Best Online Business Accounts for Small Businesses in 2024
Digital business accounts are convenient options which allow you to manage your company finances from your laptop or phone, without having to stand in line in a bank branch when you want to transact.
Different accounts have their own features, which are targeted to different business types, including some which are aimed at international companies or ecommerce sellers for example. If you’ll manage your money entirely online you can pick a digital only provider, or you could go for a business bank account which offers online banking and also allows you to deposit cash from time to time.
In this guide, we’ll look at 5 of the best online business banking accounts for small businesses, and also some specific options with no fee features, no deposit requirements or international functionality. Read on to discover the perfect online business account for your small business.
Quick summary: Best banks for small businesses
- Wise Business Account: Great for entrepreneurs, business owners and freelancers who need to send and receive foreign currencies
- Revolut Business Account: Great for a selection of different account tiers with varied features and fees, to suit different business sizes
- OFX Global Currency Account: Great for ecommerce sellers and anyone who gets paid through marketplaces and PSPs
- Bank of America Business Advantage Fundamentals account: Great for an account which can have monthly charges waived with minimum balance, with options to deposit cash
- TD Bank Business Simple Checking account: Great for an account with no minimum balance required, with options to deposit cash available if you need them
What is the best bank for small business?
There’s no single best account for small businesses in the US – the right one for you will simply depend on what your small business needs. Some accounts are tailored to one type of business or another, which can mean that they’re a better fit to certain customer requirements. It’s useful to compare a few different business accounts including some from US banks and others from specialist providers, looking at features and fees, to find the right pick for your specific needs.
Some features to consider when selecting a business account include:
- Minimum deposit requirements, or minimum balance needed to waive fees
- Ongoing fees such as monthly charges or an annual fee
- Service and transaction fees for the types of transactions you make frequently
- Multi-currency and international features
- Linked debit cards and multi-user access for team members
Not all of these features will matter to all business owners.
- If you’re dealing frequently with customers, suppliers or contractors overseas you may be concerned to find an account with powerful multi-currency features, such as those available from Wise or Revolut for example.
- If you’re an ecommerce seller, the OFX Global Currency Account may be a good match as it supports marketplace payments in several major currencies, while companies which need to deposit cash to their accounts will want to look at business bank accounts from banks with a handy local branch network like Bank of America and TD Bank.
We’ve uncovered some important features, fees and considerations about all of these providers throughout this guide.
Best online small business bank accounts
Let’s dive into the details of some of the best business accounts available in the US from both banks and non-bank alternative providers. We’ll start off with an overview of some key features side by side for easy comparison, then we’ll look at each of the accounts and providers we’ve picked out in a bit more detail
| Services/Business account | Wise business account | Revolut business account | OFX business account | Bank of America Business Advantage Fundamentals account | TD Bank Business Simple Checking account |
|---|---|---|---|---|---|
| Account opening fees | 31 USD | None | None | None | None |
| Monthly or annual fees | None | 0 USD – 119 USD/month | None | 16 USD | 10 USD |
| Minimum balance requirement | None | None | None | 100 USD opening deposit | 25 USD opening deposit |
| Transaction fees | Currency conversion from 0.35%, 1.5 USD + 2% fee once free ATM withdrawal limit is exhausted | 5 USD international transfers, 2% ATM withdrawal fee | Currency exchange includes a small markup | 2.5 USD out of network ATM fee, 5 USD international ATM fee, 15 USD incoming wire fee | 50 USD outgoing international wire fee, 30 USD for domestic wires, 3% foreign transaction fee |
| Business debit cards | Available | Available | Not available | Available | Available |
| Best features | Hold and exchange 40+ currencies Mid-market exchange rates | Choose different plans depending on needs Hold and exchange 25+ currencies | Very few fees to pay 7 supported currencies for holding and exchange | Get all your business financial services in one place Monthly fees can be waived with a minimum deposit of 5,000 USD | Get all your business financial services in one place Deposit cash when needed |
*Details correct at time of writing, 20th May 2024
Wise business account
Great for: No ongoing fees to pay, 40+ supported currencies, mid-market exchange rates
Wise Business offers accounts for US registered business owners, freelancers and sole traders, with no minimum balance and no ongoing fees to pay. You can get local account details in 10 currencies, making this a good option for small businesses with customers overseas, as you’ll be able to accept payments in major foreign currencies conveniently.
Wise Business Accounts also offer perks like cloud accounting integrations, batch payments, API access, linked debit and expense cards and manageable permissions for additional account users.
Eligibility: US registered business owners, freelancers and sole traders. You can also open a Wise business account from many other countries and regions, although features and fees may vary slightly.
