Brex Cash Review

Summary of our opinion

Don’t have time to read it all? Here is a summary of our opinion on Brex, to help you understand whether Brex is a good choice for you or not!

Brex Cash is a U.S. based Fintech and cash management account provided by Brex Treasury LLC. In the simplest terms, you can envision Brex as banking in the cloud. 

UPDATE: As of June 2022, Brex announced that it will no longer serve traditional small businesses, noting different needs of the market and a push into servicing larger software and enterprise clients. 

Given this update, smaller businesses should consider if Brex Cash is the option best suited for their needs. For a full in-depth review, the following is our opinion of Brex in detail.

Brex fees

Fees and features

Here is a summary table of Brexs’s main pricing plans for self-employed workers, freelancers and others:

	Brex Cash Checking Account
Monthly fees	$0
Transaction fees	$0
Minimum balance	$0
Overdraft fee	$0
Late fees	$0
Incoming ACH	$0
Outgoing ACH	$0
International transfers	$0
Checks	$0.00, Sending and receiving
Sub-accounts	Add up to 7 sub-accounts
Online banking	Included
Monthly transactions	Unlimited
Annual Percentage Yield (APY)	Cash in market funds: 0.03% return 7 day yield
Cash Deposits	Not supported
ATM support	Can’t use card at ATM for withdrawals or deposits
Support	Mon – Sun: 5am to 8pm PT
Checks	Only process virtual check deposits in Brex app. Physical checks by mail not accepted

The annual percentage yield (APY) is a percentage that reflects the amount of money, or interest, you earn on a bank account over one year. 

Our opinion on the monthly cost

As business bank accounts for LLCs, freelancers and startups go, Brex offers a competitive price point. 

We like the fact that there are no monthly, transaction fees or indeed for sending and receiving checks and if you do need an overdraft, there are no fees for this. 

The fact that users are not able to utilize the Brex card in a cash machine (ATM) to withdraw or deposit cash presents a challenge for the company. The card was developed especially for use in connection with purchases made for commercial purposes.

Despite this, the pricing appears to be rather reasonable taking into account the variety of functions that are provided.

Our opinion of the other fees

Incoming and Outgoing ACH fees are zero, which is attractive and great for businesses who have many transfers. Another unique element is the availability of international transfers with zero additional fees for this, which we appreciated. 

Who can use Brex?

In order to be eligible for a Brex Cash Account, customers must have:

• Identifying information that is presently being used. They will take passports, government IDs, and driver’s licenses as forms of identification.
• Form a company in the U.S.
• Have a number that identifies you as an employer in the United States (EIN).
• Carry out activities inside the United States
• Customers in the United States are served by your company already, or you have future intentions to do so.
• Employ or contract United States citizens, or have intentions to do so in the near future

In addition to the conditions that are outlined, Brex examines the business strategy, sources of cash, spending habits, and other aspects of a firm in order to determine its viability.

Means of payment

Regarding payment methods, Brex mainly offers the following:

Payment	Features offered?
Debit card	Mastercard
Checks	Virtual checks can be sent in the Brex app or online dash
Wire transfers	Yes
ACH transfers	Yes
International wires	Yes

The question of means of payment remains the same as for other financial institutions: Will your business be satisfied with these means of payment. This is a decision each individual business owner will have to make. 

If the answer is no, you can always consider Brex in addition to a traditional bank (and still pay a smaller overall price if you combine all the banking services in the traditional bank).

Means of collection

The means of collection are the basics of any financial institution. Brex customers can conduct wire transfers, generally the fastest method to transfer funds electronically. 

Payment	Features offered?
Checks	Only process virtual check deposits on the Brex app. Physical checks by mail not accepted.
Wire transfers	Yes
ACH transfers	Yes
International wires	Yes

Transfers

Customers have the ability to swiftly move monies into or out of their checking accounts at your business from accounts held at other banking institutions.

Credit Card machine

Brex does not offer a POS credit card terminal, but is compatible with the vast majority of classic terminals as well as modern payment terminals including Square, SumUp, Clover and Payanywhere.

Services and features offered by Brex

Brex offers a bank account focused around features dedicated to small businesses and professionals. These offers are exactly what have made Brex stand out from the competition.

A solid business bank account

Brex offers the classic services of an online bank, within an intuitive interface. The use of the account is straightforward and you can carry out all your tasks within a few clicks.

