June 2021

Top Digital Business Banks for Freelancers – EU

Top Digital Business Banks for Freelancers

EU
EU – June 2021
  • Benefit from no paperwork, fast approval and automated banking & accounting workflows
  • Save money with low or no fees on transactions, transfers & payments
  • Perfect for small businesses & freelancers: Find the best digital bank to help your business grow
  • No paperwork, automated banking
  • Low or no fees on all transactions
  • Help your business grow

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Business Banks Pricing Card Regulation Main Advantages Score Open an Account
Plans 5+€/mo More Info Soldo Corporate Mastercard FCA
  • Spend management platform specially designed for business
  • Customisable company cards
  • Instant & free transfers
  • Easy integration with Xero, QuickBooks and more
9.8

Payments

Account Types
  • EUR, GBP, USD
Automated Payments
  • Bank transfers
  • Direct Debit
Domestic Transfers
  • Free
International Transfers
  • 1% /transfer

Accounting Tools

  • green-check-mark Expense Management
  • green-check-mark Savings tools
  • green-check-mark Bookkeeping
  • close-mark-black Invoicing
  • green-check-mark Xero, QuickBooks, Sage

Security Features

  • Fully regulated by the FCA
  • Funds are safeguarded under the UK Electronic Money Regulations from 2017

Account Access

Based on 794 reviews
Free Account
Premium plans 4.90+€/mo More Info
N26 Corporate Mastercard ECB
  • 0.1%-0.5% cashback on all transactions
  • Free transactions in any currency
  • Free withdrawals worldwide
9.5

Payments

Account Types
  • IBAN
  • EUR
Automated Payments
  • Direct Debit
Domestic Transfers
  • Free
International Transfers
  • Via TransferWise

Accounting Tools

  • green-check-mark Expense Management
  • green-check-mark Savings tools
  • green-check-mark Bookkeeping
  • close-mark-black Invoicing
  • close-mark-black Accounting integrations

Security Features

  • In-app security controls
  • Standard German guarantee on deposits up to 100,000€
  • Support via mobile & web apps

Account Access

Based on 12,824 reviews
Free trial
Plans 9+€/mo More Info
qonto Corporate Mastercard ACPR
  • Deposit checks directly via mobile/web app
  • Low fees on foreign currency SEPA transfers
9.1

Payments

Account Types
  • IBAN
  • EUR
Automated Payments
  • Bulk, recurring & scheduled
  • Direct Debit
Domestic Transfers
  • Free or 0.4 €/transfer
Above your plan’s allowance, you will be charged 0.4 € per transfer
International Transfers
  • From 0.90%/transfer
Depending on pricing plan

Accounting Tools

  • green-check-mark Expense Management
  • green-check-mark Savings tools
  • green-check-mark Bookkeeping
  • green-check-mark Invoicing
  • green-check-mark Sage, QuickBooks, LoopSoftware

Security Features

  • In-app security controls
  • Block/unblock cards
  • Get a response from customer support in under 15 minutes

Account Access

Based on 1,166 reviews
Travel card 2.99€
Plans 9.99+€/mo More Info
bunq Corporate Mastercard DNB
  • Competitive interest rates
  • No currency exchange fees
8.8

Payments

Account Types
  • IBAN
  • EUR
Automated Payments
  • Bulk, recurring & scheduled
  • Direct Debit
Domestic Transfers
  • 0.10 €/transfer
International Transfers
  • TransferWise rates+ 0.10 €

Accounting Tools

  • green-check-mark Expense Management
  • green-check-mark Savings tools
  • green-check-mark Bookkeeping
  • green-check-mark Invoicing
  • green-check-mark Exact, Jortt, MoneyBird

Security Features

  • In-app security controls
  • Change PIN & adjust limits in real time
  • Instant support via app

Account Access

Based on 1,581 reviews
Free Account
Low fees apply More Info
Vialet Corporate Mastercard Bank of LT
  • Instant mass transfers
  • Free money transfer abroad
8.5

Payments

Account Types
  • IBAN
Automated Payments
  • N/A
Domestic Transfers
  • Free SEPA payments
International Transfers
  • Exchange rate + 1%

Accounting Tools

  • green-check-mark Expense Management
  • close-mark-black Savings tools
  • close-mark-black Invoicing
  • close-mark-black Bookkeeping
  • close-mark-black Accounting integrations

Security Features

  • In-app security controls

Account Access

Based on 1 reviews
Most Popular
1
  • Spend management platform specially designed for business
  • Customisable company cards
More Info +
2
  • 0.1%-0.5% cashback on all transactions
  • Free transactions in any currency
More Info +
3
  • Best finance & accounting tools for freelancers
  • Fast, low fee transfers in 18 currencies
More Info +
4
  • Competitive interest rates
  • No currency exchange fees
More Info +
5
  • Instant mass transfers
More Info +

What Is a Digital Business Bank Account?

Digital business banks, also known as ‘challenger’, neo or mobile/online-only banks, offer businesses a 100% digital banking alternative to the traditional high street banks. Managed via secure mobile and/or web apps, digital business banks allow you to save time and money with lower (or no!) fees on common transactions, automated banking activities, seamless accounting integrations and 24/7 access.

Why Should I Open a Digital Bank Account?

The increased flexibility offered by digital banks such as Holvi and N26 makes them the perfect solution for freelancers, sole traders, online/local sellers and SMBs- by simplifying financial management processes and freeing up time to focus on growing your business.

