When it comes to business banking, you might be all too familiar with hidden fees, endless paperwork, and subpar customer service. Well, you’re not alone. Millions of businesses are ditching traditional banks for something sleeker, faster, and smarter: fintech banks.
In 2021 alone, global investment in fintech skyrocketed to $131.5 billion. That’s 21% of all venture capital funding! Fintech banks are slashing fees, streamlining international payments, and giving you the digital tools to manage your finances from home.
Let’s break down the top fintech banks to help you create the best business accounts for remote businesses, both in the US and Europe.
With over 33 million small businesses in the US, the demand for accessible and efficient banking has never been higher. If you want the best business accounts for remote businesses, fintech banks are a great solution.
Formerly TransferWise, Wise is a global community of over 16 million people and businesses that move a staggering $25 billion across borders each quarter. Known for their incredibly competitive exchange rates, Wise allows businesses to hold, send, and receive money in over 50 currencies.
Let’s look at some of its upsides:
Mercury is tailor-made for startups and tech companies. With over 200,000 businesses using the platform, it has established itself as a reliable tool for the best business accounts for remote businesses.
Mercury offers features like venture debt, which can be a lifeline for growth-stage companies, and seamless integration with popular payroll and accounting tools, saving you tons of time and effort.
Here’s how Mercury serves remote businesses:
Trusted by over 40,000 businesses, Relay is a banking platform designed to give you unparalleled control and visibility over your finances. With over $3 billion processed in transactions, this fintech bank makes it easier than ever to manage expenses, track spending, and make informed financial decisions.
One of Relay’s best features is its ability to create up to 20 individual checking accounts. This allows remote businesses to easily allocate funds for different purposes, such as payroll, operating expenses, taxes, and savings.
By segmenting their finances, businesses gain a crystal-clear understanding of where their money is going and can identify areas for potential savings.
Here’s why you should choose Relay to create the best business accounts for remote businesses:
While primarily known for its personal banking services, Chime has partnered with The Bancorp Bank to offer a no-frills business checking account that’s surprisingly robust. With over 12 million users, Chime’s checking accounts have no monthly fees, minimum balances, or overdraft fees.
Remote businesses get access to over 60,000 fee-free ATMs at locations like Walgreens, 7-Eleven, and CVS. Plus, they have a secured credit card to help build credit, with no credit check, interest, or annual fees to apply.
Fintech isn’t just making waves in the US. In fact, the European fintech market is expected to reach $188.06 billion by 2029, growing at a CAGR of 24.22%. If you want to open the best business accounts for remote businesses in Europe, here are some of the top options to consider.
Revolut, with its 25 million+ personal users and over 500,000 business accounts, is a household name in European fintech. It’s a one-stop shop for banking, trading, and even cryptocurrency – all managed through a sleek and intuitive app.
N26, with over 9 million customers across 24 European countries, is another popular choice for the best business accounts for remote businesses. Its simple, mobile-first approach to banking makes it easy to manage finances on the go. Plus, they’ve generated €110 billion in annual transaction volume in 2022 – a 39% increase year-over-year.
Payoneer serves over 5 million customers in over 200 countries and territories. It specializes in the best business accounts for remote businesses, freelancers, and online sellers. With cross-border payments in over 150 local currencies, it’s a trusted platform for receiving payments from international marketplaces and clients.
Zen.com is fairly new to the European fintech scene, but it hasn’t disappointed. It offers an expansive suite of banking services for remote businesses, such as virtual cards and account managers. With over 20,000 active customers, Zen.com also dabbles in crypto – they partnered with zondacrypto to allow users to top up their wallets with Zen.com.
In the US, you’ll typically need an LLC (Limited Liability Company) to open a remote business account at a fintech bank. This doesn’t just protect your personal assets but also provides you with an EIN (Employer Identification Number). Your EIN is essentially your business’s social security number – required for filing taxes and opening a bank account.
Work, Wealth, and Travel can simplify the process for you. We understand that navigating the banking side of things as a remote business can be tricky, which is why we offer fully-done-for-you services to help set up your LLC quickly and efficiently. That includes everything from preparing and filing the necessary paperwork to obtaining your EIN.
Meanwhile, in Europe, opening a business account with a fintech bank is a breeze compared to the traditional banking route. The specific requirements can vary across countries, but the process is generally quick and user-friendly.
For instance, in the UK, you’ll likely need to provide your company registration number and details about your business activities. In Germany, proof of residency and a valid ID are also required. And if you’re opening an account with a bank like N26, the entire process can be completed online in a matter of minutes.
Remote businesses that prioritize business loans and investment opportunities might still prefer traditional banking. However, opening a business account at a traditional bank can certainly be a trickier and more time-consuming process.
If you’re looking to open a business account in the US with banks like Chase or Bank of America, you’ll need an Individual Taxpayer Identification Number (ITIN). This is a unique tax processing number issued by the IRS to foreign/remote businesses.
Obtaining an ITIN can be a lengthy process, often taking more than 4 months. But with Work, Wealth and Travel’s expertise, we can help you secure your ITIN within 2–3 months, so you can start managing your remote business expenses immediately and ensure legal protection for your business.
The fintech industry is expanding faster than ever, and this guide has only scratched the surface. If you haven’t found the right bank for your remote business yet, you’re in luck – this list isn’t exhaustive!
You can get access to our complete list of over 50 reliable fintech banks and find the best business account for your remote business. The key is to do your research, compare your options, and choose one that aligns with your long-term goals. And if you need a helping hand along the way, Work, Wealth, and Travel is here to provide expert guidance and support – reach out to us anytime to get your ITIN or banking journey underway.
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