rho Business Banking. It has no hidden fees and no fees on global payments.

  • You can use up to 10 multiple accounts
  • Easy to use for everyday company operations.
  • FDIC insured for up to $250,000

Treasury Accounts

Treasury accounts are business accounts that offer customers high FDIC insurance. This is typically a savings account, and most of the customers use it to deposit additional funds while keeping the cash for their monthly expenditure in the primary account. Customers also utilize treasury accounts because of the high insurance.

  • FDIC insurance of up to $75 million.
  • Maximum yield with interest on reserve capital.
  • They are designed for customers depositing more than $250,000.
  • The transfers are limited to 6 outbound transactions per month.

Corporate Cards

Rho Business Banking recently launched the Rho Card. This corporate card helps business control their spending, credit terms and earn cashback. With this card, customers enjoy the following features.

  • Auto supervised spending
  • Instant virtual card for all employees
  • Real-time reports on spending.
  • Easy syncing and reconciliation.
  • Unlimited physical cards for team members
  • It can be used to pay online.
  • Good for travel with no fee
  • Smart controls
  • Maximum cashback of up to 1.75%.
  • Stable credit.

Accounts Payable

With this product, you can get fast, free and automated accounts payable integrated into your account. Rho’s technology auto-syncs all the accounting to help you reconcile all the payments faster.

With this feature, you eliminate data entry because all your invoice details are auto-populated and mapped to avoid errors with manual entry. Rho’s smart approval controls also help assign invoice approvals to your team. In addition, it pays all your bills and invoices via checks, domestic ACH wires, or international SWIFT wires.

Rho’s advanced accounting integration syncs all your invoices and payments automatically. After all the accounts have been balanced, it also generates reports. This makes this account an excellent choice for business people.

Mobile Banking

Rho’s mobile app is available on the App Store. Customers can use the app to track their transactions on the go.

With a phone or iPad, you can deposit cash and monitor the spending habits and budgets of the company. The platform is also ideal if you want to make a check deposit using the photo check deposit.

You can also add your Rho card to your Apple Wallet if you prefer using Apple Pay. Once you activate your card, you can start making payments and at contactless point-of-sale terminals with Apple Pay.

As a digital bank, Rho has an app that can perform all the tasks required by their customers. The interface has all the features and financial products for easier and faster transactions.

Using the Rho Card While Travelling

Rho cards are free. You’ll incur no transaction fees when you travel to foreign countries or domestically.  For transactions made outside the United States, you’ll receive cashback with their new MasterCard cards.

However, a downside to these cards is that you can’t use them at an ATM. Unlike other banks, Rho Business Banking does not support cash transfers or advances via your Rho Card. Furthermore, you can’t use the Rho Card for push-to-debit transactions while traveling.

How is Rho Business Banking Regulated?

Rho Business Banking is insured by the Federal Deposit Insurance Corporation (FDIC). The banking services are also offered by Sterling National Bank and Evolve Bank & Trust, member FDIC. If you are banking with them, the cards will be issued by Sterling National Bank.

Is My Money Safe With Rho Business Banking?

Although the company has been in operation for several years, they are backed by reputable banks. They are a member of FDIC, which means that your money is insured. Therefore, once you deposit funds into the checking or treasury account, you can be sure it’s safe.

In addition, the Rho Card is also protected; hence it can’t be misused or involved in fraud. These cards use the MasterCard payment network, which has world-class security and safety for all cardholders.

Customer Service

If you have any issues with your transactions or account, you can contact customer support via 1 (855) 7-GETRHO or through email at Bank@rho.co at any time. You can also use the Rho chat function on the website to ask for assistance. In addition, the business bankers are always available from 8:00 AM to 6:00 PM EST to help.

Rho Business Banking Competitors

Here are some of Rho’s competitors.

  • Novo
novo bank

Novo supports small business owners, entrepreneurs, and freelancers. This platform also has a free business checking account with no hidden fees.

The accounts are FDCI-insured, and there are no monthly fees or minimum balance. Just like Rho, they have integrated business tools for their customers. You can connect Novo to tools such as Slack, Shopify, Quickbooks, and Wise.

  • Axos
axos bank

Axos Bank offers both personal and business accounts. The business accounts don’t have any maintenance fees and have been integrated into business tools such as Quickbooks. Once you sign up with Axos, you get unlimited domestic ATM fee reimbursements and dedicated relationship managers to assist you and your business.

In addition, they also have a business interest checking account that earns up to 0.81% Annual Percentage Yield (APY).

Summary

Rho Business Banking is an excellent choice if you run a start-up or fast-growing business. They provide services for businesses to succeed. Together with your team, you can take advantage of the products such as treasury accounts to save some money that’s not in use for monthly expenditure.

They also have Rho cards that earn you cashback. They don’t have any transaction fees; therefore, you can use them even when traveling.

In addition, your team members can use the cards to pay for business services and track transactions in real-time. The accounts payable feature is perfect for the integration of business accounts.

Unfortunately, Rho cards can’t be used for ATM transactions, and they also have a very low APY compared to other banks. Despite that, this Fintech company offers premium features for businesses and has dedicated relationship managers to readily assist you.