Best European Business Bank Accounts (2024)

Got a business registered in Europe? Or maybe your business is in the US, but you trade with Europe, or have overseas contractors or suppliers? You may be wondering about how to open a European account for your business, to manage your money in EUR, GBP or other currencies.

This guide walks through some options from both banks and non-bank alternatives like Wise Business.

You’ll find that eligibility rules apply to all accounts - but non-bank services like Wise could be a good bet for a flexible global account with access to multiple currencies, such as USD, EUR, and GBP services, whether you’re based in the US or Europe.

How to open a European Business Bank Account

You can open a European business account from either a bank or a non-bank alternative provider. Banks based in Europe will typically need you to have a business registered in their country of operation, and for you to have a residential address there too.

This can be limiting if you’re US based but want a business account to manage your money in European currencies. In this case, a non-bank alternative like Wise, Payoneer or Airwallex may appeal. This guide covers all you need to know.

European Business Bank Account Requirements

To open a business account with a European bank you’ll normally need your proof of ID and your local European address in the country your business is registered in. You’ll also need a suite of business documents for verification.

If you live in the US, or if you want a more flexible account option, a good alternative could be to open an account with a specialist provider which offers multi-currency features to hold, receive, send and spend currencies including USD and major European currencies.

To give a flavor of the requirements to open a non-bank business account, let’s look at what you need to open a Wise Business account in the US¹:

• Proof of ID for the account owner
• Your SSN and EIN if you have one
• Business information such as the company name, address, type
• Your personal and contact information, and some details about all shareholders who own more than 25%
• Business documents which vary based on entity type

Applications are managed online or in the Wise app, with no need to be in Europe or visit a physical office or branch. We’ve got more on Wise Business and some other good picks for European business accounts coming up next.

Best European Business Bank and Non-Bank Alternative Accounts

Let's look at a quick introduction to some bank and non-bank accounts you might want to consider for your European business operations.

Wise Business

Wise Business is a non-bank provider which offers global account services to business owners, sole traders and freelancers in the US and many other countries and regions. This could be a good choice if you need to manage your money across USD and other global currencies.

Features and eligibility

You can open a Wise Business account from the US and many other countries and regions, and hold and exchange currencies including USD and select European currencies.

Features include:

• Hold and exchange global currencies including USD, EUR, GBP, and more
• Convert currencies with the mid-market rate and low fees
• Get business expense and debit cards for ease of spending and withdrawals
• Send money - including batch payments - all over the world

See how much you'll pay to send money across borders

Pricing/fees: Please seeTerms of Use for your region or visit WiseFees & Pricing for the most up to date pricing and fee information

Tide

Tide is a UK based electronic money institution, which has business accounts² in GBP for people who have UK addresses and businesses. This could be handy if your European business is based in the UK and you operate mainly in GBP.

Features and eligibility

You can only open a Tide account if you are a UK resident, and have a UK registered business. If you're a UK resident and have registered with the UK tax authorities as a sole trader, there are also account solutions for you³. Features include:

• Various account plans, including savings accounts
• Card services for spending and withdrawals
• Card readers to take customer card payments
• Hold GBP, and send payments in pounds or to EUR
• Business loans and support with company registration in the UK

Costs and Fees

Service	Tide fees
Account opening and ongoing fees	No opening fee Monthly fees from 0 GBP - 49.99 GBP
Card fees	5 GBP/month expense card - some accounts offer cards with no fee as part of the package 1 GBP ATM withdrawal fee
International payments4	Outgoing payments in EUR, within SEPA area only - 0.2 GBP per payment
Currency conversion	0.5% for incoming EUR payments For card spending, the Mastercard rate applies with no additional foreign transaction fee5

Payoneer

Payoneer⁶ is a non-bank alternative provider which has Payoneer business accounts⁷ for freelancers, ecommerce business, and similar company types. Accounts can hold and exchange multiple currencies, including USD and key European currencies.

