Paypal Business vs Wise Business (2025 Guide)
Discover the key differences between PayPal Business and Wise Business. Compare features, fees, and benefits to find the best solution for your business needs.
Free business checking account — Which is best for your business?
Starting or running a business is hard enough without worrying about banking fees eating into your profits. Free business checking accounts are an easy answer to saving money.
Ultimately, the best way to choose a free business checking account is to compare the features and fees of each option and select the one that best meets your needs.
We've done the research to find the best free business checking account. Whether you're a freelancer, a growing startup, or an established company, we've got you covered.
Open a Wise Business account online
with no monthly fees
Quick Overview
| Free business checking accounts | Great for: |
|---|---|
| Wise Business | International payments |
| US Bank Silver Business Checking | In-person banking |
| Axos Bank Basic Business Checking | Unlimited ATM reimbursements |
| Bluevine Business Checking | Earning interest |
| American Express Business Checking | Earning rewards |
| Found Business Banking Account | Bookkeeping and tax tools |
| Grasshopper Business Checking | Unlimited cash back |
| Lili Business Banking Account | Unlimited transactions |
Free business checking accounts: Key Features & Fees
Technology has led to a rise in banks and financial technology companies that can now offer business checking accounts and related products for free. Here are some of the most popular ones that freelancers, startups and small-to-large businesses are using:
Wise Business
Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to 160+ countries.
The Wise Business account works well for freelancers, small-to-medium businesses or large companies that operate internationally. Businesses that frequently send or receive international payments can benefit from Wise.
For example, companies with remote employees or overseas suppliers, freelancers and contractors who invoice international clients, or e-commerce businesses selling products globally.
| Features | Considerations |
|---|---|
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Key features
With Wise Business, you can send money internationally with the mid-market exchange rate and low transparent fees. You always know exactly how much your transfer will cost upfront with no hidden fees.
You can also open local account details for a one-off fee to receive money internationally. This means overseas clients or contractors can pay you in their local currency, which can then be converted to your chosen account currency at the mid-market rate.
Simplify payroll or payouts to international teams with Wise's batch payment feature. Whether you’re sending or receiving, you can hold balances in 40+ currencies in your Wise account, easily converting between them all in one account.
Main fees
- No monthly fee
- Sending money: from 0.35% of the transfer amount
- Receiving local payments (non-Swfit) $0 fee
- Receiving USD wire payments: $6.11
- Receiving Swift payments in 15 currencies: Free
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.
Considerations
While Wise offers competitive exchange rates and a convenient online account, there is no in-person cash deposit option. This may make it unsuitable for businesses dealing mainly with cash transactions.
US Bank Business Account
US Bank has various business banking options that cater to businesses of various sizes. Its free business checking account, called the Silver Business Checking account, has no monthly fees.1
Who it's good for
US Bank business accounts can be a good fit for small to mid-sized businesses with low transaction volume who value in-person banking.
| Features | Considerations |
|---|---|
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Key features
US Bank’s silver-level account excels above other free business accounts with physical branches. With that, US Bank’s account also comes with traditional banking features like the ability to process credit card payments and the ability to sign up for other banking products like loans and lines of credit.
Main fees
- $0 monthly maintenance fee
- $100 opening deposit
- $0.50 for each transaction above 125 per month
- Domestic wire fee: $14 incoming, $40 outgoing
- International wire fee: $16 incoming, $75 outgoing2
Considerations
While US Bank does have a physical bank presence, its branch locations are focused on the Midwest and Western regions of the US. You’ll also pay fees if you do more than 125 transactions (such as deposits, debit card transactions, ACH payments and checks).
US Bank’s fees for wire transfers are also higher than most business bank accounts on this list, charging $75 for an outgoing international wire transfer. Consider your international banking needs and explore Wise as an alternative for managing international transfers.
Axos Bank Basic Business Checking
Axos Bank’s Basic Business Checking offers a fee-friendly way to manage your business finances, working well for businesses that primarily operate online and don't need to deposit cash.3
Who it’s good for
Axos’ business account is ideal for freelancers and startups with basic banking needs.
| Features | Considerations |
|---|---|
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Key features
The biggest figure for Axo’s business account is unlimited free transactions. Another unlimited feature includes unlimited ATM fee reimbursements for any transactions at a domestic ATM.
And unlike some online-only banks, you can still access certain traditional business banking products with Axos, such as merchant services for accepting debit and credit card payments.
Main fees
- $0 monthly maintenance fee
- No minimum opening deposit
- Domestic wire fee: $0 incoming, $15 outgoing
- International wire fee: $0 incoming, $50 outgoing4
Considerations
The Axos Bank Basic Business Checking is a solid option for startups and freelancers who prioritize low fees and basic functionality. However, businesses wanting to collect interest on their balance and doing business internationally may want to consider other options on our list.
Bluevine Business Checking
Bluevine Business Checking is an online-only business checking account offering interest on your balance and no monthly fees.5
Who it’s good for
BlueVine’s business account is ideal for businesses that want an online banking solution with the ability to earn interest.
| Features | Considerations |
|---|---|
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Key features
Bluevine’s account comes with no monthly fees and unlimited transactions. This works well for businesses that generate a high volume of checks, debit card transactions or ACH transfers. You can also earn 2.00% APY on balances up to $250,000.
