Frequently Asked Questions

The best business bank depends on your needs. For the lowest international transfer fees, Wise Business uses the real mid-market rate with fees from 0.57%. For invoicing and cashback, Finom offers up to 3% cashback and integrated e-invoicing. For team expense management, Qonto provides FGDR-protected accounts with tiered card products. For an all-round multi-currency platform, Revolut Business supports 30 currencies with an ECB banking license. For companies needing unique IBANs across 22 currencies, Vivid Business offers DATEV/Sevdesk integration and 0.5% FX. For freelancers seeking free banking with a full German banking license, N26 Business provides unlimited SEPA and 0% card FX. For teams needing VAT automation and Dutch banking protection, bunq Business delivers AutoVAT, receipt OCR, and €100,000 DNB deposit insurance.

Yes, all four banks in our comparison — Revolut, Finom, Wise, and Qonto — offer fully digital onboarding. You can open an account online in as little as 10-30 minutes. You will need to provide company registration documents, proof of identity, and proof of address. Verification typically takes 1-3 business days, with Revolut often completing it within 24 hours.

Yes, all four platforms are regulated. Revolut holds an ECB banking license (Revolut Bank UAB, regulated by the Bank of Lithuania) with deposit protection up to EUR 100,000. Qonto is an ACPR-authorized Payment Institution (license #16958) with FGDR deposit protection up to EUR 100,000. Finom is an EMI licensed by the Dutch central bank (DNB), with customer funds safeguarded at BNP Paribas. Wise holds FCA authorization in the UK and is an NBB-licensed Payment Institution in the EEA, with funds held in safeguarded accounts.

Wise Business consistently offers the lowest fees for international transfers. It uses the real mid-market exchange rate with a transparent variable fee starting from 0.57%. Revolut Business charges a 0.6% FX markup beyond each plan's free allowance (EUR 1,000 to EUR 60,000/month depending on plan). Finom charges 0.15–1.0% on SWIFT depending on plan tier. Qonto charges 0.56–1.80% depending on plan and currency corridor.

While not always legally required, having a separate business bank account is strongly recommended for freelancers. It simplifies tax filing, creates a clear audit trail, and appears more professional when invoicing clients. Finom offers a free Solo plan with a local IBAN, basic invoicing, and e-invoicing support — specifically designed for solo entrepreneurs.

Yes. Revolut Business and Wise Business both offer APIs and multi-currency accounts well suited for e-commerce. Wise provides local account details in 24+ currencies (on the Advanced plan) so customers can pay via local rails. Revolut offers payment links and multi-currency accounts in 30 currencies. Qonto provides API access from Smart plan onward for custom payment integrations.

Digital onboarding times vary: Revolut often completes verification within 24 hours. Finom typically takes 1-2 business days. Wise and Qonto usually require 1-3 business days. Having your company registration documents and ID ready speeds up the process significantly.

You typically need: company registration certificate (or equivalent), articles of association, proof of identity (passport or national ID) for all directors/shareholders with 25%+ ownership, proof of address, and sometimes a brief description of your business activity. Requirements vary slightly by country and provider.

Yes, many businesses use multiple accounts strategically. A common setup is using Wise for international payments (lowest FX fees), Qonto or Finom for daily operations and expense management, and Revolut as a multi-currency hub. There is no legal restriction on having multiple business accounts.

Qonto offers short-term financing options for eligible businesses. Revolut has started offering credit products in select markets. Finom partners with lending providers. Wise does not offer lending products. If credit is a priority, traditional banks may still be a better primary banking option, though many businesses use neobanks alongside traditional bank credit facilities.

Yes. Revolut Bank UAB holds a full banking license from the European Central Bank (ECB) and is regulated by the Bank of Lithuania. Deposits are protected up to EUR 100,000 per depositor under the Lithuanian deposit insurance scheme (VAS Indėlių ir investicijų draudimas). This is the same level of protection as traditional European banks.

Revolut Business supports accounts in 30 currencies, including EUR, GBP, USD, CAD, AUD, CHF, JPY, and a wide range of European and global currencies such as PLN, CZK, DKK, HUF, RON, SEK, NOK, BGN, SGD, HKD, NZD, and more. You can hold, send, and receive money in all supported currencies from a single account.

Each plan includes a free FX allowance: EUR 1,000–1,500 on Basic, EUR 15,000 on Grow, and EUR 60,000 on Scale. Beyond the allowance, Revolut charges a 0.6% markup on the interbank rate during market hours. On weekends (Friday 17:00 to Sunday 18:00 New York time), a 1% surcharge applies to all FX conversions.

Yes, Revolut Business integrates directly with Xero, QuickBooks, and FreeAgent on all plans. The open API (available from the Grow plan) allows custom integrations. Transactions can be exported in CSV or other formats compatible with most accounting software.

