Score 9.8
Regulation FIN-FSA, BaFin
Holvi Corporate Mastercard
Score 9.8
Regulation FIN-FSA, BaFin

What is Holvi Business Banking?

Holvi is the all-in-one tool which specializes in small business finance. Holvi offers a business account, Business Mastercard, invoicing, bookkeeping, and expense management in one place (with an easily controllable dashboard).

This, combined with bank-level security and Holvi’s free plan (with premium options available), made Holvi such a success story among entrepreneurs.

Key Details

Founded
2011
Users
150,000
Backed By
BBVA
Regulation
FIN-FSA, BaFin
Based on 575 reviews
Holvi Key Details
Founded 2011
Users 150,000
Backed By BBVA
Regulation FIN-FSA, BaFin
Get started with Holvi

Holvi Business Account Pros & Cons

Pros
  • green-check-mark Combines banking, invoicing, and expense management
  • green-check-mark Available across the entire EEU
  • green-check-mark Free unlimited bank transfers (in Euro)
Cons
  • Direct debits aren’t yet an option
  • Loans or overdrafts are not provided

Holvi Banking Features

Holvi is passionate about helping other entrepreneurs succeed, and its business bank offering is packed with features geared towards small businesses.

Multi-Currency Accounts

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As a Europe-based financial service, Holvi offers business accounts exclusively in Euros.

Payments

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The current payment options offered by Holvi are inbound and outbound payments, and international payments via SEBA or IBAN. There is even an option to pay expense claims. Holvi doesn’t support direct debits right now.

For any foreign currency transactions outside the European Union, Holvi recommends using the services of Transferwise.

Corporate Card

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Holvi business clients have access to a bright yellow prepaid MasterCard. Just like other debit cards, it can be used to make purchases worldwide, in a brick and mortar store or online.

The number of available cards depends on your pricing plan. The card can be issued by anyone in the organisation who has admin or creator roles.

Roles & Permissions

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The creator of the account has the administrator role and is the one who manages additional users. The number of users depends on the pricing plan. Users can be added and removed via the app or website. Accountants and bookkeepers can also be invited to view and access the account.

Accounting Tools

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With its strong focus on assisting other small businesses, Holvi has developed its own bookkeeping service. The company promises to make admin less of a chore and not as time-consuming as it has been in the past.

The most prominent features included in the app are the management of recurring invoices, inventory management, and business to business (B2B) customer billing.

The Holvi account allows for the preparation of income and expense reports. Accountants will love the ability to track all money movements and even create budgets. VAT is also handled inside the software.

A benefit many users report of being the most useful is the invoice generation tool. Clients can be invoiced on the spot. Instant notifications appear when invoices are paid, and the data is automatically synced to the account.

Security

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Holvi makes security a top priority. The Financial Supervisory Authority of Finland regulates them. Its website is built with strong TLS/ SSL encryption security, and it uses two-factor authentication. Transactions via MasterCard benefit from its 3D secure authentication protocols.

Like most digital banks, Holvi doesn’t invest its member funds elsewhere and holds them in secure accounts at other top European banks, separate from the company’s business funds. This means that in the unlikely situation that something goes wrong, your funds are safe and you have immediate access to them.

Holvi also cares about your information. It only keeps data about you that is required by Finnish law to establish the account and to contact you. This information is stored securely in its system.

Money laundering, fraud, terrorist financing, and ID theft are common issues for the entire financial industry. Holvi actively works to fight and prevent these types of activities.

Perks

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The biggest perk of being a Holvi business account customer is its invoicing tool. You can complete a service for your client, immediately generate an invoice from the Holvi app, and receive the payment.

This process can help small businesses increase their immediate cash flow. There is no longer the delay of waiting for the finance department to bill the clients. The process is instant and integrated.

Holvi also has a blog, targeted at entrepreneurs to assist them with their business. Topics range from marketing to legal topics to work/life balance. Not many other financial institutions care this much about the growth of their client’s organisations.

Customer Support

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Holvi is very customer-centric and welcomes phone contact from Monday to Friday, with representatives who speak English, German, and Suomi.

Its website has a help-desk area where many consumer questions have already been answered. Holvi highly recommends checking here first to avoid the need to make a call if unnecessary.

Plans & Pricing

Holvi offers three different plans. You can upgrade or downgrade your pricing plan as your business changes throughout time.

