How to Set Up Venmo for Business: A Complete Walkthrough
Set up Venmo for your business in just a few steps. Our complete guide explains the process and benefits of accepting payments via Venmo.
Best Online Banks for Small Business: Fees and Features (Jan. 2024)
Small business owners have unique banking needs. Finding the right online bank to meet those needs can take valuable time and effort. While there are many banks that offer internet banking for business, not all of them provide the same features or benefits.
To help you find the best online bank for your small business, we’ve compiled a list of some of our favorite options, including money services business providers and other financial institutions. This list includes Wise Business, which offers a low-cost account with low fees. It's also great for businesses sending and receiving money from abroad.
Looking to operate your business with less fees?
Get a Wise Business account >>
Trustpilot Rating: Great with 190,000+ reviews ²⁹
Over 300,000 businesses use Wise every quarter
| Table of contents |
|---|
Best Online Banks For Small Business (Includes Money Services Business Providers)
Wise Business
Wise Business is an exciting banking alternative. It offers an international business account. Their customers can hold over 40 currencies and receive in 9 currencies. Wise has no monthly fees or minimum balance requirement, making it a low-cost account.
Features¹
- Make International Payments in Over 70 Countries
- Safeguard Funds with Top Financial Institutions
- No Exchange Rate Markups
- Accounting Software Integration
- Business Debit Card with Adjustable Spending Limits
Pricing²
Take look at their business fees in the table below.
| Feature | Cost/Rate |
|---|---|
| Account Registration | $31 |
| Sending Money | 0.43%+ |
| Monthly ATM Fees | Free for First $100/Month/Account 2% + $1.50/Withdrawal After |
| Account Funding Transactions | 2% |
| Wise Debit Card | $5 |
| Converting Money | 0.43%+ |
Looking to operate your business with less fees?
Get a Wise Business account >>
Trustpilot Rating: Great with 190,000+ reviews²⁹
Over 300,000 businesses use Wise every quarter
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
Axos Bank
Axos is a bank offering financial services online, including checking and saving accounts. They also have solutions tailored specifically for small business banking. These include small business checking accounts; small business savings and money market accounts; and small business CD and CDARS. You can apply for any of these solutions online.³
Features³
- FDIC Insurance on Business Deposit Accounts
- Free BillPay and Image Statements
- Mobile Banking on Mobile App
- Payment Processing Tools from Celero
- Treasury Management
Pricing⁴
| Feature | Cost/Rate |
|---|---|
| Account Analysis Maintenance Fee | $25/Account |
| Deposit Assessment | $0.12/$1,000 |
| ACH Block | $20/Account |
| Agency Fee | $15,000/Request |
| Agency Per State | $5,000/Request |
| Cashiers Check | $10/Item |
| Cashiers Check (domestic processing) | $59/Occurance |
| Cashiers Check (international processing) | $76/Occurance |
| Check Copies | $5/Copy |
| Checks Paid | $0.15/Item |
| Compliance Monitoring | $5,000/Occurance |
| Dedicated RTN Monthly | $15,000/Request |
| Deposit Account Control Agreement Implementation Fee | $250/Agreement |
| Deposit Account Control Agreement Legal Review | $500/Agreement |
| Items Deposited | $0.11/Item |
| Items Deposited (on us) | $0.09 |
| Deposits Processed (OTC) | $1/Item |
| Duplicate Statement | $10/Item |
| Electronic Debits & Credits | $0.18/Item |
| Escrow Agreement Fee | $2,500/Agreement |
| Legal Process | $100/Occurance |
| Account Transfer (manual) | $12/Occurance |
| Negative Balance Charge | $0.10 |
| Overdraft/NSF Daily Maximum (non-analyzed) | $75/Day |
| Overdraft/NSF Fee | $30/Item |
| Paper Statements | $5/Statement |
| Program Management Fee | $20,000/Request |
| Replacement Debit Card (rush delivery) | $50/Occurance |
| Research | $35/Hour |
| Returned Deposited Items & Redeposited Returned Item | $10/Item |
| Stop Payment | $20/Item |
| Verification of Deposit | $35/Request |
| Wire Drawdown Request (manual) | $15/Occurance |
| Wire Incoming Domestic | $5/Item |
| Wire Incoming International | $12/Item |
| Wire Outgoing Domestic (manual) | $50-$100/Item |
