Brex Cash – Best New Banking Option for Non-Resident LLCs

Brex is a new business banking solution that is available to non-US residents. Brex offers a FDIC-insured business checking account, a physical debit card, virtual debit cards as well as many other perks and features โ€“ and 100% online.

Click here to sign up for Brex at no cost โ€“ and once you spend 1000$ with your Brex card you will receive a 250$ signup bonus.

Read below for a more in-depth review as well as our recommendations for how to get accepted.

What is Brex?

Brex is a Silicon Valley banking and fintech startup that has its headquarters in San Francisco. It was founded in 2017, and has been able to raise over 1B dollars in venture funding, among others from VC funds such as YCombinator and Kleiner Perkins.

So this is not a small startup, this is by all metrics a very serious venture, which is important for me when evaluating a new service like this.

They offer a comprehensive banking solution โ€“ย and they do not require a SSN, which means that they are open for non-resident entrepreneurs.

I have been thoroughly testing them for the last few months, and am now ready to write this review.

What You Get

At the core of Brex are solid, fundamental banking features, like a business checking account and Visa/Mastercards. On top of that Brex offers a few novel features, that I have not yet seen from other companies. So, let’s dive in and break it down.

Business Checking Account

The core product when you sign up for Brex is called Cash.

This is an FDIC-insured business checking account (insured for up to 250,000$). You receive dedicated US banking details for national transfers, and shared banking details for incoming international wire transfers. The funds are held at LendingClub Bank.

The account is completely free. No minimum balance requirements, no monthly fees and no fees for incoming or outgoing transfers โ€“ย even international. This makes it potentially a better option for non-US LLC owners that regularly need to send money abroad.

You can deposit checks remotely through the Brex mobile app.

Corporate Cards

Brex puts a lot of emphasis on their corporate debit card features.

As a default each account receives one physical card.

Additionally you can create virtual debit cards, and so-called “Vendor Cards” (cards locked to a specific service/vendor).

The cards can be controlled with a fine level of detail. You can lock/unlock individual cards and set custom limits through the mobile app and the web interface in seconds.

Cashback and Rewards

Without a Social Security Number, most residents do not have easy access to US credit cards. That means they can often not earn points for the money that they spend.

Brex changes that, as you can now earn cashback on all money spend with their corporate cards โ€“ unlike the other online solutions like Mercury and Relay.

The amount of points that you earn depend on the category that you spend it on.

  • 8x on Rideshare
  • 5x on Brex travel
  • 4x on Restaurants
  • 3x on Recurring software
  • 1x on Everything else

The earned points can be redeemed for cash, gift cards, airline miles or exclusive travel deals through Brex travel.

Additionally Brex gives you access to a large and growing list of partner offers. These include 25-75% off on certain software subscriptions (Slack, Hubspot, Zoom, AWS) or earning 3x the points when you buy Apple products.

Additional Features & Attributes

Instant Payout

You can connect sales platforms like Amazon, Shopify, Stripe, Square or Paypal to Brex. Once you receive money in any of those platforms, Brex will immediately (within one day) make that money available to you in your account, vs. the 3-14 days it might take with the regular payout schedules.

Design and Usability

Brex has a modern design that is much better than anything the traditonal banks offer. Compared to Relay and Mercury, it is about the same. There are mobile apps for Android and iOS that work reliably.

How to Sign Up for Brex Cash

Brex Cash is available to businesses that are incorporated in the US (C-corp, S-corp, or LLC). It does not matter, where the business owners are located. Consumers, sole proprietors, and other unregistered businesses are ineligable.

Certain kinds of businesses and activities are prohibited or restricted.

Your business should have a US focus. Make sure your website makes it clear, that you are targeting the US market.

Verdict

After a few months of testing I can overall recommend Brex. Especially the ability to earn cashback on any money spent via the corporate cards is interesting, if you regularly spend money on software or advertisements.

Sign up below and earn 250$ after you spend the first 1000$ via your new Brex corporate card.