Brex Cash Review 2023

Pros

• No fees or minimum balance
• Unlimited free deposits, payments, and transfers
• Access to instant revenue
• Accounting integrations
• Linked rewards card

Cons

• No cash deposits
• No ATM access
• Restricted to incorporated businesses

What Is Brex Cash?

Brex Cash is a cash management account linked to the Brex corporate card offered by Brex Treasury, a FINRA-registered broker-dealer. Although a Brex Cash account provides much of the functionality you’d expect to find with a traditional business bank account, Brex is not a bank, and Brex Cash is not a bank account.

Brex’s financial services are backed by traditional banks that include Brex Cash accounts under their FDIC insurance. If you store your money in a standard Brex Cash account, you’re protected for up to $250,000. Invest your funds in Brex’s money market fund, and you’re covered for up to $500,000 — and your money will earn a variable interest rate that currently stands at 2.01% as of this writing.

How Does Brex Cash Work?

Brex Cash works, in many ways, like a traditional business bank account. However, Brex Cash is not a bank account; it’s a cash management account. And Brex is not a bank but a financial technology (fintech) company. Brex Cash offers two options for cash management, including a money market account with a variable high yield.

You can keep your deposits at a Brex partner bank, choose to invest your funds into a government money market mutual fund, or divide your balance between these two options. No matter what you choose, your Brex Cash account entitles you to unlimited corporate credit cards for yourself and your employees. Your card balance will be paid off automatically each day using your Brex Cash balance, and you’ll earn valuable rewards on purchases while building your business credit profile.

Brex Cash Rewards & Perks

Brex Cash and the linked Brex corporate card that it comes with deliver some significant rewards to users. In fact, the reward-earning potential for purchases made with the Brex card is among the highest we’ve seen.

Of course, it’s important to note that users can earn points at the highest levels — up to 8x points — only if they agree to make Brex their exclusive corporate card and to make automatic daily payments using their linked Brex Cash account.

Here is a rundown of the rewards available to Brex Cash customers:

• High APY: If you put some of all of your cash into Brex’s government money market mutual fund, your money will earn a variable interest rate that’s currently at 2.01%, based on an average seven-day yield, as of the time of this review. (Rates are subject to change; you can view the current rates online.)
• Partner Perks: Brex Cash customers can access special offers, discounts, and deals worth $180K+. Partners include Amazon Web Services, QuickBooks, UPS, Gusto, Slack, and more.
• Reward Points: Earn between 1x-8x on all purchases made with the Brex card, with rates depending on spending category and other factors.

Rewards points from Brex never expire as long as your account is open and in good standing. You can use Brex points to pay for flights and hotels booked through Brex Travel or transfer them to partner airlines. You can also redeem Brex points as cash back into your Brex Cash account or for statement credit, gift cards, or cryptocurrency payouts.

Brex Cash Pricing & Fees

Brex Cash is free to use. You’ll pay no annual or account fees, and ACH and wire transfers in the US and around the globe carry no fees. Notably, you can use the Brex corporate card overseas without incurring any foreign transaction fees.

A Brex Cash account allows unlimited transactions, including check deposits, domestic and international wire transfers, and ACH transfers. However, you won’t be able to make any debit or ATM transactions because those features are not available with Brex Cash.

Brex Cash Eligibility Requirements

To qualify for Brex Cash, you’ll need to be incorporated as a corporation (S-corp, C-corp, LLC, or LLP) with an Employer Identification Number (EIN). Brex Cash is not available to businesses operating as sole proprietorships or other business structures. Beyond that, Brex Cash is open to all types of businesses, except those involved with prohibited activities and products.

Additionally, Brex Cash customers must operate in the US, provide services/products to US customers, or employ/contract with or plan to employ/contract with US employees. Through a partnership with Firstbase, Brex supports foreign-based companies interested in incorporating in the US.

When evaluating applicants, Brex analyzes a company’s business model, sources of funding, and spending patterns, among other factors. Although there are no minimum balance requirements for Brex Cash, if you want to qualify for a Brex corporate card, you may need to have a minimum of $50K cash on hand.

You will not be subject to a personal credit check.

Brex Cash Features

Brex Cash delivers most of the features you’d expect to find in a business bank account. However, it’s important to keep in mind that Brex is a cash management account and not a bank account, and it lacks some key functions.

What’s missing? Fast access to cash is one feature you won’t find with a Brex Cash account. With no ATM card and no debit card, you’ll find it difficult to fund immediate purchases or get your hands on cash quickly. You can use the Brex corporate card to pay for purchases, with the card balance paid daily (for most users) with the linked Brex Cash account. You also won’t see access to credit, such as loans, lines of credit, or credit cards, though Brex does offer startups access to a venture debt program.

