Opening a European Business Bank Account Online: Discover Your Options

Finding the right bank account for your business in Europe is important. Thankfully, there are many excellent options available online. In this article, we will explore the best European business bank accounts that offer user-friendly features and convenient services. By choosing the right account, you can simplify your financial management and support the growth of your business in Europe. Let’s take a closer look at the top European business bank accounts available online.

Pros of an Online European Bank Account

Online European bank accounts provide numerous benefits for businesses. First, they are convenient and accessible, making it easy to manage money and do transactions anytime and anywhere. They also provide helpful tools for invoicing and payment processing. Moreover, they can be easily integrated with accounting software, making it simpler to keep track of transactions and generate reports. Online European bank accounts often come with lower fees, helping businesses save money. Additionally, some banks also offer the capability to automate Value Added Tax (VAT) processes.

Cons of Online European Bank Account

Online European bank accounts, despite their advantages, also come with certain disadvantages. Firstly, they lack personal interaction with bank staff, which may be a drawback for individuals who prefer face-to-face interactions. Secondly, reliance on technology and internet connectivity poses potential issues, such as technical glitches, which can impede account access and transactions. Lastly, although security measures are in place, there is always a risk of cyber threats and fraudulent activities associated with online banking.

How to Open Online Business Account in Europe

To open a business account online in Europe, there are various methods available. You can visit the bank’s website or use their mobile app to initiate the account opening process. Alternatively, you can get in touch with a bank directly in the country where you wish to establish the account. Regardless of the method chosen, the bank will typically require specific documents from you. These may include proof of identification, such as a valid passport or ID card, proof of residence, and relevant business registration certificates.

Best European Business Bank Accounts Online

There are several good options for virtual European business bank accounts tailored to a diverse range of users, including corporate accounts, sole proprietors, SMEs, and freelancers. These online banking solutions offer a host of features designed to meet the needs of businesses operating in today’s digital landscape.

Wise Business Account

The Wise Business Account simplifies international payments and maximizes savings for businesses. With access to over 70 countries, you can make payments to overseas staff or suppliers without hidden fees or unfair exchange rate markups. Most payments arrive instantly or within an hour. The account offers local account details in 9 different currencies and the ability to hold over 40 currencies in your multicurrency account.

Your account integrates with platforms like Amazon Sellers and Stripe, and accounting software such as Xero or QuickBooks. Its batch payment feature enables you to pay up to 1,000 people in one click, and there are no foreign transaction fees for online or in-store expenses. There’s a one-off fee and no monthly subscription. For customers in the EEA or the UK, there is a £45 GBP or €50 EUR (or equivalent in another currency) fee required upon signup. It has a business debit card and automatic balance conversion when spending in different currencies.

Wise Business is safe to use. Wise is a fintech, this means your money is kept at financial institutions like Barclays, separate from operational funds. Though it’s important to note that it’s not covered by the Financial Services Compensation Scheme in the UK. In the EU, Wise is an authorized payment institution supervised by the National Bank of Belgium and is regulated by the Financial Conduct Authority (FCA) in the UK. Fortunately, Wise does not lend out our customers’ money to people or businesses.

Go to Wise Business Account

Revolut Business Account

Revolut Business account provides global payments and multi-currency accounts supporting 25+ currencies. It’s suitable for both companies and freelancers, operating in over 100 countries. Some of the major supported countries include the United States, United Kingdom, European Union member states, Australia, Singapore, and many others. You can equip your team with physical and virtual business cards, controlling spending and permissions conveniently. Integration with third-party apps like QuickBooks, Sage, Xero, Slack, Zapier, WooCommerce, and Shopify is possible to streamlines business processes. Additionally, you can accept in-person, contactless payments via iPhone without extra hardware and automate payments with the Business API. Pricing for company accounts is : Basic£0/month, Grow £19/month, Scale £79/month, Enterprise: Custom, while Freelancer account pricing is: Basic£0/month, Professional £5/month, and Ultimate £19/month.

The Revolut app is accessible in a number of languages, including Greek, Turkish, Hindi, Japanese, Cantonese, Malay, English, German, Dutch, French, Bulgarian, Croatian, Czech, Danish, Finnish, Hungarian, Irish, Italian, Maltese, Norwegian, Polish, Portuguese, Spanish, and Swedish.

Go to Revolut Business Bank Account

N26 Business Account

N26, a German neobank, offers business account tailored for freelancers and the self-employed across Europe. This means registration requires your personal first and last name. Enjoy perks like 5 free ATM withdrawals monthly, fee-free payments in any currency, and zero foreign transaction fees while traveling for business. You can set up automatic transfers between your main business account and subaccounts like Spaces for tasks such as tax payments.

You are able to create up to 10 Spaces subaccounts with unique IBANs, establish standing orders for recurring payments, handle bills via direct debit, and send/receive SEPA bank transfers—all directly to each subaccount. N26 customer support is available in English, French, German, Spanish, and Italian.

