How does PayPal Business Work? An Overview
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The Oxygen Business Account could be a solid option for small businesses looking for a low-cost, easy-to-setup option. One of their top concerns for small businesses is often the fee structure. Oxygen customers can opt out of fees for account services and ATM withdrawals.
This article will cover some of the pros and cons of the Oxygen Bank Business Account and help you decide if this account could be a good fit for you.
❗Oxygen Bank recently announced that it plans to pause its services temporarily. You may be unable to apply for a checking account in the near term.
Methodology: The team of dedicated content experts at Wise research each provider thoroughly, uncovering the key features, fees, and pros and cons to watch out for. This is then collected into an easily digestible format, to save you time and hassle when looking into a provider. |
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The Oxygen Business Account is a small business checking account. It does not require a minimum amount to open or maintain the account. Oxygen also does not charge monthly fees or ATM fees.
Oxygen Business has an app that customers can use to manage their accounts. Customers can also use this app to set up a limited liability company. These features can be great for smaller businesses looking for low-cost banking solutions.
Setting up and managing your account with the Oxygen mobile app is relatively easy. Users on independent review site, Trustpilot, have mentioned that it is easy to send money from their business account to their personal account. They have also enjoyed the lack of fees and favorable rewards.
The Oxygen Business Account Reviews are mixed. Some users have also mentioned that they have to pay fees to withdraw money from some ATMs. Others noted that the annual fee for some plans is too high. Most of the recent negative reviews are from customers who are unhappy about the company closing their Oxygen Business Bank Accounts.
It may be harder to reach someone from customer service because Oxygen is currently receiving many customer calls due to account closures.
Oxygen has pretty strong customer service2, as customers can call or chat with the company during standard hours. You can call Oxygen between 08:00 and 20:00 Monday through Friday. You can also call between 09:00 and 17:00 on weekends and bank holidays.
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Oxygen offers multi-tiered plans3 for its business-checking customers. It provides one free plan that allows customers to withdraw up to $40,000 from ATMs with no fee. Its other plans include its water, air, and fire plans, which charge an annual fee between $49 and $299.
However, these plans offer higher yields on savings accounts and higher cash-back bonuses. For example, the fire plan has an annual fee of $299 but offers 6% cashback and a 2.4% savings yield.
The Oxygen Business Account may not be the best option if you want to operate abroad or have foreign customers or clients. Oxygen does not offer international wires4 for its customers. Moreover, customers must pay a $5 fee to use their card at an international ATM.
💡 Wise Business may be a good fit for your business if it needs to perform international transactions. It allows you to use around 40 different currencies and offers the mid-market exchange rate. Wise also has a transparent fee model and no hidden fees. |
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The Oxygen Business Account can be an excellent choice for smaller businesses that want to avoid fees. However, there are some restrictions to note. This account may not be the best fit for companies with international operations.
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Oxygen recently announced that it was temporarily closing its customer accounts to fully focus on its health business. This recent development has taken many small business owners by surprise.
If you want to open a new Oxygen Business Bank Account, you will need to wait and see if Oxygen decides to offer business checking services again.
If you want to set up a business checking account, there are still many alternatives to explore. Bluevine, Everbank, and NBKC are three solid options6 that offer some of the same features.
NBKC Bank can be a great option as it does not have monthly fees or a minimum deposit requirement. This bank also refunds customers up to $12 for out of network ATM fees.
Everbank Small Business Checking is another account that small businesses should consider. It has multiple checking accounts, which pay customers interest. However, not all of its accounts waive monthly fees, and you need to make a $1,500 deposit to open an account.
Bluevine Business Checking is another popular option. It does not have monthly fees or a minimum deposit requirement.
Wise Business may be a solid alternative for companies with international operations. 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.
A Wise Business account offers many other advantages:
Wise can make things easier for your business if you need to make international payments and hold foreign currencies.
The Oxygen Business Account could be a good option for your business if Oxygen resumes its services soon. This account supports no-fee transactions and has generous rewards.
However, it may not be the best option for small businesses conducting international transactions. If you need to open an account soon, there are other options that offer no monthly fees and online account management.
🔍 Read the guide on how to open a Wise Business account |
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Sources
All sources checked April 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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