Side-by-side
| Dimension | Relay | Wise Business |
|---|---|---|
| Provider type | US chartered bank partner | Money services provider |
| Non-resident approval rate | ~50% | ~95% |
| FDIC coverage | Yes via partner banks (Thread Bank) | No (custodial) |
| Sub-accounts | Up to 20 | Multi-currency balances, not Profit-First style |
| Multi-currency | USD only | 50+ currencies |
| Monthly fee | $0 | $0 ($31 one-time setup) |
| Approval time | 3-7 business days | Same day to 3 days |
| Best fit | Profit First sub-accounts, multi-LLC ops | Tightened-country fallback, multi-currency clients |
When Relay wins
- You want up to 20 sub-accounts under one LLC for Profit First budgeting (operations, taxes, payroll, owner draw)
- You operate multiple LLCs and want consolidated banking under one login
- You want FDIC-insured deposits via chartered partner banks
- Your country profile sits in the mid-tier where Relay's reviewer pool clears applications Mercury did not
When Wise Business wins
- Your country profile is in tightened review (Pakistan, Bangladesh, Vietnam, Indonesia, Nigeria) and Relay's ~50% approval is too risky
- You bill clients in EUR, GBP, AUD, CAD, or other currencies and want to hold those balances directly without FX conversion
- You need same-day account opening
- You prefer cheaper FX spreads on currency conversion (0.4-0.6% at Wise)
Sub-account ops vs multi-currency
Relay's defining feature is sub-account depth. You can create up to 20 named sub-accounts under one LLC and one EIN, and route deposits or schedule transfers between them automatically. This fits Profit First budgeting (separate sub-accounts for operating expenses, taxes, payroll, owner draws) and multi-LLC operators (one Relay login covering several LLCs).
Wise's defining feature is multi-currency. Hold USD, EUR, GBP, AUD, and 50+ currencies in one account with local IBANs in major markets. EUR clients pay your Wise EUR balance at their local IBAN, no SWIFT, no FX. You choose when (and whether) to convert to USD.
FDIC coverage explained
Relay accounts are FDIC-insured via partner banks (Thread Bank). Standard FDIC limits apply. Relay does not extend coverage beyond standard limits via sweep arrangements the way Mercury Treasury does.
Wise Business is custodial. Funds are held at partner institutions under safeguarding rules but not directly FDIC-insured to your name. For operating balances, this is acceptable. For large idle deposits, Relay or Mercury is preferable.
Combining both is common
Many founders we serve run both. Relay holds primary USD operating funds and sub-accounts for budgeting. Wise holds non-USD balances and serves as the international invoicing endpoint.
Each application uses the same LLC and EIN. There is no penalty for opening both.