Best features: Wise business account
- Hold, exchange and send 40+ currencies, to make it easier to pay suppliers and contractors overseas
- Receive payments in 10 currencies like a local with your local account details
- Linked debit and expense cards for owners and employees
- Time saving features to streamline workflow
Wise business account fees
There’s a one time fee to get full account access, and then no ongoing fees to pay with Wise Business. You’ll just pay for the services you need. Fees include a currency conversion cost from 0.35%, and a 6.11 USD fee if you receive a USD wire payment (ACH transfers do not have incoming costs).
| Wise business pros | Wise business cons |
|---|---|
| ✅ Great international features ✅ Receive payments from customers in foreign currencies easily ✅ Convert currencies with the mid-market exchange rate ✅ Issue debit and expense cards for low cost spending and withdrawals ✅ Manage your account digitally with just your phone | ❌ One time fee to open your account ❌ Service and transaction fees can apply depending on how you use your account ❌ No cash pay in options |
Learn more about the Wise business account here.
Revolut business account
Great for: Choose the account plan which suits your business type and size, hold and exchange 25+ currencies, and get some no-fee transactions every month
Revolut offers a Basic plan which has no ongoing fee, but slightly limited features and low no-fee transaction limits, as well as several account tiers with monthly costs and higher no-fee limits.
All accounts can support 25+ currencies and come with linked business debit cards for easy spending. Depending on the account you pick you’ll get some weekday no-fee currency conversion every month before fair usage charges apply, and you may also qualify for some no-fee local and international transfers.
Eligibility: US registered business owners, freelancers and sole traders. You can also open a Revolut business account from many other countries and regions, although features and fees may vary slightly.
Best features: Revolut business account
- Different account plans to suit varied business types
- All account tiers offer some no-fee transactions as part of the package
- Hold and exchange 25+ currencies, and spend with a linked Revolut business card
- Top tier accounts also offer analytics, expense management, personal account management support and more
Revolut business account fees
Revolut accounts for business have costs from 0 USD to 119 USD a month, or you can create a custom package to suit your specific requirements. All accounts have some no-fee transactions included but once you’ve exhausted these for your specific account tier you’ll pay fair usage charges. Fair usage charges on currency exchange are set at 0.6%, while international transfers cost 5 USD.
| Revolut business pros | Revolut business cons |
|---|---|
| ✅ Different account tiers available ✅ Hold and exchange 25+ currencies ✅ All accounts come with linked debit cards, although features do vary ✅ Some no-fee transactions and currency exchange included in account plans ✅ Top tier accounts can get extras like personal account management services | ❌ Monthly fees apply to the most feature packed accounts ❌ Fair usage charges apply ❌ No cash pay in options |
Learn more about the Revolut business account here.
OFX business account
Great for: Receive and exchange 7 major currencies, get currency risk management solutions and manage everything from your phone
OFX has a business account which has a focus on ecommerce sellers who need to be paid in foreign currencies either directly by customers, or through marketplaces and PSPs. There’s no fee to open your OFX account and no ongoing charges. International transfers don’t have any OFX transfer fee, but instead a small markup is added to the exchange rate used whenever you convert from one currency to another, to send a payment or withdraw back to your US account for example. OFX does not issue debit cards with this account, which can be a drawback if you’ll need to spend on behalf of your business.
Eligibility: US registered business owners and ecommerce sellers. You can also open an OFX business account from many other countries and regions.
Best features: OFX business account
- Hold and exchange 7 major currencies
- Get paid through marketplaces and ecommerce sites in select foreign currencies conveniently
- No ongoing account fees and no upfront transfer fees
- Access extras like currency risk management solutions
OFX business account fees
OFX doesn’t have any monthly business account fee to pay, but there’s a cost built into the exchange rate used if you need to convert currencies in your account or to make a payment or withdrawal. This is in the form of an exchange rate markup – a percentage charge added to the rate used to switch to the required currency.
| OFX business pros | OFX business cons |
|---|---|
| ✅Very few fees to worry about ✅Get paid conveniently in 7 currencies ✅Targeted to ecommerce sellers and digital businesses ✅ Manage your money online and in app, with 24/7 phone support if you ever need it ✅ Get currency risk management solutions | ❌ Exchange rates include a markup ❌ No debit card is provided ❌ No cash or check options |
Learn more about the OFX business account here.
Bank of America business account
Great for: Selection of digital accounts with in-branch service if you need it, full access to all the financial services you might need in one place
Bank of America offers several different online accounts for small businesses – including the popular Bank of America Business Advantage Fundamentals account. This account has a monthly fee which you can waive by holding 5,000 USD or more in your account at all times, and also comes with handy extras like accounting integrations and access to business specialists to help you manage your company finances. Accounts hold USD only, and there are fees for incoming wires both locally and from overseas.
