If you run a high-performing startup or small business and need an all-in-one financial technology (fintech) solution that can help save time and money, Rho is worth checking out. This integrated financial platform offers business banking, treasury, corporate cards, accounts payable (A/P) automation, and more.
Its business checking account charges no fees for monthly maintenance, automated clearing house (ACH), wires, and checks. Additionally, it offers strong perks for international spending.
The Rho business checking review was conducted through careful research by looking at the following criteria:
- Product features
- Monthly fee
- Opening balance
- Required balances
- Account opening requirements
- ATM fees
- Cash deposit fees
- Annual Percentage Yield (APY)
- Monthly transaction limits
- Cash deposit allowances
- Branch accessibility
- Other business banking products
Pros
- Unlimited transactions
- Fee-free wire transfers, ACH, and bill pay
- No required minimum maintaining balance
Cons
- APY is available for savings products only
- No business debit card
- No cash deposit support
Special Offer | None |
Opening Deposit Requirement | $0 |
Monthly Maintenance Fee | None |
APY | None |
ATM Network | Not supported |
Other Standout Features |
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- You need unlimited fee-free transactions: Rho comes with unlimited fee-free checks, domestic ACH, and swift wires.
- You make international payments regularly: Rho offers unlimited free international wire transfers to more than 200 countries. It charges no fees for foreign card transactions when making purchases where Mastercard is accepted and has a flat 1% conversion fee for global currencies. Rho offers an excellent exchange rate and is part of our roundup of the best banks for international business.
- You want cash back on corporate card purchases: Rho corporate cards earn cash back from 1% to 1.25%, depending on when you pay off your balance.
- You want to invest your idle business funds safely: Rho offers a Treasury account that earns interest at a rate of approximately 4.96%. This account is only available to organizations with investment funds of $500,000 or more (subject to application approval).
Rho Alternatives & Comparison
Account Name | Monthly Fee | Treasury Account APY | ||
|---|---|---|---|---|
| Commercial Banking | None | None | Up to 4.96% |
Visit Rho
Provider is a fintech platform backed and FDIC-insured by a supporting bank partnership with Webster Bank.
| ||||
 | Business Checking | None | None | Up to 5.30% |
Visit Mercury
Provider is a fintech platform backed and FDIC-insured by a supporting bank partnership with Evolve Bank & Trust and Choice Financial Group.
| ||||
 | Business Account | None | None | Up to 4.88% on money market funds |
Visit Brex
Provider is a fintech platform backed and FDIC-insured by multiple supporting bank partnerships.
| ||||
 | Bluevine Standard | None | NA | |
Visit Bluevine
Provider is a fintech platform backed and FDIC-insured by a supporting bank partnership with Coastal Community Bank.
| ||||
Best For | Learn More | |
|---|---|---|
| You want to access resources designed for large-scale startups: Rho does not offer avenues for investor networking and funding opportunities, unlike Mercury, which has a dedicated Investor Database and Mercury Raise program for mentorship, networking events, and potential startup funding. | Read our Mercury business checking review |
| You prefer to earn points for your credit card rewards: Rho offers straightforward cash back for using its corporate card for business purchases. Meanwhile, Brex card rewards provide points that you can use for billboard advertising, executive coaching, team-off sites, and more. Check out the Brex rewards page for a complete list of perks. | Read our Brex business checking review |
| You seek interest earnings from your business checking accounts: Although Rho offers a high-yield savings account, it does not offer interest for its business checking product. In contrast, Bluevine Standard checking provides 1.5% APY for qualifying balances up to $250,000. | Read our Bluevine business checking review |
Rho Business Checking Terms & Features
Rho Business Checking Requirements
You’re eligible to open a business bank account with Rho if your business is incorporated in the United States. Rho caters to small business owners, startups, middle-market, and enterprises across industries. Sole proprietorships and unincorporated businesses cannot open an account with Rho.
As part of the Rho business checking requirements, you’ll need to provide the following:
- Business name
- Address
- Entity type
- Employer Identification Number (EIN) letter issued by IRS
- Company bylaws
- Articles of incorporation
- Local business licenses (only if registered out of state)
Each beneficial owner must also provide the following information:
- Name
- Date of birth
- Address
- Phone number
- Government ID (passport if non-US)
- Social Security number
How to Open Rho Business Checking Account
- Step 1: Visit Rho and enter your work email.
- Step 2: Click the Apply Now button.
- Step 3: Enter the required business information (number of employees, estimated annual revenue, business structure, industry type, office location, etc.).
- Step 4: Click Set up Rho account and verify your email address.
- Step 5: Follow the instructions and submit your documents.
Rho Business Checking Features
Unlimited Fee-free Transactions
Rho offers unlimited fee-free ACH, swift wires, and checks.