Main fees
- $0 monthly maintenance fee
- No minimum opening deposit
- Check payments from its dashboard: $1.50 per check
- Domestic wire fee: $0 incoming, $15 outgoing
- International wire fee: $0 incoming, $25 outgoing
- 1.5% fee for payments made in foreign currencies6
Considerations
If you want to earn 2.00% APY on your checking balance you’ll need to meet the qualifying criteria, which include spending $500 per month with your debit card or receiving $2,500 a month in customer payments.
American Express Business Checking
American Express offers business solutions beyond just credit cards. They offer their American Express Business Checking account with some unique features that can be attractive to certain businesses.7
Who it's good for
American Express’ business account is ideal for small businesses that want to earn rewards on business purchases.
| Features | Considerations |
|---|---|
|
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Key features
American Express’ business account comes with no monthly fee and no minimum initial deposit. And unlike many typical checking account debit cards, you can earn rewards by using the debit card. You earn 1 Membership Rewards point for every $2 you spend.
Business accounts also earn 1.30% APY on their balances up to $500,000, with no qualifying requirements.
Main fees
- $0 monthly maintenance fee
- No minimum opening deposit
- Domestic wire fee: $0 incoming, $25 outgoing
- International wire fee: $0 incoming
- Foreign transaction fee: 2.7% of the amount
Considerations
To make international payments, you’ll need to sign up for the American Express Global Pay platform. Also, since it is an American Express-issued debit card you’ll need to be mindful of being able to use it at businesses that accept American Express.
Found Business Banking Account
The Found business banking account combines a business checking account with a suite of built-in financial tools.8
Who it's good for
Found is ideal for freelancers needing an account with built-in bookkeeping and tax tools.
| Features | Considerations |
|---|---|
|
|
Key features
Found offers a mobile-first solution for freelancers and independent contractors in the US. The primary benefit of Found’s business product is the integrated bookkeeping and tax tools like expense tracking and built-in invoicing.
Main fees
- $0 monthly maintenance fee
- No minimum opening deposit
- Found Plus is $19.99 a month or $149.99 a year (optional)
- Domestic wire fee: $0 incoming9
Considerations
On the downside, Found’s business product does not support sending domestic wire transfers or international wire transfers (sending or receiving). Found is primarily designed for domestic US transactions. Also, note that the free version of its business account does not earn interest.
Grasshopper business checking account
Grasshopper Bank’s Innovator Business Checking account is designed for small and medium-sized businesses needing a free account with unlimited transactions and cashback rewards.10
Who It's Good For
Grasshopper’s business bank account works well for small businesses that want an online-only checking account with cashback. Businesses that make frequent debit card purchases could benefit from this account.
| Features | Considerations |
|---|---|
|
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Key features
The key feature that separates Grasshopper is its unlimited 1% cashback on debit card transactions. It also comes with** no monthly transaction limits** for things like debit card purchases and ACH transfers.
You can also earn up to 2.25% APY on your business checking balance. However, it is tiered based on your account balance. For example, if your account balance is less than $25,000 the APY is 1.51%.
Main fees
- $0 monthly maintenance fee
- $100 opening deposit requirement
- Domestic wire fee: $0 incoming, $10 outgoing
- International wire fee: $5 incoming, $25 outgoing11
Considerations
On the downside, Grasshopper has no physical branches and doesn’t accept cash deposits. It also requires $100 as an initial opening deposit requirement.
Lili Business Banking Account
Lili’s business banking account is a mobile-first business banking solution offering a user-friendly interface and low fees.12
Who it’s good for
Lili’s account is best for freelancers and solopreneurs who only operate domestically. As well as those that manage their business finances digitally.
| Features | Considerations |
|---|---|
|
|
Key features
Lili’s business account pairs no monthly fee with unlimited transactions. It also offers no foreign transaction fees, ACH fees, or overdraft fees. Its main marketed feature of accounting and expense tools, however, requires a monthly fee to access.
Main fees
- $0 monthly maintenance fee
- No minimum opening deposit
- $9 to $33 per month for access to premium features like expense management tools and tax and accounting software13
Considerations
Lili is a domestic-focused bank and doesn't offer international money transfers or multi-currency accounts. Lili’s business accounts also do not support receiving domestic wires or international wires (sending or receiving).
Conclusion: Which is the Best Free Business Checking Account?
The best free business checking account depends on your specific business needs. For example, consider how low-fee transactions or quick, secure international payments can help you grow your business and its profitability.
Discover Wise Business: International Transactions Made Easy
Wise Business makes international payments a breeze. You can focus on growing your business globally and save money when you:
- Make International payments at the mid-market rate: You get the exchange rate you see on Google, without any hidden fees.
- Easy batch payments: Send payments to multiple employees overseas in one go, saving you time and hassle.
- Receive payments like a local: Get virtual bank accounts with local details so you can receive payments internationally without hefty fees.
You can easily open an account online, and there is no opening deposit or minimum balance required. Opening a Wise Business account is free in the US, and there are no monthly subscription fees to worry about either.
Open a Wise Business account online
| Some key features of Wise Business include: |
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Sources:
- US Bank - Business Checking Accounts
- US Bank - How much does a wire transfer cost?
- Axos - Basic Business Checking
- Axos - Small Business Deposit Account Agreement and Schedule of Fees
- BlueVine - Business Checking
- BlueVine- Get more for your money with no monthly fees
- American Express - Business Checking
- Found - Business banking that does more
- Found - Choose the plan for your
- Grasshopper - Banking Solutions
- Grasshopper - Innovator Business Checking Fee Schedule
- Lili - Business Banking
- Lili - Plans
All sources checked June 2024
*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.
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