Best Business Bank Accounts in Europe – Part 1

Best Business Bank Accounts in Europe – Part 1.

Explore the top business bank accounts in Europe to enhance your cross-border banking options.

If you want to invest as an expat or high-net-worth individual, or get a second citizenship , you can email me (advice@adamfayed.com) or use these contact options.

Introduction

Why do you need a business bank account when you can just have a personal bank account?

Well, there are various advantages of having a business bank account, such as:

— It’s advantageous to distinguish between your business and personal expenditures.

— Opting for a business-specific bank account conveys a greater sense of professionalism.

— Maintaining a separate bank account can safeguard your personal information.

— Establishing a business banking connection can prove beneficial in the future.

— A business bank account enables you to receive payments via credit cards.

— A dedicated business account streamlines the process of preparing your taxes.

— Creating a partnership or incorporating your business requires a business bank account.

— Owning a business-specific bank account facilitates the sale of your business.

Therefore, having a business bank account can be helpful in several ways than you may expect.

Let us now look at some of Europe’s best business bank accounts.

Disclaimer: I am not affiliated with any of these banks, nor would I endorse them.

The information is strictly provided for informational purposes and should be treated that way.

These are mostly business accounts provided by financial entities other than traditional brick-and-mortar banks.

Finom

Finom is an online bank for freelancers and small to medium-sized businesses headquartered in Amsterdam, Netherlands.

It offers a comprehensive platform that combines:
— Accounting
— Financial Management
— Invoicing
— Banking Features
— Mobile Accessibility

Service Accessibility

Finom operates in several European countries, including France, Germany, Italy, Poland, the Netherlands, and Belgium.

It supports both English and the respective native languages of these countries.

Please note that pricing and feature availability may vary slightly depending on location.

You can access country-specific information on their local websites via finom.co.

Pros

— Compliance with the EU’s General Data Protection Regulation (GDPR), ensuring secure client data storage.

— Convenient access to multiple bank accounts through a single dashboard.

— International payments with access to more than 150 countries.

— Mobile app for managing invoices and supports ApplePay and GooglePay.

— Up to 3% cashback.

Cons

— Lack of support for SWIFT payments for invoices.

— Potentially escalating fees as your business scales.

— Absence of support for recurring invoices.

Pricing Plans/Accounts

Given below are the pricing plans (in Germany).

Finom offers a range of pricing plans tailored to different business needs.

The pricing structure is relatively straightforward, though it may become more complex with extended use.

In Germany, the plans are as follows:

“Solo” (Free):

Designed for single users, ideal for startups and testing the platform.

“Start” (EUR7/month):

It includes all “Solo” features, caters to up to 2 users, and offers 2% cashback on card payments.

“Premium” (EUR24/month):

It is suitable for up to 5 users, providing 3% cashback but no additional features.

“Corporate” (EUR90/month):

It accommodates ten users, offers 3% cashback, and includes all available features.

These plans offer flexibility, allowing for add-ons like extra users for a fee.

Various other fees apply for services such as ATM withdrawals and foreign currency payments.

A dedicated invoicing-only plan is also available at 5€/month.

While Finom’s pricing suits different budgets and needs, navigating it can be complex.

Some fees, like the 7% ATM withdrawal fee, may pose challenges, but the flexibility of plans ensures options for everyone.

Features

Finom’s invoicing solution is known for its speed and mobility. It offers features like:
— Auto-Completion
— Invoice Translation
— Multiple ways to send invoices
— Business Accounts
— Cards
— Multi-Banking
— Expense Management
— Cashback
— Business Launch Assistance
— Dedicated Account Manager
— Industry Compliance
— GDPR Compliance
— TLS Protocol
— 3D Security

Customer Support

Finom’s customer support differs for paying and non-paying users.

Non-paying users can access chat and email support, FAQs, and a Help Center, with response times varying.

Paying users enjoy faster chat and email support, along with WhatsApp support.

Customer support operates during business hours. Finom offers fast help, but availability outside regular hours may be limited.

What Do I Think?

Finom is suitable for businesses seeking quick services, affordable invoicing solutions, and mobile accessibility.

However, if recurring invoices are essential, you may need to explore alternatives.

Soldo

First of all, Soldo is not a bank, and it doesn’t offer a full-fledged bank account to the customers.

It is called a spend control and management platform that allows certain valuable features for businesses.

Regulated by the Financial Conduct Authority (FCA), Soldo holds an electronic money license.

However, customer deposits are not protected by the FSCS.

