Founded in 2016 with a mission to revolutionize business finance, Qonto has quickly gained traction as a leading ethical financial firm based in Paris, France.
Qonto, headquartered in France, is a digital banking solution tailored specifically for freelancers, small and medium-sized enterprises (SMEs), and startups. It aims to simplify business banking with a streamlined, user-friendly platform that addresses various financial needs.
By providing multiple account types suited to different business sizes and requirements, Qonto caters to a diverse clientele, offering international IBANs and multi-currency support for easier global transactions.
In this review, we will dive deeper into the key features and benefits of Qonto for businesses.
Overview
Qonto also upholds strong ethical banking practices, focusing on transparency and fairness in its operations. Its commitment to providing a reliable and trustworthy banking service that meets the needs of modern businesses highlights its role as a forward-thinking financial institution.
Despite its strengths, Qonto is currently only in France, Italy, Gernamy and Spain, limiting its accessibility to a global audience. Additionally, while it offers competitive rates and innovative features, traditional banking services like physical branches are not available.
One of Qonto’s standout features is its robust expense management tools. These tools simplify expense tracking by categorizing and managing business expenditures efficiently. Businesses can issue Mastercard debit cards to team members with predefined spending limits, facilitating better control over corporate spending. The platform also supports easy receipt management, allowing users to upload and organize receipts for all transactions seamlessly.
In addition to expense management, Qonto offers comprehensive payment solutions. The provision of physical and virtual Mastercard debit cards enhances the ease of managing business expenses. Qonto also enables smooth direct debits and transfers, both domestically and internationally, ensuring that businesses can handle payments efficiently.
Moreover, Qonto integrates invoicing and accounting functionalities directly into its platform. Users can create and send professional invoices, streamlining the invoicing process. The platform’s compatibility with popular accounting software allows for automatic synchronization of transactions and financial data, making accounting tasks less cumbersome for businesses.
Pros and Cons
Pros
- Great analysis of your business data
- Plans for different business phases
- Accountant access available
- Interesting financial tools
Cons
- Only available in 4 countries
- Might be a little expensive for beginners
Account Types
With Qonto, your account plan will depend on the category your business fits in:
- Company Creators – basic, smart and essential plans
- Self Employed – basic, smart and premium plans
- Micro businesses (1-9 employees) – essential, business and enterprise plans
- SMEs (10-250+ employees) – business, enterprise and custom plans
All the four options, will present different plans, features and prices correlated!
Company Creators accounts
More than 140,000 entrepreneurs have created their companies with Qonto, being also for sole proprietors and freelancers.
The Basic plan (€11/month) comes with:
- €69 one-off deposit fee
- 1 Card Mastercard with €20,000/month payment limit
- Up to €1000/month fee-free ATM withdrawals (with 2% fee after)
- Up to 30 transfers or direct debits/month (with €0.40 fee after)
- €5 per international transfer made
- 50+ partner integrations
- Acess to 1 user and 1 account
- Access to financing offers
The Smart plan (€23/month) comes with:
- €69 one-off deposit fee
- 1 Card Mastercard with €20,000/month payment limit
- Up to €1000/month fee-free ATM withdrawals (with 2% fee after)
- Up to 60 transfers or direct debits/month (with €0.40 fee after)
- €5 per international transfer made
- 80+ exclusive integrations
- Acess to 1 user and 1 account and sub-account
- Access to financing offers
- 1 accountant access
- Automated bookkeeping tools
- Extra features
The Essential plan (€34/month) comes with:
- €69 one-off deposit fee
- 2 Card Mastercard with €20,000/month payment limit
- Up to €1000/month fee-free ATM withdrawals (with 2% fee after)
- Up to 100 transfers or direct debits/month (with €0.40 fee after)
- €5 per international transfer made
- 80+ exclusive integrations
- Acess to 2 users and 1 account and 4 sub-accounts
- Access to financing offers
- 1 accountant access
- Automated bookkeeping tools
- Extra features
Self Employed accounts
The Basic plan (€11/month) comes with:
- No one-off deposit fee
- 1 Card Mastercard with €20,000/month payment limit
- Up to €1000/month fee-free ATM withdrawals (with 2% fee after)
- Up to 30 transfers or direct debits/month (with €0.40 fee after)
- €5 per international transfer made
- 50+ partner integrations
- Acess to 1 user and 1 account
- Access to financing offers
The Smart plan (€23/month) comes with:
- No one-off deposit fee
- 1 Card Mastercard with €20,000/month payment limit
- Up to €1000/month fee-free ATM withdrawals (with 2% fee after)
- Up to 60 transfers or direct debits/month (with €0.40 fee after)
- €5 per international transfer made
- 80+ exclusive integrations
- Acess to 1 user and 1 account and sub-account
- Access to financing offers
- 1 accountant access
- Automated bookkeeping tools
The Premium plan (€45/month) comes with:
- No one-off deposit fee
- 1 Card Mastercard with €20,000/month payment limit
- Up to €1000/month fee-free ATM withdrawals (with 2% fee after)
- Up to 100 transfers or direct debits/month (with €0.40 fee after)
- €5 per international transfer made
- 80+ exclusive integrations
- Acess to 1 user, 1 account and 4 sub-accounts
- Priority support
- Access to financing offers
- 1 accountant access
- Automated bookkeeping tools
Micro businesses (1-9 employees) accounts
Simplified, mobile business banking for businesses and associations of all size. Also, being presented with 3 different account plans.
