Relay: THE BEST Banking Platform for Profit First (Updated Review 2023)

[@skoopqueen]

Big ups to everyone working effortlessly trying to earn a living while building wealth. I’m 50 and my husband 54 we are both retired with over $3 million in net worth and no debts. Currently living smart and frugal with our money. Saving and investing lifestyle made it possible for us this early even till now we earn monthly through passive income..

[@SelfEmploymentSidekick]

Awesome! Congrats on your success! What's next for you and your family?

[@skoopqueen]

Indeed, successful investing often requires a solid foundation of knowledge. In my journey, I've found that having a trusted financial consultant is key, especially when it comes to selecting the right assets. I've been working with Regina Louise Collaro, an investment advisor associated with a licensed wealth management firm, and my financial experience has significantly improved. Her reputation in the industry is quite remarkable, and her guidance has led to financial stability and regular passive income. I highly recommend considering an experienced investment advisor for your financial goals.

[@skoopqueen]

Regina Louise Collaro is based in the United States and can work with anybody wherever they stay. If you would like more information on reaching her, you can conduct a search online..

[@ugojazzy7812]

personally, I'm blessed and realizing I'm not the only one working with Regina Louise Collaro. I will consider myself lucky. I've been able to feed and make a living through her advice and great work. For such a person as Regina, I owe her gratitude, support and endless prayers as it is not easy to gain access to such a competent and reliable adviser. Who isn't just wise but has all it takes to handle an investment and is good at what she does

[@emeldcentor1474]

I have had the intentions of starting investing. But I always thought it was late and I think I need to stop procrastinating. I will definitely 🔍 Regina Louise Collaro and see what she can advise .Thanks a lot . This was of so much help to me.

[@krystalarthur1363]

I genuinely enjoyed watching this. You made a boring topic super entertaining. Thanks!

[@SelfEmploymentSidekick]

I'm glad you enjoyed the video, Krystal! And I really appreciate you taking the time to leave an encouraging comment :-)

[@JasonFerreira]

Unclear instructions, I've burned all my cash and the money is NOT in the account. Please help :)

[@SelfEmploymentSidekick]

Do you still have the ashes? It will take a long time, and a lot of glue, but there MIGHT be a way to troubleshoot this :-)

[@JasonFerreira]

@@SelfEmploymentSidekick 😁

[@regi7]

The problem I’ve been having with the app is that after moving money, I have to close out the app in order to continue using it. It stays stuck in an endless loop animation

[@SelfEmploymentSidekick]

Hmmm. I haven't had that specific problem, but sometimes it hangs up a bit after I do a mobile deposit. I'd reach out to their support team and let them know about your issue. They seem to be pretty active with developing their platform, so hopefully it's something they can fix quickly.

[@iluvmesomehim92009]

Hi so you have 2 business how do you add the other business.. or you just combine them as one.. so how do you pay yourself just name a tab .. yea that sucks I’m from Philly also we need more deposits closer to us😂

[@SelfEmploymentSidekick]

Great question. I put together a little video that shows you how to add a new business to your account. You can check it out here: kzbin.info/www/bejne/pmHMYaure6yjo8k How you pay yourself kinda depends on a few things, but the easiest way is just to transfer money from your business account to your personal account. If you're following the Profit First method, you'll transfer the balance of your "Owner's Pay" account to your personal checking. In Relay, you'll do this by clicking "Move Money > Transfer Money" and then add the external account you want to send your pay to.

[@iluvmesomehim92009]

@@SelfEmploymentSidekick I am so ready to get started.. Thanks you have a newbie here🤗

[@jacobharris2373]

Your linlk for the $100 Relay signup bonus is expired (4 days ago) do you have an updated link?

[@SelfEmploymentSidekick]

Thanks for the heads up. The $100 promotion is over, but the link should still work for a $30 sign up bonus. I'll update the description!