Brex focuses on excelling at the basic banking services for businesses.

A wide range of services for all entrepreneurs

In addition to being an excellent professional bank account, we appreciate the various services offered by Brex including:

• Collection by check
• Pay via ACH, wire transfer or check
• International transfers

Vendor services

Using Brex Business Checking makes the process of making payments to suppliers quite simple. As the proprietor of a small company, you have access to a variety of payment options, including ACH transfers, wire transfers, and cheques.

Through the Brex smartphone app or the online dashboard, you are able to send virtual checks.

Transactions

Brex is an online banking platform; hence, it does not have any branches where customers may get services in person. However, clients still have a wide range of other transaction choices.

The Brex Cash checking account also includes a complimentary Brex Business Debit Mastercard in the package.

Brex Cash is a tech-native platform and offers a different option to the conventional business checking account in that it does not charge any fees and allows for an infinite number of digital transactions.

This covers both incoming and outgoing international and domestic ACH payments, receiving and sending checks, domestic and international wire transfers both in and out, with the caveat that the bank of the receiver may assess a fee for the reception of an international wire transfer.

Brex Cash also allows you to choose how your money is stored. You can elect to keep your deposits at a Brex partner bank, and if you do, you’ll be eligible for FDIC insurance up to $1,750,000 in total.

Online banking tools and integrations

Brex partner perks through various brands including AWS, QuickBooks, and UPS, worth over $150,000 combined. Customers can earn up to 8x Brex points on bonus categories such as ridesharing, travel, and restaurants and 3x on recurring software. 

When the Brex card is used, trades will instantaneously transfer into your company’s QuickBooks Online account.

This integration is one of the most popular services that Brex has to offer and comes with a number of benefits, including enhanced reporting accuracy, time saved each month, and increased accounting control.

You can also use your cards, verify your bank balance, approve or reject transactions, upload receipts, and deposit checks with the Brex mobile app.

You can also connect your Brex Cash account to business tools like Xero, NetSuite, Expensify, Concur, and Pilot to make accounting easier.

With Brex Cash, you receive built-in expense management tools that allow you to set up transaction approval flows, schedule recurring payments and customize user roles. You can automatically match receipts, create monthly credit limits and send automatic reminders for missing transactions.

A useful mobile application

Customers who have checking accounts with Brex have access to the company’s mobile app, which enables users to manage their cards, deposit checks, and authorise payments via their iOS or Android smartphones.

Open a Brex account

Opening a bank account with Brex is very simple. Start by going to the official website, and follow the instructions. You will need to provide some information related to the company in order to complete the procedure (which only takes a few minutes).

At a minimum, you’ll need to provide the following information:

• Proof of identification: This can be verified either through supplementary documents like your driver’s license and/or social security number.
• Business business information: This will include information about your business like address, EIN, and articles of incorporation.

Generally, applications are reviewed within 24 hours; however, the process may take anywhere from 3 – 5 business days. After you receive approval from Brex, you’ll need to accept the account agreement and then you’ll be able to fund and access your account.

Brex gives you instant access to your virtual corporate credit card upon approval. This allows you to issue virtual cards to each member of your team, with the ability to control spend by setting specific limits.

Customer Service and Support

Brex is available from Monday to Sunday for Brex customers from 5am – 8pm PT. Customers can call 1-833-228-2044 or use the Live Chat website function. 

They also have multiple resources and support articles on their website and business blog. 

Brex: Customer reviews

Per this review update, Brex had more than 528 reviews on Trustpilot, for an average rating of 3.8/5.

When looking through the negative reviews, there are two things to notice. Customers who complain about accounts being shut down at short notice (Brex has pulled back from smaller businesses as of June 2022) and customer support being chat-based. 

When reading the positive reviews, two elements also stand out very often. The ease of use of the Brex platform and great service from the support team. 

Brex: Overall verdict

Through a complete and efficient range of services, Brex offers several advantages:

• Ease of use and the services offered
• Clear, transparent and favorable pricing
• Unlimited transactions 

However, with Brex’s pivot in strategy to supporting enterprise customers as of June 2022 and the move away from smaller businesses, this may not be the best option for all freelancers, LLC’s and entrepreneurs. 

For an individual entrepreneur or a profession with limited savings or financing needs, there are other available options which may be better suited.