Eligibility: US registered business owners
Best features: Bank of America business account
- Large, trusted bank with a selection of financial services to help your business
- Get in person support if you ever need it
- Pay cash into your account easily in a branch
- Multi-user access which you can manage to allow team members to access your account when they need to
Bank of America business account fees
There’s a 16 USD monthly fee for the Bank of America Business Advantage Fundamentals account, which can be waived by meeting minimum balance requirements or using your debit card regularly. Other charges apply, including a 2.5 USD out of network ATM fee, a 5 USD international ATM fee, and a 15 USD incoming wire fee.
| Bank of America business pros | Bank of America business cons |
|---|---|
| ✅ Monthly fees can be waived if you use your account frequently ✅ Accounting integrations and multi-user access ✅Ways to pay cash into your account if you need it ✅ Get in branch support if you ever need it ✅ Access dedicated specialist support for your business | ❌ 16 USD monthly fee ❌ Local and international ATM fees may apply ❌ 15 USD fee for all incoming wires, 30 USD fee for outgoing domestic wires |
Learn more about the Bank of America business account here.
TD Bank business account
Great for: No minimum balance requirement, with some free transactions offered plus ways to take customer ACH and credit card payments easily
TD recommends the Business Simple Checking account for small businesses which need to bank online and which may also benefit from the option to deposit cash in a branch from time to time. This account has a low minimum opening balance and then no minimum balance needed once your account is up and running. You pay a 10 USD a month fee to maintain the account, and then any service of transaction fees which apply based on account usage. International charges are pretty high, which may mean this is better for businesses which trade predominantly within the US.
Eligibility: US registered business owners
Best features: TD Bank business account
- No minimum balance needed
- No fee for TD Bank ATM withdrawals in the US and Canada
- Full suite of banking services available
- Online opening for smaller businesses
- Deposit cash in a branch if you need to
TD Bank business account fees
Fees include a 10 USD monthly fee which can not be waived, and costs of 50 USD for outgoing international wires, and 30 USD for domestic wires. Incoming wires cost 15 USD. If you use your card overseas there’s a 3% foreign transaction fee plus a 3 USD ATM charge for any out of network withdrawals.
| TD Bank business pros | TD Bank business cons |
|---|---|
| ✅No minimum balance requirement ✅ Businesses with fewer than 4 signers can open online ✅ Send professional invoices from your account ✅ Deposit cash in a branch if you need to ✅ Get other financial services like overdrafts and loans conveniently | ❌ 10 USD monthly fee ❌ 50 USD outgoing international wire fee, 30 USD for domestic wires ❌ 3% foreign transaction fee |
Learn more about the TD Bank business account here.
How to open a small business bank account online
The process to open a business bank account online can vary a bit from one provider to another. In some cases there may be restrictions which mean not all customers can open an account digitally. However, where this service is available you’ll usually need to take the following steps:
- Download the provider’s app or open their desktop site, and select the account you want to open
- Double check all the eligibility requirements
- Follow the prompts to enter your personal and business details
- Complete the verification step by uploading the documents requested
- Add money to your account if there’s a minimum deposit needed
- Your debit card will be sent in the mail to your registered address
Account verification will require you to take photos of your documents and upload them to your account application for checking. Generally the information and documents needed to open your business account can include:
- Your name and personal information
- Your full business address
- Your business contact details
- Your Tax ID or SSN
- A valid proof of ID
- Business registration information
Best online international business accounts for small businesses
Businesses which work internationally might benefit from multi-currency account functions, local account details in foreign currencies to receive payments easily, and cheaper ways to send and receive international payments. This can make paying contractors and suppliers abroad cheaper, and can also allow you to take payments from customers all over the world in their own currencies.
From the 5 providers we list here, we’ve picked out 3 as good choices for international businesses. Here is a summary of their features:
- Wise Business Account: hold and exchange 40+ currencies, receive payments with local details in 10 currencies, convert with the mid-market exchange rate and low fees
- Revolut Business Account: hold and exchange 25+ currencies, get some weekday no fee currency conversion – some accounts also offer some no fee international payments monthly
- OFX Global Currency Account: hold, exchange and receive payments in 7 currencies, send money in 50+ currencies, get currency risk management support when you need it
The business accounts from large banks which we feature can receive incoming foreign payments, but the funds will be converted to USD for deposit. There are fees for this service, and because multi-currency features are limited, these accounts may not be the best fit for international businesses.