The Essential plan (€34/month) comes with:
- No one-off deposit fee
- 2 Card Mastercard with €20,000/month payment limit
- Up to €1000/month fee-free ATM withdrawals (with 2% fee after)
- Up to 100 transfers or direct debits/month (with €0.40 fee after)
- €5 per international transfer made
- 80+ exclusive integrations
- Acess to 2 users and 1 account and 4 sub-accounts
- Access to financing offers
- 1 accountant access
- Automated bookkeeping tools
The Business plan (€119/month) comes with:
- No one-off deposit fee
- 10 Card Mastercard with €20,000/month payment limit
- Up to €1000/month fee-free ATM withdrawals (with 2% fee after)
- Up to 500 transfers or direct debits/month (with €0.40 fee after)
- €5 per international transfer made
- 80+ exclusive integrations
- Acess to 10 users, 1 account and 9 sub-account
- Priority support
- Access to financing offers
- 1 accountant access
- Automated bookkeeping tools
- Dedicated key account manager
- Advanced dashboard and extra features
The Enterprise plan (€299/month) comes with:
- No one-off deposit fee
- 30 Card Mastercard with €20,000/month payment limit
- Up to €1000/month fee-free ATM withdrawals (with 2% fee after)
- Up to 1000 transfers or direct debits/month (with €0.40 fee after)
- €5 per international transfer made
- 80+ exclusive integrations
- Acess to 30 users, 1 account and 24 sub-account
- Priority support
- Access to financing offers
- 1 accountant access
- Automated bookkeeping tools
- Dedicated key account manager
- Advanced dashboard and extra features
SMEs (10-250+ employees) accounts
Simplified, mobile business banking for businesses and associations of all size. Also, being presented with 3 different account plans.
The Business plan (€119/month) comes with:
- No one-off deposit fee
- 10 Card Mastercard with €20,000/month payment limit
- Up to €1000/month fee-free ATM withdrawals (with 2% fee after)
- Up to 500 transfers or direct debits/month (with €0.40 fee after)
- €5 per international transfer made
- 80+ exclusive integrations
- Acess to 10 users, 1 account and 9 sub-account
- Priority support
- Access to financing offers
- 1 accountant access
- Automated bookkeeping tools
- Dedicated key account manager
- Advanced dashboard and extra features
The Enterprise plan (€299/month) comes with:
- No one-off deposit fee
- 30 Card Mastercard with €20,000/month payment limit
- Up to €1000/month fee-free ATM withdrawals (with 2% fee after)
- Up to 1000 transfers or direct debits/month (with €0.40 fee after)
- €5 per international transfer made
- 80+ exclusive integrations
- Acess to 30 users, 1 account and 24 sub-account
- Priority support
- Access to financing offers
- 1 accountant access
- Automated bookkeeping tools
- Dedicated key account manager
- Advanced dashboard and extra features
The Custom plan comes with:
- Payment methods & premium cards that adapt to your activity
- A la carte invoice & expense management features
- As many transfers & direct debits needed
- The volume of users & sub-accounts that fits the company size
How to open an account
In order to use Qonto, you will need to use ther website or mobile app and credit your account to start using the platform.
