Best Business Banking in Europe 2026

You typically need proof of company registration (e.g., Chamber of Commerce extract), identification for all beneficial owners (UBO), proof of address, and sometimes a brief description of your business activities. Digital banks like Qonto or Holvi can complete this process online in 1 to 3 days, while traditional banks may require an in-branch appointment and take up to 2 weeks.

Yes, most European business banks offer accounts for sole traders and freelancers. Some countries (like Germany) legally require a separate business account, while others (like the Netherlands) recommend but do not mandate it. Freelancer accounts are usually cheaper than full SME accounts, with monthly fees ranging from EUR 0 to EUR 15 and basic invoicing features included.

A fully licensed bank can accept deposits protected up to EUR 100,000 under the EU Deposit Guarantee Scheme, offer credit facilities, and create money through lending. An e-money institution (like Revolut Business or Wise Business) holds your funds in safeguarded accounts but does not offer deposit protection or traditional lending. For large balances, a licensed bank provides stronger protection.

Yes, in virtually all European countries, business banking fees are a deductible business expense. This includes monthly account fees, transaction charges, card fees, and foreign exchange costs incurred for business purposes. Keep records of all banking charges as they reduce your taxable profit. Your accounting software should automatically categorise these if connected to your business account.

Yes, under EU banking freedom rules, you can open an account in any EU/EEA member state regardless of where your company is registered. This is useful for accessing better exchange rates, lower fees, or banking in a specific currency. However, some banks prefer local companies and may decline non-resident applications. Digital banks tend to be more flexible with cross-border business accounts.

Essential features include SEPA payment integration, multi-user access with permission levels, accounting software connections (Xero, DATEV, Exact), expense categorisation, and digital receipt storage. If you operate internationally, multi-currency support and competitive FX rates matter. For growing teams, look for employee expense cards with customisable spending limits. You can compare all these features on our platform.