Rho is a digital business banking platform designed to help venture-backed start-ups to mid-sized companies fuel growth, save and consolidate their financial tech stack. Rho’s platform consolidates your business banking, corporate cards, accounts payable and growth capital solutions under one roof and offers dedicated business bankers to help set your business up for success. Rho also integrates with accounting software so you can efficiently sync all expenses for fast reconciliation.
Rho Business Banking Platform Features
The best part of using the Rho business banking platform is how it integrates all the business tools you need to manage your business finances in one place. Rho comes with a business checking account with no monthly fee that you can open with no minimums, as well as with a business savings account. Plus, the platform comes with up to $75 million in FDIC insurance through Rho’s network of banks. Let’s review what other benefits the Rho business banking platform has:
- No minimum deposit: Open your business accounts with no minimum balances.
- Flexible cash back and credit terms: Earn up to 1.75% cashback on all your purchases made from a physical or virtual corporate card or increase your float up to 60 days.
- Higher limits: A holistic underwriting process finds you a higher limit that doesn’t randomly fluctuate and can increase as you grow.
- Built-in spend controls: Set smart rules including limits and pre-approved spend categories to supervise your teams’ purchases on each card, automatically.
- Zero fees: Pay no monthly fees for your business checking and saving accounts. Rho also has no fee global payments – send ACH, same-day ACH, domestic wires, and international USD wires at no cost. Enjoy no-fee domestic and foreign card transactions.
- Foreign currency transactions: A low 0.5% FX for transactions to over 38 currencies.
- FDIC-Insurance: Rho partners with a network of FDIC-insured banks that hold your deposits, meaning your business checking accounts are FDIC-insured up to $250,000 and savings accounts (that are Treasury Management Accounts) up to $75 million.
- Easy integrations: Connect Rho with other accounting systems like Quickbooks, Wave, or Sage to categorize your business expenses, understand your cash flow and business outgoings and close your books faster each month.
- Project budgets: Create budgets for each department, team, project and track the expenses anytime.
- Users accounts: Give access to your team to manage their expenses, upload receipts, manage their corporate cards, and have visibility on how much their team is spending.
- Business funding: Get matched with independent and institutional lenders to access the capital needed to grow your business.
Depositing and Withdrawing Money
After reviewing all these features, you may want to know how you can deposit and withdrawal funds from your Rho business banking account.
You can deposit money in various ways, like direct deposit, via wire or ACH transfer, using the mobile check deposit (up to a limit per check), or transferring money from a linked account.
You can withdraw money by wire or ACH transfer or transferring money from your Rho business account to another linked account on the platform. At this time, note Rho does not support withdrawing cash through ATMs, and they have a limited number of withdrawals from your savings account (or Treasury Account) per month.
How Much Does Rho Business Banking Cost?
Opening a business checking and a Rho Treasury Account is free, and the accounts have no monthly fees. There are no fees to use the Rho cards including no interest, annual fees, foreign transaction fee or prepayment fees. You will have to pay fees when performing a foreign currency transaction or keep a minimum balance on your account if your business is internationally owned.
How to Get Started With a Rho Business Banking Account
If you have a U.S. incorporated business, so as long as your business is registered in the U.S., you are eligible to open a Rho Business Banking account, even if you are not a resident or a U.S. citizen.
Before you can open your accounts, you will have to schedule a call with their team to support you on the onboarding process and provide information about your business, like the name or EIN and some personal information about the business owner, like proof of identity.
To schedule your call with the Rho Business Banking team, simply visit their website to access the calendar to book a convenient time.