Rho Business Checking Review

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.

Why You Can Trust Fit Small Business

With a decade of banking experience, my solid financial background helps me provide the best answers to our audience in line with the Fit Small Business editorial policy. I strive for accuracy, clarity, and objectivity in writing reviews and guides to ensure that small business owners can access impartial and critical information that supports their business decisions.

I also completed a Business degree and have substantial experience in facilitating account opening, performing KYC, and cross-selling different banking and investment products and services to both retail and preferred clients.

• 10 years in Consumer and Preferred banking
• Client onboarding experience for retail banking and securities trading
• Business graduate

Robi Mansueto

Banking & Credit Cards Expert at Fit Small Business

How We Evaluated Rho Business Checking

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

Visit Rho

Terms & Features

Special Offer	None
Opening Deposit Requirement	$0
Monthly Maintenance Fee	None
APY	None
ATM Network	Not supported
Other Standout Features	Customizable account permissions Up to 1.25% cash back on corporate cards Integrations with NetSuite, QuickBooks, Sage, and Microsoft Dynamics 365 Streamlined accounts payable (A/P) Cost-saving global payments Discounts on business software, such as Google Cloud, QuickBooks, Slack, Salesforce, and Stripe 24/7 customer support Corporate cards integrate with Apple Pay and Google Pay High-yield Treasury accounts Up to $75 million FDIC coverage for savings accounts

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Use Cases

• 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).

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Rho Alternatives & Comparison

• Comparison
• Use Cases

	Account Name	Monthly Fee	Checking Account APY Annual Percentage Yield is subject to change at any time.	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	1.5% Applies to qualifying balances of up to $250,000	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
• Email
• 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

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)

What does Rho business banking do?

Is Rho a bank?

Are Rho’s business checking accounts FDIC-insured?

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