Best Multi-Currency Business Bank Account (US)
Whether you’re paying, receiving, or spending, managing multiple currencies should be the least of your worries. The following multi-currency accounts include n
All business owners and entrepreneurs should have a business checking account to help them manage their money.
There are many different business accounts out there, with options from major banks, credit unions and online providers. If you’re not sure which will work best for you, focusing on finding an account which is free to open and comes without monthly fees makes good sense.
This guide covers a range of accounts which have no maintenance fee to pay - or where the maintenance charge can be offset or avoided easily. Don’t forget to check all of the additional fees associated with the accounts you’re researching before you commit to one, including transaction costs, ATM charges and fees for depositing money into the account.
If it’s time for you to get yourself a business checking account, you’ll want one which is convenient to use, offers the features you need, and doesn’t cost too much to operate.
Some traditional banks offer business checking accounts which come with no monthly fees, or will waive the maintenance charge if you meet certain conditions. If you’d rather have the familiarity of a brick and mortar bank, these might be a good choice — although online business accounts are often cheaper overall. More on that in a moment.
Here are a few of the business checking accounts you might want to consider, from large banks:
US Bank Silver Business Checking - an account which allows customers to make 150 free transactions, and 25 cash deposits per month for no charge.
BBVA Business Connect Checking — unlimited digital transactions fee free, no minimum balance requirements and no service charge.
First Citizens Basic Business Checking — no monthly charge or minimum balance, and you can deposit up to $5,000 a month for free, plus 175 fee free transactions per statement cycle. You’ll also get a business debit card and access to online banking.
First National Bank Business Free Checking — no service fee, or minimum balance, and you’ll get 150 free transactions per month. Transactions cost $0.25 once you exceed that limit.
Bank OZK Small Business Checking — you’ll need to deposit $100 to open your account but there’s no service fee or minimum balance to worry about once you’re up and running. Customers also get 250 fee free transactions per month
If you prefer the convenience of banking on the go, choosing an account operated by an online provider can work well. Typically you’ll find great customer service over the phone and online, and the features and fees are often attractive. Here are a couple of popular choices for small businesses:
Wise borderless account for business — no minimum balance or monthly fee. They’re not a bank, but a terrific alternative or supplement account for international transactions. Great for businesses working with customers or suppliers overseas, as you can hold multiple currencies, and switch between them using the mid-market exchange rate. There’s no currency conversion markup, just a small transparent fee, and you’ll also get your own bank details for major currencies like euros, Australian dollars and British pounds.
Axos Basic Business Checking — $1,000 minimum opening deposit, but no monthly fee or minimum balance after opening. You’ll get free online banking and remote deposit services — deposit up to 60 items for free, and get 200 free transactions per month
If you’re thinking of opening an account with a traditional bank, it’s worth checking with your preferred provider, if you can open an account online for convenience. Some banks, such as BBVA, will allow sole proprietors to open an account without necessarily needing to visit a branch.¹
To delve into account features, check out our comparison of the best free business checking accounts in the US.
If you’re thinking of getting a business checking account with a local bank, you’ll be able to find options to suit. Here’s a list of some of the most popular banks and their free business checking accounts, by state.
Ameris Bank: Business Checking
Iberia Bank: Free Business Checking
Trustmark: Free Business Checking
National Cooperative Bank: Basic Business Checking
Northrim Bank: Business Edge Checking
Comerica Bank: Basic Business Checking
FirstBank: Business Checking
Iberia Bank: Free Business Checking
Beneficial State Bank: Small Business Checking Account
Comerica Bank: Basic Business Checking
FirstBank: Business Checking
Ent Credit Union: Free Business Checking
Partner Colorado Credit Union: Basic Business Checking
Affinity Federal Credit Union: Business Checking
Washington Trust: Small Business Checking
Artisans’ Bank: Free Business Checking
National Cooperative Bank: Basic Business Checking
United Bank: Free Business Checking
Ameris Bank: Business Checking
Capital Bank: Better Business Checking
Comerica Bank: Basic Business Checking
The First: First Free Business Checking
Iberia Bank: Free Business Checking
Popular Community Bank: Totally Free Business Checking
Trustmark: Free Business Checking
Ameris Bank: Business Checking
Iberia Bank: Free Business Checking
Bank of Hawaii: Business Checking
Bank of Idaho: eBiz Advantage Checking
Central Bank: Free Small Business Checking
MainSource Bank: Free Business Checking
Old National Bank: Free Business Checking
Wintrust Bank: Entrepreneur Checking
Horizon Bank: Micro Business Checking
MainSource Bank: Free Business Checking
Old National Bank: Free Business Checking
Wintrust Bank: Entrepreneur Checking
Alliant Credit Union: Business Checking
Arbor Bank: Simple Business Checking
Bank 1st: Business E-Checking
Arvest Bank: Free Small Business Checking
Central Bank: Free Small Business Checking
