Instant Online Business Bank Account
If you are searching for an online business bank account that you can open immediately, this page is for you. We research and test the best virtual banks, also known as FinTech companies, offering online bank account for online business owners and small companies. All of the below listed banks are even specialized in global money transfers for international businesses. Below the online Business bank account comparison table you'll find more details on the business accounts of the respective virtual banks.
- SEPA (DE)
- UK-account (account no. + sort code)
- US account
- ATM: £200/month for free; then 2%
- Currency conversion: up to 3.5%
- Debit Card: $29.95 / year
- Transfer fees: 0 - 0.5%
- Cheap international transfers
- Real money saver for travelers
- No credit check / Schufa-free
- Only for European residents
- Proof of residency required
- SEPA - IBAN (GBP & LV Country Codes)
- Bank transfer local: $3 | SWIFT 0.5% | SEPA EUR: $0.60
- Cards 2.6 to 2.9%
- ATM $2.60 (+ 2.6% MasterCard fee when abroad)
- IBAN bank accounts
- MasterCard (Prepaid)
- Good App
- No crypto wallets
- No real credit card
- SEPA - IBAN (LT Country Codes)
- ATM: €1.00 to €1.50 + 1.80 % | Card: €3.00 to €5.00 | Card Payments: from 0 to €0.10 + 1.20% | Different bank transfer fees apply
- SEPA - IBAN Accounts
- Schufa-free / No credit check
- Cheap currency exchange
- Card only for EEA (Europe)
- Daily ATM withdrawal limit only €600
- bunq e-wallet
- SEPA - IBAN (NL Country Codes)
- ATM: €0.99 | Card: €9.00 per card + €2 to €3 p/m per card | Deposits: 1.5% | No transfer fees from Bunq's side
- IBAN Accounts
- SEPA / SWIFT transfers
- Credit Cards
- Support competence should improve
- Monthly account fee quite high
- SEPA - IBAN (DE)
- UK account (account number + sort code)
- ATM 1.7%
- No added exchange fees
- Regular Plan: €0/mo
- N26 You: €9.90/mo
- N26 Metal: €16.90/mo
- Cheap international transfer
- Good app
- No real credit card
- Fees for cash withdrawals in foreign currency
- Why Separate Business Account
- Business Account Services
- Payment Traffic
- Beware Hidden Costs
- What are Virtual Banks?
- Business Banking Revolution?
- Virtual Banks Advantages
- Virtual VS Classic Business Account
- Costs Of Online Business Bank Accounts
- Virtual Banks Advantages
- Virtual Banks Advantages
- Instant Account Opening
- Best Business Accounts
Quick Online Business Bank Account – How To Get It Right Now:
A business bank account has many advantages and is mandatory for a good running business. You have your business finances separate from your private ones, which makes accounting much easier. In addition, business accounts have certain additional functions for the organization of your money streams that distinguish them from private current accounts.
Why Separate Business Account: Privacy & Security
In addition, your private expenses are of no concern to your employees so they are much better kept in your private account, separated from your business banking. Otherwise, an employee who does the bookkeeping for you could gain insight into your private finances - which is certainly not in your best interest.
And even if you prefer to do the paperwork yourself, if the business payment transactions have to be disclosed for legal or tax reasons, your private figures would also be visible to everyone.
To prevent this, it is advisable to create a company account sooner or later. However, this usually offers you even more advantages: In most cases, banks offer business customers extra contacts and exclusive advisory services. Your regular customers in particular will benefit from another clear advantage.
Direct Debiting & Useful Additional Services
With a business account, you can participate in the direct debit procedure, i.e. you can collect amounts directly from customer accounts once they have authorized you to do so. This is extremely practical for the customer, who no longer has to transfer your invoice amounts.
A business account often also offers you access to other extra services from the banks, such as special credit cards, and possibly the additional opening of a foreign currency account if you need it. Of course, there is also a catch: In contrast to a private current account, the business account is usually subject to a fee.
There are a wide variety of models and offers from banks. You should therefore not necessarily open your business account at the bank around the corner, but take the time to compare the different offers. However, you should also be able to find a suitable model for your selection, which you now have thanks to the numerous banks.
When it comes to the cost of a business account, two components are usually important. Once there is a monthly basic fee for company accounts. With some offers this is also omitted, but then the costs for individual bookings are usually higher.
These are the second main cost item on your business account. You pay a fixed amount to your bank for each booking. This is higher if you need a voucher, voucherless bookings are logically much cheaper because they mean less effort for the banks.
Payment Traffic Volume As A Decision-Making Aid
Which account is suitable for you naturally depends strongly on your individual requirements. If you make only a few bookings, it may be a good idea to have an account with a low basic fee, where the bookings cost more. If experience has shown that you have to handle a lot of payment transactions, you should probably buy an account that allows you to make individual bookings at a low rate, but then probably has a higher basic fee.
