Business Bank accounts

Finom Business Account Review: An Alternative for Entrepreneurs

Mike Renaldi

19.03.26

Read time 5 minutes

Thinking about Finom for your business finances? This review dives deep into what Finom offers. We’ll explore its features, its costs, and who it’s best for. This will help you decide if Finom is the right fit for your company.

We’ll also talk about how Wise Business may be the perfect alternative if you own a US business. We'll also discuss the Wise Business account. The global account that can help your company with all things cross-border.

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Finom Business Account Review: Quick Overview

Finom is a financial technology company. It offers banking and accounting tools. These tools are mainly for freelancers and small to medium-sized businesses (SMBs). It aims to simplify financial management.

Category	Details
Key Features¹	Business accounts with IBANs, expense management tools, invoicing capabilities, integration with accounting software, multi-currency support, virtual and physical debit cards.
Where it’s Offered	European Union member states, with a particular focus on The Netherlands and Germany. The Finom Business Account is not currently offered to US-based businesses.⁴
Pricing (Annual) - Using Germany as example	Pricing is split based on business type: Solo Entrepreneurs, Microbusinesses, and SMEs. Within each group, there are tiered pricing options. For example, Microbusiness: Basic (€8.99/mo), Smart (€23.99/mo), Pro (€119/mo).³ See the full listing below.
Great for	European freelancers and small businesses, companies looking for an all-in-one financial management solution, those who value integrated invoicing and expense tracking.
Trustpilot rating²	4.6 stars

*Note: Finom Business accounts may offer promotions to lower their annual subscription pricing. These promotions are not reflected in the pricing section above.

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Can US Businesses Get A Finom Business Account?

This is a crucial question for businesses in the United States. Based on available information,⁴ Finom serves European businesses only.

Finom holds licenses and operates within the European Union. Getting a Finom Business Account as a US-based entity may be challenging or not possible. Finom's focus and regulatory framework are geared toward the European market. This means US companies might not be eligible to open an account.

If you’re a US citizen or taxpayer, you can open a Finom Business Account, but your business entity would need to be registered with an authority in an EU member state. Additionally, you may be required to report this account in your US filings as a taxpayer. It's always best to check Finom's official website directly for the most current eligibility criteria for US businesses.

Where Does Finom Business Hold Accounts?

Finom operates as a Electronic Money Institution (EMI). Its main presence and regulatory oversight are within the European Economic Area (EEA). This means Finom accounts are typically held and managed within EU jurisdictions. They partner with licensed banks in Europe to offer their services. This geographical focus is important to understand if you are a US business owner looking for a provider.

Finom Business Account Key Features

Finom aims to be a comprehensive financial hub for businesses. It combines business account services with tools to manage money.

Product Details:

Finom offers various account plans. These plans are designed to meet different business needs. You’ll get a business account with an IBAN. This is like a bank account number for your business. It allows you to send and receive money. You can also get business debit cards. These can be physical or virtual cards for spending.

Feature	Description	Benefit
Integrated Invoicing	Create and send invoices directly from the platform	Helps you get paid faster
Expense Management	Track business expenses, including uploading receipts and categorizing spending	Simplifies bookkeeping
Multi-Currency Support	Offers some multi-currency capabilities (primarily for EUR-based operations)	Helpful if you deal with international clients or suppliers
Cashback on Card Spending	Some plans offer cashback rewards on card transactions	Can help offset some business costs
App Integration	Mobile app allows for on-the-go finance management	Check balances, make payments, and view transactions anytime

Ease of Use

Finom strives to make financial management simple. The platform is designed to be user-friendly. It puts business account functionality, invoicing, and expenses in one place.

Features that make it easier for customers:

Simple Dashboard: A clear overview of your finances.
Easy Onboarding: The process to set up an account is usually straightforward for eligible users.
Automated Reconciliation: Features can help match bank transactions with invoices and expenses.
Team Access: Some plans allow you to add team members. You can grant them specific permissions.

Positive reviews on Trustpilot often mention the convenience of having everything in one app. Users appreciate the ability to manage payments and invoices without switching between different software. The cashback feature also receives positive remarks. Many people find the user interface clean and intuitive.

Customer Service

Customer service availability is key for any business tool. Finom offers support to its users.⁵

Availability:

In-App Chat Support: This is a primary way to reach them.
Email Support: You can contact them via email for less urgent queries.
Help Center/FAQ: They have a knowledge base with answers to common questions.

The availability of 24-hour chat support is not consistently advertised for all regions or plans. Support hours might also be aligned with European business hours.

