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What is Qonto Business Banking?
Qonto is a 100% digital online bank. It was established in France in 2017 and now boasts over 150,000 business customers. In 2018, Qonto gained a license from the French Prudential Supervision and Resolution Authority and is overseen by the ACPR.
Qonto currently offers business banking accounts to registered French companies. The point of difference to other online financial institutions is that Qonto has a large variety of product offerings based on the type of entity applying for the account. Sole traders, corporations, and start-up businesses can all get value from a Qonto business account.
The two co-founders, Alexandre Prot’s and Steve Anavi’s mission statement is “Building the best business banking service by using technology and design, with fair and transparent pricing!”. They have proven that they can achieve this.
Key Details
Qonto Business Account Pros & Cons
Qonto Banking Features
Unlike traditional banks, Qonto offers user friendly banking features as well as accounting tools that help you manage your business and its finances.
Multi-Currency Accounts
Accordeon buttonQonto offers French, Italian, Spanish & German accounts in euros. They support international funds transfers, currently 34 countries, and 18 currencies.
Payments
Accordeon buttonThere are several ways to make payments. With the MasterCard option, use the physical card for in-store purchases, or the virtual card for online transactions. You can also pay by bank transfers via IBAN, and SEPA direct debits B2B are also now supported in the Qonto business account.
Corporate Card
Accordeon buttonQonto business accounts come with a corporate MasterCard in plastic format or as a virtual card. For customers seeking a higher level product, Qonto also offers the X card, which is made of metal and comes with added privileges.
Cards can all have individual limits set based on the level of the team member using it. This allows an extra level of protection for the business.
Employees, roles & permissions
Accordeon buttonCustomise who can access what options on the account. Various team members can be restricted to what they can see and do and what spending limits they have. Every eligible team member has their own card, and the settings can be altered per person.
There is even an ‘accountants’ option to give them view access to everything.
Accounting tools
Accordeon buttonBookkeeping is made easy with the Qonto app. You can view your entire transaction history, it’s always available. Create your own unique labels for your expenses so they can be sorted at the time of the purchase.
Receipts can be added to any transaction by using the phone’s camera. VAT reconciliation is simple, and Qonto connects to your favourite accounting software.
Qonto also gives access to a free collection of APIs. The API is organized around REST and uses built-in HTTP features, like HTTP authentication and HTTP verbs.
Security
Accordeon buttonMany new business customers question the safety and security of their funds deposited with digital banks.
Qonto’s members funds get protected by the Fonds de Garantie des Dépôts et Résolution (FGDR) and then secured by Credit Mutual Arkéa for up to a maximum of €100,000.
Perks
Accordeon buttonCustomers who apply for the X card get access to extra perks.
Airport lounges – Get exclusive access to over 1,000 airport lounges, worldwide
Concierge service – Get assistance with travel and lifestyle bookings
Select insurance – Offered by AIG Europe
Customer Support
Accordeon buttonBusiness account holders can contact Qonto by a chatbot via the website, customer service is available 24/7. They promote that they will take care of your question within 15 minutes. User reviews also confirm this form of contact is speedy and effective.
Their website also has a help-desk of frequently asked questions that may negate the need to contact them.
Pricing & Plans
There are 3 different product offerings based on the type of business applying for the account:
- Independents
- SMEs and Startups
- Business Creators
Independents pricing plans
The Solo account is designed for freelancers or sole traders. It provides all the necessary requirements to make deposits and payments, MasterCard, and reporting tools. This account offers three different pricing plans as detailed below.
All Solo plans include the following features:
- French, Italian, Spanish & German IBAN
- Accounting and expenses
- Unlimited transaction history
- Real-time transaction history
- Upload payment receipts
- CSV, PDF and QIF transaction exports
The following table presents additional features and their allowances per plan.
