The rise in virtual banks has made it very easy to open a European business bank account online. If you are a digital nomad, or you have an online business, you can manage its finances remotely. You can open EU bank account from anywhere. European bank accounts have SEPA connection, and you can enjoy fast and low-cost money transfers within the SEPA zone. In this article, we will provide you with ways and a list of banks you can use to open a European business bank account via a virtual business bank account.
What You Need to Know to Open a European Business Bank Account Online
- You can open European bank account online using virtual bank accounts like Wise, N26, Bunq and Revolut. You will be enjoying low-cost transfers in EUR denominations.
- You can get local account details, dedicated IBAN, low-cost money transfers when you open a business account with virtual banks like Wise.
- N26 offers a free European business account to freelancers small businesses in the EU. Revolut does the same, also for non-residents. Wise still has a free basic plan too, but since 2021 it cost €25 to get an EU Business account number (IBAN) if you need to receive money from others.
- Opening a business bank account with online banks does not require you to have a physical European address or to be physically there.
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Opening a European Business Bank Account Online
By following this guide, it will be easy to open an EU bank account in Europe. To open a European business account, generally you must meet the following requirements:
- Your business should have a physical address in the EU
- Register your business in any of the EU countries
- Have a Tax Identification Number in any of the EU countries
For some banks, you will even need credit checks and present more documents to open your business bank account. But with most banks listed here, you only need the following documents: An ID photo, Physical address, Tax ID. Some banks will ask you to do a video-call in order to identify yourself.
Online Business Account Providers for Non-Residents. Online account providers Payoneer, Wise and Revolut make it easier to meet the requirements for non-residents or if your business is not established in the EU or EEA. If you’re doing business in the EU and need to receive euros, these providers can offer you a euro business account, although your business is not registered there. If you’d like to establish your business in the EU/ EEA, one of the easiest ways to do so is via the Estonian E-residency program. Anyone in the world can apply for this and set up a new business in Europe. You could also register your business in the UK.
Find out how to register a business in UK
Top Banks for Opening a European Business Bank Account Online
You can open business account using any of the following banks:
Wise Business Banking
Wise business bank account is a multicurrency account that enables businesses to make batch payments to 1,000 people, make cheap international money transfers, pay employees, purchase inventories, pay invoice and integrate QuickBooks and Xero. The account comes with a Business MasterCard in select countries. The Wise business banking account can receive and hold more than 55 currencies and get local bank details in 10 currencies.
Wise for e-Commerce Businesses is a multicurrency account that allows your business to withdraw money from eBay, Shopify, Amazon, Stripe, etc. With this business account for online retailers, you will be able to receive USD, CAD, GBP, EUR, SGD, AUD, NZD, and TRY for free.
Wise Multi-User Access (MUA) features allows you to invite your team members to your Wise business account and give them different levels of access to your business account such as viewer, employee, preparer, payer, and admin. The Wise business debit card can be used internationally to pay business expenses and spend online or in-store without foreign transaction fees.
Revolut Business Account
If you want to set up a business in Europe, consider opening a European business account with Revolut Business. Your business must be registered in any of the European Economic Area (EEA) member states and Switzerland.
Revolut business account comes with features like multiple currencies that can hold and exchange 28 currencies. You can also open two local accounts in GBP and EUR. You can create virtual cards for online transactions. Revolut business account has other features like expense management, bulk payments and payroll management. Revolut business account has four plans; Free plan, Grow plan for £25, Scale for £100 and Enterprise plan.
Monese
Monese Business Account is a mobile money account for your UK-registered company. It is easy to open a Monese business account. You can use the bank account to track your business finances, receive money, make payments and create invoices using a single app. The business account charges £9.95 monthly fees.
The account comes with a Monese business card (Mastercard). You get six free ATM withdrawals every month, while exchange rates have a 0.5% currency markup. Its Pots feature allows you to create 10 pots and save for your business. Your business can send to more than 30 countries, while any incoming international transfers to your business account are free.
