Qonto Business Bank: Review (2022)

Learn more about Qonto's features and pricing in our comprehensive review

November 25, 2022


General Information

Qonto is an up-and-coming French fintech headquartered in Paris, France. Born "out of frustration with a lack of options", the bank's mission is to reinvent business banking by using design and technology to give entrepreneurs the best possible banking experience. Geared towards young and ambitious startup founders, business owners and digital entrepreneurs, the company aims to make their clients' day-to-day banking easy, while still providing a banking product that is on par with what is offered by traditional "brick-and-mortar" banks.

Qonto logo

Qonto: Quick Facts

Year Founded 2016
Headquarters Paris, FR
Customers 150'000+
Official Website qonto.com
Business Banking From €9.00 p/m
Personal Banking
Sign-up Bonus 30 days free trial
Employee Access Not available

Being a relatively young challenger, you might be wondering if Qonto has what it takes to satisfy the banking needs of new-age digital entrepreneurs, freelancers and SMEs (also called "banks for professionals" in France). In this Qonto bank review we aim to provide you with exhaustive and up-to-date information so you can make an informed decision on whether opening a bank account at Qonto is the right choice for you and your business.

Find out more about Qonto and alternatives to Qonto by viewing featured articles that mention this bank available at Fintech Compass:

Countries supported by Qonto

Qonto is available for business banking to companies registered in the following countries:

🇫🇷

France

🇩🇪

Germany

🇮🇹

Italy

🇪🇸

Spain

Stylish app makes Qonto a pleasure to use

Qonto: Business Bank Accounts Available

Qonto offers 4 different plans, ranging from a sole proprietorship- and freelancer-focused "Basic" all the way to a respectable "Enterprise" tier with fully customizable feature sets, limits and pricing. Of course, all of the plans vary greatly in both price, quotas and the features available so you're very likely to find something that perfectly suits your company and its unique business banking needs.

Basic

€ 9.00 per month

Qonto Basic is aimed at self-employed workers and digital entrepreneurs. As Qonto's entry-level plan, Basic is a solid collection of essentials for managing your activity as a self-employed worker. With rich localization options and business-first focus of Qonto, Basic is a modern and secure way to solve your business banking needs at a very reasonable price point.

Smart

€ 19.00 per month

Qonto Smart is a mid-tier bank account made for managing your banking needs, efficient accounting and assisting you in running your business by getting rid of a lot of day-to-day hassles - for example, performing bulk transfers, storing digital receipts for your business expenses as well as providing the user with various tools for easy supplier management.

Premium

€ 39.00 per month

Premium is Qonto's top-of-the-line subscription for freelancers and entrepreneurs. Impressive package of features, great mobile app and a very reliable banking infrastructure make this plan a very attractive proposition for professionals looking for the ultimate solution to their business banking needs. This plan is a great "middle ground" if you want to reap the benefits of both digital and "traditional" banks.

Business bank accounts offered by Qonto can also be found in our selection of "one-to-one" comparisons between the best plans currently available on the market. Please find these detailed comparisons below:

Bank accounts for business banking by Qonto vary quite significantly both in the range of features available, business types they target, and, of course, in price. Find a detailed breakdown of all Qonto plans offered to businesses in our comparison table below.

Qonto: Business Accounts Comparison Table

Qonto logo
Basic Smart Premium
Price, monthly € 9.00 € 19.00 € 39.00
Commitment Cancel monthly Cancel monthly Cancel monthly
Sign-up Bonus 30 days free trial
Official Website qonto.com
Accounts
IBANs FR, IT, DE, ES FR, IT, DE, ES FR, IT, DE, ES
Sub-accounts Included 1 2 5
Shared Access
Employee Accounts
Mobile Payments
Apple Pay ✔️ ✔️ ✔️
Google Pay ✔️ ✔️ ✔️
Samsung Pay
Other Methods - - -
Cards
Cards Available Mastercard Mastercard Mastercard
Cards Included 1 1 1
Maestro/VPay
Debit Cards ✔️ ✔️ ✔️
Credit Cards
Virtual Cards ✔️ ✔️ ✔️
Extra Card € 2.00 p/m - -
Replacement Fee € 10.00 € 10.00 € 10.00
Free Replacements - - -
Metal Card
Wooden Cards
Payment Methods
iDeal
SOFORT
Bancontact ✔️ ✔️
Various Fees
SWIFT (Receive) € 5.00 € 5.00 N/A
Foreign Exchange Fee 0.80% 0.70% 0.70%
Currency Limit, fee-free - - -
ATM Withdrawals
Daily Limit € 1000 € 2000 € 3000
Free Withdrawals, p/m - - -
After, p/withdrawal € 1.00 € 1.00 € 1.00
Withdrawal Fee Abroad € 1.00 € 1.00 € 1.00
Interest Rate
Current Accounts
Savings Accounts
Transaction & Deposit Limits
Deposit Limit € 60,000 € 80,000 € 80,000
Deposit Protection Up to €100'000
Monthly Spend Limit € 20,000 € 60,000 € 60,000
Other Financial Products
Overdraft
Stocks & ETFs
Cryptocurrencies
Cheques Up to €30,000 Up to €30,000 Up to €30,000
Cashback
Insurance
Lounges
Expense Categorization ✔️ ✔️ ✔️
Purchase Protection
Round-up Savings
Cash Flow Control ✔️ ✔️
Deals & Discounts ✔️ ✔️ ✔️
Other Benefits Cash flow dashboard Supplier management Invoicing tool
Learn More
Go to qonto.com
Qonto aims to empower your business

