How to Open a Brex Business Account Online in 2024

Brex Overview

Brex Inc. is an American financial technology company founded in 2017. It initially focused on providing cash management solutions for startups before evolving its model to cater to bigger enterprises. 

Brex’s products and services include an integrated expense management platform, business accounts, and corporate credit cards with a unique feature. Unlike traditional banks, Brex issues credit limits based on a company’s cash flow, making it more accessible for rapidly growing businesses. 

In this article, we’ll be sharing the key features of the Brex account to help you determine if it is the right option. We’ll also walk you through the account opening process, from the documents you need to prepare to how to contact customer support.

🔍 Discover: Explore other top neobanks worldwide in our detailed guide. 

Types of Accounts Available

Brex offers business accounts through Brex Treasury, their FINRA and SIPC-registered affiliate company. 

Formerly known as Brex Cash, a Brex business account is a cash management account that allows you to save, spend, and grow your deposits. You can invest your cash in a money market fund and earn a 4.92% yield with same-day liquidity.

Additionally, you can send and receive ACH transfers and wire transfers in USD with a Brex business account. You can also connect with your other bank accounts for seamless financial management.

Brex offers three business account plans:

• Essentials - For startups and growing companies
• Premium - For mid-size companies looking to scale
• Enterprise - For global enterprises with custom needs

⚠️ Important: Brex is not a bank, so their business accounts are technically not eligible for FDIC Deposit Insurance. However, Brex can diversify your savings across their partnered FDIC-insured banks for up to USD 6 million coverage. 

Eligibility

You cannot open a Brex business account if you are involved in any prohibited and restricted activities, such as:

• Dealing in cryptocurrency, digital assets, or digital currency
• Licensed financial services, including securities brokers and investment companies
• Production, sale, or distribution of gray market products
• Business models indicative of pyramid selling
• Activities involving pseudo-medical and pseudo-pharmaceutical companies

You cannot use your Brex business account for personal spending.

Countries Eligible

Only companies incorporated in the US are eligible to apply for a Brex business account. 

Company Types Eligible 

Your company must be registered as one of the following to open a business account with Brex:

• C-corporation (C-corp)
• S-corporation (S-corp)
• Limited Liability Company (LLC)
• Limited Liability Partnership (LLP)

Brex does not provide services to individuals, sole proprietors, unincorporated companies, and companies registered outside the US.

What Documents Do I Need to Open a Brex Business Account?

You should be ready to upload the following documents when applying for a Brex business account:

• A valid photo ID, such as a passport, a US driver's license,  and a state ID card
• An IRS letter confirming your Employer Identification Number (EIN)
• Valid US company incorporation documents

If you are a nonprofit organization, you must provide:

• Form 990 from the past two years
• Details about the board of directors and organizational governance or bylaws
• 501(c)(3) designation and articles of incorporation

Brex may contact you for additional supporting documents or information about your business, such as proof of address or financial statements. 

Application Forms and Useful Resources 

You can set up a Brex account through their online signup portal. Brex also provides a dedicated FAQ page for account applications.

How To Open a Brex Business Account

You must create an account with Brex before accessing the other features, including business account opening. 

Step 1 - Create a Brex Account

First, visit Brex’s website and click “Get started” at the top right corner to access the signup portal. After filling out your details, such as your company name, work email, and mobile number, you will have to answer some questions about your company, including:

• How many employees do you have?
• Are you an eCommerce company?
• How is your business funded? (Crowdsourced, Venture Capital/Angel Investor/Accelerator, Initial Coin Offering, Family or Self-Funded)

Brex will contact you after evaluating your business according to the information you provided. 

Step 2 - Verify Your Company

After getting your Brex account, you must verify your business. 

You will have to provide additional details about your company, such as your business address, incorporation details, and company ownership information. 

Step 3 - Apply For a Business Account

You can apply for a Brex business account during the onboarding process by clicking “Apply for financial services.” However, Brex does not specify the required details for this step.

After completing the application, Brex will follow up with you via email. 

Step 4 - Set up Your New Account

Once Brex approves your application, follow these steps to set up your business account:

1. Add funds: You can add funds to your business account by connecting your other bank accounts via the dashboard or transferring directly from that external account. Additionally, you can also deposit checks through the Brex app.
2. Assign roles: You can assign users different roles in the business account, like account admin, bookkeeper, AP clerk, and employee, each with specific permissions from initiating payments to view-only access.
3. Make payments: You can make payments through ACH transfers, wire transfers, and checks as long as you have a positive current balance. 
4. Connect your company resources: Lastly, you can connect your company resources, such as payroll services, with your Brex account through your account and routing numbers. 

How Long Does It Take To Open a Brex Business Account?

It should take around 10 minutes to set up an account with Brex.

After completing your application, Brex would take around 3-5 days to review and approve your business account. 

If Brex requires additional documents or information, you will have 30 days to complete the request.

How Much Does It Cost to Open a Brex Business Account?

The Brex business account has no account opening fee. There are also no transaction fees for ACH and domestic wire transfers. However, the monthly fee varies depending on your chosen account plan.

How to Contact Brex Customer Support?

You can email contact@brex.com for general queries. 

Once you set up your account, you can call +1 833 228 2044 or chat with Brex’s customer support 24/7 from your dashboard. 

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