Best Business Bank Accounts for Remote Businesses

Best Business Bank Accounts for Remote Businesses

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.

In this article, we will break down the current best fintech bank options for remote entrepreneurs, including the ones we use on a daily basis.

4 Best Fintech Banks in the US

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 bank accounts for remote businesses, fintech banks are a great solution.

Wise

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:

• Borderless Account: A multi-currency account that acts like a local bank account in multiple countries.
• Low-Cost International Transfers: Significantly cheaper than traditional banks, even for services such as global wire transfers.
• Wise Business Debit Card: Spend like a local wherever you are, with no foreign transaction fees.
• API Integration: Automate your finances and connect with your favorite business tools.

Mercury

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 bank 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 best:

• FDIC-insured Accounts: Peace of mind for your hard-earned cash.
• Virtual and Physical Debit Cards: Flexibility for both online and offline spending.
• API Access: Integrate with your existing tech stack and automate your financial workflows.
• High Spending Limits: Generous limits for growing remote businesses.

Relay

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:

• Integrations with Accounting Software: Sync your financial data with your existing software like QuickBooks Online and Xero.
• No Hidden Fees: Transparent pricing structures with no surprises.
• Virtual Debit Cards: Issue cards to team members instantly, set spending limits, and track expenses in real-time.

Chime

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.

• No Monthly Fees: The best business accounts for remote businesses with no monthly fees to keep operating costs low and profits high.
• Early Direct Deposit: Chime helps you get paid faster with early direct deposit, giving you access to your funds 2 days earlier than traditional banks.
• Mobile Check Deposit: No need to find a branch or ATM to deposit checks. Use the Chime mobile app to deposit business checks from anywhere using your phone’s camera.
• Fee-Free Overdraft (up to $200): Chime offers SpotMe, a fee-free overdraft feature that covers up to $200 on debit card and cash withdrawals.

4 Best Fintech Banks in Europe

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 Bank

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.

• Multi-Currency Accounts: Hold and exchange 29 currencies with the interbank exchange rate.
• International Payments: Send and receive money globally at competitive rates.
• Virtual and Physical Cards: Spend online and in-store, anywhere in the world.
• Expense Management Tools: Track and categorize spending for better financial control.

N26 Business

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.

• Free Business Mastercard: No monthly or annual fees.
• Cashback on All Purchases: Earn 0.5% of your money back on everything you spend.
• Spaces: Create sub-accounts for budgeting and saving.
• Travel Insurance: Stay protected on your business trips.

Payoneer

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.

• Global Payment Service: Get paid by leading companies and marketplaces worldwide.
• Payoneer Mastercard: Withdraw earnings at ATMs or spend online and in-store.
• Working Capital: Access generous funding to grow your remote business.
• Multi-Currency Accounts: Hold funds in over 150 currencies and easily convert between them.

Zen.com

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.

• Multi-Currency Accounts: Hold, exchange, and send money in 30+ currencies.
• Zen Mastercard: Get up to 1% cashback on all purchases.
• Virtual Cards: Generate unique card details for online purchases to ensure maximum security.
• Dedicated Account Manager: Get personalized support for your remote business needs.

Setting Up an Account with a Fintech Bank

United States

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.

At Worldwise Capital, we help 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.

Europe

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.

Setting Up a Business Bank Account for Remote Businesses at a Traditional Bank

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.

Final Thoughts on the Best Business Bank Accounts for Remote Businesses

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.

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, Worldwise Capital is here to provide expert guidance and support – reach out to us anytime to get your ITIN or banking