[@andjunglepunkthirteen760]

😂😂😂 800th sub because of the burn the cash bit…that was awesome 😂

[@SelfEmploymentSidekick]

You sir, have impeccable taste. 🙂 Thanks for the sub!

[@Layo-nh3zj]

You’re actually funny😂 and I really like your content.

[@SelfEmploymentSidekick]

Thanks!

[@LynxStarAuto]

A lot of banks have converted to that auto capture mobile deposit. It's to help combat fraud.

[@SelfEmploymentSidekick]

That's interesting. How does auto-capture help with fraud vs pressing a button to take the picture (which you can still do if/when auto-capture fails after several attempts)?

[@kAZual520]

Does it work with Zelle. How does it compare to Found?

[@SelfEmploymentSidekick]

Relay doesn't currently support Zelle, but it sounds like they are actively working on an integration. I haven't used Found to say for sure how the two compare, but at a glance, I like the way Relay handles sub-accounts better than Found's "Pockets." Found allows to you set money aside in a "pocket," but it looks like in order to actually use the money, you'd have to transfer it back out of the pocket to your main account. Relay's sub-accounts are actual accounts, so you can have an "Operating Expense" account and link that directly as a payment method for your credit card or vendor accounts, or an "Owner's Pay" account and transfer money directly from there into your personal checking.

[@nunya973]

Good shit! Gonna try them out.

[@SelfEmploymentSidekick]

👍👍👍

[@roDIYgo]

Hey Just applied with your link, how can I send money from abroad(Europe) to my relay account, both to add funds and also to issue invoices to my European clients?

[@SelfEmploymentSidekick]

Thanks for using my link! When I first started banking with Relay, I just sent an ACH transfer from my old bank to for the initial deposit. Relay also connects to Stripe easily. Most of the services I use to handle invoicing and online payments connect to Stripe, and then Stripe will transfer those funds into Relay automatically. I'm not really familiar with banking outside the US, so I don't know if you'd have any issues doing an ACH transfer from abroad. I believe Relay accepts international wires as well.

[@JtotheRizzo]

Domestic wire transfers should be free for incoming and outgoing

[@SelfEmploymentSidekick]

That would be nice. I don't personally use wire transfers often, so I never looked that deeply into it. Do you know any banks that offer free transfers both ways?

[@ZazaMakeHitz]

Deserve way more recognition! Great video, thank you. Using your link in the bio.

[@SelfEmploymentSidekick]

Thanks so much! I really appreciate it!

[@aperson1181]

Are you allowing Sole Propretors to open an account or only an LLC?

[@SelfEmploymentSidekick]

Sole props can apply for an account.

[@omr998]

Hello 👋 everyone i am from Pakistan i have llc in usa but relay bank don't support Pakistan anyone plz tell me which bank is good for me

[@SelfEmploymentSidekick]

If anyone in the comments has insight, please chime in! If your LLC is based in the US, operates in the US, and has a US address, then most banks SHOULD be okay. You just might need to provide a little more info. I'm not really sure about all of the requirements though. Did you apply and we're rejected? Did you follow up with support? I don't know if there's a process to appeal and work through any additional requirements to open an account.

[@omr998]

@@SelfEmploymentSidekick sir i tried but capital one help line response me that they allow it on ITIN number holders but they have to verify phesicaly

[@dsmck70]

Hi, does signing up with your link still offer the $30 bonus? Does it have to be the Pro account or can I get the bonus with the basic account?

[@SelfEmploymentSidekick]

Yes! The bonus is still running, and it applies to free accounts.

[@dsmck70]

thank you @@SelfEmploymentSidekick

[@jnstange]

Great video!

[@SelfEmploymentSidekick]

Thanks John!

[@MissJoeyK1]

Hilarious AND educational! Thanks for this!!

[@SelfEmploymentSidekick]

Glad you liked the video 🙂

[@boktiarchy3841]

Is it available in UK ?

