Relay is a popular online banking platform designed for small businesses and entrepreneurs. Known for its streamlined services and features, Relay caters primarily to US residents. This article explores whether non-US citizens, including residents of countries like Pakistan, India, and Bangladesh, can open a Relay bank account, the eligibility requirements, and alternative solutions for international users.
What Is Relay Bank?
Relay is a US-based financial technology platform offering business banking services. It is particularly useful for startups and small businesses that require efficient money management. Partnering with Thread Bank (a member of the FDIC), Relay ensures secure and reliable banking.
Here are some Features of Relay Bank:
- No monthly fees or minimum balance requirements.
- Real-time tracking of transactions.
- Integration with tools like QuickBooks and Xero.
- Multi-user access for teams.
However, Relay accounts are exclusively for US residents with a valid Social Security Number (SSN).
Can Non-US Citizens Open a Relay Bank Account?
Unfortunately, non-US citizens, including residents of Pakistan, India, Bangladesh, and other countries, cannot directly open a Relay bank account. Relay’s eligibility criteria include:
- US Social Security Number (SSN): Only individuals with an SSN can apply for a Relay account. This excludes non-US residents who do not have one.
- US Address: A valid US business or personal address is mandatory for registration.
- Government-Issued Photo ID: Applicants must provide a US-issued identification document.
Given these requirements, Pakistanis or other non-US residents are not eligible to open a Relay account unless they have US residency and meet these criteria.
Eligibility Requirements for Relay Bank
For eligible applicants (US residents), here are the details required to open a Relay account:
- A government-issued photo ID (e.g., US passport, driver’s license).
- A personal address and phone number based in the US.
- A business address and phone number in the US.
- An email address for account communication.
- Date of birth for identity verification.
- Login details, including a valid email address.
Alternatives for Non-US Residents in Pakistan, India, and Bangladesh
For individuals and businesses outside the US, several platforms offer similar features to Relay. These include Wise, Payoneer, Mercury, and local banks with international capabilities.
1. Wise (formerly TransferWise)
Wise is an efficient platform designed for managing international payments and multi-currency accounts. It’s especially beneficial for businesses in Pakistan, India, and Bangladesh that frequently engage in cross-border transactions. Wise stands out due to its real exchange rates and transparent fees, making it a cost-effective solution. Additionally, it offers local banking details in key markets like the US, UK, and EU, enabling businesses to appear locally established while operating globally. This platform is ideal for businesses that need to pay suppliers, receive international payments, or convert funds to local currencies such as PKR, INR, or BDT quickly and without hidden charges.
2. Payoneer
Payoneer is a global payment platform that serves freelancers, small businesses, and entrepreneurs in Pakistan, India, and Bangladesh. It offers a virtual US bank account, allowing users to receive payments directly from US-based companies.
Payoneer also facilitates direct withdrawals to local bank accounts in PKR, INR, or BDT, ensuring ease of access to funds for day-to-day operations. Its compatibility with platforms like Amazon, Upwork, and Fiverr makes it a preferred choice for those working with international clients and marketplaces.
Payoneer’s seamless integration and accessibility make it a valuable option for individuals and businesses looking to expand their global footprint.
3. Mercury
Mercury is an excellent banking solution tailored for startups and small businesses with US-registered entities. Although it does not directly cater to non-US residents, Pakistani, Indian, or Bangladeshi entrepreneurs with a US LLC or corporation can benefit from its features.
Mercury offers no monthly fees or minimum balance requirements, which is ideal for cost-conscious businesses. It integrates seamlessly with tools like Stripe and QuickBooks, simplifying financial management. Entrepreneurs can manage multiple accounts within a single dashboard, making it a practical option for businesses with varied financial needs.
For those meeting the requirements, Mercury provides a digital-first approach to managing business finances.
4. Local Banks with International Features
Banks in Pakistan, India, and Bangladesh offer reliable solutions for businesses engaged in cross-border payments.
Leading examples include Habib Bank Limited (HBL) and Meezan Bank in Pakistan, ICICI Bank and HDFC Bank in India, and BRAC Bank and Standard Chartered Bangladesh.
These banks facilitate foreign currency accounts in USD, GBP, and EUR, allowing businesses to handle international transactions efficiently.
Additionally, they partner with global banks to streamline financial processes for global operations. L
ocal banks are ideal for businesses that prefer strong local support while managing international transactions, offering a blend of accessibility and traditional banking reliability.
Conclusion
Relay Bank is a fantastic platform for US-based businesses but remains inaccessible to non-US residents due to strict eligibility requirements. For entrepreneurs in Pakistan, India, Bangladesh, and other countries, platforms like Wise, Payoneer, and local banks provide effective alternatives. By choosing the right solution, you can manage international transactions and grow your business with ease.
Have questions or need help with international banking options? Share your thoughts in the comments below, and feel free to share this guide with others!
FAQs About Relay Bank and Alternatives
Q: Can Pakistanis open a Relay bank account?
A: No, Relay accounts are limited to US residents with a Social Security Number and a valid US address.
Q: Can Indians open a Relay bank account?
A: No, Indians cannot open a Relay bank account unless they have US residency and meet the criteria, including an SSN, a US address, and a government-issued photo ID.
Q: Can Bangladeshis open a Relay bank account?
A: No, Relay bank accounts are not available to Bangladeshi residents. To open an account, you must have US residency, a valid SSN, and a US address.
Q: Are there similar platforms to Relay for non-US residents?
A: Yes, platforms like Wise, Payoneer, and Mercury offer comparable features for international users.
Q: What is the best option for managing international payments?
A: Wise is ideal for currency conversion and cross-border transactions, while Payoneer is great for receiving payments from clients.
Q: Can I use Mercury if I live outside the US?
A: Mercury is available to entrepreneurs with a registered US LLC or corporation.
Q: Do local banks in Pakistan, India, or Bangladesh offer global payment solutions?
A: Yes, many banks provide foreign currency accounts and partnerships with international financial institutions.
Published on January 15, 2025 under .