Qonto: Pros & Cons

Advantages

  • Plus sign
    Best of both worlds: Even though Qonto positions themselves as a digital-first and very mobile bank, you can still get your fix of face-to-face interaction thanks to an ability to get in touch with your individual account manager.
  • Plus sign
    Accounting made easy: Thanks to dozens of integrations already built and tens of others coming soon, automating the boring parts of your business has never been easier!
  • Plus sign
    Control your business expenses: Set transaction limits for each of your cards online in just a few clicks. You can easily keep track of all related expenses in real-time.
  • Plus sign
    Switching is easy: Qonto offers the first-ever bank mobility service for professionals (that's how they call businesses in France). For bigger companies, a dedicated "switch support" team is available.

Disadvantages

  • Minus sign
    Not technically a bank: Qonto is not a bank but a payment institution supervised by the Banque de France. Customers' funds are secured with Crédit Mutuel Arkéa and covered by the 'Fonds de Garantie des Dépôts et de Résolution' (FGDR) up to €100,000. That's also why cash deposits are not allowed at Qonto, just like loans or overdraft options.
  • Minus sign
    Expensive: Despite an impressive product portfolio and a few unique features, Qonto still comes out quite a bit pricier than most other digital-first options.
  • Minus sign
    French-speaking focus: Despite being available in multiple countries, Qonto still has a French-first focus, so you might encounter some imperfections in app's localization.

Qonto: Frequently Asked Questions

Does Qonto offer real bank accounts suitable for operating a business?

Olinda SAS (the payment institution using "Qonto" as a trade name) that is regulated and is overseen by the French Prudential Control and Resolution Authority (ACPR). This authority is representing Banque de France and supervises all of the French banks. Qonto routinely undergoes finanical and IT audits by the regulators and is subject to countless types of reporting and scrutiny. As an additional legal requirement, all user deposits (up to €100'000 per customer) are insured by the French Deposit Guarantee and Resolution Fund (FGDR). This ensures that the funds in your Qonto accounts are 100% safe at all times.

Can I use Qonto bank accounts if my business deals in crypto?

In case your businesses' main activities involve storing, purchasing or exchanging digital assets (cryptocurrencies, NFTs and other non-fiat assets), you can still use Qonto. However, you would only be able to use the bank account for your administrative expenses, such as making salary payments to employees, paying your company's bills, etc. Unfortunately, you would not be able to use your Qonto bank account for transactions to and from customers and/or payments that incur as a consequence of operating platforms used to distribute these assets.

Who can open a Qonto bank account from the organisation?

You can apply to register your Qonto bank account as one of the following: company's director; an association or cooperative's chairman; or in case you have a proxy.

Can you have virtual cards at Qonto?

Yes, Qonto customers can get an unlimited number of Mastercard debit virtual cards. These cards support contactless payments, Apple Pay and Google Pay, so you can use them both online and in physical stores. Keep in mind, however, that there is a spending limit of €20'000 per month per card.

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What are Qonto Flash cards?

Flash cards are disposable virtual Mastercard debit cards that aim to be the perfect solution for teams' one-off expenses. Using flash cards enables you to streamline the payment experience for standalone purchases. You can set a budget and a duration specific to the exact need, whether it's covering the employee travel expenses or paying for a dinner with your colleagues. Using Flash cards, it is also possible to pay online or offline by adding it to Google Pay / Apple Pay. Flash cards expire automatically on the date chosen when setting one up, so you do not need to worry about disabling one after you succeed with your transactions. Flash cards offer the same insurance, assistance benefits, and billing as Qonto One cards.

Qonto cards look fantastic

Qonto: Competitors

Does the feature set of Qonto lack something you are explicitly looking for? Perhaps, you are looking for a company account in a different price range? Or do you want to find a more powerful solution for your needs? Below, we will provide you with three Qonto alternatives other users found relevant.

  • Monthly cost Starting from €9.50
  • Currencies EUR
  • Personal accounts
  • Sign-up bonus 30 days free trial
  • Official Website anyti.me
  • Free plan available ✔️
  • Currencies GBP
  • Personal accounts
  • Customer support Phone, chat, email
  • Official Website tide.co
  • Monthly cost Starting from €4.99
  • Currencies EUR, USD, GBP + 12
  • Personal accounts ✔️
  • Sign-up bonus 30 days free trial
  • Official Website bunq.com
Qonto has a powerful desktop app as well

Summary: is Qonto a solid choice for professionals?

Qonto is a typical French bank. Despite the recent worldwide push for impersonal, fully digital and text-based communication, business in France just doesn't happen without some chit-chat and a few smiles and handshakes here and there. Which is why the real USP of Qonto is being a "half/half" option for people tired enough of traditional banks because of how slow they are or how they lack flexibility, but not yet ready to dive deep into mobile-first solutions other banks we reviewed already.

All in all, Qonto might be a great choice in a few cases: if your business has very specific needs regarding banking and wants to see the bank as flexible as possible; if you highly prefer having a dedicated account manager; or in case you deal a lot with cheque payments (something other digital-first banks rarely get involved with). Either way, it feels like Qonto found their niche - it's just between the "laptop and hoodie" millenial tech entrepreneurs and old-school "pen and paper" businessmen who are soon to retire. Do you fit in?


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