Yes, Finom provides local IBANs depending on your registration country: German DE IBANs, French FR IBANs, Italian IT IBANs, and Dutch NL IBANs. These work for all standard SEPA operations including receiving transfers, setting up direct debits, and making payments across the European Economic Area.

Finom includes a built-in invoicing engine with e-invoicing support. You can create quotes, invoices, and credit notes, send them to clients with "Pay now" links and SEPA QR codes, and the system automatically matches incoming payments to open invoices. e-Invoicing is supported for Italian SDI and German XRechnung/ZUGFeRD. Dunning letters for overdue invoices are available at EUR 5 per reminder.

Finom offers cashback on card purchases that varies by plan: Solo has no cashback. Basic offers 1% on spending above EUR 1,500 (capped at EUR 15/month). Smart offers 3% (capped at EUR 30/month). Pro offers 0.5% uncapped on spending above EUR 1,000. Grow offers 1% uncapped on spending above EUR 1,000. The cashback is credited to your account monthly.

Yes, Finom supports direct integrations with DATEV (including Belegbilderservice), Lexoffice, and Sevdesk. It also connects via Zapier to Xero, QuickBooks, Sage, and NetSuite. Data can be exported in PDF, MT940, CSV, and DATEV formats for seamless bookkeeping.

Both plans have no monthly fee. Essential covers sending money to 160 countries, holding 40+ currencies, debit cards, batch payments, and API access. Advanced (one-time setup fee of ~31 USD) adds local account details in 24+ currencies for receiving payments, payment links, direct debits, and volume discounts for high-volume senders (>20,000 GBP or 25,000 USD/month).

Wise uses the real mid-market exchange rate (the one you see on Google or Reuters) without adding any markup. Traditional banks typically add a 1.5–3% hidden markup to the exchange rate on top of fixed wire fees. Wise charges a transparent variable fee starting from 0.57% depending on the currency corridor, always shown upfront before you confirm the transfer.

On the Advanced plan, Wise provides local bank account details in 24+ currencies. This includes EUR IBAN (via Wise Europe S.A. in Belgium), USD routing (ABA) number, GBP sort code, AUD BSB, and many more. Your clients can pay you using local bank transfers — avoiding costly international wire fees. Free local receiving is available for AUD, CAD, EUR (SEPA), GBP, HUF, NZD, SGD, TRY, and USD (ACH).

Yes, Wise Business supports batch payments for up to 1,000 recipients in a single upload. You can create a CSV or XLSX file with recipient details and amounts, upload it to Wise via the web interface or API, and process all payments at once. This is especially useful for paying international contractors or suppliers regularly.

Qonto is authorized by the ACPR (Autorite de Controle Prudentiel et de Resolution) as a Payment Institution (license #16958). Client funds are protected up to EUR 100,000 per client under the FGDR (Fonds de Garantie des Depots et de Resolution), with safeguarding partners including Credit Mutuel Arkea, Societe Generale, Natixis, CACIB, and BNP Paribas. Qonto submitted a full banking license application in July 2025.

Qonto provides team members with cards from three tiers: One (included, EUR 20,000 monthly limit), Plus (EUR 8/month, EUR 40,000 limit, 1% FX), and X Metal (EUR 20/month, EUR 200,000 limit, 0% FX, lounge access). The platform automatically scans receipts via OCR, detects VAT amounts, and categorizes expenses. Managers can approve expenses through custom workflows. The Expense & Spend Management Plus add-on (EUR 69/month) adds mileage tracking and advanced card controls.

Yes, Qonto offers a dedicated accountant portal with read-only access to transactions, receipts, and invoices, available from the Smart plan onward. Qonto integrates directly with DATEV (Bankdatenservice, Belegbilderservice), Xero, QuickBooks, and TeamSystem. EBICS connectivity is available from Smart plan. Custom export formats including MT940 (Germany) are supported for seamless bookkeeping.

Qonto is available for businesses registered in France, Germany, Italy, Spain, Belgium, Netherlands, Austria, and Portugal — eight EU markets. All accounts receive a French (FR) IBAN, which is accepted for SEPA transfers across the entire European Economic Area. Belgian local (BE) IBANs are planned for mid-2026.

Vivid Business is not a full bank — it is an Electronic Money Institution (EMI) regulated by Luxembourg's CSSF (Commission de Surveillance du Secteur Financier). Customer funds are safeguarded through Stichting Vivid Money rather than covered by traditional deposit guarantee insurance. This means your money is held separately from Vivid's own funds, but you do not benefit from the same statutory deposit protection (e.g., €100,000 EdB or FGDR) that licensed banks offer. For businesses holding significant balances, this distinction matters.

Vivid offers 0% FX conversion within each plan's monthly allowance: €10,000/month on Basic, €30,000/month on Pro, €70,000/month on Enterprise, and custom allowances on Enterprise+. Beyond the allowance, a 0.5% markup applies — one of the lowest overage rates among European business banking platforms. SEPA Instant is free on all plans. Outgoing SWIFT transfers come with a quota (5–35 per month depending on plan), with a €5 fee per additional transfer. A promotional waiver on the €5 incoming international fee is in effect until April 30, 2026.

