Which bank does not charge for a business account?
Running a business in Europe comes with enough costs—your bank account shouldn’t be one of them. Yet, many businesses get caught up in monthly maintenance fees, transaction charges, and hidden costs that eat into their profits. So, is it possible to get a truly free business account?
The good news is yes, but not all free accounts are created equal. Some banks remove monthly fees but charge for transfers, while others offer full-fledged business banking at no cost. Whether you run a startup, an SME, or a multinational, choosing the right fee-free account can save your company thousands. Here’s how to find the best one for your business.
Understanding free business banking
A free business bank account means you won’t pay monthly or annual maintenance fees to keep your account open. However, “free” doesn’t always mean completely cost-free. Some banks might still charge for international transfers, cash deposits, ATM withdrawals, or overdrafts.
Most traditional banks in Europe charge a monthly fee for business accounts, but challenger banks and fintechs are changing the game by offering zero-fee accounts. These modern banks operate mostly online, which allows them to cut costs and pass those savings on to businesses.
Why do some banks offer free business accounts?
The rise of digital banking and competition in the financial industry has made fee-free accounts more common. Fintech companies and challenger banks like N26, Revolut, and Wise are leading this shift, attracting business customers with no-cost accounts and extra features like multi-currency support and automated accounting tools.
Even traditional banks have started offering free options to stay competitive, though they often limit access to certain features or require businesses to meet specific conditions, like maintaining a minimum balance.
Banks still make money on free business accounts by charging for premium features, currency exchanges, or higher-tier plans. Some also earn revenue through transaction fees, partnerships, or by offering credit products like business loans.
Key benefits of a free business bank account
Cost savings for businesses
For startups and SMEs, every euro counts. By eliminating monthly fees, a free business bank account can help companies improve cash flow, especially in the early stages when every expense matters. Instead of paying a bank, businesses can reinvest that money into growth, marketing, or hiring.
Improved accessibility and convenience
Traditional banks often require business owners to visit a branch to open an account or manage finances. Digital banks, on the other hand, allow businesses to sign up online within minutes. Most offer 24/7 access through mobile apps, making it easy to track transactions, pay suppliers, or send invoices anytime, anywhere.
Challenger banks also integrate seamlessly with accounting software, making bookkeeping easier for small businesses.
Additional features beyond zero fees
A good free business account isn’t just about avoiding fees—it should also offer practical features to support daily operations. Many digital banks now provide:
- Multi-currency accounts to handle international payments effortlessly.
- Integration with accounting software like Xero or QuickBooks to automate financial tracking.
- Business debit or prepaid cards to manage company expenses more effectively.
A free business account should do more than just store money. The best ones act as financial tools that simplify payments, accounting, and expense management.
Top banks with no fees for business accounts
Onemoneyway – Global transactions with local banking features
Onemoneyway is designed for businesses that deal with international payments. Unlike many traditional banks that charge hefty fees for cross-border transactions, Onemoneyway offers a fee-free business account with multi-currency support.
Key features:
- No monthly fees, no hidden charges.
- Supports international payments with GBP & EUR wallets.
- 24/7 customer support and easy online banking.
Best for:
SMEs and companies that work across multiple countries and need a reliable way to handle global payments without excessive fees.
Starling Bank – The best free UK business account
Starling Bank is a UK-based digital bank that provides a completely free business account with no monthly fees. It’s popular among freelancers, small businesses, and startups for its seamless mobile banking experience.
Key features:
- No monthly account fees.
- Free UK bank transfers.
- Integrated business tools for invoicing and expense tracking.
Best for:
UK-based businesses looking for a fully digital banking experience with powerful financial tools.
N26 – Ideal for European startups
N26 is a top choice for startups and entrepreneurs in Europe. It offers a free business account that works across multiple EU countries, making it perfect for businesses with international clients.
Key features:
- No maintenance fees.
- Free virtual and physical business cards.
- Instant notifications for all transactions.
Best for:
European startups and freelancers who need a flexible, digital-first banking solution.
Revolut Business – Global business banking with no borders
Revolut Business offers a free plan that’s great for companies operating internationally. While premium plans come with extra perks, the free account still includes essential banking tools without hidden fees.
Key features:
- Multi-currency accounts with real exchange rates.
- Free local transfers and budget tracking tools.
- Virtual and physical business debit cards.
Best for:
Businesses that handle transactions in multiple currencies and want to avoid high conversion fees.
Wise Business – Best for international transactions
Wise (formerly TransferWise) is well-known for its transparent pricing and real exchange rates. While some banks add hidden markups to currency exchanges, Wise offers a fee-free business account that keeps international transactions affordable.
Key features:
- No hidden fees, no monthly costs.
- Multi-currency account with real exchange rates.
- Fast and cost-effective global payments.
Best for:
Companies with international suppliers or clients who need to send and receive money without excessive bank fees.
