Best Business Bank Account for Sole Proprietor: Top Picks for 2025
Discover the best business bank accounts for sole proprietors in 2025, comparing top banks to help you find the perfect fit for your needs.
In the increasingly globalized world, international trade is only growing. In 2021 alone, from January to October, US exports increased by $31.7 Billion, with imports increasing by $30.5 Billion.¹ ²
For this reason, businesses need to use services that can support their international operations and finances, as well as supporting them in their home market.
This is where services such as Veem and Wise come in.
Wise Business can help you take control of your international operations. Manage your multi-currency cash flow with ease, pay invoices in 160 countries and expand your business. |
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Learn more about Wise Business
Founded in 2014 with the intention of simplifying international payments, Veem is a payment processor that created a network for global transactions, designed to give control back to businesses.
They pledge to support businesses of all sizes, empowering them with the help of financial tools and negotiating power.³
Veem allows for the receiving and sending of domestic and international payments, without many of the fees charged by traditional banks.
Here’s a quick summary of Veem’s features, with a side-by-side comparison of Wise’s features.
Feature | Veem | Wise |
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Account set up | Free to open a basic account, $19.99 for the premium account. | Free to open a business account in the US |
Payments | Utilizes blockchain technology for speed and security | Utilizes the mid-market exchange rate for international transfers, saving you money |
Payment time | 2-3 business days but can take longer | 0-4 business days sending from USD, depending on the payment method |
Fees | | Fee for sending varies depending on the currency being sent, the amount, and the method of payment. You can see the exact amount you’ll pay in fees using the Wise fee calculator |
Safety |
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Card | Debit Card | Wise Business card |
Application | No mobile app offered⁴ | Mobile app available |
Let’s dive deep into these features now.
The first step to using Veem is setting up an account.
There are two options:
The Veem basic account is free. This account can be used to send, receive, request and schedule payments anywhere that Veem services.
The Veem premium account costs $19.99 USD. This account covers all the Basic plan features with access to additional time-saving features and automations
You’ll be asked for basic personal information, as well as details about your business, such as its name, address, country of operation, and the type of business it is.
From here, you’ll need to enter your banking information and verify your identity, so that you can receive and send payments. The last step in the chain is to verify your email address.⁵
After completing the necessary steps, your account should be verified instantly, although it can take a maximum of up to 3 days.⁶
With the help of blockchain technology, Veem payments are secure, quick and cost-effective.
Due to the network of participating servers, all transaction information is public and tamper-proof.
To alter any of the information, a hacker would need to alter this information on the majority of participating nodes - a very difficult task.
On top of this, due to the decentralized nature of blockchain technology, intermediary banks and their associated fees are cut out of the payment process, saving you money.
All of this makes Veem a secure, quick and cheap means of sending and receiving money.
Most Veem transfers take between 2-3 business days to process, though it can be longer depending on the receiving region.⁶
Sending payments from USD with Wise Business you can pay your suppliers and employees as quick as the same day! Transfer time will depend on the payment method you chose. |
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Send overseas payments with Wise
💡 Did you know? |
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When using Veem, ACH payments in the US and EFT payments in Canada are free.⁷ |
Also, Veem offers mass payments, recurring payments, invoice capture and 1099 tracking to support your business.⁷
In addition to all this, Veem integrates with Xero, QuickBooks Online and NetSuite.⁸
This integration with accounting software means your transaction information will automatically be loaded onto these programs, saving you time and effort.
You can also add your Wise Business account to Xero and QuickBooks for bank feeds. |
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If you’re wondering how to make a Veem money transfer from your Veem wallet to your bank account, then you’ll need to:
Click “Veem Wallet” on the left side of your dashboard
Click the “Withdraw” option
Enter the amount you wish to withdraw
Confirm the transaction
After doing this, your funds should appear on your account within 2-5 business days.⁹
For local transactions (within the US and Canada), the majority of payments are free of Veem fees. The only instances where Veem applies its fees are with:
Sending credit or debit card payments, in which a fee of 3.5% is applied
instant deposits, where you’ll be charged a fee of 1%¹⁰
international transactions, where Veem charges a receiver's fee of $29 USD when receiving payments in USD outside of the US. This jumps to $40 on transactions over $10K.¹¹
Veem is an authorized financial services provider across all 50 states.¹²
On top of this, it is registered with the:
It is also an Authorized Representative of Flexewallet Pty Ltd in Australia.¹³
In addition to its licenses and registrations, Veem boasts built-in risk management software.
Two-factor authentication, multi-level approval, encryption and intelligent risk automation technology are just a few of the features Veem offers its users.¹⁴
Live updates concerning your transactions are also always available, as transparency is a key value of Veem.
Veem classifies its payments as either ‘local’ or ‘cross border’.
Local payments are those occurring within the US and Canada.
Cross border payments refer to the rest of the world, in which Veem is available in 102 different countries.¹⁵
Cross-border payments between the US and Canada may be free with Veem, but what if your business relies on sending to or receiving payments from other countries?
This is where Wise comes in handy.
On the independent review site, Trustpilot, Veem reviews are overall positive - it has an average review score of 4.5 out of 5.
Users praise the ease of setting up and operating their account, as well as the responsiveness of Veem customer service to user issues concerning payments.¹⁶
With the help of Wise’s business account, you can gain better control of your multi-currency cash flow as well as manage your payments in over 40 currencies.
In addition, Wise users praise the speed of transactions, price transparency and the money that it's helped them save. Reviews also focus on Wise’s responsive and helpful customer support team, in addition to the ease of setting up and operating an account.¹⁷
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.
Read the guide on how to open a Wise Business account |
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Some key features of Wise Business include: |
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Open a Wise Business account online
👉 Get local account details - such as routing number, Sort codes and IBANs - so your customers can pay you in their own currency.
👉 Get the mid-market exchange rate for your transfers when paying employees and suppliers abroad.
👉 Additionally, take advantage of Wise’s exchange rate tracker to get the best rates for your payments.
Co-authored by: | |
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Sources:
All sources checked February 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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