| Basic | Smart | Premium | |
| Price per month | €9 | €19 | €39 |
| Card type | Business MasterCard | Business MasterCard | Business MasterCard |
| Number of users | 1 | 1 + accountants access | 1 + accountants access |
| SEPA transfers & direct debits | 30 | 60 | 100 |
| Checks cashing |  | 2 | 5 |
| 7 days a week support |  | | |
| Multi accounts | | | |
| Bulk transfers | | | |
| Automatic VAT detection | | | |
| Digital receipts | | | |
| 7 days a week priority support | | | |
| Basic | |
| Price per month | €9 |
| Card type | Business MasterCard |
| Number of users | 1 |
| SEPA transfers & direct debits | 30 |
| Checks cashing | |
| 7 days a week support | |
| Multi accounts | |
| Bulk transfers | |
| Automatic VAT detection | |
| Digital receipts | |
| 7 days a week priority support | |
| Smart | |
| Price per month | €19 |
| Card type | Business MasterCard |
| Number of users | 1 |
| SEPA transfers & direct debits | 60 |
| Checks cashing | 2 |
| 7 days a week support | |
| Multi accounts | |
| Bulk transfers | |
| Automatic VAT detection | |
| Digital receipts | |
| 7 days a week priority support | |
| Premiun | |
| Price per month | €39 |
| Card type | Business MasterCard |
| Number of users | 1 |
| SEPA transfers & direct debits | 100 |
| Checks cashing | 5 |
| 7 days a week support | |
| Multi accounts | |
| Bulk transfers | |
| Automatic VAT detection | |
| Digital receipts | |
| 7 days a week priority support | |
SMEs and Strartups pricing plans
Team is Qonto’s main product, directed at companies. This type of business account is for multiple team members. Mastercards can be provided to individuals, all with their own limits. Managers and accountants can take action on the account and make changes. This one has 3 levels of pricing, which is based on the number of users connected to the account. This account offers three different pricing plans as detailed below.
All Team plans include the following features:
- French, Italian, Spanish & German IBAN
- Customized access for your Admins, members, and accountant.
- Unlimited transaction history
- Real-time transaction history
- Upload payment receipts
- Add custom labels to categorize transactions
- CSV, PDF and QIF transaction exports
- Bulk transfers
The following table presents additional features and their allowances per plan.
| Essential | Business | Enterprise | |
| Price per month | €29 | €99 | €249 |
| Number of users | 2 | 5 | 10 |
| SEPA transfers | 100 | 500 | 1000 |
| Cashed checks | 3 | 10 | 15 |
| accounts with individual IBANs | 5 | 10 | unlimited |
| Automatic VAT detection | | | |
| Digital receipts | | | |
| Role management access | | Advanced | Advanced |
| 7 days a week support | | | |
| Team expenses pack | | | |
| 7 days a week priority support | | | |
| VIP support | | | |
| Essential | |
| Price per month | €29 |
| Number of users | 2 |
| SEPA transfers | 100 |
| Cashed checks | 3 |
| Accounts with individual IBANs | 5 |
| Automatic VAT detection | |
| Digital receipts | |
| Role management access | |
| 7 days a week support | |
| Team expense pack | |
| 7 days a week priority support | |
| VIP support | |
| Business | |
| Price per month | €99 |
| Number of users | 500 |
| SEPA transfers | 5 |
| Cashed checks | 10 |
| Accounts with individual IBANs | 10 |
| Automatic VAT detection | |
| Digital receipts | |
| Role management access | |
| 7 days a week support | |
| Team expense pack | |
| 7 days a week priority support | |
| VIP support | |
| Enterprise | |
| Price per month | €249 |
| Number of users | 10 |
| SEPA transfers | 1000 |
| Cashed checks | 15 |
| Accounts with individual IBANs | unlimited |
| Automatic VAT detection | |
| Digital receipts | |
| Role management access | |
| 7 days a week support | |
| Team expense pack | |
| 7 days a week priority support | |
| VIP support | |
Company Creators Pricing Plans
The final business product is for company creators, specially designed for start-ups. The idea behind this account is that investment capital can be deposited in preparation for the company to be finalised. Deposits can be made from all the shareholders. This account has 2 price levels as detailed below.