What’s the Difference Between a Digital Business Bank & a High Street Bank?

Setup: High street banks generally require new business customers to complete many complex forms, provide loads of financial reports and then ask you to wait up to a few weeks for approval. Opening an account with a digital bank is simple- there are no paper forms, the application is all done online, and approval is often the same day.

Fees: Traditional banks make money in two ways, by investing your money elsewhere and by charging you excessive fees on every type of transaction you perform. With no physical brick and mortar location, mobile business banks can pass their savings on overheads to you, and therefore only charge minimal fees on transactions, payments and withdrawals. Leading business bank Revolut, for example, offers free domestic and international transfers.

Access: High street banks have restricted opening times (often during your own business hours), limited weekend trading and when you can finally make it to the bank, you are faced with long wait times. With mobile or web app accessibility, your digital bank account is accessible instantly- 24 hours a day, from your office, home or on the go.

Features & Services: Brick and mortar banks offer businesses a full suite of banking features, including account managers and private banking. Digital banks are quickly catching up, offering current and savings accounts, prepaid MasterCards, fast money transfer and payment services as well as integrations with accounting software to assist with financial reporting.

Security & Regulation: Digital banks feel strongly about the security of your funds. The Financial Conduct Authority (FCA), European Central Bank (ECB), French Prudential Supervision, The Resolution Authority (ACPR) and The Federal Financial Supervisory Authority (BaFin) cover most EU countries digital business banks, and the majority of the digital banks don’t reinvest your money, which means it’s always available to withdraw, should something untoward happen.

Digital Business Bank Accounts – FAQs

What Is a Digital Business Bank Account?

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Digital business banks, also known as ‘challenger’, neo or mobile/online-only banks, offer businesses a 100% digital banking alternative to the traditional high street banks. Managed via secure mobile and/or web apps, digital business banks allow you to save time and money with lower (or no!) fees on common transactions, automated banking activities, seamless accounting integrations and 24/7 access.

Why Should I Open a Digital Bank Account?

Accordeon button

The increased flexibility offered by digital banks such as Holvi and N26 makes them the perfect solution for freelancers, sole traders, online/local sellers and SMBs- by simplifying financial management processes and freeing up time to focus on growing your business.

What’s the Difference Between a Digital Business Bank & a High Street Bank?

Accordeon button

Setup: High street banks generally require new business customers to complete many complex forms, provide loads of financial reports and then ask you to wait up to a few weeks for approval. Opening an account with a digital bank is simple- there are no paper forms, the application is all done online, and approval is often the same day.

Fees: Traditional banks make money in two ways, by investing your money elsewhere and by charging you excessive fees on every type of transaction you perform. With no physical brick and mortar location, mobile business banks can pass their savings on overheads to you, and therefore only charge minimal fees on transactions, payments and withdrawals. Leading business bank Revolut, for example, offers free domestic and international transfers.

Access: High street banks have restricted opening times (often during your own business hours), limited weekend trading and when you can finally make it to the bank, you are faced with long wait times. With mobile or web app accessibility, your digital bank account is accessible instantly- 24 hours a day, from your office, home or on the go.

Features & Services: Brick and mortar banks offer businesses a full suite of banking features, including account managers and private banking. Digital banks are quickly catching up, offering current and savings accounts, prepaid MasterCards, fast money transfer and payment services as well as integrations with accounting software to assist with financial reporting.

Security & Regulation: Digital banks feel strongly about the security of your funds. The Financial Conduct Authority (FCA), European Central Bank (ECB), French Prudential Supervision, The Resolution Authority (ACPR) and The Federal Financial Supervisory Authority (BaFin) cover most EU countries digital business banks, and the majority of the digital banks don’t reinvest your money, which means it’s always available to withdraw, should something untoward happen.

How Do I Compare & Choose the Best Digital Bank for My Business?

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Banking Features
At the core, check for payment options, local and international money transfer services, corporate cards, account types and currencies available as well as invoicing and bookkeeping tools.
Fees
Look for accounts offering simple & clear-cut plans, minimal or no fees on transfers & payments and free withdrawal options. Note that fees may vary depending on the plan you choose (free plans will often incur higher fees than premium plans).
Corporate card
All digital business banks offer corporate cards for you & your employees – either through MasterCard or Visa. Check how many cards are included for free in your chosen plan & how much each additional card will cost if required.
Security
The banks we compare & review on Top10BusinessBanks.com are regulated by local authorities. Check for regulations such as FCA (Financial Conduct Authority) or the FCS (Financial Compensation Scheme) in the UK & FIN-FSA, BaFin, DNB, ECB & ACPR in Europe.
Accounting tools
Look for built in expense reporting, scheduled/recurring payments & direct debits. Most digital banks also offer seamless integration with bookkeeping & accounting tools. For example, Revolut Business integrates with Xero and FreeAgent, while Qonto integrates with Sage and QuickBooks.
Account Access
All digital banks offer account access 24 hours a day, 7 days a week. While the majority of providers offer access via both mobile and desktop/web apps, some business banks only offer one or the other so check you have the access you need when selecting your preferred bank.

Who Can Open a Business Bank Account?

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Mobile business bank accounts are available for all organisations from sole traders to larger enterprises, although they are best suited to small to medium businesses (such as local and online businesses), startups, sole entrepreneurs and freelancers.

Unlike high street banks, most digital business bank accounts can be opened and approved within hours, requiring just the company directors’ details and scanned copies of addresses, IDs, and business licences.

Best Business Banks