QuickBooks Money Explained: Features, Plans, and Pricing

Managing business finances effectively is crucial for growth. For many US small businesses, this means finding a solution that simplifies banking, payments, and cash flow tracking. QuickBooks Money is designed to be an all-in-one financial tool, combining business banking with payment processing.

This guide explores what QuickBooks Money is, how it works, and whether it's the right fit for your business operations. 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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What is QuickBooks Money?

QuickBooks Money is a financial platform that includes a business checking account and payment processing services. ¹ It is designed to help businesses manage their cash flow from a single hub, from getting paid by clients to managing expenses.

QuickBooks Money: Your Business Banking Solution

Think of QuickBooks Money as a central account for your business's day-to-day financial activities. It provides a QuickBooks Checking account, offered through a partnership with Green Dot Bank, Member FDIC.² This allows you to hold funds, make payments, and earn interest without the subscription fees often associated with accounting software.

A key feature is that you do not need a QuickBooks Online subscription to use it.³ This makes it an accessible option for freelancers and small businesses looking for a standalone banking and payment solution.

QuickBooks Money Features and Benefits for Small Businesses

QuickBooks Money combines several essential financial tools into one platform. This integration aims to save time and provide a clearer view of your company's financial health.

Key features include:

• No monthly fees: The account has no monthly maintenance fees or minimum balance requirements.⁴
• Integrated payment processing: Accept customer payments via credit card, debit card, ACH bank transfer, Venmo, and PayPal.⁵
• High-yield APY: Earn a high annual percentage yield (APY) on funds stored in designated savings "envelopes."⁶
• Instant deposits: Eligible payments can be deposited into your QuickBooks Checking account instantly, without extra fees.⁷
• Mobile app: Manage your money, send invoices, and deposit checks on the go with the Money by QuickBooks mobile app.⁸

QuickBooks Money Plans and Pricing Explained

QuickBooks Money is built around a subscription-free model, which is a major draw for new and small businesses. There is one primary plan, which is free to open. Costs are instead based on specific transactions. ⁹

Comparing QuickBooks Money vs. QuickBooks Online

It's important to distinguish between QuickBooks Money and QuickBooks Online. They serve different primary functions but can work together.

• QuickBooks Money is a banking and payments product. Its core purpose is to provide a business checking account and tools to get paid. It can function on its own.
• QuickBooks Online is accounting software. Its purpose is to track all income and expenses, run financial reports, manage payroll, and prepare for taxes.

A business could use QuickBooks Money for its banking and payment needs without using QuickBooks Online. However, if you already use QuickBooks Online for accounting, integrating QuickBooks Money can streamline your reconciliation process since transactions automatically sync.

Understanding QuickBooks Money Fees

While there are no monthly subscription fees, there are transaction-based fees for payment processing. Understanding these costs is critical for cash flow forecasting.

How QuickBooks Money Works for Your Business

QuickBooks Money is designed to simplify how your business handles cash flow. It centralizes the processes of receiving payments from customers and managing your own outgoing expenses.

Getting Paid with QuickBooks Money

The platform offers multiple ways for your clients to pay you, which can help speed up your accounts receivable cycle. When you send an invoice from QuickBooks Money, your customer receives a link to a payment portal.

They can choose from several payment options:

• ACH bank transfer
• Credit or debit card
• Venmo
• PayPal

Once a payment is made, funds are deposited into your QuickBooks Checking account. Standard bank transfer payouts take 1-5 business days. ¹¹

Card payments typically deposit the next business day. Eligible users can also get instant deposits for card and ACH payments at no extra cost.²

Managing Payments and Expenses

For money-out operations, you use the included QuickBooks Checking account and debit card. You can pay vendors, purchase supplies, and manage other business expenses directly from the account.

Because the checking account is integrated, all outgoing transactions are automatically categorized and ready for review. This eliminates the need for manual data entry, which is a common source of errors in a monthly reconciliation process. For a business paying 20-30 vendors per month, this automation can save significant administrative time.

QuickBooks Money APY and Business Checking Accounts

A major benefit of QuickBooks Money is its combination of a functional business checking account with a competitive, high-yield savings feature. This helps your business's cash work for you.

