The No. 1 online business account in Europe

In Portugal, having a business account separate from a personal bank account is mandatory for businesses and companies.

According to Article 63-C of the General Tax Law, corporate taxpayers, as well as individual taxpayers who have or should have organized accounting, are required to have at least one bank account where payments and receipts related to their professional activity must be exclusively processed.

In the case of self-employed workers, only self-employed workers registered as sole proprietors under the organized accounting regime are legally required to have a separate business account.

If you are a sole proprietor under the simplified regime, having a business account separate from your personal bank account is not mandatory.

Even if you are not required to have a professional account as a self-employed worker, it is strongly recommended to open one for your business.

Why open a business account?

The business account offers many services and products to businesses, self-employed workers, entrepreneurs, and freelancers. Services that are not available in private or personal accounts.

There are many advantages to having a business account. For example, you can:

• Access payment methods tailored to managing your activity (credit or debit card, mobile payment terminal, etc.);
• Request bank credit;
• Subscribe to professional insurance;
• Benefit from an invoice management solution.

A business account also allows you to separate your professional transactions from personal ones, giving you a clearer view of your financial situation and simplifying daily management.

Separating accounts also facilitates tax audits. Tax authorities may take an interest in your private accounts if you do not have a professional account. Additionally, it will be more difficult to prove that an expense is business-related if you only have a personal current account.

Finally, a professional account makes it easier to manage your company's accounts and allows you to take out loans for your business or company.

Qonto's business account was created by entrepreneurs, for entrepreneurs. Whatever your activity, you will find the offer and services tailored to your needs: state-of-the-art payment methods, such as configurable cards with included insurance, real-time expense viewing, and an expense report management module.

Qonto's online business account allows you to control your expenses wherever you are from the client interface.

Artists, merchants, construction and civil engineering professionals, with Qonto everyone can manage their finances, wherever they are. Reduce the time spent managing your administrative tasks and focus on what's most important: growing your business.

Want to know more? Discover our articles on the subject and how our 100% online business account offer adapts to each profession (here are some examples):

1. Consulting and agencies: invite your teams to join you on Qonto to optimize expense management and eliminate expense reports, particularly with the help of the virtual bank card and receipt digitization.
2. Physical and online commerce: accept card payments from your customers thanks to the mobile payment terminal (MPT). Learn more about the advantages of the business account for physical and online merchants.
3. Transport: take advantage of Mastercard cards, which can be configured in real-time, for your travel expenses. And benefit from travel insurance and legal assistance for each card model.
4. Civil construction: on a construction site or in the office, simplify your company's financial management and control your expenses. Learn more about the advantages of the Qonto account for the construction sector.

There are many reasons why an entrepreneur might want to switch financial institutions for their business account. For example, to take advantage of more attractive rates, avoid hidden charges, benefit from services dedicated to their company, enjoy more attentive customer support, etc.

However, to avoid unpleasant surprises, take some time to prepare your change of banking institution by adopting the following steps:

1. Make a thorough inventory of transferable banking products, direct debit authorizations, recurring transfers to your professional account, and checks that have not yet been cashed.

2. Check the cancellation conditions of the products contracted with your current bank;

3. Open your new business account after comparing the different offers from different banks and the services they offer;

4. Inform all your partners and service providers of your change of banking details;

5. Close your old business account. Aware that many companies feel discouraged by the procedures involved in changing their business account to another bank, we have developed the first banking services mobility solution dedicated to entrepreneurs.

To ensure an efficient and stress-free transition, one of our consultants will assist you in this process for free. And we will be with you at every essential step of the way:

1. Opening the Qonto online business account;
   
2. Identifying actions to be taken on your current bank account;
3. Developing a personalized action plan;
4. Providing a dashboard to facilitate management;
5. Closing your old business account.

Whether your company is already registered or in the creation phase, we offer a range of services tailored to everyone, to assist in the various stages of your company's life.

Whether you work alone or in a team, Qonto provides you with all the payment methods you need to manage your activity in real-time.

Qonto is also the only business account to offer metal cards for professionals and allows you to receive SWIFT transfers (from abroad).

Since 2019, we have been using our own banking platform (also known as Core Banking System), which allows us to carry out our clients' transactions. This independence allows us to offer our clients a more pleasant experience and directly create the products and services that facilitate their daily lives.

Our mission is centered on the needs of professionals and their expectations. That's why our customer support service is always attentive to respond to your questions as quickly as possible.

All Qonto rates and offers are transparent. The monthly plans are non-binding. You can switch from one plan to another at any time if your company's needs change. More than 500,000 clients have already joined Qonto to simplify the daily management of their finances. What reasons are there not to?

There are no transaction fees beyond the subscription cost.

That is, if you do not exceed the volume of transactions and services included in your plan, you will only be charged the monthly plan amount.

If you order additional cards or make additional transactions (beyond those included in the plan), then you will have to pay additional fees.

Transfers

Your Qonto account allows you to receive transfers from anywhere in the world and send money in over 18 foreign currencies through the SWIFT network. This feature is available in several of our packages. You can find all the package details on our Pricing page.

Card payments

Our premium Qonto physical cards will be by your side and ensure secure payments on your travels around the world. We recommend you order one of our Plus or X cards.

With the Plus card, you only pay a 1% exchange fee on card payments outside the eurozone.

With the X card, all your payments abroad are made at the real exchange rate (no exchange fee) and your withdrawals are free.

These two cards offer you premium insurance, ensuring your protection and that of your teams while traveling.

Opening a business account is generally free. However, many traditional banks and online banks charge high monthly fees.

These fees may be related to:

1. The management of the business account;
2. Access to a credit or debit card;
3. SEPA transfers, international transfers, and standing orders;
4. Cash withdrawals at ATMs;
5. Access to additional products (accounting tools, for example).

Qonto's rates are clear and transparent.

Whether it's a startup, a self-employed worker, a microenterprise, or an SME, you will certainly find a package tailored to your activity.

Our different packages are as follows:

1. Basic for 9 euros/month plus VAT;
2. Smart for 19 euros/month plus VAT;
3. Premium for 39 euros/month plus VAT;
   
4. Essential for 49 euros/month plus VAT;
5. Business for 99 euros/month plus VAT;
6. Enterprise for 199 euros/month plus VAT;

Do you have an SME? You can even opt for a customized package. Just contact our Customer Support team and let us know what you need to manage your company daily. And always without hidden costs.

In Portugal, the legal forms of companies that can open a business account with Qonto are as follows:

• Sole Proprietor (ENI) and Self-Employed Workers
• Limited Liability Company (Lda.)

Note that Qonto does not allow certain types of companies to open a business account. This is the case for companies that:

• Sell tobacco;
• Sell medicines;
• Engage in insurance brokerage;
• Engage in illegal or sexual activities.

Are you having trouble opening a business account with a traditional bank? Open an account with a financial institution like Qonto to quickly grow your business.