5 Best Online Business Bank Accounts in 2024

When you’re on the hunt for the best online business bank account, you probably prioritize features that streamline your financial management. You need an account that integrates seamlessly with your accounting software, offers robust security, and doesn’t hit you with monthly maintenance fees. 

We’ve picked out the top 6 best online business bank accounts as of 2024. All of these have a lot to offer, but some will be a better fit for you than others, depending on what you’re looking for. Let’s go through them one by one.

Best online business bank account

In the following sections of this article, we’ll discover the 6 best online business bank accounts as of 2024, exploring their unique features to help you find that best fits your needs.

1. Revolut – Multi-currency account capability

In terms of what Revolut offers for business banking, a vital aspect is its multi-currency account capability, which allows enterprises to hold and exchange over 30 currencies at the interbank exchange rate without any hidden fees.

This feature is particularly beneficial for businesses that frequently deal with international transactions, as it helps to minimize foreign exchange costs.

Revolut also provides instant payment notifications and real-time tracking features, so financial oversight and management are made easier.

These tools allow you to monitor spending and receive immediate updates on transactions, which helps to streamline financial planning and reporting.

Revolut’s integration with accounting software facilitates very easy bookkeeping and invoicing processes. Generally speaking, it’s very easy to manage everything involving payments with Revolut.

Also, Revolut offers virtual and physical debit cards for secure transactions, which allows for better control over employee spending. This feature is especially useful for businesses that require multiple users to have access to funds.

With its impressive set of tools and capabilities, Revolut is a great choice for businesses that are seeking to simplify their financial operations.

Revolut also supports cryptocurrencies, making it one of the best crypto friendly banks.

2. Wise – International transfers at low costs

Wise has grown in popularity over the years, and is one of the best neobanks in the world – with good reason. When you’re managing international finances for your business, it offers key features that can improve your operations.

Headquartered in the UK, Wise gives you the option to open business and personal bank-like accounts in many different jurisdictions, including the US, UK, Eurozone, Canada, Australia, and more. If you use Stripe, you can link it to any of those accounts and save on the typical 2% currency exchange fee.

You’ll get access to real-time exchange rates, batch payment capabilities, and the ability to hold and manage balances in multiple currencies, all within a user-friendly interface. Also, you get access to both virtual and physical cards. You can even use Wise cards to buy crypto. 

One of the most notable advantages of Wise is its ability to make international transfers at low costs, often significantly cheaper than traditional banks. The platform displays transparent fee structures upfront, so you know exactly what you’re paying.

Also, Wise provides borderless banking features that allow businesses to send invoices and receive payments from around the world efficiently.

Similarly to Revolut, Wise integrates seamlessly with various accounting software, so you have an easier time managing your finances and tracking expenses in real-time.

Once you add advanced security measures, including two-factor authentication and data encryption, you realize Wise is a complete package that is unlikely to keep you wanting.

3. Payoneer – Cross-border payments

Payoneer is known for facilitating cross-border payments with competitive exchange rates and a lack of monthly maintenance fees, which can notably reduce operational costs for businesses with international transactions.

Payoneer offers a multi-currency account, which allows businesses to hold and manage funds in over 150 currencies (a truly absurd number). This helps facilitate international transactions and diverse payment options. 

This feature is particularly beneficial for small to medium-sized enterprises engaged in global trade, as it simplifies the process of receiving and making payments in various currencies.

With Payoneer, you can receive payments from clients and marketplaces worldwide, directly into your local receiving accounts, which acts as a local bank account without the high associated fees. The platform integrates with numerous e-commerce platforms and marketplaces, so payment processing for businesses involved in online sales is simple.

Advanced reporting and analytics tools provide insights into cash flow, payment status, and transaction history.

You can even buy crypto with Payoneer on Binance P2P.

4. Airwallex – Seamless global business banking

Airwallex is an Australian fintech company that offers extensive online banking solutions tailored for businesses conducting cross-border transactions. They provide competitive exchange rates and multi-currency accounts.

With Airwallex, you can hold, manage, and convert funds in multiple currencies, as well as utilize integrated payment processing tools for easy acceptance of international payments.

Key features such as expense tracking and real-time transaction notifications also enhance your financial oversight, making it a robust platform for businesses with global operations.

You have the option of multi-currency accounts that enable you to hold and transact in over 12 currencies without conversion fees, guaranteeing you save on unnecessary charges. The FX markup fees are between 0.5% and 1%. 

You can easily receive payments from Amazon, eBay, Shopify, and PayPal. Also, they offer over 60 local payment methods worldwide, such as WeChat Pay for Chinese consumers, Kakao Pay in South Korea, and GrabPay in Singapore, among others. Their mobile app, which is available for both Android and iOS, makes managing these payments even more convenient.

The platform also provides integration with various accounting and e-commerce platforms, such as Xero, Amazon, and Shopify, streamlining financial management for businesses of all sizes. You get advanced features like automated payment tracking and reconciliation, which enhance operational efficiency.

Moreover, Airwallex’s business tools include borderless cards, expense management, and bill pay services, all accessible from a single platform. 

With Airwallex, you can expect high-level security measures, including compliance with industry standards and data encryption, to protect sensitive business information.

5. Mercury – No monthly maintenance fee

Mercury’s online platform is particularly appealing if you’re a startup or small business seeking ease of use and digital convenience. Also, if you’re not a US resident but you have a US business, and you’re looking for a business account that you can access remotely – Mercury is for you.

They typically offer no monthly maintenance fees, and its platform integrates tools for managing cash flow, such as creating virtual debit cards for different team members or expenses, which can streamline your accounting process.

Mercury’s great due to its thorough suite of features for small to medium-sized enterprises. Apart from no monthly fees, it also has no minimum balance requirements, so your cash flow remains unencumbered by maintenance costs.

The account supports digital banking features such as free domestic wire transfers, though they do charge a 1% foreign transaction fee. 

Mercury also provides an integrated suite of banking tools, including expense management and invoicing capabilities. This is great for small businesses as it boosts operational efficiency. You can manage finances easily thanks to integrations with popular accounting software that streamline financial tracking and reporting processes.

The bottom line

In 2024, there are numerous online business bank accounts tailored to small businesses and freelancers. Notable options include Revolut, Wise, Payoneer, Airwallex, and Mercury, offering multi-currency accounts and advanced financial management tools. 

Each one has their strengths and weaknesses. You should prioritize features that are most important to you, and what your specific situation is. This perspective will help you select an account that improves cost-effectiveness and user experience, and ultimately perfectly aligns with your business needs.

For a list of traditional banks, you can go over our list of the best banks in the world. You can also see our article exploring the best crypto exchanges if you’re looking for great platforms to trade on.