This article examines the Top European Business Bank Accounts. Although European business bank accounts can streamline cross-border cash management, reduce fees, and operationally simplify cash flow handling, the right account can improve account management, fast international wires, and online administration.
Finally, I will elaborate on the European Bank Accounts. Bank Accounts can help your startup, freelancer, or growing business.
What are Business Bank Accounts?
A business bank account helps the business holistically manage its finances without intertwining them with personal finances. With a business bank account, a company can accept payments, disburse payments, and take care of payroll and tax obligations.
Businesses can get merchant services and overdraft protection, along with easy account collaboration with several users. Besides accounting and integrating it with a business’s finances, it helps with regulatory compliance and maintains the business’s reputation with its stakeholders.
What to Look for in a European Business Account?
Account fees – Avoid extra costs by confirming account maintenance fees, transaction fees, and possible hidden charges.
Multi-Currency Support – Necessary for businesses that have clients or suppliers from abroad, for easier management of payments in multiple currencies.
Online and Mobile Banking – It is important that a bank have a beneficial digital solution for account management.
Payment and Transfer Options – Customers should have fast access to SEPA transfers, international wire transfers, and automated recurring payments.
Integration with Accounting Tools – Some banks help you with bookkeeping and tax management by directly integrating with your accounting software.
Customer Support – If a business operates in multiple countries, help will need to be quick and in more than one language.
Regulatory Compliance and Security – A bank should follow EU regulations, for instance, GDPR, and provide needed online banking security.
Credit and Lending Options – Plans for expansion call for checking what a bank has for lending, overdraft, and credit options.
Key Point & Business Bank Accounts in Europe List
| Provider | Key Features |
|---|---|
| Wise Business | Transparent pricing with low fees, multi-currency support, fast payments, and no monthly subscription. |
| Revolut Business | Supports up to 34 currencies, offers local IBANs, interbank exchange rates, expense management tools, and integration with accounting platforms. Note: Currently under a restricted UK banking licence. |
| Qonto | Provides local IBANs, instant SEPA transfers, up to 4% annual remuneration on balances, and Mastercard cards. |
| bunq Business | Offers multi-currency support, instant payments, built-in card reader for Tap to Pay, and up to 2.30% interest on balances. |
| Monese Business | Flat fee of £9.95/month, includes unlimited transfers, direct debits, and a business debit card. |
| Lunar Business | Unlimited accounts and Visa cards, unlimited domestic transfers, up to 5 million DKK interest-bearing balance, and 3 additional administrators. |
| Bankera Business | Dedicated IBANs, SEPA and SWIFT payments, corporate cards, and payment processing. |
| iCard Business | Offers multi-currency accounts, corporate cards, and payment processing solutions. |
1. Wise Business
Wise Business stands out as one of the best business accounts in Europe because of its simplicity, transparency, and global reach. Unlike most banks, it enables businesses to hold and manage money in multiple currencies and at real exchange rates, greatly diminishing expensive conversion costs.
For small and medium enterprises, seamless financial management is a given due to fast international transfers, easy accounting software integration, and an easy-to-manage online dashboard.
Wise’s unique business tools empower companies to improve operational efficiency with features such as batch payments and expense tracking. The promise of low, obvious fees along with outstanding operational efficiency makes Wise impossible to ignore for businesses needing a modern, borderless banking alternative.
Wise Business Features
- Multi-Currency Support: Handle 50+ currencies and gets you local account details in several countries.
- Transparent Pricing: No monthly fees! And a registration fee of €50 only.
- Fast Payments: Instant international transfers with the low prices.
2. Revolut Business
Revolut Business thrives among European businesses looking for modern, digital-first banking solutions. They stand out for accessing and managing over 30 currencies, making international transactions and transfers relatively easier and cheaper without the high fees charged by banks.
Apart from customizable corporate cards and automated expense management, the suite of business tools includes integrations with various accounting systems, Xero and FreeAgent included. As for analytics, businesses may rely on the automated and real-time analytics provided to assess and address their cash flow and spending issues.
The dedicated pricing is uncluttered, and the interface is designed for ease, which is why Revolut Business appeals to newly formed companies, and even larger ones focused on financial efficiencies.
Revolut Business Features
- Multi-Currency Accounts: Hold and exchange more than 25 different currencies with local and international accounts.
- Interest-Bearing Accounts: Earn more than 1.75% on your account depending on your plan.
- Integrated Financial Tools: Contains expense management, invoicing, and integrations for accounting.
