Best Online Banks For Small Business Checking – Having spent a lot of time and headaches with traditional banks, I want to share my knowledge of online banking for entrepreneurs and help more people make banking less bad. I want to say that it is not.
Standing in line for hours, filing endless paperwork, waiting forever to get something done, paying ridiculous fees for every job.
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If so, this post will help you realize that you can’t take it anymore. There are better banking alternatives out there.
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Despite the dominance of the Internet and smart solutions, many traditional banks are still doing their tired archaic ways.
Opening an account with such banks can be a real nightmare for small business owners and entrepreneurs. It usually takes 2-3 months to process an account. Johannes Larsson
Fortunately, this is where modern online banking comes in handy. In 2022, we have a wide selection of 100% digital banks suitable for any entrepreneur, including freelancers and small business owners.
So what are the best online banks for entrepreneurs? So that’s what this post is about. You will also find a complete list of the best online banks in 2023.
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In addition to the ease of opening an account, these banking apps are completely secure (just like your regular bank’s website) and very easy to use.
In addition, online banks offer better rates and exchange rates than bank dinosaurs.
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Online banks are digital banking solutions that allow you to do everything you can do in a regular bank: open an account, send and receive payments anywhere in the world, have a debit card, etc.
By 2023, even some of the largest traditional banks will have modernized their systems to provide flexible banking solutions for modern entrepreneurs.
Therefore, whether you are from the US or Europe, there are many online bank accounts for companies in every corner of the world.
I’ve compiled a list of all the quality online banking options below so you can decide which online bank is right for your business needs.
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British company Revolut has taken over the banking world. Launched in 2015, the company immediately made waves thanks to its noble goal: to bring your entire financial life into one easy-to-use app.
Over the past 5 years, Revolut has been trusted by more than 250,000 companies worldwide with great functionality and fair pricing.
I’m using Revolut Business for my company and I’m excited to make the leap. Switching from my old traditional bank to Revolut saves us in the 5-figure range every year, but more importantly, we save a ton of time. Things always work, smooth UI, convenient API to automate things – thanks Revolut.
These features are only the tip of the iceberg. What I like most about the Revolut business solution is their incredibly easy user interface.
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After setting up your beneficiaries, all you have to do is enter the amount and confirm the payment. It’s so easy!
As well as its great design, user-friendliness and many features (more to come), Revolut is authorized by the FCA and keeps customers’ funds in Tier 1 partner banks, so you never have to worry. Your money is safe with Revolut.
Wise, formerly TransferWise, is a larger-than-life company. Their revolutionary approach is called the “TransferWise movement” and even the big banks are afraid of them. Founded in 2010 by two Estonian friends, the company now transfers more than $4 billion a month.
At the heart of the company is a simple principle: to provide fair and affordable money transfers without all the hidden fees and crazy hassles that come with traditional banking.
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In many ways, Wise paved the way for all the modern online banking we know and love today.
Getting a Wise account is really painless. Wise is one of the fastest banks for entrepreneurs because the registration and approval process is very easy.
TransferWise really opens doors for businesses. No matter where you are, anyone can open an account in minutes and send or receive money anywhere in the world. Payments are fast and you always get a fair exchange rate.
The company’s flexibility doesn’t end there. TransferWise works for any company. Whether you’re a freelancer, a digital nomad, a small or medium-sized company owner, or run a larger enterprise, there’s a solution for every business.
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This flexibility is reason enough to call TransferWise one of the best online banks for small businesses and large enterprises.
Launched in 2013, N26 is one of the first European digital banks to bring much-needed innovation to the European banking world.
Their main strength lies in the banking app, which isn’t revolutionary: it’s so user-friendly that it sets a certain standard for what consumers can expect to see in a banking app.
From blocking your card and getting an overdraft to reviewing your spending in detail: you can do it all with one click in the app.
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Compared to Revolut and TransferWise, N26 may be a bit more limited as it only targets freelancers and self-employed people living in Europe. The last condition comes from the fact that N26 has a European banking license, which allows them to offer their services only to people from EEA countries. If you are running a business under your own name, you can open an N26 account, which means you cannot open an account for a company.
Despite this limitation, N26 is ideal for people just starting their business. If you’re a digital nomad or freelancer, N26 offers a great opportunity to open a business account without all the ridiculous paperwork you’d encounter at regular banks.
In addition, N26 has no initial deposit requirements, so you can open a business account as soon as you start your business. N26 is probably the best online bank for freelancers!
In many ways, CurrencyFair is similar to Wise and is a good banking option for entrepreneurs. This Irish company has been successfully operating for 9 years and primarily deals with international money transfers and offers fair exchange rates.
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Basically, CurrencyFair is a marketplace: you send them your money, they exchange the currency, but you set the rate you want. A suitable exchange rate is then found in the market, resulting in an improved exchange rate. It works like a peer-to-peer platform!
CurrencyFair works best for companies that accept payments from many countries and currencies. After all, in such cases, you want to get the best exchange rate, and that’s exactly what CurrencyFair offers.
Although it does not have as many sophisticated features as other online banks, it is based on one basic principle: fair money transfers. Whether you’re a freelancer or a small business owner, CurrencyFair works for anyone who handles a wide range of international payments.
Monese is another great online bank that gives Revolut a tough competition with a very easy user interface.
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Monese is based on the idea of providing instant banking services without any documents or evidence. Because of this, it has become one of the preferred choices for expats in the UK, as Monese gives you a legal UK bank account in minutes.
Launched in 2015, Monese handles over $3 billion in payments annually and sees around 3,000 new sign-ups every day. It will gradually take over Europe!
Monese is currently limited to UK-based businesses, but if you’re from the UK and tired of old banks with miles of paperwork and hefty fees, you can switch to Monese.
Opening an account takes no time at all, and you can have a fully functional bank account within hours, all without submitting bulky paperwork.
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As Monese is regulated by the FCA and equipped with high-level protection methods such as biometric unlocking, your funds are completely safe. We hope to see even bigger things for Monese, but for now it covers all business needs in the UK.
When it comes to online banking security, the first thing you need to understand is that security starts with you.
No security system can cover every problem. This applies not only to online banks, but also to all systems, including traditional banks.
There are always scammers after your passwords and credentials. Therefore, first of all, you should also be alert.
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However, it can be said that online banking is completely safe! In fact, their security systems