Starter – has a €0 monthly fee and is most suitable for sole traders who need one card. For no initial fee, you get one account with 1 MasterCard, all the reporting, and three free digital invoices.

Grower – for small businesses that need extra features is €12 per month. For this additional fee per month, you get three business MasterCards, unlimited invoicing, and a reduction in ATM fees.

Unlimited – for larger organisations it costs €98 per month but gives the company unlimited business MasterCards and fee-free withdrawals across the ATM network.

StarterGrowerUnlimited
Price per month€0€12€98
Number of usersUnlimitedUnlimitedUnlimited
Physical cards included13Unlimited
Foreign currency payment fees2%2%Free
ATM withdrawal2.5%2%Free
SEPA transfers and direct debitsUnlimitedUnlimitedUnlimited
E-invoice sending and receiving3 free digital invoices/month
Starter
Price per month €0
Number of users Unlimited
Physical cards included 1
Foreign currency payment fees 2%
ATM withdrawal 2.5%
SEPA transfers and direct debits Unlimited
E-invoice sending and receiving 3 free digital invoices/month
Grower
Price per month €12
Number of users Unlimited
Physical cards included 3
Foreign currency payment fees 2%
ATM withdrawal 2%
SEPA transfers and direct debits Unlimited
E-invoice sending and receiving green-check-mark
Unlimited
Price per month €98
Number of users Unlimited
Physical cards included Unlimited
Foreign currency payment fees Free
ATM withdrawal Free
SEPA transfers and direct debits Unlimited
E-invoice sending and receiving green-check-mark

Fees & Pricing

The fee structure is straightforward and based on the level of the account. Bank transfers are free for all users. Only ATM withdrawals, international payments, and extra MasterCards, if required, are subject to additional charges.

None of the figures below include VAT.

Additional Card Fees

€3/month

€2/card

Free Domestic Transfers green-check-mark green-check-mark green-check-mark
Free International Transfers close-mark-black close-mark-black green-check-mark
ATM Withdrawl Fees

2.5% fee

€1/withdrawal

2% fee

Additional Card Fees

€3/month

€2/card

Free Domestic Transfers
green-check-mark green-check-mark green-check-mark
Free International Transfers
close-mark-black close-mark-black green-check-mark
ATM Withdrawl Fees

2.5% fee

€1/withdrawal

2% fee

FAQ

Who can open a Holvi business account?

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Any individual or small business operator based in the EEU can open an account.

What countries can I open an account in?

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The account is based in Finland but can be used across all the relevant member countries of the EEA.

What documents do I need to open a Holvi Business Account?

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To open an account, you need a valid ID like a passport. The company or business registration number and VAT number (if applicable). Some companies may also be asked to provide a registry extract from Companies House.

How do I open a Holvi Business bank account?

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Applications for all accounts are made via their website. Complete the form and upload the required documents. While approval is quite fast, the arrival via mail of the debit card is between 7 and 10 days.

How can I access my account?

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Holvi has a user-friendly mobile phone app as well as access via a web browser.

Is my money safe?

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Yes! Your money is kept in segregated accounts, in top European banks, separate from its business funds. The FIN-FSA supervises the accounts for extra security. Holvi also uses strong TLS/ SSL encryption for all transactions and communications.

User Reviews

5/5
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Automated accounting, VAT and handling of charges, taxes, wages and other mandatory stuff. no other bank is even close. Also improving services & regularly.

By Margita Mar’, 2020
5/5
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After dealing with a lot of different banks over the years, I couldn’t be happier with Holvi and Holvi app. I can manage all money related super easily on mobile or on desktop. Thanks for making an entrepreneur’s life a blast!

By Albert Mar’, 2020
5/5
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One of the best accounting systems Support and service are really good. Their system is constantly evolving. Recommend.

By BWS Group Oy Aug’, 2019

Our Verdict

For small business operators, and sole traders, especially entrepreneurs, a Holvi business account is a great option. Many organisations choose to operate a digital account alongside a traditional bank account.

The advantage of a Holvi account is that it can be used right across the European Union. Prepaid debit MasterCard is provided for purchases and ATM withdrawals. Holvi really stands out in its invoicing and bookkeeping tools. The service is a step ahead of most of its competitors with its integrated invoicing software. Quick and easy financial reporting allows for smooth accounting processes.