| Wire Outgoing International (manual USD) | $50/Item |
| Direct Link Online Stop Payment | $20 |
| ACH Origination | $0.06/Item |
| ACH Batch Processing | $1/Batch |
| ACH Same Day Items | $0.07/Item |
| ACH Sunday Processing Fee | $500/Relationship/Month |
| Commercial Check Print | $1.15-$1.25/Item |
| Positive Pay (check) | $0.10-$5 |
| Outgoing Wire Online Domestic | $9/Item |
| Outgoing Wire Online International (USD) | $25/Item |
| ICL Monthly Maintenance | $100/Relationship |
| Statement CD-Rom w/ Cleared Check Images | $35/CD-Rom |
| Integration Technology Services | $150/Relationship |
| Lockbox Monthly Maintenance | Cost + 20%/Invoice |
| RDC Scanner (single feed) | $45/Scanner |
| RDC Scanner (multi-feed | $65/Scanner |
| RDC Deposit | $1/Deposit |
| Zero Balance Master Monthly Maintenance | $30/Relationship |
| Zero Balance Sub Monthly Maintenance | $20/Account |
American Express
American Express offers many online solutions for businesses. For small businesses, however, they recommend using their Business Checking account. While American Express is an in-person bank, they do put their banking online through their website and American Express Business Blueprint. This app is downloadable on the Apple App Store and Google Play Store.⁵
Features⁵
- Make Payments and Transfers Online or In-App
- Earn Membership Rewards Points
- Business Debit Card
- Connect Your Account with Other Bank Accounts
- Account Management Features
Pricing (for Business Checking Account)⁶
| Feature | Cost/Rate |
|---|---|
| Annual Percentage Yield (APY) | 1.30% |
| Outgoing Domestic Same Day ACH | $10 |
| Outgoing Domestic Wire | $25 |
| Foreign Transaction Fee (debit card purchases & ATM transactions) | 2.7% (in USD) |
SoFi
SoFi is a bank and finance company with a wide variety of digital tools. While they do offer small business financing options, they do not currently offer a bank account specifically for businesses. SoFi does offer personal Checking and Savings accounts and loans. They also help with student loan refinancing and offer helpful “insights” through blog posts.⁷
Features⁷
- Reward Points
- Support Team (available via phone or chat)
- Complimentary Member Benefits
- 24/7 Account Monitoring
- FDIC Insurance on Checking and Savings (restrictions apply)
Pricing⁸
Currently, SoFi has no fees associated with their services, but this is subject to change according to their terms and conditions.
Revolut
Revolut Business offers a global, multi-currency business account that you can open online. They are not a bank but they provide banking services through Metropolitan Commercial Bank. Revolut is most invested in businesses that work overseas, so it may not be the best fit for a small, local business. They also deal with currency exchanges and spend management.⁹
Features⁹
- Physical and Virtual Company Cards
- Control Spend Permissions for Your Team
- Automated Expenses
- App Integrations
- APIs
Pricing¹⁰
Revolut Business has four account plans for companies:
- Basic - $0/month
- Grow - $30+/month
- Scale - $119+/month
- Enterprise - custom pricing
The table below reflects the full range of pricing for services from each of these plans.
| Feature | Cost/Rate |
|---|---|
| International Transfers | Free for First 0-25 $5 After |
| Local Transfers | Free for First 5-1,000 $0.20 After |
| Currency Exchange at the Interbank Rate | Free for First $1,000-$50,000 0.6% After (1% for After Hours Exchanges) |
| Metal Cards | Free for First 0-2 $49/Card After |
Lili Bank
Although it is designated as such here, Lili is not a bank(See Lili Bank alternatives). It is a financial technology company that provides banking services from Choice Financial Group. Lili offers business banking online and on an app available on the Apple App Store and the Google Play Store. They also help with accounting, tax preparation, and invoicing.¹¹
Features¹¹
- Minimal Fees
- Free ATM Use at Over 38,000 MoneyPass ATMs
- Standard and Express ACH Transfers
- Visa Business Debit Card (with cash back)
- 4.15% APY (on savings account)
Pricing¹²
Lili has four account plans for businesses:
- Basic - $0/month
- Pro - $9/month
- Smart - $20/month
- Premium - $35/month
The table below reflects additional fees that may be charged in addition to one of these monthly rates.
