Need an Alternative to Brex for your Business Banking? - Truly Financial


Need an Alternative to Brex for your Business Banking?

BlogBanking • June 29, 2022 • Sandeep Todi

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Switch to Truly Financial and Get More Than Just Spend Management. 

The landscape for small business banking is changing. Several large banks and online digital banks are abandoning SMBs for a host of business reasons. Most notable are the announcements by HSBC and Citi about exiting small business banking, and by the fintech / neobank Brex who has decided to focus on larger enterprises and software subscriptions.

Why are Brex Customers Switching to Truly Financial?


For Cos For cos
Free U.S. checking account
Free CAD checking account
Free EUR and GBP checking account
Cashback on all business spend Up to 2.5% Up to 2.5% Up to 2%
Send free ACH payments
Receive free ACH payments
Receive Check deposits
Send free International ACH/Direct deposit
Send free Wire Transfers
Receive free Wire Transfers
Unlimited Corporate Visa cards
Cards for Team Members abroad
No minimum monthly spend
Receive & Hold in 32 Currencies
SMB credit card with limit based on funds available
SMB credit card with monthly settlement

If you are currently a Brex customer, we are excited to offer you exclusive perks when you open an account with Truly Financial. You get:

-   Free enrolment in our Preferred Plan for 3 months – send Fedwire and International Wires for free

-   A $50 Amazon gift card at the end of 3 months when you use Truly Financial

Get your business off to the Truly all-in-one advantage that gives you:

-   Free checking account

-   Physical Visa card and unlimited virtual cards

-   Cards for your employees

-   Send/Receive International ACH and save $$$ in currency conversion

Why is Brex’s exit from SMB accounts significant?

Brex, which started off as spend management and treasury solution for startups and smaller businesses, suddenly finds itself in a situation where its products are not well suited for smaller businesses and they would rather focus on other (more profitable?) avenues.

This pattern is not unfamiliar as large banks like HSBC and Citi have walked this path earlier. Creating a large customer base initially, only to “fire” your customers later could be good for corporate strategy but does little to bolster the confidence of business owners, who’ve always been short-changed by larger financial institutions.

But things are changing. SMBs no longer want to be the last man standing and are growing both locally and expanding their global footprint. SMBs are buying and selling overseas and hiring global teams, thus needing access to global banking.

You could be at the forefront of this shift, which is seeing small businesses elevated by new and exciting features in their banking services, instead of being held down by limited services offered by companies like Brex, Ramp, Jeeves, etc. (i.e., spend management), or vanilla banking by other neobanks and old-school mentalities of a big traditional bank or credit unions.

From brand new startups to established businesses and everything in between – Truly Financial is leading the better business banking revolution.

Free Business Bank Accounts  

One of the most valuable things your banking services can provide for your business is free business bank accounts to use.

Cutting back on monthly business banking expenses is a great way to stretch your budget even further. Bank fees and transaction charges can add up very quickly and it's hard to understand what you get billed for at the end of the month. How about Zero? That’s true, with a Truly Financial account you could be paying Zero bank fees and not have to worry about how much your transaction fees would set you back.

Incredible Local AND International Payment Receiving Capabilities

As much as it’s important to save money on accounts and cards, so is the ability to receive payments from your customers and payment processor with the least friction and cost. Truly Financial makes this possible as you can receive payments directly via ACH or Wire in USD, Euro and GBP, and by Wire Transfer in 32 currencies.

You can also hold funds in the same currency without needing to forcibly convert them to U.S. Dollars and losing your hard-earned money to banks for currency conversion.

Business Spend Management Solutions

Payment bottlenecks are one of the most frustrating issues that small business owners have to face, especially if they are working with remote employees or servicing customers internationally.

Finding efficient business spend management solutions is absolutely vital to the long-term success and scalability of your business – this is one digital banking trend that’s here to stay.

Thankfully, Truly Financial is removing these painful bottlenecks by giving small business owners the tools to empower their teams and streamline their business expenses.

Empower Your Team

Easily assign personalized spending limits to each employee on your team, which you can dynamically adjust as needed.

You also don’t have to worry about loss or theft, because each card can be blocked or unblocked at any time. Truly Financial’s SmartLink system allows you to quickly allocate money for business expenses wherever needed.

This helps avoid you from having to micromanage your team members, and in turn, empowers them to become leaders for your business.

Streamline Your Business Expenses

Allowing each member of your team to have access to their own Truly Financial corporate Visa card for use with expenses, gives you a powerful tool for managing business expenses across your entire team.

Not only can you monitor and track expenses by amounts spent, but you can seamlessly adjust the limits of each team members’ cards, so that you never have to worry about hiccups in your business processes due to lack of accessible funds.

With this level of intuitive business spend management, you’ll get the maximum control over your business expenses without making your team feel like you’re constantly hovering over their shoulders.

Get Cashback for Money You’re Already Spending

Wouldn’t it be nice to start earning cashback on transactions that you’re already making?

Truly Financial is giving small business owners the opportunity to start making more with every dollar they spend. With a Truly Financial corporate Visa card, you can start getting up to 2.5% cashback right away on every card payment. You earn this cashback on your own spending as well as the expenses paid by your employees when they use their personal corporate cards issued by Truly Financial.

Same Day Payment Processing

One of the most useful points of data that digital banking trends have shown us over the last couple of years, is same-day payments are extremely valuable for small businesses.

Not only does this give you the freedom to quickly send or receive payments from your vendors, but it ensures your team members are also paid in a timely, reliable manner each month.

Truly Financial is Setting the New Standard of Excellence in Digital Banking Trends

As you can see, Truly Financial is providing small business owners with all the tools that they need to build their dreams, earn to their potential, and grow without boundaries.

Are you ready to take your banking services to the next level and get the most out of every dollar you’re spending on your business?

If so, sign-up for Truly Financial today and join the better business banking revolution.