Rho Business Banking Review 2024

To get an account with Rho, your business needs to be generating significant revenue or have a large amount of equity capital raised. You also have to be incorporated – sole proprietorships and unincorporated businesses are not eligible. 

• More than $1 million in revenue, or $1 million raised equity capital
• No sole proprietorships
• No unincorporated businesses
• $50,000 minimum balance for domestic companies
• $100,000 minimum balance for international companies

Rho’s eligibility requirements are going to be difficult to meet for many small businesses. Don’t worry if your business can’t get an account with Rho – there are numerous other banking options out there with far less stringent requirements.

• Unlimited transactions
• No fee on wire transfers
• No fee for ACH
• No fee for bill pay
• Up to 1.75% cash back on corporate cards

• Need $1 million in revenue or venture capital to qualify for an account
• Only 0.01% APY
• Can’t make direct cash deposits

Rho is new to the banking services sector and has tried to differentiate itself by being faster and easier to use. Its bar for entry is high, but if you can qualify, Rho offers some nice features that can be beneficial to high-growth businesses. 

Checking account transactions are free and unlimited, as are the majority of services it offers. Its cashback on corporate cards is fairly generous if you pay your balance daily (1.75%). It also offers accounts payable services as part of its overall package. 

You can also assign an unlimited number of credit cards to employees, both virtual and physical. Tracking expenses is automated and thorough, so you don’t have to worry about charges getting lost in the shuffle. Quickbooks is integrated into Rho as well.

• 1.75% cash back if the balance is paid off daily
• 1.50% cash back if the balance is paid off every 30 days
• 0.75% cash back if the balance is paid off every 45 days
• No cash back if the balance is paid off every 60 days

• 0.01% APY on both checking and treasury accounts

• No fees on banking transactions, ACH, international wire transfers, or most other services
• 0.6% FX fees for most currencies (0.75% for Asia-Pacific currencies)
• Wire recall fee of $30

For the right business, a Rho account can be quite rewarding. You can structure your repayment plan to maximize rewards and don’t have to worry about paying fees for the majority of banking services.

Because Rho is fairly new, there are not many customer reviews about their banking services online. The few we could find varied depending on whether the reviewer qualified for a Rho account. For those that didn’t qualify, the reviews were negative – but since they didn’t get an account, the reviews are not really about using Rho’s services. 

Those that did qualify for an account tend to be much more positive. They mention excellent customer service, attention to detail, and cash back on purchases. One negative aspect they mention is the limits on international wire transfers. 

Overall, users of Rho seem to be very happy with the services.

It’s always helpful to compare different business banking services to one another. Let’s look at how Rho compares to another popular online banking solution, Lili. 

Rho Bank offers a fee-free, integrated banking experience that combines business checking, cashback corporate credit cards, and accounts payable. It’s an appealing package that makes banking streamlined for the right business. 

Of course, you have to qualify for an account before you can take advantage of these services. And that will be difficult for many small businesses. Unless you have $1 million in revenue or venture capital funding, you will need to look for business banking services elsewhere.

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