| Feature | Cost/Rate |
|---|---|
| ATM Transaction (domestic non-MoneyPass network) | $2.50 + ATM Rate |
| ATM Transaction (international ATM) | $5 + ATM Rate |
| Card Replacement | Free for First Card $5/Card After |
| Deposited Check Returned Item Fee | $25 |
| Express Mail Fee | $20 |
| Funds Transfer Fee (ACH express delivery) | 1.50% ($0.50-$20) |
LendingClub
LendingClub is a bank that offers online and mobile banking for “businesses, institutions, and organizations”. You can access your account online, on their mobile app, or through telephone automated banking. LendingClub is FDIC-insured, using 256-bit encryption for your security. They also have a human team for customer support through online chat, phone, or email.¹³
Features¹³
- Set Custom Transaction and Balance Alerts
- Autobooks (invoice management and accounting)
- Reorder and Deposit Checks
- View Your Account History and Statements
- Make Wire and Internal Account Transfers
Pricing (for Business High-Yield Savings Account)¹⁴
| Feature | Cost/Rate |
|---|---|
| Minimum Opening Deposit | $100 |
| Abandoned Property | $50/Account |
| Out of Network ATM Use | ATM Rate |
| Currency Conversion | .20% |
| Cross Border/International Transaction | .90% |
| Expedited ATM/Debit Card | $35 |
| Domestic Outgoing Business Wire | $18 |
| International Outgoing Wire | $40 |
| Stop Payment | $25 |
The Wise Business Account: Features
Wise offers a set of features that set it apart for businesses. Not to mention that Wise Business users can send and receive transfers internationally without the markups.
| Some other features Wise Business users love |
|---|
| Make purchases or pay your international team at low rates (as low as 0.43%) |
| Get paid without the fees in GBP, USD, EUR, AUD, CAD after a one-time fee |
| Account Software Integration: QuickBooks, Xero, Sage, and Wave |
| Batch payments offer the chance to send up to 1000 invoices in a single click |
| The Most International Account: Hold 40+ currencies at once |
| Transparency: Wise Business is trying to get rid of all your business account fees |
| Most importantly, if you're sending international payouts, then Wise could help. They offer the mid-market exchange and transparent costs, which has attracted over 16 million users to hold, receive, and send money with Wise and save along the way |
Looking to operate your business with less fees?
Get a Wise Business account >>
Trustpilot Rating: Great with 190,000+ reviews²⁹
Over 300,000 businesses use Wise every quarter
Grasshopper
Grasshopper(see Grasshopper alternatives) is a Member FDIC Equal Housing Lender bank. They offer a Small Business Checking Account that you can open online. It is an online only business checking account with up to 2.25% APY and 1% cash back. Grasshopper also offers SBA lending and banking solutions for startups.¹⁵
Features¹⁵
- Open Your Account Online from Any Device
- Unlimited Free ACH Transfers and Incoming Domestic Wires
- 24/7 Online and Mobile Banking
- Free Rewards Debit Card
- Earn Up to 2.25% APY
Pricing (for Innovator Business Checking Account)¹⁶
| Feature | Cost/Rate |
|---|---|
| Domestic Wire Out | $10/Wire |
| International Wire Out | $25/Wire |
| International Wire In | $5/Wire |
| Deposited Item Return | $10/Item |
| Physical Debit Card Replacement | Free for First Card $5/Card After |
| Expedited Debit Card | $25/Card |
| Dormant Account | $5/Month |
| Foreign Item Collection | $30/Item |
| Abandoned Property | $50/Account |
| Levy | $50/Instance |
| Account Research | $25/Hour |
| Subpoena or Summons | $25/Instance |
Found
Found is a financial technology company providing banking services through Piermont Bank. They offer online small business banking through their app. Found’s services are especially tailored to freelancers and self-employed workers. You can download their app from the Apple App Store or Google Play Store.¹⁷
Features¹⁷
- Integrated Financial Tools and Debit Card
- No Credit Check Required for Sign Up