Mettle by NatWest – Great for UK businesses
Mettle is backed by NatWest and offers a free business account tailored for UK businesses. Unlike traditional banks, Mettle has no monthly fees and provides useful tools for freelancers and small business owners.
Key features:
- No monthly maintenance fees.
- Simple invoicing and financial insights.
- UK-based support with a user-friendly mobile app.
Best for:
Small businesses in the UK looking for a fee-free alternative to high-street banks.
How to choose the best free business bank account
Assessing your business needs
Not all free business accounts are the same, so choosing the right one depends on your company’s specific needs. Before opening an account, ask yourself:
- Do you need a simple account for basic transactions, or do you require advanced features like invoicing or multi-currency support?
- Will you be making international payments frequently?
- Do you prefer a fully digital bank, or do you need access to physical branches?
- Are there any limits on the number of free transactions per month?
Some accounts are ideal for small businesses with local transactions, while others cater to global businesses handling multiple currencies.
Comparing fintech banks vs. traditional banks
Challenger banks like Revolut, N26, and Wise operate entirely online, meaning you won’t have access to physical branches. However, they often provide more flexible and cost-effective services compared to traditional banks.
On the other hand, high-street banks such as HSBC or NatWest may still charge monthly fees but offer in-person customer service and business loans. The decision comes down to whether you value branch access or prefer a completely online banking experience.
Checking hidden fees and limitations
Even if a business account is advertised as “free,” there may still be hidden costs. Some banks charge for cash deposits, international transfers, overdrafts, or ATM withdrawals.
- If you deal with cash frequently, check if the bank charges for deposits.
- If you make international transfers, look at the exchange rates and fees.
- If you travel for business, check if ATM withdrawals are free or come with extra charges.
It’s essential to read the fine print before opening an account. A bank that looks free upfront may have fees that add up over time.
How to open a free business bank account
Eligibility criteria
The process of opening a free business account depends on your business structure and location. Most banks require your company to be registered in an EU country and have a valid business address. Some banks also require proof that you actively conduct business, such as invoices or contracts.
Sole traders, freelancers, and limited companies usually have different requirements. If you’re a freelancer, some digital banks allow you to open a business account with just a personal tax ID.
Required documents
The paperwork varies from bank to bank, but most require:
- Business registration certificate
- Proof of business address
- Identification documents of the company’s directors
- Tax identification number (VAT number if applicable)
Some banks may ask for additional verification, such as a business plan or details about your company’s expected turnover.
Application process
Digital banks like Onemoneyway, N26, and Revolut allow businesses to sign up online in minutes. You can upload your documents through their website or mobile app, and in most cases, your account will be approved within a few days.
Traditional banks, however, may require an in-person visit to complete the application, especially if they need additional verification. This can take longer and may involve multiple appointments.
Choosing an online bank speeds up the process, but if you prefer face-to-face interactions, you might need to opt for a high-street bank.
Summing up
A free business bank account can help businesses save money while offering essential financial tools. However, “free” doesn’t always mean completely cost-free, so it’s important to compare options and check for hidden fees.
For businesses operating internationally, Onemoneyway and Wise provide global-friendly banking solutions. For UK-based businesses, Starling and Mettle offer excellent fee-free accounts. Digital-first businesses can benefit from Revolut and N26, while freelancers may find Holvi’s integrated accounting tools useful.
Ultimately, the best choice depends on your company’s needs. By choosing the right bank, you can keep your finances in order without paying unnecessary fees.
FAQs
Can I open a business bank account in Europe as a non-resident?
Yes, non-residents can open business bank accounts in Europe, but requirements vary by country and bank. Some banks may require a local address or business registration, while others, especially digital banks, offer more flexibility. It’s essential to research specific bank policies and prepare necessary documentation, such as proof of identity and business incorporation documents.
Are there any hidden fees associated with free business bank accounts?
While many banks advertise free business accounts with no monthly fees, there may still be charges for specific services. Common fees include costs for international transfers, cash deposits, ATM withdrawals, or overdraft services. It’s crucial to review the bank’s fee schedule to understand any potential charges that could apply to your account usage.
What documents are required to open a business bank account in Europe?
Typically, banks require identification documents (such as a passport), proof of business registration, and evidence of the business address. Some banks may also request a business plan or financial projections, especially for new enterprises. Requirements can vary, so it’s advisable to check with the specific bank beforehand to ensure you have all necessary documentation.
How long does it take to open a business bank account in Europe?
The timeline varies depending on the bank and the country. Digital banks often offer quicker processes, with accounts being opened within a few days or even hours. Traditional banks might take longer, sometimes several weeks, due to more extensive verification procedures. Preparing all required documents in advance can help expedite the process.
Can I manage multiple currencies with a European business bank account?
Yes, many European banks, especially digital ones, offer multi-currency accounts. These accounts allow businesses to hold, send, and receive funds in various currencies, which is beneficial for companies dealing with international clients and suppliers. This feature helps in avoiding conversion fees and managing exchange rate fluctuations effectively.