3. Qonto
Qonto is the leading business bank account in Europe (especially in the digital SME, freelancers, and start-ups sector). Here, you set up an account entirely online, complete with a local IBAN, and do SEPA and international transfers in a matter of seconds. One of the account features is the remuneration program that pays up to 4% per annum on the account, a rarity for business accounts in Europe.
Moreover, there is a tiered access multi-user feature that promotes team collaboration. Qonto also optimizes financial management through integrated accounting tools, automated expense categorization, and consolidated invoicing. Clients enjoy the financial management interface and unyielding customer support that assures account access anytime, even after business hours.
Qonto Features
- Local IBANs: Payments with a local IBAN in your business’ country.
- Financial Remuneration: Earn up to 4% on your account in a given year.
- Comprehensive Tools: Invoicing, bookkeeping, and 24/7 customer support are some of the features.
4. bunq Business
bunq Business has become one of the best business bank accounts in Europe because of its various modern business functions. An account manager allows customers are able to open 25 separate bank accounts to streamline budgeting, payroll accounts, and tax reserve accounts which increases everyday business efficiency.
Also, bunq encompasses multi-currency features, allowing customers to transact and hold 20 currencies and bank accounts from the US, Netherlands, Germany, France, Spain, and Ireland. This accounts for improving a customer’s US dollar account and European currency accounts. To help customers who need to save, bunq has very competitive rates and high savings on multi-currency accounts.
Also, bunq encompasses more than 50 integrations, which increase operational efficiency and offer real-time data. European businesses are provided with agile and flexible banking through instant payments and the automated tax system offered by the highly regarded bunq banking app.
bunq Business Features
- Multiple IBANs: Generate up to 25 different IBANs for different business constructs.
- Interest on Balances: Earn more than 2.30% on account interest.
- Flexible Plans: Plans such as Pro (€13.99/month) and Elite (€23.99/month) for scaling businesses.
5. Monetum
Monetum is becoming Europe’s top business account provider, particularly among Europe’s digital enterprises, including e-commerce, gaming, and Web3 firms. Monetum combines traditional banking and advanced fintech.
Businesses receive dedicated EUR IBANs for quick SEPA transfers and secure fund access. Under one account, Monetum allows multiple IBANs, which streamlines financial management and access for different departments or geographical regions. Real-time payment processing and financial tool integration via APIs are possible because of Monetum’s open banking features.
Monetum also improves automation of bulk transfers, like payroll or supplier settlements, with its batch payment system. Monetum is fully compliant and even has user-friendly interfaces and security protocols, making it modern and comprehensive for the needs of businesses within the digital economy.
Monetum Features
- Currently, there is limited publicly available information regarding Monetum’s business banking features.
6. Monese Business
Monese Business stands out as one of the best choices for a business bank account in Europe, especially for freelancers, sole traders, and small businesses in the UK and EEA regions. Monese offers a business account for just £9.95 which still provides exceptional value for the seamless mobile banking access offered.
Monese accounts, personal and business, can be integrated into a single app which makes it easy to manage all your accounts and track your spending. Monese offers a contactless Mastercard which customers can use for global transactions.
Monese allows free instant transfers to other Monese accounts, which allows businesses to manage cash flow and keep money moving. Monese provides a small business accessible mobile banking service that offers value for money and excellent service.
Monese Business Features
- Flat Monthly Fee: Access business banking for a fixed fee of £9.95/month.
- Separate Accounts: Keep your personal and business finances separate with distinct cards.
- Cash Deposit Network: Deposit cash at over 40,000 locations in the UK.
7. Lunar Business
Lunar Business holds the distinction of being Europe’s primary digital business bank account, which caters significantly to small enterprises and freelancers, especially within the Nordic and Danish regions.
One of the most attractive features of offering a business account with no setup costs on certain plans provides an economically sensible option for new entrepreneurs to establish a business account with no setup costs. Entrepreneurs are also able to do digital onboarding with by step-by-step guide, where account management and all business banking activities are through a mobile app and a web portal.
Business banking services are comprehensive and include national and international Visa business cards, international transfers, and software integration with Dinero, Billy, and e-conomic.
Seamless business financing alternatives are available through partnership with Froda and Qred where business banking loans are available to 3,000,000 DKK. Over 35,000 enterprises attest to the reliability and efficiency of modern banking solutions which provide an invaluable business entity for customer.
Lunar Business Features
- Digital Onboarding: Easily open an account without any setup fees.
- Flexible Plans: Simple (289 DKK/month) and Limitless are among the plans for growing businesses.
