Wise offers a great solution for international transfers, exchanging currencies, and holding multiple currencies. But can you use Wise as a business account? 🧐
If you're on the hunt for a review of the BBVA Business Checking account, you might be surprised to find out that BBVA was actually acquired by PNC.
But don't worry - there are still plenty of other options out there for your business banking needs. So, let's dive in and explore what's available!
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Let's chat about BBVA small business checking accounts. Once upon a time, BBVA was a popular choice for businesses seeking reliable banking services, including BBVA Merchant Services. They had a variety of options, like their Business Connect Checking, which was perfect for startups and small businesses. Their Business Premium Checking and Business Interest Checking accounts catered to more established businesses with higher transaction volumes and cash flow needs.
BBVA was acquired by PNC, which means those BBVA accounts are now transitioned to PNC banking services.²
Since BBVA isn’t around anymore, you might be wondering what other business checking options are out there. We've put together a list of 15 fantastic alternatives to keep your business moving forward, including PNC.
- Wise Business
Wise Business is a modern business account that offers a sleek and efficient banking experience. Let's delve into the specifics of this option:
Minimum balance requirement: There's no minimum balance requirement for the Wise Business account.
Cost to open an account: Setting up a Wise Business account is completely free, so you can get started without any upfront costs.
Monthly fee: There's no monthly fee for a Wise Business account, making it an affordable option for businesses of all sizes.
Monthly transaction limit: Wise Business doesn’t impose any limits on the number of transactions; they have cost limits based on the transaction type. This includes a default limit of 5,000 USD for chip and PIN payments, 2,000 USD for online payments, and 1,500 USD for magnetic stripe and Apple/Samsung/Google pay.
Cost of international payments: Wise Business uses the mid-market exchange rate for international payments - the realest and fairest rates, typically lower than traditional banks. The fees for international payments are low and fully transparent and are 19x cheaper than PayPal. Wise charges a small percentage of the transaction amount depending on the currency - from 0.43% for sending money.
Bank of America is one of the biggest banks in the US, making it a popular choice for businesses of all sizes. But what are the costs, limits, and international payments like?
Minimum balance requirement: The Business Fundamentals Checking requires a $5,000 combined average monthly balance to waive the monthly fee, while the Business Advantage Relationship Banking account requires $15,000.³
Cost to open an account: The minimum deposit required to open a business check account is $100.⁴
Monthly fee: There's a $16 monthly fee for the Business Fundamentals Checking account and a $29.95 monthly fee for the Business Advantage Relationship Banking account.³ These fees can be waived if you meet one of the minimum balance requirements mentioned above or become a member of Preferred Rewards for Business. For the Fundamentals account, you can also use your Bank of America business debit card to make $250 in qualified purchases to waive the fee.³
Monthly transaction limit: You'll get 200 free transactions per month with the Business Fundamentals Checking account and 500 per month with the Business Advantage Relationship account.⁴ Additional transactions will cost $0.45 each.³
Cost of international payments ⁵ ⁶: When sending international wires, you'll be charged fees, and the exchange rate will vary depending on the transaction. Their all-in pricing may include profit, costs, charges, fees, and markups. Outbound international wires sent in US dollars cost a wire fee of $45. If you send money in foreign currency, the fee is $0, but you’ll need to watch out for other hidden fees.
Wells Fargo is a well-known American multinational company with a significant global presence. They have three business accounts: Initiate Business Checking, Navigate Business Checking, and Optimize Business Checking.⁷
Minimum balance requirement: For their Initiate Business Checking account, you'll need to maintain a $500 minimum daily balance or a $1,000 average ledger balance to waive the monthly fee.⁷ The Navigate account requires you to have a $10,000 minimum daily balance or $15,000 average combined business deposit balances.⁷
Cost to open an account: Opening any business checking account at Wells Fargo requires a minimum initial deposit of just $25.⁷
Monthly fee: The monthly fee for the Initiate Business Checking account is $10, $25 for the Navigate Checking and $75 for the Optimize Business, but it can be waived if you meet one of the minimum balance requirements mentioned above.⁷ ⁸
Monthly transaction limit: You'll enjoy 100 free transactions per month with the Initiate Business Checking account and 250 free transactions per month with the Navigate and Optimize accounts. After that, additional transactions will cost $0.50 each.⁷ ⁸
Cost of international payments: The cost of international payments with Wells Fargo varies depending on the transaction. In addition to the fees, the exchange rates will also fluctuate based on market conditions, and there is often a markup. Note that the Optimize account offers 5 free outgoing wires.⁸ Otherwise, it’s $45 to send in US currency and $35 if you’re sending in foreign currency for each transfer, with a $5 discount if they’re repetitive outgoing transfers.⁸
PNC is a well-established financial institution in the US. As the new home for BBVA customers, it has a range of great business checking options to consider: Business Checking, Business Checking Plus, Non-Profit Checking, Business Interest Checking, Treasury Enterprise Plan, and Analysis Business Checking.⁹
Minimum balance requirement: ⁹
- Business Checking: $500
- Business Checking Plus: $5,000
- Non-Profit Checking: $500
- Analysis Business Checking: Depends on the average monthly collected balance of the account.