[@SelfEmploymentSidekick]

Good question. I believe your business needs an operating presence in the US. So if you're based in the UK but have a registered agent or otherwise have a business address in the states, you should be eligible.

[@DinoCabral]

You help me a lot... thanx man )))

[@SelfEmploymentSidekick]

You're welcome! Glad the video has been helpful 🙂

[@DanielRizza]

Deserve a way higher sub count.

[@SelfEmploymentSidekick]

Thanks, Daniel! I'm glad you enjoy the channel! If you have any questions or ideas for topics you'd like me to cover, let me know. I'm always looking for ways to improve.

[@HungryYett]

You ever hear of stessa?

[@SelfEmploymentSidekick]

I've heard of it, but haven't used it. Looks like a nice tool if you have rental properties.

[@HungryYett]

@@SelfEmploymentSidekick yeah their bank account pays more than any account I’ve ever seen. They’re using blue ridge banking. Know anything about them?

[@purplelocs5411]

I'm sold! Does the $100 link still work?

[@SelfEmploymentSidekick]

The link still works! I just reached out to the folks at Relay and they agreed to extend the offer through January. 🤑💰🤑💰

[@purplelocs5411]

Thank you!! Applying now😁@@SelfEmploymentSidekick

[@deathislegend2477]

Bummer. I'm watching this in February 😕

[@AustinHartt]

🎯 Key Takeaways for quick navigation: 00:00 🏦 Intro and Background on Relay and Review Update - Introduction to Relay Financial and acknowledgment of a previous review, - Mention of updates and changes in the Relay platform since the last review, - Disclosure about sponsorship and commitment to honest feedback. 01:22 🔄 Integration with Profit First and Key Features - Explanation of Relay’s integration and partnership with Profit First, - Description of the ability to manage multiple accounts easily, - Introduction of automatic transfer rules and preset settings. 03:15 📚 Explanation of Profit First Method - Explanation and recommendation of the Profit First method, - Brief breakdown of how Profit First helps businesses manage finances, - Highlight of Relay's certified profit first firm status and commitment to helping businesses. 04:28 🛠️ New Features and Rules - Introduction to new automatic transfer rules and their functions, - Explanation of variations like the maximum balance rule and their utility, - Mention of how Relay ensures money is appropriately allocated. 05:07 💵 Cash Deposits and Physical Transactions - Relay introducing new options for money transactions, including cash deposits, - Description of the process for making cash deposits via Allpoint ATMs, - Explanation of the geographical limitations regarding cash deposit ATMs. 06:31 📜 Checkbook Ordering and Old-school Payment Methods - Introduction of a feature that allows ordering paper checkbooks, - Explanation of how to make a check payment from the Relay dashboard, - Mention of other payment methods and transaction details. 07:27 🔄 Switch in Partner Bank and Behind-the-scenes Changes - Relay's transition from Evolve Bank and Trust to Threadbank, - Explanation of Relay’s role as a fintech, not an actual bank, and how the partnership works, - Mention of insurance and fund handling by the partner bank. 07:54 💳 Updates on Debit Card and Spending Limits - Change of Relay’s debit card provider to Visa and addition of tap-to-pay, - Explanation of new feature to set daily or monthly spending limits, - Possibility to assign cards to specific accounts and individuals and set transaction limits. 08:38 🎨 Brand Refresh and Visual Updates - Discussion about the brand refresh and change in visual aesthetic, - Comparison of the old and new design of Relay's debit card, - Mention of a shift in color scheme and logo design. 09:07 📱 Mobile Check Deposit Issues - Complaints about the new check deposit system, especially regarding the auto-capture feature, - The now mandatory note/memo field adds extra steps, - Despite the friction, appreciates the technological marvel of mobile check deposits. 10:16 💼 Loyalty to Relay and Future Considerations - Acknowledgement of emerging Neo Banks with enticing interfaces, - Despite trying multiple banking solutions, sticking with Relay due to satisfactory service, - Openness to exploring and comparing new banking platforms in future content. 11:00 💵 Affiliation and Transparency - Transition from a non-affiliate to an affiliate after noticing the traction from the previous review, - Relay acknowledged traffic and offered payment for an updated review (with a focus on honesty), - Transparency about the referral link and subsequent financial kickbacks to support the channel. Just for my own quick reference but if someone else finds this useful YAY!