- User-Friendly App: Experience seamless banking with a highly rated mobile application.
8. Bankera Business
Bankera Business is a leading European digital banking solution for industries like e-commerce, IT, and cryptocurrency. It issues dedicated Lithuanian IBANs, allowing Bankera clients to execute SEPA and SWIFT transfers in EUR, USD, and GBP, providing borderless payments in cross-border and multi-currency transactions.
Bankera’s digital payment platform’s risk-adjusted Business, Business+, and Crypto Business tiered pricing strategies improve operational efficiency. Their clients’ and partners’ differentiated operational and managerial CAD, USD, and EUR tier-aptitude cross-border and limit Bankera cards improve cost management in cross-border payment transactions and consolidate cross-border distribution and cross-bank network control.
Bankera’s mass payouts and comprehensive modern banking service offered to European clients integrate API and payment processors with cross-border distribution. It provides CAD, USD, and EUR seam-placed cross-border advanced management and control-collapsed cross-bank network solutions. Potential clients should consider responsive support and account verification to evaluate the range of services Bankera provides.
Bankera Business Features
- Dedicated IBANs: Personal IBANs are issued for each business.
- Payment Solutions: Arrange SEPA, SWIFT, and local payments in different currencies.
- Card Options: Physical and virtual VISA debit cards available.
9. iCard Business
iCard Business is considered one of the best digital banking in Europe, especially among freelancers, start-ups, and small to medium-sized enterprises (SMEs). One of the most important features is the ability to open a number of business accounts in different currencies, namely EUR, GBP, CHF, among others, all in one platform.
This is especially useful for businesses that want to avoid the costly conversion of different currencies for international transactions. Also, iCard boasts custom-tailored business accounts that come with a full package of features like mass payments, payroll management, and customizable user access with joint signatures.
This provides businesses with flexible control. And also, free instant payments for iCard users and free iCard Business debit card are very handy. With the transparent pricing and very user-friendly mobile application, iCard Business is a highly efficient digital banking in the European Economic Area (EEA).
iCard Business Features
- Currently, there is limited publicly available information regarding iCard’s business banking features.
Pros & Cons
Pros
- Separation of Finances: Distinctions between personal and business finances come in handy for accounting and tax reporting.
- Multi-Currency Support: Accounts that enable customers to hold and transact in various currencies minimize costs associated with currency conversion.
- Regulatory Compliance: Stringent European Regulations allows for the business transactions in Europe to be safe.
- Access to Credit: Business accounts permit the access for various financial services and credit facilities.
Cons
- Complex Onboarding: KYC requirements span for long durations and become more difficult for non-residents and non-EU entities.
- Higher Fees: Monthly fees and per transaction costs particularly with cross-border transfers have become higher with conventional banks.
- Limited Accessibility: A business that requires online services without physical interaction may find European banks to be inconvenient.
- Risk of Account Freezing: Some banks may freeze accounts without warning, which may interfere with business operations.
Conclusion
To sum up, the leading business bank accounts in Europe cater to the varying needs of the fast-evolving business landscape, whether it is newcomers, freelancers, or well-established small and medium enterprises.
Wise, Revolut, Qonto, and bunq, as well as other digital banks, are particularly recognized for their support of multiple currencies, fully online banking, compatibility with other business accounting software, and clear pricing.
Although they come with a cost, traditional banks give security of trust and oversight of the regulations. Factors such as cross-border payments, collaboration within the accounts, and fees all help determine the best business account.
All in all, business bank accounts in Europe enable enterprises to manage their finances more efficiently, optimize their cash flow, and expand their operations internationally.
FAQ
What is a business bank account?
A business bank account is a financial account specifically designed for managing a company’s finances, including receiving payments, paying bills, and handling payroll. It helps separate personal and business finances, facilitating clearer accounting and tax reporting.
Can non-EU residents open a business bank account in Europe?
Yes, many European banks and fintech providers allow non-EU residents to open business accounts. However, requirements vary by country and provider. Some may necessitate a local legal entity, while others offer remote onboarding processes.
Can a business have multiple bank accounts?
Absolutely. Many businesses maintain multiple accounts for various purposes, such as separating operational funds from tax reserves or managing different currencies. However, it’s crucial to ensure that each account complies with regulatory requirements.
Can I open a business account remotely?
Yes, many digital banks and fintech platforms offer remote account opening, allowing entrepreneurs to set up accounts without visiting a physical branch. This is particularly beneficial for non-residents or businesses operating across borders.
