Can I use Brex as a bank account? (2024)

Can I use Brex as a bank account?

While it's not a bank account, you can use your business account to deposit checks, manage spend, and send or receive payments via ACH, check, and wire. The Brex business account lets you choose how your money is stored.

Is Brex Treasury a bank?

While Brex itself is not a bank, we do utilize partner banks as a means to transfer funds. This means that any transfers you submit using your Brex business account will be impacted by the standard holidays that banks observe.

Can I withdraw cash from Brex?

Most notably, Brex cards can help you build credit with on-time payments for your statement balance. As an extension of this, Brex credit cards cannot be used to withdraw cash at ATMs.

Is Brex a safe bank?

Brex Business Accounts have a FDIC-insured offering that stacks customer deposits across banks (each in $250,000 increments) for up to $6M of FDIC-insured coverage. Funds in Brex Business Accounts can also be swept into a money-market mutual fund administered by Bank of New York Mellon ($400B+ bank, AAA-Rated Fund).

Is Brex a good business account?

You have more than $250,000 and want it insured: Using its multiple partner banks, Brex can insure your business funds through the FDIC for up to $6 million. You make frequent money transfers: If you need to transfer money frequently, Brex is an excellent choice, as all ACH, check, and wire transfers are free.

Why do people use Brex?

Tens of thousands of businesses use Brex to manage their finances. We're proud to serve startups, scaled companies, and ecommerce brands alike, helping founders, CFOs, and their teams spend smart and move fast.

What is the FDIC limit for Brex?

Uninvested cash in your Brex business account will automatically be swept into these banks in a predetermined order, and you will be eligible for up to $250,000 in FDIC insurance as described in the Brex Business Account Sweep Disclosure: Axos Bank, Member FDIC.

How do I transfer money from Brex?

Step 1: Sign in to your Brex dashboard. Navigate to Accounts > Business accounts > Move money > Send money. Step 2: Enter the payment details including the beneficiary information, payment type, and amount. Step 3: Choose the desired payment date, noting the estimated arrival time on the right side.

How can I deposit money into my Brex account?

You have several different options to transfer funds into your Brex business account, including check, ACH, and wire. You can transfer funds from an external bank account — either by connecting that bank account via your Brex dashboard or by initiating a transfer from your bank's platform.

Can you deposit checks with Brex?

Account admins and AP clerks can deposit checks into your Brex business account from the Brex mobile app. The app lets you take a photo of your physical check and starts processing it right away. Checks will typically clear 2-5 business days after they've been deposited.

What do I need to open a Brex bank account?

All Brex applicants are required to have a US EIN issued by the IRS, a valid US incorporation, and a physical address. We also require that you meet the eligibility requirements as stated in our Platform Agreement, and are not of a restricted industry type.

What bank does Brex partner with?

We support a variety of different business bank accounts to be connected to Brex through our partners Plaid, Finicity, and Teller. You can search for your bank during the process of setting up an external bank connection. Step 1: Click your name at the top right of your dashboard and select Company settings.

What is the minimum balance for a Brex account?

Get a flexible account that lets you save, spend, and grow your cash — all in a single dashboard. Apply for an account in minutes with no minimum balance or personal guarantee. Add funds by ACH, check, or wire with simple instructions to send your investors and co-founders.

What is the monthly limit for Brex?

Credit limits for Brex cards with monthly payments are dynamic by design and are regularly adjusted according to your company's spending patterns, cash balance, sales (for certain customers), and other factors. The range is generally ~5-20% of your bank account balance.

Why do startups use Brex?

Safely store and access your cash.

Replace the need for a bank account with a Brex business account lets you choose to keep your funds across multiple banks for up to $6M in coverage and/or a money-market fund. 100% of funds in Brex business accounts are always available for withdrawal. Learn more.

How much does it cost to open a Brex account?

Is Brex FDIC insured?

Brex the company reimagining financial systems for growing businesses, today announced enhanced features and FDIC insurance on its zero-fee cash management account, Brex Cash.

What problem does Brex solve?

Brex is the leading global spend management software for today's businesses and offers credit cards, expense management, budgets, reimbursem*nts, bill pay, and now travel booking. Together, they are a complete and seamless solution for global T&E, which creates more value for customers.

Is Brex a credit card?

The Brex Card offers rewards on travel and even allows you to transfer those earnings to several airline partners. But it lacks the flashy benefits that some premium travel credit cards offer.

Should you keep more than 250k in bank?

It's also important to keep FDIC limits in mind. Anything over $250,000 in savings may not be protected in the rare event that your bank fails.

Is it safe to have more than $250000 in a bank account?

An account that contains more than $250,000 at one bank, or multiple accounts with the same owner or owners, is insured only up to $250,000. The protection does not come from taxes or congressional funding. Instead, banks pay into the insurance system, and the insurance provides their customers with protection.

How do I insure 2 millions in the bank?

How long does a Brex bank transfer take?

Incoming international ACH: Depending on the country and sending institution, it can take up to 7-10 business days for the payment to arrive in your Brex business account. Incoming domestic wire: Domestic wires are usually available within 1-2 business days.

Is Brex a money transmitter?

Brex Payments is a licensed money transmitter (NMLS #2035354, State Disclosures) and a wholly-owned subsidiary of Brex Inc. Brex Payments receives funds in a custodial capacity as an agent of its customers in a pooled account titled in the name of the licensee for the benefit of its customers.

How does Brex works?

Brex is a charge card, not a credit card. That means the balance is due in full each billing cycle, and you can't carry debt from one month to the next. The upside of this is that you don't pay interest.