Central National Bank: Central Business Value
City National Bank: Best Free Business Checking
MainSource Bank: Free Business Checking
Old National Bank: Free Business Checking
The First: First Free Business Checking
Gulf Coast Bank & Trust: Business Checking
Home Bank: Small Business Checking
Iberia Bank: Free Business Checking
Bar Harbor Bank & Trust: Easy Business Checking
First National Bank: Free Small Business Checking
United Bank: Free Business Checking
Digital Federal Credit Union: Free Business Checking
Washington Savings Bank: Free Business Checking
Comerica Bank: Basic Business Checking
Flagstar Bank: Standard Business Checking
Horizon Bank: Micro Business Checking
Old National Bank: Free Business Checking
Bank Forward: Business 200 Checking
Bell Bank: America’s Best Checking for Business
First National Bank Minnesota: Free Checking
Spire Credit Union: Classic Business Checking
WESTconsin Credit Union: Business Checking
The First: First Free Business Checking
Home Bank: Small Business Checking
Trustmark: Free Business Checking
Arvest Bank: Free Small Business Checking
Central Bank: Free Small Business Checking
Opportunity Bank of Montana: Free Business Checking
Arbor Bank: Simple Business Checking
Central National Bank: Central Business Value
America First Credit Union: Basic Business Checking
Bar Harbor Bank & Trust: Easy Business Checking
Digital Federal Credit Union: Free Business Checking
Affinity Federal Credit Union: Business Checking
The Bank of Princeton: Wise Business Checking
Popular Community Bank: Totally Free Business Checking
United Teletech Financial Federal Credit Union: Free Business Checking
City Bank: Small Business Checking
Affinity Federal Credit Union: Business Checking
National Cooperative Bank: Basic Business Checking
Popular Community Bank: Totally Free Business Checking
Capital Bank: Better Business Checking
First National Bank: Free Small Business Checking
Bank Forward: Business 200 Checking
Bell Bank: America’s Best Checking for Business
City National Bank: Best Free Business Checking
First National Bank: Free Small Business Checking
MainSource Bank: Free Business Checking
National Cooperative Bank: Basic Business Checking
United Bank: Free Business Checking
Arvest Bank: Free Small Business Checking
Central Bank: Free Small Business Checking
Beneficial State Bank: Small Business Checking Account
First National Bank: Free Small Business Checking
United Bank: Free Business Checking
Washington Trust: Small Business Checking
Ameris Bank: Business Checking
Capital Bank: Better Business Checking
First National Bank: Free Small Business Checking
Andes State Bank: Free Checking
Capital Bank: Better Business Checking
Trustmark: Free Business Checking
Comerica Bank: Basic Business Checking
City Bank: Small Business Checking
Iberia Bank: Free Business Checking
Trustmark: Free Business Checking
America First Credit Union: Basic Business Checking
Bank of Utah: Free Business Checking
First Utah Bank: Free Business Checking
Bar Harbor Bank & Trust: Easy Business Checking
Community National Bank: Business Checking
Capital Bank: Better Business Checking
City National Bank: Best Free Business Checking
National Cooperative Bank: Basic Business Checking
United Bank: Free Business Checking
Beneficial State Bank: Small Business Checking Account
First Financial Northwest Bank: First Business Checking
Harborstone Credit Union: Basic Business Checking
City National Bank: Best Free Business Checking
First National Bank: Free Small Business Checking
United Bank: Free Business Checking
Alliant Credit Union: Business Checking
Spire Credit Union: Classic Business Checking
Westbury Bank: Totally Free Small Business Checking
WESTconsin Credit Union: Business Checking
Big Horn Federal Savings Bank: Free Ramcheck
Choosing a business bank account can seem a bit daunting. There are so many different options to choose from it may seem hard to figure out where to start. The best thing to do is to consider the features which really matter to you, based on how you’ll use the account on a day to day basis.
Once you have a short list of accounts which may work for you, it’s time to check the small print. Firstly make sure you’re eligible for the account, and that you have the correct fees and features for your location, as some banks have different terms for different states.
You’ll then want to compare the options based on their opening deposit requirements, maintenance fee, and what the service fee covers. If your account says it offers a fixed number of free transactions per month, don’t forget to look at what type of transactions are included. Services like international payments, for example, may not be covered by this offer, which can become expensive in the long run if you work with overseas suppliers or customers.
In truth, there’s no such thing as a completely free business bank account. There will be fees to pay for some specialist services, and most accounts come with a limited number of free transactions per month, with a charge if you exceed these limits.
The right account for one business will not necessarily be the best choice for another. If you work in a business dealing with cash payments, and need to regularly deposit money into your account, then the fees for this service will be important. However, if you sell digital services, maybe simple online banking and fast payments are key features to look out for.
By thinking about how you’ll use the account you can make sure you find one with low fees where it matters to you. Check out a wide range of accounts, from traditional banks, as well as modern alternatives like the Wise borderless account for business, to see which product suits you best.
Sources:
*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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