Brex financial OS

[smartcard]

I would like to know if anyone here has got experience with Brex | The Financial OS to Scale Your Business

They are claiming : The financial OS for the next generation of business. Credit cards, bank accounts, payments, expenses, and accounting all in one place keep you in control of your growth.

 

[MiddleEuroAsia]

No, but I sent them a message a while back, because I was interested in their bank for an Ecom project that I had in mind. and because they are just less intimidating than SVB bank.

anyway, that's how the chat went:

Q 1: Hey, how are you? I just wanted to know if you accept E commerce businesses. And If you accept E commerce businesses, do you also accept Companies (i.e. LLCs) that are incorporated by foreign nationals?.

A 1: Yes, Brex onboards Ecom businesses, including those incorporated by foreign nationals. We of course still require an EIN for the business.

Q 2: That's great!. Could you please tell me what are the required documents and Also i would appreciate it if you refer me to the Page on your website that talk about E-commerce businesses in detail!

A 2: Our current product available to Ecom is Brex Cash + the daily payments card, Documentation will include IRS letter, owner's ID, and details about what the business is.

Q 3: Is that daily payment card a credit card? and if so, how it differs from the regular brex corporate card?.

A 3: The daily payments card is a credit card with a single day servicing policy. Daily payment card limits are tied to Brex Cash balance and are calculated using this formula: 80% of the Brex Cash balance = daily payments card limit

Q 4: So, instead of single day policy, can this be extended to 30 days like the regular brex corp card?

A 4: No, however Ecom businesses can apply for our Brex 30 day policy card for Startups along with the Brex Cash product but The minimum general cash requirement for Brex 30 day policy card is $100k.

Q 5: And, how are my funds protected?

A 5: Brex is a Member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org. Any deposits you maintain as uninvested cash will be placed into one of our program banks. All funds in a Brex program bank will be covered by FDIC insurance up to $250,000 per program bank. You can find the current list of our program banks here. Your funds are automatically distributed among program banks to ensure maximum coverage.

 

[jakubko666]

Brex cant be used for crypto exchanges:
"This is Adi from Brex support. I hope you're having a great day!

Currently, users can only redeem rewards points for cryptocurrency from the Brex dashboard. Direct trading is unfortunately not supported on Brex yet. You won't be able to send/receive money to/from crypto exchanges like Kraken or Binance using Brex as of now.

We hope this answers your question,"

 

[extremedox101]

the site looks good but some reviews rise concerns

Brex cant be used for crypto exchanges:
"This is Adi from Brex support. I hope you're having a great day!

Currently, users can only redeem rewards points for cryptocurrency from the Brex dashboard. Direct trading is unfortunately not supported on Brex yet. You won't be able to send/receive money to/from crypto exchanges like Kraken or Binance using Brex as of now.

We hope this answers your question,"

why crypto listed in restricted activities but not 100% prohibited ?

Companies that are engaged in the following activities or businesses may be required to provide additional information or documentation or may be ineligible for certain Services:

 

[dkpalash]

No, but I sent them a message a while back, because I was interested in their bank for an Ecom project that I had in mind. and because they are just less intimidating than SVB bank.

anyway, that's how the chat went:

Q 1: Hey, how are you? I just wanted to know if you accept E commerce businesses. And If you accept E commerce businesses, do you also accept Companies (i.e. LLCs) that are incorporated by foreign nationals?.

A 1: Yes, Brex onboards Ecom businesses, including those incorporated by foreign nationals. We of course still require an EIN for the business.

Q 2: That's great!. Could you please tell me what are the required documents and Also i would appreciate it if you refer me to the Page on your website that talk about E-commerce businesses in detail!

A 2: Our current product available to Ecom is Brex Cash + the daily payments card, Documentation will include IRS letter, owner's ID, and details about what the business is.

Q 3: Is that daily payment card a credit card? and if so, how it differs from the regular brex corporate card?.

A 3: The daily payments card is a credit card with a single day servicing policy. Daily payment card limits are tied to Brex Cash balance and are calculated using this formula: 80% of the Brex Cash balance = daily payments card limit

Q 4: So, instead of single day policy, can this be extended to 30 days like the regular brex corp card?

A 4: No, however Ecom businesses can apply for our Brex 30 day policy card for Startups along with the Brex Cash product but The minimum general cash requirement for Brex 30 day policy card is $100k.

Q 5: And, how are my funds protected?

A 5: Brex is a Member of SIPC, which protects securities customers of its members up to $500,000 (including $250,000 for claims for cash). Explanatory brochure available upon request or at www.sipc.org. Any deposits you maintain as uninvested cash will be placed into one of our program banks. All funds in a Brex program bank will be covered by FDIC insurance up to $250,000 per program bank. You can find the current list of our program banks here. Your funds are automatically distributed among program banks to ensure maximum coverage.

How did you manage the address verification? They don't allow PO Boxes, UPS shipping addresses, virtual offices, or registered agent offices address?

 

[MiddleEuroAsia]

How did you manage the address verification? They don't allow PO Boxes, UPS shipping addresses, virtual offices, or registered agent offices address?

Your best best is to use an office that has a combination of services (co-working spaces, Private offices and meeting rooms AND virtual offices) and you use the virtual office one.

then you apply to brex, if they ask you, just say that you have a private office in the building or you use a shared desk, they can't really verify if you use a physical office or a virtual one, since the business offer variety of services that includes virtual offices.

However, you need to have a good business plan in hand, good deposit, a good looking website and good social media presence with marketing and such, so, they know that you worth the effort. If you want to use it for things other than that, or just a quick cash out scheme, then don't bother.

 

[EuroKiss]

Your best best is to use an office that has a combination of services (co-working spaces, Private offices and meeting rooms AND virtual offices) and you use the virtual office one.

then you apply to brex, if they ask you, just say that you have a private office in the building or you use a shared desk, they can't really verify if you use a physical office or a virtual one, since the business offer variety of services that includes virtual offices.

However, you need to have a good business plan in hand, good deposit, a good looking website and good social media presence with marketing and such, so, they know that you worth the effort. If you want to use it for things other than that, or just a quick cash out scheme, then don't bother.

This…and if asked, say you will have customers and/or providers in the US.