Qonto
Review & Prices
Qonto is an up-and-coming French fintech company headquartered in Paris. 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 digital-age business owners, the company aims to make their clients' day-to-day banking easy. In this Qonto bank review we attempt to provide you with sufficient information for you to make an informed decision if opening a bank account at Qonto is a right choice for you and your business.
| Founded | 2016 |
|---|---|
| Headquarters | Paris, FR |
| Users | > 150'000 |
| Official website | qonto.com |
| Available in | FR/ES/IT/DE |
|---|---|
| Sign-up bonus | 30 days free |
| Free tier | Not available |
| Currencies | Euro |
Subscriptions available at Qonto
Qonto offers 4 different plans, ranging from a sole proprietorship-focused "Solo" all the way to a respectable "Corporate" tier. These vary greatly in both price and the feature set so you're very likely to find something that perfectly suits your company.
Solo
€9,- p/m (excl. VAT)
Qonto's entry-level "Solo" plan is targeted towards freelancers and the smallest of businesses. The set of features and "included in subscription price" opportunities is pretty limited, but the core exprience - including a beautiful desktop app and a ridiculously stylish card - is great nonetheless.
Standard
€29,- p/m (excl. VAT)
Micro-businesses and SMEs are bound to find the Qonto Standard plan quite intriguing. You get all the features of the "Solo" plan, as well as an option of providing your accountant with a specifically designed way to access your account. Other nice features included: automatic VAT detection, expense categorization, setting up roles and permissions for different access levels and up to 5 IBANs included in your monthly subscription.
Premium
€99,- p/m (excl. VAT)
The Premium plan is a true powerhouse of business banking. Everything in "Standard" package, plus: unlimited virtual cards, an individual account manager of yours, bank transfer management and 5 physical Mastercard cards included in this impressive package.
Corporate
Starting at €199,- per month
Still not satisfied? Qonto is free to discuss your specific business needs and they claim to always find a way to satisfy even your wildest desires. Highly customizable - and thus, excluded from our plan comparison table below.
Account comparison table can be found below. Interested? Visit Qonto's website and download the app!
| Plan | Solo | Standard | Premium | |
|---|---|---|---|---|
| Account | ||||
| Price | €9,- p/m | €29,- p/m | €99,- p/m | |
| IBANs | 1 | 5 | ||
| Accesses | 1 | 5 | Unlimited | |
| Cards | ||||
| Included | 1 | 2 | 5 | |
| Maestro |  |
|||
| Debit | |
|||
| Credit |  |
|||
| Virtual | |
2 | Unlimited | |
| Various Fees | ||||
| Lost card | €6,- (excl. VAT) | |||
| ATMs | €1,- | 5 free p/m, then €1,- | Unlimited | |
| Refused DD | €0,00 | |||
| SEPA free | 20 p/m | 100 p/m | 500 p/m | |
| SWIFT Out | 1% | |||
| SWIFT In | €5,- | Free | ||
| Cheques incl | |
3 p/m | 10 p/m | |
| Cheques fee | €2,- (excl VAT) | |||
| Interest rate on accounts | ||||
| Current |
|
|||
| Cashback | |
|||
| Currency | ||||
| Exchange fee | 2% | 1% | No fee | |
Pros and Cons
Pros
- Half and half - 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.
- Accounting is a breeze - thanks to dozens of integrations already built and tens of others coming soon, automating the boring parts of your business has never been easier!
- 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.
- Easy switch - 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.
Cons
- Not actually 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.
- 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.
The Verdict
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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