Rakuten Bank vs Relay.
Rakuten Bank (R70/100) and Relay (R68/100), scored on the same six pillars and compared row-by-row. Every cell is sourced from licence registers and live pricing pages, not opinion. Rakuten Bank leads Relay 3-1.
| R Rakuten Bank №33 · JFSA 70 /100 | R Relay №43 · FDIC 68 /100 | |
|---|---|---|
| Score | ||
| Composite score Out of 100 | 70 /100 | 68 /100 |
| Fees | ||
| Monthly fee Cheapest paid tier (€0 if free) | €0 Free tier | €0 Free tier |
| FX markup Debit card abroad | Interbank | Interbank |
| Free FX / month EUR equivalent | €0 | €0 |
| Free ATM Before fee kicks in | — | — |
| Protection | ||
| Banking licence Tier | Full bank JFSA | Partner-bank FDIC |
| Deposit guarantee Per depositor | Safeguarded No DGS | Safeguarded No DGS |
| Reach | ||
| Markets served Licensed jurisdictions | 1 country | 1 country |
| Crypto Coins available | No | No |
| Stocks & ETFs Self-directed | Yes | No |
| UX | ||
| Trustpilot Customer score | — | — |
| App store iOS + Android avg | 4.3 ★ iOS 4.4 · And 4.2 | 4.7 ★ iOS 4.8 · And 4.6 |
| Read review → | Read review → | |
Pick Rakuten Bank if…
Largest Japanese internet-only bank by customer count (~14M+) and the only TSE Prime-listed pure-play net bank (TYO: 5838, IPO 21 April 2023 — the largest Japanese IPO in five years at the time). Originally chartered as eBank in 2001; acquired by Rakuten Group (TYO: 4755) in 2009. Structural moat is the Rakuten Points + Rakuten Card + Rakuten Securities + Rakuten Mobile + Rakuten Ichiba ecosystem — points cross-pollinate across the entire surface area. Full FSA Banking Act licence; statutory DICJ member at the JPY 10,000,000 ceiling.
Pick Relay if…
The Profit-First-aligned multi-checking neobank — 20 real checking accounts (not virtual envelopes) and 50 debit cards under one login, with granular multi-user roles. Where Mercury / Bluevine / Novo all give you one operating account plus virtual sub-pockets, Relay gives you 20 separately-FDIC-mapped checking accounts that auto-transfer between each other on percentage- or amount-based rules. That is the structural fit for Mike Michalowicz's Profit First method (Income / Profit / Owner's Pay / Tax / OpEx envelopes), and Relay has been the official Profit First banking platform since 2023. Sponsor bank is Thread Bank (TN-chartered) with a $3M sweep — Thread's May 2024 FDIC consent order was terminated December 2025 with no customer-funds incident at Relay.
- Best for fees Tied
- Best for protection Rakuten Bank won 1 of 2
- Best for reach Rakuten Bank won 1 of 3
- Best for ux Relay won 1 of 2
Rakuten Bank vs Relay — FAQ
Quick answers to the four questions the search-bar asks most about a head-to-head.
Is Rakuten Bank better than Relay?
Under our v3 methodology, Rakuten Bank leads Relay 3–1 across 12 dimensions. Composite scores: Rakuten Bank 70/100 vs Relay 68/100. Rakuten Bank is stronger overall, but the right pick depends on which row matters most to you — fees, protection, reach, or app quality.
Is Rakuten Bank or Relay cheaper?
Monthly fee — Rakuten Bank: €0; Relay: €0. Card FX markup — Rakuten Bank: Interbank; Relay: Interbank. Tied across fee rows. See the Fees section of the matrix above for ATM caps and the rest.
Which is safer for deposits, Rakuten Bank or Relay?
Rakuten Bank holds a Full bank licence under JFSA; deposit guarantee per depositor: Safeguarded. Relay holds a Partner-bank licence under FDIC; deposit guarantee per depositor: Safeguarded. Rakuten Bank is the stronger pick on regulatory protection.
Where can I use Rakuten Bank and Relay?
Rakuten Bank operates in 1 country; Relay operates in 1 country. Check each provider's signup page for the live country list — eligibility depends on residency, not just the licence footprint.
Want a 3- or 4-way comparison?
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