- Calculate Tax Bills
- Auto-categorization for Write-offs
- Auto-save for Taxes
Pricing¹⁸
| Feature | Cost/Rate |
|---|---|
| Instant Withdrawals | 1.75% |
| Found Plus | $19.99/Month or $149.99/Year |
| ATM Fees | ATM Rate |
| International Transactions | Variable |
| Invoice Payment (via debit/credit card) | 2.9% + $0.30 |
| Invoice Payment (via direct debit) | 1% |
| Invoice Payment (via Cash App Pay) | 3.1% + $0.30 |
Relay
Relay is not a bank, but a financial technology company. They provide banking services and FDIC insurance through Thread Bank and Evolve Bank & Trust. For small businesses, Relay recommends using their business checking features. This account comes with FDIC insurance and Visa Zero Liability Protection.¹⁹
Features¹⁹
- Create Up to 20 Checking Accounts
- Physical and Virtual Visa Debit Cards (with adjustable spending limits)
- Consolidate Payments (transfers, wires, checks, cash, e-commerce payouts)
- Automate Transfers and Recurring Payments
- Collect Payment Details from Vendors
Pricing²⁰
Relay has two account plans options for small businesses:
- Relay - $0/month
- Relay Pro - $30+/business/month
The table below reflects additional fees that may be charged in addition to one of these monthly rates.
| Feature | Cost/Rate |
|---|---|
| Outgoing Domestic Wires | $0-$5 |
| Outgoing International Wires | $0-$10 |
NorthOne
NorthOne is another financial company that is not like a typical bank. They offer banking services through The Bancorp Bank. NorthOne’s business account is made to serve small businesses “with on-call support and tailor-made tools”. You can apply for an account with them online and use their services online or via their mobile app, which is available on the Apple App Store and the Google Play Store.²¹
Features²¹
- Instant Payouts from Clients
- Same-day Bill Payment Online
- Accounting Software Integration
- Manage Receipts and Transactions
- Envelopes (organize sales revenue automatically)
Pricing²²
| Feature | Cost/Rate |
|---|---|
| Monthly Fee | $10 |
| Same-day ACH | 1.5% ($1-$15) |
| Send Domestic Wires | $20 |
| Physical Checks | $1 |
| Receive Domestic Wires | $20 |
| Cash Withdrawals | 3rd Party Rate |
Oxygen
Oxygen is not a bank but a financial technology company. They offer digital banking services through The Bancorp Bank. Oxygen’s business account and mobile banking platform are “built for first-time entrepreneurs”. You can use their services online or through their mobile app, which is available on the Apple App Store and Google Play Store.²³
Features²³
- Separate Business Expenses and Personal Spending
- Up to 5% Cashback
- 1% APY on Savings
- Customized Invoicing
- Automated Overdue Reminders for Invoices
Pricing (for Business Deposit Account)²⁴
| Feature | Cost/Rate |
|---|---|
| Domestic Cash Withdrawal (ATM withdrawals) | $3/Withdrawal |
| Card Replacement (with expedited shipping) | $50/Card |
| International Cash Withdrawal (ATM withdrawals) | $5 + 1%/Withdrawal |
| International Transaction | 1% |
| Non-network ATM | ATM Rate |
Square
While they are primarily known for their POS solutions, Square also operates through Block, Inc., which is a financial services company and not a bank. Their banking services are provided by Square Financial Services, Inc. or Sutton Bank. Square’s business banking includes checking, savings, and loans. They mainly support businesses in the food & beverage, retail, beauty, and service industries.²⁵
Features²⁵
- Square Checking and Debit Card
- Instant Access to Funds from Square Sales
- Loan Elligibility from Square Sales
- Automatic Loan Payment
- Up to 1.75% APY on Savings
Pricing²⁶
While Square’s banking services are free, they can only be used through an account for their POS solutions. Square offers three different plans:
- Free - $0/month (+ processing fees)
- Plus - $29+/month
- Premium - custom pricing
The table below reflects additional fees that may be charged in addition to one of these monthly rates.
