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.
Finding the right business checking account isn’t always the easiest. Many options are available, and not all offer the best features that make sense for your business.
When evaluating business checking accounts, it’s crucial to look at accounts and fees when comparing alternatives. This article will look at the KeyBank business checking account, including features and fees, as well as other options such as Wise Business, which offers low fees and savings on international transactions
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KeyBank offers a variety of business checking accounts for growing businesses. The KeyBank Business Checking account provides features to help businesses monitor their business income and spending.
There are four types of business accounts available at KeyBank, including:
Overall, the KeyBank Business Checking account comes with the basic functionalities needed for small businesses. It also has additional features that could help businesses.
Essential elements of the KeyBank business account include tools and services such as fee-free deposits and multiple physical locations. KeyBank also offers online and mobile banking. However, it does have some limitations, such as fees for foreign transactions, which could prove costly for businesses.
To better understand whether the KeyBank business checking account is the best option for your business, it’s crucial to look at what features the account offers. There are a few different options available, each with its own pros and cons depending on the number of transactions and business cash flow.¹
KeyBank Basic Business Checking¹ | KeyBank Business Interest Checking¹ | KeyBank Business Rewards Checking¹ |
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200 combined transactions allowed per month |
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$5 fee | $15 fee | $25 fee |
No interest No discount on wire transfer | No wire transfer discount | No interest |
KeyBank business accounts can be a great choice for some businesses, but may not be the right fit for others. Some pros and cons of the KeyBank Business Checking account include:
Did you know!? Wise Business helps you save on overseas transactions |
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Save on international transactions with
Wise Business account >>
KeyBank offers additional business accounts for customers, including the KeyBank Business Savings account. These types of accounts are not generally designed for everyday business transactions, but are more of a savings tool for growing businesses to build their reserve.
With KeyBank Business Savings Accounts, businesses can earn interest on small and large balances. No fees are charged as long as the account has a minimum deposit, with up to six transfers available depending on the type of account chosen.²
While KeyBank has quite a few types of business checking accounts available, there are lots of alternatives available as well. KeyBank business checking accounts offer many tools and services for business. However, evaluating these against KeyBank alternatives can help you in making the best decision possible for your business to ensure its continued financial growth.
Before you decide on which KeyBank business account is best for you, let’s look at some of the KeyBank alternatives that should be explored for business checking accounts.
Fees and Requirements | KeyBank¹ ⁵ |
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Monthly Fee | $5 waivable monthly service fee |
Minimum Deposit | $1,000.00 |
Minimum Opening Deposit | Minimum opening deposit of $25 is required. |
International outgoing wire transfer fees | 3% of transaction amount |
Online account opening | No, must be done in person |
Wise Business accounts are best for businesses that are looking to scale while managing their cash flow effectively. Wise Business offers a variety of tools and features that simplify business banking and offers competitive features to help businesses run more efficiently. Wise Business accounts include financial management tools, easy and competitive foreign exchange options to pay international suppliers, and no fees for accounts.
Fees and Requirements | Wise Business |
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Monthly Fee | None |
Minimum Deposit | None |
Minimum Opening Deposit | None |
International outgoing wire transfer fees | On average: $4.14 wire transfer fee |
Online account opening | Yes |
The Wise Business account offers your business a global way to conduct business and save while doing so.
Keep your Wise account handy for international transactions, or use it for your every financial management. Wise Business includes day-to-day tools:
M&T Bank has many options for business banking, including a Business Simple Checking Account. The M&T Business Banking accounts are designed to help businesses manage their cash flow, and keep business finance separate from personal banking to make financial
management a smooth and easy process.⁴ However, M&T Bank does have high fees for any international transactions made with a business banking account.
Fees and Requirements | M&T Bank⁶ |
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Monthly Fee | $10 - however, monthly fees may be waived for the first 12 months |
Minimum Deposit | $10,000 |
Minimum Opening Deposit | n/a |
International outgoing wire transfer fees | $75.00 |
Wlecome Bonus | None |
Online Access | Yes |
Online account opening | Yes |
PNC Bank also has options for business banking, specially designed for small businesses. PNC Banking has a Small Business Checking account, which is the basic account available. This type of account is best if the business does not make a lot of transactions day-to-day. The PNC Bank is designed to be a simple and convenient option. However, PNC Bank does not offer online international wire transactions, as these types of transactions can only be made at a local PNC Bank branch.
Fees and Requirements | PNC Bank⁸ ⁹ |
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Monthly Fee | Between $10 and $50, depending on account type. May waive fees for the first 12 months |
Minimum Deposit | $500 |
Minimum Opening Deposit | $100 |
International outgoing wire transfer fees | $45 - note that international transactions cannot be done online, only in person at a PNC branch |
Online account opening | Yes |
Wells Fargo is a major consumer bank that also offers business bank accounts for small and large businesses. Wells Fargo has multiple types of business bank accounts, including business checking and savings accounts.
Wells Fargo has simple business checking accounts that are best for lower numbers of transactions and smaller business balances. Wells Fargo also has account options designed for larger businesses.
Wells Fargo business banking accounts also offer options for international transactions, but the foreign exchange rate offered by Wells Fargo is not the mid-market rate. Therefore, it may not be as competitive compared to other options, such as Wise Business, and it ultimately costs businesses more for international payments.
Fees and Requirements | Wells Fargo¹⁰ |
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Monthly Fee | $10 |
Minimum Deposit | $500 minimum daily balance or a $1,000 average ledger balance |
Minimum Opening Deposit | $25 |
International outgoing wire transfer fees | $16 for international transfers |
Online account opening | Yes |
Read more about Wells Fargo >>
Many independent contractors, online businesses, and freelancers use Wise Business to save on pricey currency conversions and international fees, not to mention handle their domestic business earnings.
Wise Business offers local account details in GBP, EUR, USD, AUD, CAD, and more. Pay a one time fee of 31 USD and start receiving your hard-earned money without the extra fees.
Wise is 2x cheaper than traditional banks and 19x cheaper than PayPal when sending money overseas
Wise offers instant payments to freelancers and suppliers. That means businesses can pay them quickly without waiting for payment processing times or long transfer periods. Plus, they can set up regular batch payments, so they don’t have to worry about making multiple transfers each month.
Most importantly, Wise customers save on transfers overseas.
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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