Customizable Account Permissions
Pre-set user groups for your Rho business accounts include administrator, account owner, budget owner, employee, bookkeeper, and investor. As the main user, you can customize each member’s level of access.
Accounting Software Integration
Rho has natural integrations with Oracle NetSuite and QuickBooks and offers support for Sage Intacct and Microsoft Dynamics 365. You may be interested in reading our guide on what QuickBooks is to learn more about its different products.
Expense Management
Rho lets you customize spending rules and set spending limits for team members. Spending rules let you add requirements for official spending, such as receipts, notes, attendees, and client IDs. You can configure rules by dollar amount, budget, and merchant.
Streamlined A/P
You can direct all invoices to a dedicated inbox, which extracts information that will be auto-populated into your accounting codes. The accounting software integration syncs invoices and payments with books, which reconciles records faster.
Cost-saving Global Payments
Rho helps organizations save on international expenses by offering unlimited fee-free USD wires to 200-plus countries. It also has a flat 1% conversion rate for global currencies. Though Rho doesn’t charge for international transfers, additional receiving and intermediary bank fees may apply.
Rho lets users send international transfers through the SWIFT network. However, some countries (view the countries on Rho’s page) may need additional screening.
Partner Perks
You can get discounts on a wide selection of business software, including Google Cloud, Gusto, HubSpot, QuickBooks, Salesforce, Slack, Stripe, and Zoom.
Mobile App
Through the Rho mobile app, users gain visibility into their team expenses. Additionally, they can:
- View card details
- Add cards to a mobile wallet
- Lock and unlock cards
- Submit expenses
- Deposit checks
- Approve transfers
Other Rho Business Products
Savings Account
Rho offers a business savings account with an APY of 2.75%. Rho’s network of over 400 FDIC-insured banks lets you access up to $75 million in FDIC deposit insurance per entity.
Treasury Account
If you have half a million or more in liquid assets, you’re eligible to open a Rho Treasury account, which invests excess funds in investment-grade and government-backed securities. Rho offers clients with $5 million or more portfolios a customized investment policy according to an organization’s specific cash flow and security needs.
Rho Treasury account can earn a yield of up to 4.96%, which is subject to change at any time.
Corporate Cards
Rho’s corporate MasterCards charge no annual fees and offer flexible payment terms. You may issue unlimited physical and virtual corporate cards to your employees, free of charge. Customizable permissions and spending limits ensure responsible use.
You also earn cash back on corporate card purchases, depending on when you pay off your balances.
- Balances paid the next day earn 1.25% in cash back
- Balances paid within the monthly statement period, plus one day earn 1% in cash back
Rho aims to offer the highest possible credit limit for your business and analyzes your business holistically when underwriting. It does not require personal credit checks, personal guarantees, or fees.
Rho Business Checking Reviews from Users
| Users Like | Users Dislike |
|---|---|
| Easy onboarding | Needs more customization |
| User-friendly platform | Constant glitches |
| Good customer service | No reasons shared for declined account applications |
Rho business checking reviews are unavailable, but the company has a 3.6-star rating from about 35 reviews on Trustpilot[1]. Customers appreciated that the onboarding process was quick. They also found the banking interface intuitive and well-designed, making it easy to use. Others also valued Rho’s customer service team for its responsiveness and expertise.
A few, however, commented that the app’s customization features are lacking since users need to input some information repeatedly for expense reports. Others also mentioned that they often experienced lags while those whose applications were disapproved expressed their disappointment over the lack of explanation for the account rejection.
Rho’s mobile app received a 4.8 rating from around 35 reviews on the App Store[2]. No ratings and reviews were displayed on Google Play[3]. Users praised the app’s ease of use and said it saves them time in managing team expenses. They especially appreciated the receipt capture feature that streamlines expense reimbursements.
Frequently Asked Questions (FAQs)
Rho business banking accounts let you access free checks, ACH payments, wire transfers, and up to $75 million in FDIC coverage. At the same time, you can save on international payments with its flat-rate pricing. The Rho platform also includes built-in accounting, automated accounts payable, convenient expense management, and more.
No, Rho is not a bank but a fintech company that partners with American Deposit Management Co and multiple banks to provide banking products and services.
Yes, through its bank partnership with Webster Bank, N.A., Rho’s business checking deposits are FDIC-insured for up to $250,000 per owner and account ownership category.
Bottom Line
With streamlined expense management tools, few banking fees, and strong global payment perks, Rho’s business checking account is an excellent choice for companies that conduct international transactions frequently. However, if you seek ATM and cash deposit support, consider the other options we listed above.
User review resources:
[1] Trustpilot
[2] App Store
[3] Google Play