Soldo maintains segregated accounts to safeguard customer funds, and you can instantly block lost or stolen prepaid cards from the app.

Service Accessibility

Soldo provides services in countries like the UK, Italy, Ireland, France, Germany, and Spain.

It plans on spreading the services to other parts of Europe as soon as possible and is preparing for the process.

You can access the website of Soldo to access more details by clicking here.

Pros

— This offers a unique blend of banking, administration, and accounting features, allowing you to monitor your employees’ expenses efficiently.

— You can create as many users and cards as needed for your employees, providing more flexibility in expense management.

— Soldo’s platform includes helpful tracking features, such as real-time notifications and the ability to categorize expenses.

— It also allows you to attach receipt images to transactions.

— The platform enables the export of financial data into spreadsheets, simplifying accounting processes.

— Soldo provides virtual cards for secure online shopping.

— Soldo offers a mobile app and a web interface, ensuring accessibility for you and your employees.

Cons

— Soldo imposes various fees, which can add up depending on usage.

They include:
• ATM withdrawal fees
• Currency exchange fees
• Bank transfer fees

— While Soldo offers expense management, you may still require a regular business bank account for most financial operations.

— Soldo is not protected by the Financial Services Compensation Scheme (FSCS), but it operates under the regulation of the FCA.

Pricing Plans/Accounts

Soldo offers three primary pricing plans:

Pro Plan:

Priced at £6 per month per card (excluding VAT), this plan includes features like:
— Foreign currency cards
— Receipt capture
— Auto top-ups

However, this plan may lack some reporting and spending control features.

Premium Plan:

For £10 per month per card (excluding VAT), you get access to the complete suite of features.

Custom Plan:

Large organizations can contact Soldo’s sales team to discuss tailored options.

Additionally, there are one-time fees for new cards (physical and virtual), ATM withdrawal, currency exchange, and bank transfer fees (outside the UK).

Features

Soldo offers various features, including spending limits, real-time notifications, and company cards.

Financial management is made more efficient through integration with accounting software like QuickBooks and Xero.

Customer Support

Customer support from Soldo varies based on your user status.

Non-paying users can access chat and email support, FAQs, and a Help Center. Response times may vary.

Paying users enjoy faster chat and email support, along with WhatsApp support. Customer support operates during business hours.

What Do I Think?

Soldo is ideal for small businesses that streamline expense management by combining banking and expense tracking.

However, businesses with extensive international expenses may find it costly compared to some digital-only competitors.

If you shop around, you might have alternatives offering fee-free spending abroad in multiple currencies.

Soldo also offers a 30% discount to not-for-profit businesses.

Revolut

Revolut receives positive user reviews, with high ratings on various sources like Trustpilot, Apple App Store, and Google Play Store.

Customers appreciate its value, lower costs than traditional banks, and ease of use.

Service Accessibility

Revolut offers services in several countries, including most European countries, the UK, and the USA.

To be eligible, the businesses should have a physical presence in the US, the EEA, or Switzerland.

Businesses from the EEA and Switzerland may also have additional requirements to be eligible.

Click here to learn more about Revolut or apply for an account, click here.

Pros

— Revolut offers a range of account types tailored to businesses, freelancers, and individuals, providing flexibility to meet various needs.

— You can transact in multiple currencies, make international payments, and access forward contracts for GBP, USD, or EUR.

— Revolut provides 24/7 customer support, both online and via phone, enhancing accessibility and responsiveness.

— The platform offers expense management features and supports invoicing, simplifying business financial management.

— Revolut integrates with company apps and accounting software like Xero, Slack, and QuickBooks, streamlining workflow.

— Revolut offers debit cards from Visa and Mastercard, which are usable worldwide and allow team members to have physical and virtual cards.

Cons

— Revolut is not a traditional UK bank, although registered banks protect funds.

— It lacks physical branches and the ability to deposit checks or cash.

— Revolut’s services may not be available in all countries.

— Compared to traditional banks, Revolut offers a more limited set of banking features.

Pricing Plans/Accounts

Revolut offers various account types for businesses and freelancers:

Company Accounts:

Designed for businesses, offering free and paid plans: Free, Grow, Scale, and Enterprise.

All paid plans provide the same services but vary in fees.

Freelancer Accounts:

It is tailored for freelancers with three account options: Free, Professional, and Ultimate.

These accounts support invoicing, team member management, and international transactions.