The price differences between the accounts are also influenced by the additional services you have to consider whether you want to and can afford them. The offers for credit card provision and use are as different as the qualities of the advisory services offered by the individual banks.
Free Trap: Beware, Hidden Costs!
You should not fall for advertisements that promise a free business account, but are often associated with additional costs. Before opening a new business account, check first whether an offer is really free of charge and whether you end up paying more than with other accounts, which at first glance may not be advertised as free.
If, for example, you are a freelancer and do not necessarily need the special services, you can of course consider opening a second checking account. Your private finances will still be separate from your business finances and you will not have any additional costs at all.
This is also legally no problem, a business account may not legally be mandatory in your country! In front of the law only a proof obligation of the business payment transactions has to exist, i.e. all your business payments should be documented via receipts, if it comes to the examination by the tax office.
However, a business account is obligatory with the legal forms AG and GmbH in Germany, for instance. These legal forms are corporations which, as the name suggests, have equity capital. Already with the establishment of an AG or a GmbH the existence of the own capital funds must be proven - for it a business account is compellingly necessary.
What are Virtual Banks / Fintechs?
Created in 2008 as a reaction to the financial crisis, the so-called FinTechs are enjoying ever greater success. The word is a combination of "financial services" and "technology". Accordingly, it is a kind of collective term for modern technologies in the area of financial services. FinTechs are working on innovative, digital and mobile solutions for application systems. In this way, they ensure a new and further development of the entire financial market. FinTechs has established itself primarily in the payment solutions, lending and capital investment segments.
The Business Account Revolution?
In order to open a business account, entrepreneurs and self-employed persons had to contact their house bank for a long time, provide many proofs and above all one thing: wait a long time. Fintechs have responded to this inflexibility by developing account models that are perfectly tailored to the needs of modern business customers:
Advantages Of Online Business Accounts With Virtual Banks
- Fast opening in just a few minutes
- Smart Mobile Banking
- Fair scale of charges
- Automated categorization of transactions
- Tax assessment
- Included Accounting
The majority of Fintech's business accounts are aimed at the self-employed and freelancers, but there are also increasing offers for companies. What all account offers have in common is the fact that their scope of services goes far beyond the traditional function of a business account.
Virtual Bank (FinTech) Versus Classic Business Account: Differences
While the majority of classic business accounts serve as pure checking accounts for processing business transactions, Fintechs offers many innovative functions for smart banking.
For example, the N26 business account automatically categorizes expenses using artificial intelligence and creates an expense chart. This makes it possible to clearly separate private and business transactions for the self-employed.
A reasonable online business bank account offers real-time accounting, which provides an additional overview of the cash flow.
Real-Time Tax Assessment:
To bypass the familiar tax trap, a good virtual business bank account also offers real-time tax assessment. The account automatically calculates the proportionate income and sales tax on income and expenses - it couldn't be better!
With a good virtual business bank account it should also be possible to have invoices automatically generated, sent and saved for accounting purposes.
You can therefore see where the Fintech trend is heading: to offer a business account that can do much more than just make and receive transfers!
The Costs: Really Free?
It has long been known that banks charge far higher fees for business accounts than for private accounts. Up to ten euros per month for account management plus fees for each individual posting item are not uncommon.
But even with this annoying habit the Fintechs seem to want to clear up: Business account, corporate credit card and accounting items - most Fintechs include everything free of charge - at least in the basic version.
If you want to use the full scope of the account, you will have to pay either for the credit card or the account management for most Fintechs. Nevertheless, it's worth it: you don't just get a business account, but an all-round business solution with many extra functions.
Opening An Online Business Bank Account
Farewell an appointment at the branch, don't fill out a PDF online, sign it and bring it to the post office: the Fintechs offer a mostly lean online account opening for your new business account. The application process is usually short and pleasant in design. Identification then takes place via video identity.
Huge Benefit of Virtual Banks: Easy Online Opening
The Fintech accounts are also convincing when it comes to account opening: they advertise with a quick and uncomplicated account opening: no paper, no self-disclosure, no effort. For most of them it is sufficient to download the app and register. Then follows a short video chat for legitimation, which replaces the annoying walk to the post office. Ideal for business women and men who don't want to lose any time opening an account.
The Best Business Accounts at Virtual Banks (FinTechs)
It is no longer just the classic banks such as Volksbank, Sparkasse, Deutsche Bank or Commerzbank that offer founders, self-employed people and start-ups a business or company account. In addition to the online and direct banks, the Fintechs in particular have been very active in recent times and are trying to win your favour.
Especially self-employed people, freelancers and start-ups fall into the target group of FinTech accounts. It is precisely these who benefit most from the new alternatives. The simple opening of accounts, the elimination of fees, the financial management software provided and the additional credit card are the reasons for the great success of the accounts.
But which Fintech currently offers the best business account? This cannot be answered in general terms. Each account offers individual advantages: While one can automatically categorize one's expenses, another offers integrated accounting software and another automatic invoicing. Here you have to choose the offer that best suits your requirements.