- Business Interest Checking: $5,000
- Treasury Enterprise Plan: $30,000 average combined monthly collected balance in all checking accounts
Cost to open an account: Opening any business account with PNC requires a minimum deposit of $100.⁹
Monthly fee: ⁹ The monthly fee for each account is as follows -
- Business Checking: $12
- Business Checking Plus: $22
- Non-Profit Checking: $5
- Analysis Business Checking: $25
- Business Interest Checking: $25
- Treasury Enterprise Plan: $50
Monthly transaction limit: Most PNC business checking accounts offer a certain number of free transactions per month. After that, additional transactions will cost $0.50 each. Here’s how many free transactions per month you can expect based on the account type:
- Business Checking: 150
- Business Checking Plus: 500
- Non-Profit Checking: 150
- Analysis Business Checking: None
- Business Interest Checking: 150
- Treasury Enterprise Plan: 2,500
Cost of international payments: ⁹ The cost of international payments with a PNC account is quite high. Outgoing international transactions of the same currency are $135 each, while cross-currency conversions are $110 each. There are also likely currency conversion fees (for cross-currency conversions) and potentially other charges.
PayPal is a global online payments giant that many businesses already use for their payment processing needs. While not a traditional bank, PayPal does offer some features that could be useful for managing your business finances. Let's take a closer look:
Minimum balance requirement: There is no minimum balance requirement for a PayPal business account.¹⁰
Cost to open an account: Opening a PayPal business account is also completely free.
Monthly fee: There is no monthly fee for a standard PayPal business account.
Monthly transaction limit: PayPal doesn’t have any specific transaction limits, monthly or daily. If you have a verified account, you can send up to $60,000 per transaction.¹¹ But you can be limited to $10,000 for a single transaction, depending on your currency.
Cost of international payments: PayPal charges a fee based on the transaction volume plus a fixed fee based on the currency (e.g. $0.49 for USD).¹² The exchange rates for currency conversion might also be marked up above the base exchange rate. If they have to convert your payment, the minimum rate is 3% to 4%.¹² You can see how Wise is 19x cheaper in this PayPal Business Price Comparison Research.
Venmo, owned by PayPal, is a popular mobile payment app that's gained traction among individuals for its ease of use and social features. The platform doesn't offer traditional business checking accounts and certain business features, but they have a Business Profiles feature that could be useful for small businesses and freelancers.
Minimum balance requirement: There's no minimum balance requirement for a Venmo account with a Business Profile.
Cost to open an account: Opening a Venmo account is free.
Monthly fee: Venmo doesn't charge a monthly fee for its Business Profiles.
Monthly transaction limit: Venmo doesn’t have a monthly transaction limit, but there are limits on individual transactions and rolling weekly limits. If you haven’t verified your account, your weekly spending limit is $299.99, while for authorized merchants, the weekly rolling limit is $6,999.99 for person-to-person, online payments, and more.
Cost of international payments: Currently, Venmo only supports transactions within the United States, so international payments aren't an option through this platform.
Revolut is a rapidly growing fintech company that offers innovative financial solutions for businesses, including their Revolut Business Account. Designed to make managing your finances easy, Revolut could be a good option for modern businesses.
Minimum balance requirement: Revolut Business Accounts don’t require a minimum balance.
Cost to open an account: You can join Revolut for free
Monthly fee: Revolut has a free plan with no monthly fee, but they also have various pricing plans for companies and freelancers with exclusive features, perks, and higher allowances. For companies, their paid plans include Grow ($39.99/mo), Scale ($149.99/mo) and Enterprise - a custom plan tailored for larger businesses.¹³
Monthly transaction limit: There aren’t any monthly transaction limits, but there are certain daily limits for specific currencies. All SWIFT transfers are unlimited.¹⁴
Cost of international payments: Revolut is known for its competitive exchange rates, offering the interbank exchange rate for most currencies during market hours. There are also limited free international payments with paid plans - 10 with Grow and 50 with Scale.¹³
Payoneer is a global payment platform focused on helping international businesses send and receive payments worldwide. They offer an array of account types for small and medium businesses, enterprises, online sellers, freelancers, and Amazon-specific sellers.