N26 has a free business account with limited features, while other plans attract monthly fees. Their fees are as follows: N26 Standard €0.00/Month, N26 Smart €4.90/Month, N26 You €9.90/Month, N26 Metal €16.90/Month.

Note that only one active account is allowed per person; having both a private and business N26 account simultaneously isn’t currently feasible. N26 serves various European countries including Germany, Austria, France, Italy, Spain, Portugal, Ireland, Greece, the Netherlands, Belgium, Luxembourg, Finland, Latvia, Estonia, Lithuania, Slovakia, and Slovenia. Note that N26 is no longer available in the US. As a fully-licensed European bank, your funds are protected up to €100,000 under the German Deposit Protection Scheme.

Go to N26 Business Bank Account

Monese Business Account

Monese is a British fintech that offers a mobile money account designed specifically for UK-registered companies. To open a business account online, you just need to be the sole director of a UK registered business. Monese app allows you to effortlessly manage both personal and business finances, intuitive spending tracking and real-time notifications for both accounts. Moreover, Monese simplifies the setup of Direct Debits in the UK and facilitates free payments via the UK Faster Payments network.

Your business account comes with its own contactless Mastercard debit card and the ability to round up your transactions and automatically send the difference to a chosen savings pot. For regular savings, you may choose to automatically move money into your pot with recurring payments. You can also create invoices right on your app to send to your clients.

The app caters to a diverse audience with support for 14 languages, including English, French, German, Brazilian Portuguese, European Portuguese, Bulgarian, Italian, Spanish, Romanian, Polish, Czech, Turkish, Estonian, and Lithuanian. With a monthly fee of £9.95, you will enjoy all the benefits of a Monese personal Classic account along with the advanced features of GBP business account.

Go to Monese Business Bank Account

Bunq Business Account

Bunq is a European bank that provides multicurrrency business accounts with local IBANs available in 16 different currencies, eliminating the need for multiple accounts.. Their Easy Savings account is one of the free business accounts in Europe. The account gives businesses the ability to create up to 25 sub-accounts, coupled with monthly insights into business spending. The account includes up to three Maestro or Mastercards at no additional cost and 25 virtual Mastercards

The account includes bunq.me, a unique payment link for easy client payments. It automatically calculates VAT and allocates it to a dedicated sub-account. You can also give employees access to specific accounts for efficient collaboration. Additionally, there’s an expense tracker, real-time notifications, and budgeting tools for effective financial management.

Bunq’s joint account feature allows up to four individuals to share a single business account. Furthermore, you can open separate bank accounts for each of your businesses and conveniently managed through a single app. Business account fees vary, ranging from Bunq Easy Savings at €0.00 to Bunq Easy Green at €22.99 per month.

To be eligible for a Bunq Business account, you must be an adult residing in the Netherlands, Belgium, France, Germany, Austria, Spain, Italy, Portugal, or Ireland who operates a registered company. To become the primary account holder, you will first need to have a personal account. Bunq account holders are covered under the Deposit Guarantee Scheme of the European Central Bank.

Go to Bunq Business Bank Account

Monzo Business Account

Monzo is a fully regulated online bank in the UK with business account tailored exclusively for sole traders or limited company directors within the UK. Through the account, you can earn interest on your business savings through the Instant Access Savings Pot. The account provides a business physical and virtual debit card, with diverse payment options including integration with Apple Pay and Google Pay.

Moreover, Monzo supports integration with leading accounting tools such as Xero, FreeAgent, and QuickBooks. If you are using alternative accounting tools, Monzo offers transaction export functionality in CSV, PDF, or QIF formats. It’s interesting to note that sole traders can access lending facilities of up to £25,000 and an overdraft facility of up to £2,000 to support business growth.

When it comes to pricing, Monzo Lite offers a free business account in the UK, while the Monzo Pro account, priced at £5 per month, unlocks additional features and benefits.

Furthermore, your Monzo deposits may be protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person. In summary, Monzo’s business account stands as a reliable and feature-rich solution, empowering entrepreneurs with the tools and resources needed to thrive in today’s competitive landscape. However, this account is available only in the UK.

Go to Monzo Business Bank Account

What’s Best Option for Online Business account in EUrope?

For businesses seeking international payment flexibility and multi-currency functionality, Wise Business Account and Revolut Business Account emerge as strong contenders. Wise offers greater currency coverage and instant payment options, while Revolut boasts a wider range of integrations and physical/virtual card options.

N26 Business Account and Bunq Business Account cater more towards European freelancers and small businesses, with N26 offering free basic features and Bunq providing a comprehensive suite of sub-accounts, expense tracking, and joint account options. Monese Business Account stands out for its UK focus and mobile-centric approach, while Monzo Business Account caters to sole traders and limited companies in the UK with its competitive pricing, overdraft, and lending facilities.

The most suitable online business account for you hinges on factors like your desired currency coverage, transaction volume, feature set, budget, and geographical location.