M&T Business Banking Review (MandT): Overview, Features, Alternatives

M&T is a premier provider of banking services with a community bank approach. Their solutions are for businesses of all sizes – those who are just starting out and those running an established company.

This review will help you figure out whether M&T is right for your business’s financial needs or whether another financial services provider like Wise could be a better fit.

We're also going to discuss how the Wise Business account is a great option for small businesses looking to conduct international business.

Looking to save while managing your international business needs?

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Trustpilot: 4.2/5 average rating - Great ²⁴
No minimum balance required and no monthly fees

M&T Business Banking Review: Quick Overview

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M&T Business Banking Review: What is it? Key Features

M&T Business Banking is part of M&T Bank’s many offerings. M&T Bank, founded in 1856, has a robust history that doesn’t just focus on banking services but also on building a stronger community. They offer straightforward, easy-to-understand products and base their philosophy on customer experience.⁶

Each checking account has the first three months of its monthly maintenance charge waived and options to waive the charge after those three months for most accounts. There’s also a set number of transactions included in some accounts per month, as well as currency deposits.⁷

The three M&T Business Savings Accounts include:⁸

• Commercial Money Market Savings Account – Offers tiered interest rates ideal for large cash balances.
• Commercial Savings Account – An interest-bearing savings option.
• M&T Market Advantage for Business Savings – Suitable for businesses that maintain a higher average daily balance.

By providing more than one standard business savings account, M&T provides the opportunity for businesses to take advantage of the best interest rates for them.

M&T provides a suite of business products and services that cater to diverse business banking needs, which include:

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Ease of Use

Ease of use is considered with every feature M&T offers. For example, the banking app and digital platform make things simple with a user-friendly interface. Businesses can access anything from transaction services to real-time account inquiries from any device, which means being able to handle banking needs whenever and whenever.

And with the process of financing, cash management, and merchant services incorporated into their services, businesses can enjoy an integrated approach to their business finances.

Positive reviews on Trustpilot talk about their attentive customer service, where the focus is on problem solving and clear explanations. However, some negative reviews from Trustpilot mention issues with direct deposits, cash holding, and banking issues for active-duty military personnel. Keep in mind that these Trustpilot reviews have to do with the non-business side of M&T Banking.¹⁹

M&T Business Banking Fees

M&T has a traditional bank fee structure, with a monthly maintenance charge ($5 - $50 unless you take the steps to waive it) and additional transaction fees. While M&T Bank doesn’t publicly disclose their exchange rates, you can try getting in touch with them via phone or at a branch.

The biggest downside of M&T is their international wire transfer fees, which can be an issue for businesses that work with clients and customers internationally. For outgoing international wire transfers, M&T charges $75, and incoming wire transfers come with a $16 fee. These don’t include the exchange rate and markup fees.²¹

Wise can be a valuable tool for businesses who work with international transactions often. With a Wise account, businesses can send, receive, and hold money in multiple currencies at lower costs than most traditional banks. Businesses can enjoy a pay-as-you-go transparent fee structure and use of the real, mid-market exchange rate.

M&T Business Banking: Benefits and Disadvantages

Let's take a look at the benefits and potential disadvantages of M&T Business Banking.

What are the benefits of M&T Business Banking?

M&T Business Banking comes with a broad spectrum of financing options and comprehensive merchant services that can help businesses grow and meet their financial goals. Their well-rounded approach to business solutions can address a variety of business needs.

What are the disadvantages of M&T Business Banking?

However, this traditional bank definitely has many competitors. As it still comes with traditional banking fees, it’s important to see whether the features and benefits outweigh the potentially high fees and lack of international financial capabilities. You also must visit a branch in person to open a business account.

M&T Business Banking Alternatives

Not convinced that M&T is for you? Here are a few popular alternatives.

Wise Business (Money Service Provider)

Wise is a banking alternative that is great for businesses looking to increase their global reach. They offer an international business account that offers transparent low-fee account. Small businesses will find that it is an intuitive digital account with numerous features, such as accounting software integrations and batch payments, that make their daily tasks easier for their team.

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

Wells Fargo

As a leading banking institution, Wells Fargo also offers a large suite of business banking services. Their platform boasts sophisticated digital and mobile banking tools and a user-friendly experience, just like M&T, but they have a much more extensive network of branches and ATMs nationwide.

PNC

PNC, just like M&T, has offerings that cater to various business needs, sizes, and stages. Its tiered system of banking packages means its solutions can grow with the business itself and provide the chance for businesses to optimize and expand. One aspect that sets PNC apart, though, is its Cash Flow Insight tool. This tool lets businesses get detailed insight into their cash flow and manage, predict, and boost their funds more effectively.²²

M&T Business Banking: FAQ

Still have questions? Let’s explore some of the most frequently asked questions about M&T Business Banking.

Is M&T a good bank for small business?

M&T is a suitable bank for small businesses that require traditional banking services and a range of features such as lines of credit, merchant services for easy payment processing, and cash management services for efficient receivables and payables. With the M&T @Work program, small businesses can also offer financial wellness tools for employees that can indirectly benefit the business through employee satisfaction.

How do I set up a business bank account with M&T?

To begin setting up your business bank account at M&T, you’ll need two primary forms of identification, your tax identification number, and business documentation specific to your business type. Once you have all the required documents, take a look at the checking or savings options offered at M&T to choose one that suits your business needs.

If you’re ready to open an account, schedule an appointment with a Business Banking specialist or visit your nearest branch. From there, you’ll be guided through the application process by a representative and be able to fund your account.²³

Learn More: Best Bank For Small Business in California: Pricing and Features