Chime Business Account Review: 11 Great Alternatives

Chime is an online banking company designed to provide a variety of financial services. With Chime, account holders can get a basic checking and savings account alongside other tools. As Chime has grown, many customers have sought out a Chime business bank account and understand where it’s possible to have a business Chime account.

This article will explore whether Chime has a business account and what is needed for a Chime business account sign-up, as well as strong alternatives to Chime, such as the Wise Business account.

Does Chime have a business account?

Currently, a Chime business bank account does not exist. Chime customers can set up personal checking and savings accounts, but Chime does not offer a Chime small business account for customers.

Don't be sad - there are still plenty of options. We've made a list of the top alternatives below.

Open a business
account with Wise 🚀

US account opening is free while other markets may vary

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Chime Business Account Alternatives
Chime small business account alternatives Wise BlueVine Business Checking Small Business Checking by Bank of America Bank Novo Mercury Business Account Venmo Zelle PayPal Revolut Business Account Payoneer Wells Fargo Make international business easy with Wise.

Chime small business account alternatives

Although there may not be a Chime bank business account, there are plenty of other excellent alternatives for business banking. With a small business bank account, you can send and receive payments on behalf of your business, while also gaining access to additional tools to manage company finances.

1. Wise

The Wise Business account could be the right choice for you if you are seeking a small business account. With Wise Business, you will have a stress-free international account that enables you to manage your company finances and make employee payments easily with no hidden charges or monthly fees.

Wise Business allows you to make payments globally with competitive mid-market rates and receive payments using local bank details. Plus, Wise Business has financial tools such as invoicing, cash flow oversight, and integration with platforms like QuickBooks for seamless management.

Wise is not a bank, but a smart online alternative to traditional business bank accounts.

✅ Benefits:

• Start an account with a marginal fee, no monthly cost and no minimum balance
• Hold 50+ currencies and pay suppliers in 80+ countries
• Receive local bank details to get paid in 10 currencies for free
• Make International transfers that are 3x cheaper than old school banks

Open a business
account with Wise 🚀

US account opening is free while other markets may vary

2. BlueVine Business Checking

The BlueVine Business Checking might be worth considering as a Chime business account alternative. It has a host of features available for small businesses, including a business bank account and a line of credit.

The BlueVine Business Checking Account has some great features for small to medium businesses, such as a competitive interest rate and unlimited transactions, which can be beneficial for small and medium-sized businesses. However, the BlueVine Business Checking account does come with fees for outgoing wire and credit payments that may end up being costly for small businesses¹.

✅ Benefits:

• Pay no fees on ACH payment fees, incoming wire fees
• Pay monthly or minimum balance fees
• Earn 2% interest on account balances up to and including $100,000²

3. Small Business Checking by Bank of America

Bank of America is one of the largest banks in the United States, with a comprehensive small business offering. If you were thinking of getting a Chime bank business account, the Bank of America Small Business Checking is a good alternative. However, Bank of America accounts do have high fees associated with the accounts, so it may not be the best option depending on the business.

With Bank of America’s Small Business Checking account, there are two types of subaccounts. The first one is the Business Fundamentals account, which has a $16 monthly maintenance fee if a minimum account spend of $250 is not met. The second subaccount is the Business Advantage Checking account, which has a $29.95 monthly maintenance fee if a minimum account spend of $2,500 is not met. However, it does have tools for Merchant Services and Payroll, which could be useful³.

✅ Benefits:

• Receive 200 free transactions with a monthly fee
• Open an account: online, over the phone or in person.
• Access to thousands of Bank of America branches and offices, and ATMs
• Integrate with tools, such as QuickBooks and Zelle

4. Bank Novo

Novo Business Checking accounts can be an excellent alternative to a Chime business bank account because it is a digital banking platform similar to Chime. In addition, Bank Novo offers a range of services, including integrations with Wise for small business bank accounts.

The Bank Novo checking account is free for small business owners and has integrations for faster business payment processing. There are no account setup or monthly fees associated with the Bank Novo business accounts. As part of its service offering, Bank Novo has partnered with Wise to offer competitive international payment options to make it easier for businesses to undertake international money transfers.

✅ Benefits:

• Take advantage of zero maintenance fees
• Receive refunds on all ATM fees
• Make free transactions

5. Mercury Business Account

The Mercury Business Account is geared towards small businesses, with zero-fee account options such as free business checking and savings accounts. The Mercury Business bank account also has a vast array of features and tools to help businesses manage their finances in one place.

With a Mercury Business Account, account holders have a ‘banking stack’ of related tools and features. The banking stack includes a checking account, debit card, check and ACH payments, international and domestic money transfers (subject to a 1% transfer fee), and digital financial tools such as QuickBooks integration⁴.

✅ Benefits:

• Digital tools and integrations
• Make domestic and international transfers over 30 currencies
• Get low cost fees

6. Venmo

Venmo started out as a peer-to-peer money transfer service, but it has since expanded into business banking. So while there might not be a Chime business checking account, a Venmo for Business account is available and has a lot of great options for small businesses.

