There are many ways of opening a European business bank account online. In fact, you can open the account from anywhere in EU, since all European business bank account have a common SEPA connection. More so, the available options ofonline banks opportunities give you the advantage to have a variety of options that will come in handy when doing business in Europe. However, there are many factors to consider when opening online business bank account in Europe, and in this article, we spare no effort to give you answers to the critical questions.
Some of the best European business bank accounts online are:
- Revolut. Revolut Business Account makes it easy for businesses to do business. The account simplifies accounting, automates workflows, corporate cards, and send money in different currencies.
- Bunq. The bank’s business account enables companies to set aside VAT automatically, find receipts automatically, pay invoices automatically, and up to date information about the account.
- Wise. Wise, formerly Transferwise, has a free business bank account in Europe that enable businesses to save and send money internationally simply.
What Requirements Are Necessary for Opening an EU Business Bank Account?
Different countries have different ways of opening business accounts. In each country, you will find regulations that are crucial in keeping citizens in check as well as avoiding criminal activities like money laundering. In order to find out about the different policies and rules for a particular country, you can directly contact the bank in whose country you want to open, and thus, they will let you know about their policies. Otherwise, see below some of the standard requirements that apply across the board.
- You must have a physical address for your EU business.
- Register your business in one of the countries in the EU.
- You should have a tax identification number that has recognition within a country in the European Union.
For some banks, you might need to go through credit checks and have proper references. Therefore, a representative will provide the necessary credentials to the bank. Depending on the bank, some of these credentials include:
- A photo for identification.
- Your physical address.
- Registration information for your company.
- Tax ID.
How Acessible Are the EU Bank Services?
Many banks give you different options and solutions whenever you need services. These services include debit cards, direct debits, online banking services, telephone customer service, ATM, cash withdrawal, and lastly, electronic transfers. Moreover, you will get assistance with any service you need help on as long as you maintain a good relationship with the bank’s customer manager.
Best European Business Bank Accounts Online
- Wise Business Bank Account (formerly Transferwise Business Bank Account)
- Revolut Business Bank Account
- N26 Business Bank Account (ideal business bank account for freelancers in Europe)
- Monese Business Bank Account
- Bunq Business Bank Account
- Payoneer Business Bank Account
- Monzo Business Bank Account
Best Business Bank Account for Crypto Business
If you own a cryptocurrency company, you will be happy to know that there are also business account for crypto companies. With the banks listed below, you can open a business bank account for cryptocurrency business.
- Bankera Business Bank Account for Crypto Business
- Fidor Business Bank Account for Crypto Business
- Wirex Business Account for Crypto Business (FCA-licenced, crypto friendly business account)
- Mistertango Business Bank Account for Cryptocurrency Business
European Business Bank Accounts Fees
As much as different bank services apply charges with varying fees depending on the bank, you will mostly find quarterly charges for some services. These service charges apply for money transactions of sending and receiving, status inquiries, letters of credit and bills.
What Credit Checks Are Done in Europe?
Luckily, credit check systems in Europe are not as strict as those in the UK or USA. Mostly, the bodies make decisions according to current debts, family situations and the salary. In case you have a bad credit history, you stand the risk of the bank or the financial institution listing you in a particular file. Typically, other lending bodies receive the data as well. Furthermore, there are set measures that protect consumers as well as develop standard rules in the credit market.
The Single Euro Payments Area (SEPA) payment system gives you an easy way to transfer funds in Euro denomination. More so, the SEPA system is a boost to businesses within Europe. Customers are allowed to make cashless payments through debit and credit cards as long as the payments are within the EU. Here’s our previous article about what SEPA is.
Advantages of an Online European Bank Account
What are the pros of opening an online European bank account? There are several:
- Ease of access. An online business bank account is easily accessible. You can access the account at any time.
- Easy money transfer. Online bank accounts like Wise, formerly TransferWise, enables you to send money internationally in multiple currencies.
- Bill payments. Online bank accounts make it easy for holders to pay their bills on time and by following simple steps.
- Lower fees. These banks don’t have a lot of fixed and overhead costs, which makes them relatively cheaper.
- Easy customer service. A customer service rep is just a tap away.
Cons of Online European Bank Account
Online-only banks are good and have many benefits as we have seen above. However, there are cons of operating such accounts. For this reason, we recommend that you open an online bank account to supplement your main bank account. Here are some of the main cons of having an online-only bank account:
- No human touch. To some people a human touch is essential in banking. With a human, they can ask questions and get clarifications on issues. This is not possible in online-only banks.
- Risky banks. Most online-only banks are relatively young. This means that they are likely not profitable. As such, they are relatively risky compared to other banks.
Conclusion on European Business Bank Account Online
It is an easy process to open a business bank account online in Europe . However, it is not a requirement to open the account in order to set up and run a business in Europe. Also, other traditional approaches will come in handy when you need to set up an account. If you need future financing for your business, a European business account will be of great help to you. With the right documentation, you will have an easy time opening the account.