Features and eligibility

You can open a Payoneer account from the US, and hold and exchange currencies including USD and select European currencies. Features include:

• Receive payments in multiple currencies from customers and marketplace sites
• Convert currencies with low fees
• Get payment cards for ease of access to your money
• Send money to others at home and abroad
• Get working capital and loans

Costs and Fees

Service	Payoneer fees8
Account opening and ongoing fees	No opening fee - a 29.95 USD account dormancy fee applies if you don’t use your account for 12 months
Card fees	29.95 USD annual fee for the first card ordered 3.15 USD for ATM withdrawals
International payments	Up to 3% Some currency payments (eg. USD to the US, GBP to the UK) may have flat fees which come down the more you transact
Currency conversion	0.5% within your account No fee to spend select currencies supported by your card - Foreign transaction fee up to 3.5% for other overseas spending

Starling Bank

Starling is a UK registered digital bank which offers business accounts for UK business owners and residents⁹. You can also add on EUR and USD services for a fee.

Features and eligibility

To open a Starling business account you must have a UK registered limited company, LLP or CIC, and all persons of significant control must be UK resident. You can open a Starling sole trader account if you are a UK resident and meet Starling eligibility checks¹⁰. Features include:

• GBP services as standard, with very low fees
• Cards for payments and withdrawals, with few Starling fees
• Optional extras including foreign currency services and a business toolkit
• Send low cost international payments
• Fully licensed in the UK

Costs and Fees

Service	Starling fees11
Account opening and ongoing fees	No opening or ongoing fee for GBP account - fees apply for EUR and USD account products
Card fees	No card order fee, no Starling ATM fee
International payments12	0.3 GBP where local payment methods are available; 5.5 GBP using SWIFT
Currency conversion	0.4% for international payments For card spending, the Mastercard rate applies with no additional foreign transaction fee

Airwallex

Airwallex¹³ serves business customers, with a particular focus on ecommerce and digital services. Accounts can be opened from the US and in many other countries, and hold 23 currencies.

Features and eligibility

You can open an Airwallex account from the US, and hold and exchange currencies including USD and select European currencies. Features include:

• Hold and exchange 23 currencies with low cost conversion
• Take customer card payments, and receive payments in foreign currencies
• Get debit and expense cards
• Pay suppliers and contractors all over the world

Costs and Fees

Service	Airwallex fees14
Account opening and ongoing fees	No opening or ongoing fees
Card fees	Company cards have no ongoing fees, employee cards are 5 GBP per employee/month
International payments	Free where local methods are available; 10 GBP to 20 GBP using sWIFT
Currency conversion	Network rate with no foreign transaction fee for card spending 0.5% - 1% for payments

Bunq

Bunq¹⁵ is the second largest neobank in the EU, based in the Netherlands, and offers services to residents and business owners in several EU countries.

Features and eligibility

To open a Bunq business account you need a business registered in the Netherlands, Belgium, France, Germany, Austria, Spain, Italy, or Ireland. You must live in the same country your business is registered in¹⁶. Features include:

• Choose from several different account plans including savings options
• Get a debit card for global use
• Local IBANs available for various EU countries
• Send and receive payments, international transfers powered by Wise

Costs and Fees

Service	Bunq fees17
Account opening and ongoing fees	No opening fee, monthly fees from 0 EUR - 23.99 EUR depending on plan
Card fees	Some cards free to order within account plan - fees apply when you exceed your specific plan limits Some plans also offer some free ATM use monthly before fees apply
International payments	Processed in partnership with Wise - 0.13 EUR per payment with the mid-market exchange rate
Currency conversion	0.5% - 1.5% foreign transaction fee for card spending

Opening a European business bank account is fairly easy to do if you live in Europe, and have a European registered business. However, your options may be limited to banks based in the country of your residence - and if you’re in the US, you may find a bank isn’t the right option for your needs. Instead, non-bank providers like Wise Business can offer services in USD, EUR, GBP and more, to let you trade freely across currencies, wherever you and your business are based.

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Sources:

1. Wise - US business verification
2. Tide business account
3. Tide eligibility
4. Tide FAQ - international payments
5. Tide FAQ - international card use
6. Payoneer
7. Payoneer accounts
8. Payoneer pricing
9. Starling business account
10. Starling Bank business eligibility
11. Starling Bank sole trader eligibility
12. Starling business fees
13. Starling international payments
14. Airwallex account
15. Airwallex pricing
16. Bunq
17. Bunq eligibility
18. Bunq fees