QuickBooks Checking Account Details

The QuickBooks Checking account functions like a standard business bank account. It is FDIC-insured up to $250,000 through Green Dot Bank.³ You receive a physical debit card for in-person and online purchases and can access cash at over 19,000 fee-free Allpoint ATMs nationwide.¹²

The account also supports mobile check deposits through the app, helping you digitize paper checks without visiting a bank branch.¹³

Understanding QuickBooks Money APY

QuickBooks Money offers a high-yield APY on balances held in "envelopes." Envelopes are a way to set aside money within your checking account for specific goals, like taxes, new equipment, or a payroll run.

As of early 2024, the APY was 5.00%.¹⁴ This rate applies only to the funds you move from your main balance into one or more envelopes. The interest earned is calculated daily and paid monthly, providing a boost to your savings.

Integrate QuickBooks and Wise Business for Transparent Transfers

Streamline Your International Payments with Wise

For US businesses that work with international contractors, suppliers, or clients, managing cross-border payments presents a unique challenge. While QuickBooks Money is a strong solution for domestic banking, its 3% foreign transaction fee can add up quickly.¹ This is a common issue with traditional banking solutions, where costs are often hidden in poor exchange rates and high wire fees.

This is where a specialized provider like Wise can be a powerful partner. Wise is built to handle international money movement efficiently and transparently.

By integrating Wise with your accounting software, you can:

• Pay international invoices at the mid-market exchange rate, the same one you see on Google, with a small, upfront fee.
• Receive payments from clients abroad with local bank details in major currencies, avoiding costly SWIFT fees.
• Simplify reconciliation by syncing your international transactions directly into your books, giving you a complete and accurate financial picture.

FAQ: QuickBooks Money Review

How does QuickBooks Money work?

QuickBooks Money works by providing a business bank account (QuickBooks Checking) and integrated payment processing tools. You can send invoices and accept payments from clients, and the funds are deposited directly into your account. You can then use the account and its debit card to pay for business expenses.

Is QuickBooks Money different than QuickBooks?

Yes. QuickBooks Money is a banking and payments platform that can be used for free without a subscription. QuickBooks Online and Desktop are comprehensive accounting software products that require a paid subscription.

How do I cancel QuickBooks Money?

To cancel your QuickBooks Money account, you will need to contact QuickBooks support. Ensure you have transferred any remaining balance out of your checking account and envelopes before starting the cancellation process.

Is QuickBooks Money safe?

Yes. The QuickBooks Checking account is provided by Green Dot Bank, which is a member of the FDIC. This means your deposits are insured up to $250,000.³

Is QuickBooks Money Right for Your Business?

Deciding on the right financial tool depends on your specific business structure, transaction volume, and operational needs.

QuickBooks Money for Freelancers and Contractors

For independent contractors and freelancers, QuickBooks Money is a compelling option. The absence of monthly fees and minimum balances removes a common barrier to entry. The ability to create and send professional invoices and offer multiple payment options can improve cash flow and project a more established business image.

QuickBooks Money: Benefits for US Small Businesses

For US-based small businesses, QuickBooks Money offers a streamlined way to manage domestic finances. The primary benefit is the consolidation of banking and payments. Instead of juggling a separate bank account, a payment processor, and invoicing software, businesses can manage these functions from one place. The high-yield APY on saved funds is another significant advantage over many traditional business checking accounts.

Bottom Line

QuickBooks Money provides a robust, subscription-free platform for US small businesses and freelancers to manage their banking and payment processing. Its strengths lie in its simplicity, lack of monthly fees, and integrated features that help streamline cash flow. The high-yield APY and multiple payment options make it a competitive choice for domestic operations.

However, businesses should carefully review the transaction fees to understand the total cost. For companies that operate globally, pairing it with a specialized international payment provider may be necessary to manage cross-border transactions cost-effectively.

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

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Sources:

1. Open a Free Business Checking Account | QuickBooks
2. Intuit Introduces QuickBooks Money | Green Dot
3. Intuit Introduces QuickBooks Money, a New Subscription-Free Payments and Banking Solution for Small Businesses
4. Use your QuickBooks Checking account
5. Accept customer payments
6. Create envelopes to set your funds aside
7. Get instant deposits
8. Getting started with the QuickBooks mobile app
9. QuickBooks Money Plans - Compare QuickBooks Money vs. Online
10. Credit Card Processing Fees & Rates Explained | QuickBooks
11. Find out when QuickBooks Payments deposits customer payments
12. Know your FDIC insurance limit
13. Use mobile check deposit with QuickBooks Checking
14. Open a Free Business Checking Account | QuickBooks