Eligibility:

Eligible business types include:
— Sole traders
— Freelancers
— Private limited companies
— Public limited companies
— Limited liability partnerships
— Limited partnerships
— Partnerships

The business should be registered and physically present in eligible regions, including the UK, EEA countries, and Switzerland.

Features

Revolut Business accounts offer a range of features, depending on the account type:
• Monthly Fee: Varies by account type (Free, Grow, Scale)
• Supported Currencies: Wide range for both incoming and outgoing transfers
• Free International Payments: Limited allowance with fees beyond the allowance
• IBANs for International Transfers: Available for all account types
• Accepting Payments Online: Various options with associated fees
• Receiving Payments in Person: Different rates for card payments
• Team Member Management: Invite unlimited team members
• 24/7 Customer Support: Available for all account types
• Invoicing: Accessible for selected account types
• API Integrations: Supported for selected account types
• Connection to Apps and Software: Compatible with various applications
• Web and App Access: Accessible for all account types

Transfer limits differ based on the type of payment and the currency involved.

For example, SEPA Instant Credit Transfer allows up to €100,000 per incoming payment.

Revolut accounts opened in other countries may have different limits.

What Do I Think?

Revolut is a solid choice for businesses, particularly those in the UK or Europe with international payment needs.

It offers versatile account options, payment cards, and additional services, making it attractive for SMEs.

However, business owners should consider their specific requirements and explore alternatives.

bunq

bunq provides convenient online banking services for both individuals and businesses,

This is done through a user-friendly mobile app compatible with Android and iOS devices.

With an official banking license granted by a Dutch regulator, businesses registering with bunq automatically receive a bank account equipped with a Dutch IBAN (International Bank Account Number).

For businesses in Germany, France, and Spain, bunq offers IBANs from these countries.

bunq introduced a new “Local IBANs” feature, allowing businesses to maintain bank accounts in multiple countries.

To access the services or apply for a business account with bunq, click here.

Pros

— bunq extends its business banking services to companies registered in numerous European countries, including:
• Austria
• Belgium
• Bulgaria
• Greece
• Ireland
• Italy
• The Netherlands
• Portugal
• Slovakia
• Slovenia
• Spain
• Denmark
• Finland
• Norway
• Sweden
• Iceland

— This broad coverage ensures accessibility for a diverse range of businesses across Europe.

— bunq offers three distinct pricing plans for both individual and business users.

— These plans cater to different needs and preferences, making it easy for businesses to find a suitable option.

— bunq’s feature of providing local IBANs to businesses in specific countries enhances convenience and enables companies to operate efficiently in different regions.

— bunq stands out for its innovative features, such as invoice scanning, automatic VAT management, and expense categorization.

— bunq also offers various payment methods, including Apple Pay and Google Pay.

— The “Easy Green” plan offers businesses a premium, environmentally conscious choice. This is achieved by automatically planting trees to offset CO2 emissions.

Cons

— While bunq offers a plethora of features, some older features may receive less attention and maintenance over time. This may potentially affect their reliability.

— bunq provides support for which the quality and speed of responses may vary and could be improved.

— ATM withdrawal limits and depositing cash into bunq accounts can be restrictive. Especially for businesses that require frequent cash transactions.

— Additionally, bunq does not support cheque payments.

— Some users may find the app’s user interface unintuitive, with specific features buried deep within the application.

— It may take time for users to become familiar with the app’s layout and functionality.

— bunq’s marketing communications can be overwhelming, though users can opt out of receiving such information.

Pricing Plans/Accounts

bunq offers three primary business banking plans:

Easy Bank Business (€6.99 per month):

This baseline plan provides a cost-effective option with essential banking features, high card acceptance rates, and robust security.

Easy Money Business (€12.99 per month):

The Premium-tier plan focuses on simplifying European business operations, offering integration with:
— Bookkeeping software
— Automatic VAT management
— Multiple cards with global acceptance

Easy Green Business (€22.99 per month):

The top-tier plan includes eco-friendly features like:
— CO2 offsetting through tree planting
— Invoice scanning via smartphone camera
— Extended warranty
— Purchase protection

Each plan comes with specific benefits and is suitable for different business needs.

Features

bunq offers a wide array of features designed to streamline and enhance the banking experience for businesses:
• Invoice Scanning
• Multiple Trade Names
• Payment Insights
• Auto-VAT and Auto-Export
• Dual PIN
• Bookkeeping Integrations & Zapier
• Freedom of Choice

These features, among others, contribute to bunq’s reputation for innovation and user-friendly banking services.