[@SelfEmploymentSidekick]

Holy smokes! These are great notes! Thanks for putting this together. Did you use any software to help with this, or are you just an intrepid note taker?

[@AustinHartt]

@@SelfEmploymentSidekick hey glad you find them useful! I use a chatGPT powered browser plug in called Harpa AI to transcribe the video then give me some good high level overviews that I can fill in my own notes (like guided note worksheets that grade school teachers make)

[@SelfEmploymentSidekick]

That's really cool. I'll have to check that out.

[@michellewinterdesign]

Woop! I'm stoked! And I subscribed! (I'm from the SPi community)

[@SelfEmploymentSidekick]

Hey Michelle! I'm glad you liked the video. Thanks for subbing! I'll see you around SPI!

[@6FigureCreative]

The Profit First partnership seals the deal for me for this choice. Thanks for the video!

[@6FigureCreative]

Signed up through your link just to support your channel🥳

[@SelfEmploymentSidekick]

Much appreciated!

[@SelfEmploymentSidekick]

You are welcome! I've always enjoyed Relay, but the partnership takes it to the next level.

[@johnwayn8952]

I'm a newbie in the eComm business. After watching few KZbin videos, I chose Relay for my business account. I've not started any business transactions yet, but I hit a wall already. The first step was to open my account with different marketplaces and online selling platforms. First Relay or its parent Bank, Thread, doesn't appear in their list of banks. Second, when you enter your account information manually, they always do small transactions to verify the account information. However, Relay has stopped accepting micro transactions, which makes it impossible to validate your account information with any marketplace, PayPal, etc.

[@SelfEmploymentSidekick]

That's curious. I would reach out to Relay support. On their site, they advertise integrations with PayPal, Stripe, Square, Plaid, and more. Hopefully the wall you hit is just a temporary hiccup.

[@cassiebrunson1590]

Great video, very informative. Can someone please compare Lili Bank to Relay?

[@SelfEmploymentSidekick]

Thanks! I'm glad you found the video helpful. You're not the first person to ask for a Lili comparison. I guess I'm going to have to look into that a bit more!

[@panamafred1]

I've known about this system since I was a little boy in the 1950s. My mother used the envelope system, including one marked "Frivolous." I remember that she once bought a hand carved olive wood nativity scene. It sure is nice to see it updated for the digital age!

[@SelfEmploymentSidekick]

The envelope system is timeless! As they say, "If it ain't broke..... Incorporate it into an online banking platform." 🙂

[@GBDS-Interiors]

I enjoy your videos a lot. Thanks for making an update on Relay! I found it very helpful

[@SelfEmploymentSidekick]

Thanks! I'm glad you enjoy the videos!

[@ChelseaJohnsonMBA]

This is an excellent review, great channel!! Can you use this for multiple SEPARATE businesses under the same login with different accounts? That would be amazing!

[@SelfEmploymentSidekick]

Yes, you can! I do this with two of my businesses and I love it so much!

[@JeanMarcDEDEYNE]

Thank you very much for your insightful, honest, feel good and creative videos. At first, I was going after another online bank. But your message about Relay definitively sold me. It is too bad I only noticed your affiliate link in the second video. I already submitted my application. How can I get you the credit you deserve?

[@SelfEmploymentSidekick]

Jean-Marc, that's high praise! I'm glad the video was helpful. Thanks for wanting to make sure I get credit - I don't know if there's a way to retroactively count the referral. But you can always ask [e-mail] if there's anyway they could update your record (and claim that $30 bonus!) No worries if you can't. You've already been kind enough to leave this comment 🙂