Opening a Qonto account is a simple online process. Choose a plan that fits your business needs, provide your identification documents, and get verified.
Once approved, you’ll receive your virtual debit card instantly and your physical card within a few days. Manage your account, send and receive payments, and access various features through the user-friendly web platform or mobile app.
Moreover, you will also be asked to provide the following:
- Have your business in a supported country
- A valid mobile phone number, email address and personal information (current address, date of birth, full name, and citizenship)
- Document for identity verification
- Are able to verify yourself in one of our supported languages
Also, you may be asked a few questions about yourself and the purpose of your account(these questions will not impact your eligibility).
The Qonto Card
No matter which account you choose, your Qonto business card will be a debit Mastercard, which you can use to make purchases around the world wherever Mastercard is accepted.
Likewise, your business can spend in multiple currencies and get automatic money conversion at near the real exchange rate. Making international purchasing faster and easier.
Your business can have more than and you can also associate your virtual card with your Apple Pay wallet or Google Pay wallet.
Fees
International transfer fees
Again, depending on the business you have and the plan chose the transfer fees will vary either. Your account plan will get a certain amount of fee/free instant SEPA transfers included (with a fixed €0.40 fee for each additional transfer).
Additionally, international transfers are available in 24 currencies and have a cost of €5 per transfer made (independently of the plan).
Cash Withdrawal Fees
Depending on the type of business you have and the plan you chose, the fees that apply will vary (as shown previously).
However, you will need to pay a 2% fee for each ATM withdrawal made (after the first 1000/month free).
Safety Measures
Qonto is not a bank but rather a payment institution supervised by the Banque de France (under the number CIB 16958). As a regulated payment institution, all customers’ funds are secured. The funds deposited in your Qonto account are totally separate from Qonto’s treasury.
The funds are partly “segregated” in the books of Crédit Mutuel Arkéa. The other part is invested in qualified money market funds, the units of which are held in the books of Société Générale in accordance with our legal and regulatory obligations.
This means that no one but you has access to your money. Neither Qonto nor anyone else can use or invest your company’s money. In fact, Qonto policies are designed to ensure the protection of personal information.
As a result of the fast evolution of new scams, Qonto is continually developing new solutions to combat the latest fraud and scam technologies.
Supported Countries
Unfortunately, Qonto only serves customers in France, Germany, Italy and Spains, offering its innovative financial products to residents across these countries.
This localized approach ensures that anyone residing in those can easily access Qonto’s diverse range of banking solutions designed to align with their businesses.
Costumer Service
In the app and user account on the website, customers can access a phone number, a email and a chat in the app. In addition, the website and app have a basic FAQs sections that might answer your questions.
However, for premium plans and bigger enterprises there is a priority support provided by Qonto.
Bottom line
Qonto has swiftly risen as a notable force in the financial sector, distinguishing itself with a commitment to serving businesses and freelancers with efficient and user-friendly banking solutions.
Founded with a mission to simplify banking for small and medium-sized enterprises (SMEs), freelancers, and startups, Qonto offers a range of innovative services. At its core is the Qonto Business Account, which integrates essential banking features with intuitive tools designed to streamline financial management. This account includes multiple payment options, including physical and virtual Mastercard debit cards, and supports multi-currency transactions, making it easier for businesses to operate internationally.
In addition to its core banking services, Qonto provides comprehensive tools for expense management, enabling businesses to issue cards to team members with predefined spending limits and track expenses effortlessly. Its platform also supports easy receipt management, allowing users to upload and organize receipts for all transactions, which simplifies accounting and bookkeeping processes.
Despite its strengths, Qonto’s services are currently available primarily within only four European countries, limiting its accessibility to a global audience. Additionally, as a digital bank, Qonto does not operate physical branches, which means all banking activities are conducted online.
In conclusion, Qonto stands out for its modern approach to business banking, providing a comprehensive suite of tools designed to simplify financial management for SMEs, freelancers, and startups. Whether you’re looking to streamline expense management, handle invoicing and accounting seamlessly, or manage your business finances more effectively, Qonto offers a compelling choice for businesses within the European Union.