Minimum balance requirement: Payoneer has no minimum balance requirement.
Cost to open an account: Opening a Payoneer account is free.
Monthly fee: Payoneer doesn't charge a monthly fee for their accounts, but if you keep your account open for 12 months without making any transactions, you’ll be charged a $29.95 fee.¹⁵
Monthly transaction limit: Payoneer doesn't impose a specific monthly transaction limit. Fees are applied based on the transactions you carry out, such as receiving payments or currency conversions.¹⁵
Cost of international payments: Payoneer is designed to facilitate international transactions. If the person you’re sending money to has a Payoneer account, you can send money to their account for free. When it comes to exchange rates, they base them on wholesale currency market rates at the time you’re making the transaction. As well as this, Payoneer charges a currency conversion fee of 0.5%.¹⁷
Chase was founded in 1877 and is a long-time respected US financial institution. Their business accounts are popular for businesses that are projected to scale, but note that their fees and features can vary depending on your state. They have three business accounts: Chase Business Complete Banking, Chase Performance Business Checking, and Chase Platinum Business Checking.¹⁸
Minimum balance requirement: For their Chase Business Complete Banking℠ account, you'll need to maintain a $2,000 minimum daily balance.¹⁸ The Performance account requires a $35,000 combined average beginning day balance, while the Platinum account needs you to maintain $100,000.¹⁸
Cost to open an account: Opening a Chase Business Complete Banking℠ account typically requires a minimum deposit of $25.¹⁸
Monthly fee: The monthly fee for the Chase Business Complete Banking℠ account is $15, $30 for the Performance Checking, and $95 for the Platinum Checking. These fees can be waived if you meet one of the minimum balance requirements or other criteria mentioned on their site.¹⁸
Monthly transaction limit: Each account offers different monthly transaction limits. The Chase Business Complete Banking℠ account offers 100 free transactions per month, the Performance account offers 250, and the Platinum offers 500. After that, additional transactions will cost a few cents extra.¹⁸
Cost of international payments: ¹⁹ Fees for international payments with Chase varies depending on the transaction. For online international US dollar transactions, it’s $40 per transfer. For international transactions made in a foreign currency, it’s $5 per transfer or $0 if the amount is $5000 USD or more. Sending money internationally at a branch is a little more expensive, at $50 per transfer. If you have a platinum account, your four most expensive outgoing wires per month are included at no charge.
Citibank is a renowned global financial institution offering a diverse range of banking services for individuals and businesses alike. With a strong international presence and a variety of features, Citibank's four business checking accounts are sure to accommodate many. There’s the CitiBusiness Streamlined Checking Account, Flexible Checking Account, Analyzed Checking Account, and Interesting Checking Account.¹⁹
Minimum balance requirement ¹⁹
To waive the monthly fee, you can keep a monthly balance of:
- CitiBusiness Streamlined Checking Account: $5,000
- CitiBusiness Flexible Checking Account: $10,000
- CitiBusiness Analyzed Checking Account: Not available
- CitiBusiness Interest Checking Account: $10,000
Cost to open an account: CitiBusiness accounts only require a $1 deposit to open up your account.¹⁹
Monthly fee: ¹⁹
The monthly fees are as follows:
- CitiBusiness Streamlined Checking Account: $15
- CitiBusiness Flexible Checking Account: $22
- CitiBusiness Analyzed Checking Account: $24
- CitiBusiness Interest Checking Account: $22
Monthly transaction limit:
Each account has different transaction limits: ¹⁹
- CitiBusiness Streamlined Checking Account: 250
- CitiBusiness Flexible Checking Account: 500
- CitiBusiness Analyzed Checking Account: None
- CitiBusiness Interest Checking Account: 25
Additional transactions will cost an extra fee.
Built specifically with small businesses in mind, Wise Business offers a ton of perks that make it super attractive for companies like yours.
Wise Business has no hidden fees or exchange rate markups. Plus, their international account is a game-changer for businesses dealing with multiple currencies. Whether you're paying freelancers abroad or accepting ecommerce payments from customers, Wise Business has got your back.
|Some key features of Wise Business include:|
|Better visibility and organization of business finances. This is helpful for account reconciliations and audits.|
|Administration controls for users. It’s possible to allow team members to carry out specific tasks.|
|Receive payments from e-commerce platforms (such as Amazon or Stripe)|
|Create invoices using the Wise invoice generator or invoice templates.|
|Features for bill payment, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation.|
|Batch payment options. This allows the fast payment of up to 1,000 people, by uploading a spreadsheet.|
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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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