- Unlimited transaction history
- Real-time transaction history
- Upload payment receipts
- CSV, PDF and QIF transaction exports
The following table presents additional features and their allowances per plan.
| Solo pack | Standard pack | |
| Price per year | 149€ | 300€ |
| Capital deposit | | |
| Number of users | 1 | 5 |
| Physical cards included | 1 | 2 |
| Virtual cards included | €2/card | 2 |
| IBAN | French – Italian – Spanish- German | French – Italian – Spanish- German |
| In/out SEPA transfers and direct debits | 20/a month | 100/a month |
| Automatic VAT detection |  | |
| Bulk transfers | | |
| Customized access permission | | |
| Solo pack | |
| Price per year | 149€ |
| Capital deposit | 12 months of Solo plan |
| Number of users | 1 |
| Physical cards included | 1 |
| Virtual cards included | €2/card |
| IBAN | Italian – Spanish- German |
| In/out SEPA transfers and direct debits | 20/a month |
| Automatic VAT detection | |
| Bulk transfers | |
| Customized access permission | |
| Solo pack | |
| Price per year | €120 |
| Capital deposit | 12 months of Standard plan |
| Number of users | 5 |
| Physical cards included | 2 |
| Virtual cards included | 2 |
| IBAN | French – Italian – Spanish – German |
| In/out SEPA transfers and direct debits | 100/a month |
| Automatic VAT detection | |
| Bulk transfers | |
| Customized access permission | |
Qonto Fees
As there are three different types of pricing structures the fees are slightly different and refer to payments, foreign currency transactions, and ATM withdrawals.
All figures in the tables below exclude VAT.
 |
 |
 |
|
| Additional Card Fees |
€2/card |
€3/month |
|
| Free Domestic Transfers | |||
| Free International Transfers | |||
| ATM Withdrawl Fees |
€1/withdrawal |
2% fee |
2.5% fee |
|
|
|
|
| Additional Card Fees | ||
|
€2/card |
€3/month |
|
| Free Domestic Transfers | ||
| Free International Transfers | ||
| ATM Withdrawl Fees | ||
|
€1/withdrawal |
2% fee |
2.5% fee |
FAQ
Who can open a Qonto business account?
Accordeon button Accordeon buttonQonto business accounts are available to any organization, ranging from a sole trader to a team of 250 people. The directors of the company are the initial account holders.
Qonto has also partnered with legalstart.fr and offers a unique business bank product for those wanting to start a new company in France, Spain, Italy or Germany.
What countries can I open an account in?
Accordeon button Accordeon buttonCurrently, the Qonto business account is only available for businesses licensed in France, Spain, Italy, and Germany.
What documents do I need to open a Qonto Business Account?
Accordeon button Accordeon buttonYou need to provide your identification documents and also all owners and shareholders must have a proof of residency in France. The list of supported legal forms is SAS, SASU, SARL, EURL, and SC.
How do I open a Qonto bank account?
Accordeon button Accordeon buttonThe application process is done entirely online and takes under 15 minutes. Once the documents are uploaded and confirmed, the account can be created in less than 1 business day.
How can I access my account?
Accordeon button Accordeon buttonQonto has a really user-friendly mobile app available on both iOS and Android. You can manage your account, make transfers, set limits for team members, and much more. There is even added security like fingerprint verification.
They even have a web app as well for managers and accountants to access from their desks.
Is my money safe?
Accordeon button Accordeon buttonYes, all Qonto funds are protected by the Fonds de Garantie des Dépôts et Résolution (FGDR) and then secured by Credit Mutual Arkéa.
User Reviews
I would definitely recommend Qonto to any entrepreneur. They always reply really quickly to any inquiry (either immediately or within a few hours). Quick, easy, non-expensive!
By Donia Oct’, 2019
Love Qonto! So simple to use, very responsive to queries and makes accounting very easy.
By Jonathan Dec’, 2018
Great banking services and most simple. Exactly what I expect from a bank. Thank you Qonto for making it possible.
By Halfteaspoon Nov’, 2019Our Verdict
For registered French, Italian, Spanish, German companies, or new businesses awaiting finalisation, a Qonto business account makes smart sense. Especially as the account can be quickly opened in less than a day, provided all the correct documents are uploaded.
There are options for every type of entity, from sole trader up to medium-sized enterprise. Payments and withdrawal limits can be set individually for each person. Accountants will appreciate the ease of use and the instant data available to them.
Qonto is continually evolving its offering and keeps up to date with the latest technological innovations. Overall, a Qonto Business account is a great option and comes highly recommended by over 150,000 companies and sole traders.