Online business account fees
As we’ve seen, the different business accounts available for US small businesses have some very varying features. The fees also vary quite a lot, which means it’s crucial to review the full fee schedule for your preferred provider before you sign up. Here’s a quick overview of the key fees from the providers we looked at earlier.
| Service fees/Business account | Wise business account | Revolut business account | OFX business account | Bank of America Business Advantage Fundamentals account | TD Bank Business Simple Checking account |
|---|---|---|---|---|---|
| Account opening fee | 31 USD | No fee | None | None | None |
| Monthly or annual fees | None | 0 USD – 119 USD/month | None | 16 USD | 10 USD |
| International transfer fees | From 0.35% | 5 USD | No OFX transfer fee – exchange markup applies | No transfer fee for sending foreign currencies – exchange markup applies | 50 USD |
| International transaction fees | Currency conversion from 0.35%; no foreign transaction fee | No fee weekday conversion to plan limit, 0.6% fee after that Out of hours fees can apply | Exchange rate markup applies | Foreign transaction fee is likely to apply if you use your card abroad | 3% foreign transaction fee |
| Receiving USD payments | No fee to receive ACH 6.16 USD for incoming USD wires | 0.2 USD for ACH exceeding plan limit 10 USD for incoming USD wires | No fee | 15 USD | 15 USD |
| Receiving international payments | AUD, CAD, EUR, GBP, HUF, NZD, RON, SGD, TRY and USD (non-wire): No fee CAD SWIFT payments: 10 CAD | 5 USD for incoming payments exceeding plan limit | No fee | 15 USD | 15 USD |
| Other fees to consider | One time account opening fee applies, no ongoing fees | Monthly costs up to 119 USD, ATM fees to 2% | Exchange rates include a markup | 2.5 USD out of network ATM fee, 5 USD international ATM fee | 3 USD out of network ATM fee |
The varied features can mean that different accounts suit different business needs. For example if you’re looking for cheap international transactions, with no ongoing fees, Wise may be a good fit. Revolut might be a good option if you don’t mind paying a monthly charge in exchange for higher levels of no fee transactions, while Bank of America could be your choice if you’ll be dealing mainly in USD and want options to deposit cash from time to time.
Best free online business checking accounts for small businesses
No business banking service is really free, as you’ll usually run into some transaction or maintenance fees somewhere along the lime. However, some business accounts do have select free services, or ways to have fees waived. Here are a few of the important features of the accounts we picked out for you to check and compare:
- Wise Business Account: No ongoing fees, no fee to receive international payments in select currencies
- Revolut Business Account: Basic account has no ongoing fee, all accounts have some no fee transactions before fair usage fees begin
- OFX Global Currency Account: No ongoing fees and no account opening fee
- Bank of America Business Advantage Fundamentals account: Waive monthly fees by holding a minimum deposit or using your card frequently, no BoA fee for international payments in a foreign currency, some free cash deposit monthly
- TD Bank Business Simple Checking account: Free to use Zelle, some free cash deposit monthly
Best online business bank accounts with no deposit for small businesses
Some business accounts need a minimum opening balance to be deposited, or have a minimum balance to get fee waivers. However, not all accounts have this requirement so if you’re looking for an option with low or no minimum balance you could be in luck. Here’s a summary of the minimum balance rules for the providers we’ve been looking at:
- Wise Business Account: No minimum balance
- Revolut Business Account: No minimum balance
- OFX Global Currency Account: No minimum balance
- Bank of America Business Advantage Fundamentals account: Minimum opening balance of 100 USD, hold 5,000 USD to have fees waived
- TD Bank Business Simple Checking account: Minimum opening balance of 25 USD, no ongoing minimum balance
Conclusion: Small business digital banking
There are plenty of different options available for businesses which manage their money entirely or more or less entirely online. If you don’t need to deposit cash or checks you might prefer a fully digital service from a business account provider like Wise or Revolut.
These providers tend to keep costs low as they don’t have a branch network to run, and can also offer interesting international features which suit many growing businesses. If you’ll still need to deposit cash from time to time, an online business account from a bank may be a better choice, with options to deposit some cash every month if you need it. Use this guide to review your options and see which suits your own unique needs.
Online banking for small businesses FAQs
How long does it take to open a business account online?
Generally you can open a digital business account very quickly by adding your personal and business information and uploading images of the required documents for validation. Validation can be quick in some cases, but may take a day or two if your paperwork needs to be reviewed by a member of the bank staff.
What is the easiest business bank account to open online for a small business?
There’s no single easiest business bank account to open as a small business owner, but choosing an option from a fully digital provider can often lead to a smooth onboarding journey. Compare a few accounts and providers to see how intuitive their apps and websites are, before you sign up.