Bunq Business Account
Bunq is another bank offering European multicurrency business bank account. At the moment, supported currencies are dollars, pounds, Swiss franc, Poland złoty and Bulgarian levin. You need to be permanently residing in Europe in the country where your business is registered. The business account costs €9.99 per month and €119.88 per year.
Key features include auto VAT calculation, instant payments, bulk payments, integrations with accounting software such as Xero and QuickBooks. You can also scan, tag, or archive receipts within the app. You will also be issued with physical and virtual cards that are support by either MasterCard or Maestro Card and a travel debit card.
N26 Business Bank Account
N26 Business Account is also a great bank you can use to open an EU bank account. N26 offers German IBAN and you can open an account in all the EEA countries. It is open to freelancers and self-employed, but not corporations. You also get 0.1% cashback on all card purchases.
N26 business banking account offers 5 free AM withdrawals every month, no foreign transaction costs and free payments in any currency. You can use N26 to bank from anywhere 24/7 and get easier tax returns and invoicing. However, you need to be a resident of these countries. N26 is one of the easiest business bank account to open online.
DynaPay
DynaPay Ltd provides business accounts with multi-currency IBANs for payments in 38 currencies, SWIFT and SEPA transfers and TARGET2 payment scheme. It is also a payment processor for low and medium risk merchants.
DynaPay’s business bank account is ideal for European businesses involved in international and cross-border activities such as international companies with multiple branches, companies with subcontractors abroad, shipping and forwarding companies, import/export companies, wholesalers, distributors and even small businesses with international activities.
Kontist Bank
Kontist is a German bank that offers business bank account for the self-employed, freelancers, small business owners and sole traders. If your business is a legal entity (GmbH, UG, and GbR, etc.), you cannot open Kontist business account. The account comes with a German IBAN, free and unlimited SEPA transfers and direct debit, Kontist Visa debit card (both virtual card and physical car).
Top features include real-time tax estimation, which means For each transaction, Kontist calculates the income and sales tax due and automatically sets aside these reserves in virtual subaccounts, free invoicing tool, and a smart bookkeeping software for self-employed and businesses.
Fyrst Bank
Fyrst bank is a German online bank that provides business banking solutions with IBAN to founders, freelancers and self-employed. It is a product of the Deutsche Bank AG.
The Fyrst business bank account offers Visa business cards, integration of bookkeeping and order processing, overdraft facility, insurance, instant payment in SEPA region, and DATEV interface for tax consultants, auditors or lawyers.
Payoneer
Payoneer is a virtual bank account that allows people doing business in the EU to receive euros. With Payoneer account, you can send and receive money, pay contractors and remote employees, accept multi-currency payments on your online store and even apply for a working capital.
In addition, Payoneer provides services for businesses to pay VAT directly from their account, which saves small businesses thousands of euros annually in fees and foreign exchange rates.
The Advantages of SEPA for Your Business
SEPA stands for Single European Payment Area, and it has 28 member states of the European Union. SEPA started in January 2008. Some of the member states include Switzerland, Iceland, Norway, Andorra, Liechtenstein, Monaco, San Francisco. SEPA has made it very easy to do business within Europe, and customers can make cashless payments using debit and credit cards. Benefits of SEPA to a business in Europe include:
- SEPA offers a reduced cost.
- There is coverage of all of Europe through a single bank account.
- It provides a simplified system for financial processing.
- The system provides competition in the open market; thus, it encourages economic growth.
- It maintains low operational expenditures.
- SEPA increases efficiency.
Making European Business Banking Easier
The digital era is transforming European business banking. Banks like Wise, Monese, N26 and Bunq offer online business bank account in Europe. One of the most significant changes is the shift towards online account opening and management. You can now open and manage your European business bank accounts online, without the need to visit a branch in person.
Another key trend is the rise of digital payment solutions. A wide range of solutions are now available to European businesses, including online payments, mobile payments, and SEPA payments. Multicurrency accounts are also becoming increasingly popular among European businesses. These accounts allow you to hold and manage multiple currencies in a single business account to manage cross-border payments and foreign exchange risks.