Let’s look next at what a Brex Cash account does have to offer users:

• Free Transfers: Add money to your account via check, wire transfer, or ACH payment, with no limit on free transactions.
• Savings: You can choose a traditional bank savings account, a government money market fund, or a mix of both. Interest rates vary, and you can expect a higher APY on funds in the money market.
• Unlimited Employee Cards: Request Brex corporate cards for some or all employees.
• Card Controls: Tailor employee cards with custom limits.
• Spend Tracking: Track employee expenses in real-time.
• Instant Revenue: Link your Brex account to your eCommerce platform or POS, and you can access instant payout. Supported platforms include Amazon, PayPal, Shopify, Square, and Stripe.
• Travel Perks: If you choose, use your reward points at Brex Travel, where you can access curated travel bookings with special corporate rates, 24/7 travel support, and travel concierge services.

Like all bank accounts, funds deposited in a Brex Cash account may not be immediately available to you. Here are typical Brex Cash processing times:

Other Brex Features & Services

Brex aims to be a complete financial services provider. In addition to the Brex Cash cash management account, here are some other services Brex provides:

• Brex Credit Card: The Brex card is a corporate charge card that offers high rewards rates (up to 8x) for some users.
• Empower: Through your Brex dashboard, you can access Empower, a separate linked software platform with enhanced spend management tools.
• Financial Modeling: Brex users can access a platform called Pry that enables forecasting, scenario planning, and KPI dashboards.

Brex Cash Customer Service

As a whole, Brex is generally well-liked by users, and Brex customer service gets high marks overall. In fact, some users say that Brex’s customer service is better than that of traditional banks.

Brex also appears to be responsive on social media, with active Twitter, Facebook, LinkedIn, and Instagram accounts.

Brex Cash Reviews

Brex consistently scores highly across user review sites, although we found few instances specifically calling out Brex Cash for either praise or criticism. Brex has a composite score of 4.5/5 stars on both G2, based on 690 reviews, and Capterra, with 111 reviews. Brex’s mobile apps are rated highly by users as well, with an average of 4.2/5 stars based on 639 reviews for the Android app and 4.9/5 stars based on 1,700+ reviews for the Apple app.

Let’s take a closer look at some of the complaints and praise Brex garners in Brex Cash reviews.

Negative Brex Cash Reviews & Complaints

• Funding delays
• Dropped accounts
• Limited mobile app
• Problems recognizing/uploading receipts
• Low credit limits

Positive Brex Cash Reviews

• Excellent service
• Easy setup
• Useful integrations
• Partner perks
• International transactions supported

Is Brex Cash Safe?

Brex Cash accounts are protected with FDIC insurance, and they are secure. Brex also protects its customers with fraud monitoring and protection, and the company offers secure browsing, authentication, authorization, data privacy, and full PCI-DSS certifications where available.

Brex’s corporate card operates on the Mastercard network and comes with World Elite Mastercard benefits, including zero liability and ID theft protection. Overall, both Brex Cash and Brex cards are safe to use.

How Does Brex Compare To Other Business Bank Accounts?

Brex Cash holds up well on many levels compared to top business bank accounts. Brex Cash offers unlimited free transactions, including domestic and international wires and all foreign transactions.

Keep in mind, though, that Brex Cash is a cash management account, not a bank account, and it’s not meant to function as a standalone bank account. Brex Cash works best in tandem with the Brex corporate card.

Final Verdict: Is Brex Cash Worth It?

Brex Cash delivers most of the features and functions you’d expect to find in a business bank account and then some. Brex’s no-fee structure and unlimited free transactions are reason enough to like Brex Cash; the high APY and rewards rates are even better.

However, it’s important to remember that Brex Cash is not meant to be a standalone bank account. In fact, Brex Cash is not a bank account at all. It’s a cash management account tied to the Brex corporate card. Open a Brex card account, and you’ll almost certainly be required to open a Brex Cash account and use your Brex Cash account to pay off your Brex corporate card balance daily.

For these reasons, although we rate Brex Cash highly, we don’t recommend it for businesses looking for a business bank account — unless they’re also searching for a corporate charge card at the same time. To be clear, Brex Cash is a safe way to store money, and you could earn a high APY on your savings.

If you’re searching for your first business bank account, you might find a better fit in our list of the best business bank accounts. If you’re looking for a corporate card, you’ll find that Brex has earned its place on our list of the best corporate credit cards. If Brex meets your expectations for a corporate card, we think you’ll be very satisfied with the features and convenience a linked Brex Cash account offers.

Brex Cash FAQs

The Merchant Maverick Seal of Approval 🏆

Brex Cash	Visit Site

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Brex Cash for yourself.

The Merchant Maverick Seal of Approval 🏆

Brex Cash	Visit Site

After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Brex Cash for yourself.

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