| Feature | Cost/Rate |
|---|---|
| Payroll | $35/Month + $6/Person/Month+ |
| Email Marketing | $15/Month+ |
| Text Message Marketing | $10/Month + messaging rates+ |
| Loyalty | $45/Month+ |
| Team Plus | $35/Month/Location+ |
| Afterpay | 6% + $0.30 |
Shopify
Known for their e-commerce storefront services, Shopify also offers business financial accounts through Shopify Balance. They offer these services through partnerships with Stripe and Evolve Bank & Trust. This is an extension of Shopify and requires a Shopify store account. However, Shopify Balance is a free service with “zero fees”.²⁷
Features²⁷
- Receive Funds from Shopify Sales Up to 7 Days Earlier
- Open Up to 5 Additional Accounts
- Transfer Funds Through Financial Apps
- Tax Software Integrations (Quickbooks, Freshbooks, Bench, etc.)
- Free Spending Card with Automatic Cashback
Pricing²⁸
While Shopify Balance’s banking services are free, they can only be used through a Shopify account. Shopify offers three different plans:
- Basic - $29-$39/month
- Shopify - $79-$105/month
- Advanced - $299-$399/month
Each option offers free and reduced trial periods.
The table below reflects additional fees that may be charged in addition to one of these monthly rates.
| Feature | Cost/Rate |
|---|---|
| Online Credit Card Rates | 2.4-2.9% + $0.30 |
| Online International/Amex Credit Card Rates | 3.4-3.9% + $0.30 |
| In-person Credit/Debit Card Rates | 2.4-2.7% |
| Third-party Transaction (if not using Shopify Payments) | 0.5-2% |
| Shopify POS Pro | $89/Month/Location |
An International Account: Wise for International Business
Banking with a credit union or a traditional bank is a great option for small businesses. But they also have plenty of drawbacks, like high fees, limited services, and restricted membership. Luckily, Wise offers comprehensive and innovative business solutions.
Wise serves 300k business every quarter in markets all over the world. A Wise account offers the chance to send and receive international payments in multiple currencies.
Whether an instance one-time payment or batch payment, Wise offers competitive rates to customers with the mid-market exchange rate.
- Wise Batch Payments come with account - no need to pay extra for these key features
- Multi-level permissions and alerts gives you complete control over your account
- Link your accounts with top accounting systems: QuickBooks, Wave, Sage, and Xero
- US businesses get local account details in 9 currencies to receive funds after paying a one-time fee
See how much you'll save while sending cross-currency transfers here:
Trustpilot Rating: Great ²⁹
Over 300,000 businesses use Wise every quarter
Sources:
- Wise
- Wise
- Axos Bank
- Axos Bank
- American Express
- American Express
- SoFi
- SoFi
- Revolut
- Revolut
- Lili
- Lili
- LendingClub
- LendingClub
- Grasshopper
- Grasshopper
- Found
- Found
- Relay
- Relay
- NorthOne
- NorthOne
- Oxygen
- Oxygen
- Square
- Square
- Shopify
- Shopify
- Wise TrustPilot
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
Money without borders
Find out more
Best European Business Bank Accounts (2024)
Looking for the best European business bank accounts? Find the best banks and non-banks for your business, as well as their prices, fees, and requirements.
First Citizens Business Bank Review
This First Citizens Business Bank review will cover all you need to decide if it's the best choice for your business!
Oxygen Business Account Review & Alternatives
Oxygen Business Account review will cover all you need to decide if it's the best choice for your business!
Santander Business Checking Review: All You Need to Know
This Santander Business Checking review will cover all you need to decide if it's the best choice for your business!
Citizens Bank Business Checking Review: The Best Choice for Your Business?
This Citizens Bank Business Checking review will cover all you need to decide if it's the best choice for your business!