Finom Business Account Fees

Understanding fees is critical for any business budget. For their products, Finom has a tiered pricing structure³ that spreads across three user types. Fees can vary based on the plan you choose and how you use the account.

(Note: The subscription prices are shown excluding VAT (value-added tax), with both the monthly and the discounted yearly payment options.)

Solo Entrepreneurs:

Solo: €0 / month (free)
Basic: €10.99 / month (paid monthly) or €8.99 / month (paid monthly
Smart: €27.99 / month (paid monthly) or €23.99 / month (paid monthly)
Credit Product - Monthly Interest Rate: 1%–1.9%
Credit Line Maintenance: €1 / day (Solo & Basic), €0.50 / day (Smart)
Outgoing SEPA Transfers: Free up to €2,500 (Solo), €25,000 (Basic), and €50,000 (Smart) per month
Outgoing International Payments: 1% (Solo), 0.50% (Basic), 0.40% (Smart) volume fee + €5 fixed fee per payment

Microbusinesses:

Basic: €10.99 / month (Paid monthly) or €8.99 / month (paid yearly)
Smart: €27.99 / month (Paid monthly) or €23.99 / month (paid yearly)
Pro: €149 / month (paid monthly) or €119 / month (paid yearly)
Credit Product - Monthly Interest Rate: 1%–1.9%
Credit Line Maintenance: €1 / day (Basic), €0.50 / day (Smart & Pro)
Outgoing SEPA Transfers: Free up to €25,000 (Basic), €50,000 (Smart), and €100,000 (Pro) per month
Outgoing International Payments: 0.50% (Basic), 0.40% (Smart), 0.20% (Pro) volume fee + €5 fixed fee per payment

SMEs:

Pro: €149 / month (Paid monthly) or €119 / month (paid yearly)
Grow: €339 / month (Paid monthly) or €249 / month (paid yearly)
Custom: Individually customized pricing
Credit Product - Monthly Interest Rate: 1%–1.9%
Credit Line Maintenance: €0.50 / day (Pro & Grow)
Outgoing SEPA Transfers: Free up to €100,000 (Pro), Unlimited/Free (Grow)
Outgoing International Payments: 0.20% (Pro), 0.15% (Grow) volume fee + €5 fixed fee per payment

Additional Fees and Limits (for the Smart Plan):

Monthly Card Payment Limit: €100,000
Monthly ATM Withdrawal Limit: €5,000
Card Payments in Foreign Currency (Non-EUR): 0% up to €500 / 1% for amounts above €500
ATM withdrawals in Foreign Currency (Non-EUR): 1%
Prime card: €9.99 / month (Monthly maintenance)
Free Card Payments in Foreign Currency (Non-EUR): €20,000 (Included as a perk if you have the Prime card)
ATM Withdrawal Amounts: 0% up to €2,000 / 3% (€2,000 - €5,000) / 5% (€5,000 - €10,000) / 8% (above €10,000)
Incoming International Payments (fee per payment): €5
Outgoing International Payments (fee per payment): €5
Fee for the outgoing volume of international payments: 0.40%

Finom Business Account Benefits and Considerations

Finom offers integrated financial management, which is especially advantageous for EU businesses. It consolidates banking, invoicing, and expense tracking into one platform, saving time and reducing software needs. Users praise its friendly interface and mobile app for making finance management easy. Additional benefits include cashback and essential Eurozone services like IBANs and payment processing, which, along with expense tracking, aid with tax preparation.

Save Time and Hassle With Wise Business

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. Wise makes it easy to send, hold, and manage business funds in 40+ currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. Simply add the local account details when billing international customers to receive international payments with no fees.

Account opening is 100% online, with no need to visit a branch or book appointments.

Once you’re set up, you can connect to software such as Wave, FreshBooks, and more. You can also withdraw funds from Stripe without currency conversion fees.

Open a Wise Business account online

Some key benefits of Wise Business include:
Major local account details to receive international payments with ease No monthly account fees just a simple one-off fee for account details Receive payments from e-commerce platforms such as Amazon or via Stripe. Free invoicing tool to generate and send invoices. Create invoices using the Wise invoice generator or invoice templates. Accounting integrations, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation. Access to BatchTransfer. Fast payment of up to 1,000 people.

Some key benefits of Wise Business include:

Major local account details to receive international payments with ease
No monthly account fees just a simple one-off fee for account details
Receive payments from e-commerce platforms such as Amazon or via Stripe.
Free invoicing tool to generate and send invoices. Create invoices using the Wise invoice generator or invoice templates.
Accounting integrations, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation.
Access to BatchTransfer. Fast payment of up to 1,000 people.

Sources:

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.