Vivid Business is available in 30+ European countries. Local EUR IBANs are provided in six countries: Germany (DE), France (FR), Italy (IT), Luxembourg (LU), Netherlands (NL), and Spain (ES). The platform also serves Austria, Belgium, Portugal, Switzerland, Cyprus, Bulgaria, Croatia, Czech Republic, Denmark, Finland, Greece, Iceland, Ireland, Liechtenstein, Malta, Norway, Slovakia, Slovenia, and Sweden. Non-EUR IBANs in 22 currencies are available globally for receiving payments.

Vivid Business integrates natively with DATEV (for export and bookkeeping automation) and Sevdesk (for invoicing and accounting workflows). These integrations are available from the Basic plan onward. The Free Start plan includes basic Sevdesk connectivity and 25 document uploads per month, while paid plans unlock unlimited receipt uploads and full DATEV export capabilities. Vivid does not natively support Xero, QuickBooks, or Lexoffice — businesses using those platforms would need to use manual CSV exports or third-party connectors.

No. N26 Business accounts are strictly available to freelancers and self-employed individuals only. Registered companies — limited liability companies, corporations, partnerships, or any other legal entity — cannot open an N26 Business account. If you operate as a registered company, you will need to look at alternatives such as Revolut Business, Qonto, bunq Business, Finom, or Vivid Business. N26 is one of the few neobanks that explicitly restricts business accounts to sole traders.

No. N26 Business does not support outgoing SWIFT (international wire) transfers. The account is designed for domestic and SEPA-zone transactions only. If you need to make international transfers outside SEPA — for example, to the US, UK (post-Brexit), or Asia — you would need to use a separate service such as Wise Business alongside your N26 account. N26 supports SEPA transfers and SEPA Instant (up to €100,000 per day) with no fees.

N26 holds a full German banking license regulated by BaFin and the ECB. Deposits are protected up to €100,000 per depositor through the EdB (Entschädigungseinrichtung deutscher Banken) — Germany's statutory deposit guarantee scheme. This is the same level of protection provided by traditional German banks and is among the strongest protections available from any neobank in Europe. Unlike EMI-licensed competitors that offer safeguarding only, N26 provides formal deposit insurance.

N26 offers four plans for freelancers. Standard (free) includes unlimited SEPA, 0% card FX, 2 free EUR ATM withdrawals/month, and 0.1% cashback. Smart (€4.90/month) adds up to 6 virtual cards, 10 Spaces for budgeting, and automations. Go (€9.90/month) adds free non-Eurozone ATM withdrawals, basic travel insurance, and promotional 1% cashback. Metal (€16.90/month billed annually) adds an 18g metal card, comprehensive Allianz travel and purchase insurance, promotional 2% Instant Savings interest, and 0.5% cashback. All plans include unlimited free SEPA and SEPA Instant transfers.

AutoVAT is a feature unique to bunq that automatically segregates VAT from incoming payments into a separate dedicated pot. When a payment arrives, bunq calculates the VAT portion based on your configured VAT rate and moves that amount into a ring-fenced VAT account. This prevents the common problem of spending tax money on operating costs, ensuring you always have funds available for VAT remittance. AutoVAT is available on the Pro Business (€13.99/month) and Elite Business (€23.99/month) plans.

bunq uses annual SEPA transfer caps rather than monthly allowances. The Free Business plan charges €0.13 per transfer with no included quota. Core Business (€7.99/month) includes 100 SEPA transfers per year. Pro Business (€13.99/month) includes 250 per year. Elite Business (€23.99/month) includes 500 per year. Transfers beyond the annual cap cost €0.13 each. For high-volume businesses, this pricing model requires careful planning — a business making 50 SEPA transfers per month would use all Pro plan allowances in 5 months and pay €0.13 per transfer thereafter.

bunq Business is available for companies registered in 9 EU countries: Netherlands, Belgium, France, Germany, Austria, Spain, Italy, Ireland, and Portugal. A critical eligibility requirement is that all Ultimate Beneficial Owners (UBOs) must be EEA residents — companies with non-EEA shareholders or directors cannot open a bunq Business account. International SWIFT transfers are available via a Wise partnership. If your company is registered outside these 9 countries or has non-EEA UBOs, bunq is not an option.

Yes, on the Pro Business and Elite Business plans. bunq integrates natively with DATEV, Sage, Oracle NetSuite, FreshBooks, and Pennylane. API access and Zapier automation are also available from Pro onward, enabling connections to additional accounting platforms. Receipt OCR is available with enforcement rules (requiring receipts for expenses above a set threshold) on Pro and Elite. The Core Business plan does not include API, Zapier, or advanced accounting integrations. Free Business has no accounting integrations.