With Venmo for Business, small businesses can create their own free profile and accept payments via QR code. Venmo For Business is mainly designed for retail companies, with tools for making customer checkout faster, and does have seller fees associated with it, at a standard rate of 1.9%+$0.10⁵. Venmo for Business also has similar social networking features as its peer-to-peer version, with business payments appearing in customer feeds as a form of marketing.

✅ Benefits:

• Perform all tasks on mobile
• Get low cost fees
• Receive payments with a QR code

7. Zelle

Zelle is another peer-to-peer payment provider that has since expanded into business banking with the Zelle Business Account. Zelle can be connected to compatible business bank accounts as a payment processor, and there are many eligible bank accounts that can be connected to Zelle.

Zelle is free of charge, but there may be fees depending on the bank account connected to it. It is also important to note that Zelle for Business can only be used for domestic payments and does not offer international payments, which can be limiting. There are also transaction limits associated with Zelle for Business that will vary depending on the bank account that it is linked to.

✅ Benefits:

• Accept digital payments
• Make fast payments if recipient has Zelle and a US email and cell phone number.
• Simplify payments for customers: They need your business phone or email to make a purchase.
• Receive free payments and high limits (depends on your bank).

8. PayPal

PayPal is a payment processor for both peer-to-peer payments as well as business payments. PayPal has many tools and services available for small businesses, including sending and receiving business payments. PayPal has tools for a seamless checkout experience via QR codes for customers and strong security features to ensure each transaction is safe for businesses and customers.

PayPal also has integrations with third-party tools for accounting and cash flow management and includes tools for invoicing that could be useful for businesses, which is 3.49% + fixed fee⁶. However, there are fees associated with the transactions that can end up becoming costly for small businesses if using PayPal as a primary payment processor.

✅ Benefits:

• Receive payments instantly with the use of an email address
• Use a portable card reader for in-person selling
• Integrate with tools, such as your ecommerce store

See the Best Banks for Small Businesses >>

9. Revolut Business Account

Revolut is a digital banking platform that offers online business accounts with international payment options. Using Revolut, small businesses can send and receive both domestic and international payments, and Revolut also provides a competitive mid-market exchange rate for payments.

While the primary bank account is free with Revolut, there are several paid options for increased features and access depending on the size of the business and type of transaction, starting from $39.99 and upwards⁷. Revolut also features integrations with Quickbooks and Xero, similar to Wise, for additional bookkeeping and financial management.

✅ Benefits:

• Manage Revolut business banking through their mobile app
• Integrate with popular accounting software tools
• Access to 200 virtual debit cards

10. Payoneer

For another alternative to a Chime business bank account, Payoneer is one to consider. Payoneer is a convenient and easy to send and receive money, and it is used for both personal and business payments. Similarly to Wise, Payoneer can be used for domestic and international transactions. While there are no fees to send money to other Payoneer accounts, there is a fee associated with transfers outside of Payoneer, which is about 2% of the transaction amount.

There may also be a fixed fee in certain instances based on the type of currency being transferred and where the sender and receiver’s accounts are located if using Payoneer. Both Wise and Payoneer business features are based on providing speed and convenience with each transaction, with competitive rates for international transfers.

✅ Benefits:

• Make payments with zero fees to Payoneer accounts and bank account transfers with a 1% fee
• Send international payments in the recipients preferred currency
• Set up your account for free

11. Wells Fargo

Wells Fargo has small business accounts that could be worthwhile to consider. Like Bank of America, Wells Fargo is a large banking institution with a significant presence in the United States and offers a variety of banking options for small businesses. Account types include a simple business checking account for small-scale operations, a Business Choice, and a Platinum Business Checking account for larger enterprises.

However, Wells Fargo has monthly service fees and minimum account balances, so they may only be suitable for some types of businesses.

✅ Benefits:

• Upgrade to another business account type based on your needs
• Apply online, by phone, or at a Wells Fargo location
• Make cash deposits

Make international business easy with Wise.

Wise makes it easy for businesses to run globally, with a suite of features available to support businesses in a cost-effective manner. With Wise, businesses can easily move money where it’s needed with greater oversight into cash management.

Plus, Wise has the tools you need to pay freelancers in suppliers in no time, with options such as batch payments and competitive mid-market rates to make international payments easy and affordable.

Open a business
account with Wise >>

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Sources:

1. BlueVine - Does my Bluevine Business Checking account have fees?
2. BlueVine - How you can earn 2.0% interest on your Bluevine Business Checking account
3. Bank of America - Business Checking Accounts for Your Small Business
4. Mercury - Explore Pricing | Mercury
5. Venmo - Business Profile Transaction Fees
6. PayPal - Fees | Merchant, and Business | PayPal US
7. Revolut - Business Compare Plans US | Revolut US