Customer Support

bunq provides customer support through various channels, ensuring assistance is readily available, which include:
— Email
— Together Forum
— In-App Support

While bunq offers multiple support options, some users may find room for improvement in the quality and speed of responses.

Enhancements in customer support could enhance the overall user experience.

What Do I Think?

bunq is a European-based online banking solution catering to individuals and businesses.

Its extensive geographical coverage, innovative features, and pricing plans to meet diverse business needs stand out.

When choosing bunq for business banking, companies should carefully evaluate their specific requirements and preferences.

This is to determine which bunq plan aligns best with their financial goals.

The availability of local IBANs and innovative features makes bunq an appealing choice for businesses operating across Europe.

Wise

Wise’s Personal and Business account options provide international transfers using the actual mid-market exchange rate.

These accounts also provide the capacity to maintain balances in more than 50 currencies.

Furthermore, the Wise Business account comes with additional functionalities such as:
— Seamless integration with accounting software
— Customizable multi-user access management
— Cost-free payouts via Stripe and Amazon

Service Availability

Wise for Business boasts a broad reach, serving in the UK, the US, the EU, Canada, Australia, New Zealand, Switzerland, and more than 40 other countries.

Its extensive global presence makes it a convenient option for businesses with international operations.

Pros

— With an “Excellent” Trustpilot rating of 4.3/5 based on over 194,583 reviews, Wise for Business has gained significant user trust. 84% of these reviews awarded five stars, praising its low fees, fast payments, and expense management tools.

— Wise’s service is available in numerous countries, making it suitable for businesses with global operations or international clientele. It offers a straightforward, transparent pricing structure, eliminating hidden fees and monthly subscriptions. Users only pay for the services they use.

— Businesses can hold and spend money in over 40 currencies, and Wise provides local account details in 10 currencies. This allows for facilitating faster payments from overseas customers.

— Wise offers physical and virtual business debit cards for easy spending in over 150 countries. This is provided with no foreign currency transaction fees for team members.

— Wise’s API integration allows for the automation of transfers, making it convenient for businesses to manage payments efficiently.

— It seamlessly integrates with popular accounting software like QuickBooks, Xero, and FreeAgent.

Cons:

— Wise for Business is not a traditional bank, so it lacks some features commonly found in conventional bank account. They include credit or business loan facilities, cash deposits, and extensive customer service options.

— While Wise does offer customer support, some users have reported limited responsiveness. This could be inconvenient for businesses requiring immediate assistance.

— Wise operates primarily online and by phone, without a physical branch network. This means face-to-face customer support is not available.

Pricing Plans/Accounts

Wise Business offers a transparent fee structure, with no subscriptions or monthly fees to keep your account active.

The one-time joining fee varies by country, ranging from £45 in the UK to USD 0 in the USA.

Wise uses real-time mid-market exchange rates and charges a low and transparent fee of only 0.65% on average for international transfers.

Additional fees apply for particular transactions, such as card withdrawals exceeding limits.

Features

Wise Business offers a wide range of features, including:
— Batch payments for up to 1,000 recipients at once.
— Local account details in 10 currencies.
— Business debit cards for spending in over 150 countries.
— API integration for automated transfers.
— Integration with accounting software (QuickBooks, Xero, and FreeAgent).
— Multi-user access with customizable permissions.
— Interest on account balances in USD, GBP, and EUR.
— Payment links for easy money requests.
— Investment options for UK customers.
— Withdrawal of e-commerce sales money from platforms like Amazon and Stripe.

These features make Wise Business a robust choice for businesses managing international transactions and currency exchanges.

Customer Support

Wise offers customer support, but the available support channels are limited.

Some users have reported issues with responsiveness.

Support is provided online and by phone, with no physical branch network for in-person assistance.

What Do I Think?

Wise for Business is a strong contender for businesses, especially smaller ones and freelancers.

This helps to save on fees, streamline international payments, and access features like API integration and multi-currency accounts.

However, businesses should weigh its limitations, such as the lack of traditional banking services and limited customer support.

Especially while considering their specific needs before choosing Wise as their banking solution.

Bottom Line

These are just some of the best business accounts available in Europe.

I will cover more business accounts in another article, so follow up with that as well.

If you are an expat looking for streamlined financial solutions and investment needs, please contact me.

Over the past decade, I have helped several expats and high-net-worth individuals get the best financial solutions.

That being said, I strongly hope the information provided in this article was helpful.

Pained by financial indecision? Want to invest with Adam?

Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.