Leveraging Bank Accounts

When starting a business, at one point, you’ll need to compare banks to open your first professional account. Commercial banks often promote tailored packages designed to help new ventures get started. But once your business is running, do you revisit the terms and conditions of those packages? Or explore whether combining accounts and services from different banks could create a truly customised solution?

In the past decade, neobanks and other FinTech providers have transformed the banking landscape. Although comparing offers and evaluating benefits across multiple institutions can be time-consuming, doing so can lead to meaningful savings on transaction fees and other financial services. In this article, we’ll explore the available options, key differences, costs, and important considerations to help you choose the right banking setup for your business.

To define the scope of this research, we built a realistic scenario featuring two entrepreneurs with distinct needs. Maria seeks flexible, globally oriented banking solutions, while Marc prioritises a physical presence with POS and software integration. The following subjects are central to our comparison:

• Maintenance: Costs related to owning a bank account and payment cards.
• Payments: General transaction fees.
• Credit necessity: Business credit requirements.
• Exceptional transaction costs: Fees for irregular, high-value, or unexpected transactions.

This research covers products from Belfius, BNP Paribas, ING, KBC, N26, Revolut, and Wise. We intentionally avoid referencing specific product names. The goal is not to recommend individual products but to demonstrate how different banking services can be leveraged according to your business needs. For product comparison tools, visit wikifin.

Example 1: If your business handles regular cash deposits, you’d want to weigh per-deposit fees against annual maintenance costs.

Example 2: If you work frequently with international partners, comparing transaction and exchange rate fees yield better value than focusing solely on account maintenance costs.

Methodology:

• In September ’25, we simulated a first-time comparison online, using search terms listed at the end of this article. We interacted directly with the options recommended by each provider.
• Providers are considered responsible for ensuring transparent and up-to-date information. If services, fees, or benefits are not mentioned, the responsibility lies with the provider.
• Data is primarily drawn from Terms & Conditions and official fee sheets. In some cases, we relied on website content where formal documents were unavailable.
• Commercial promotions were disregarded when analysing costs, as these are temporary in nature.
• Banks requiring physical appointments or providing insufficient online data were excluded.
• Entries marked as “N/A” mean “information not available at the moment of research”. They do not mean “free”, “included”, or “unavailable”.
• Further details on the methodology are available at the end of the article. The information found during our research, can be found here.

For evaluation purposes, Maria and Marc represent two common business profiles:

• Maria
  • Independent professional (e.g., freelancer or cooperative member).
  • Frequent international transactions, mainly in EUR but occasionally in other currencies.
  • Requires FinTech and investment features.
  • Interested in travel and small-item insurance options.
• Marc
  • Operates a regional business with a physical location.
  • Requires POS technology and business management software.
  • Needs multiple insurances (liability, fire, potential loss of profit).

Each provider targets different customer segments, so a direct one-to-one comparison was not feasible.

Key-Takeaways

• Neobanks challenge existing standards for foreign exchanges, remove administrative barriers and enhance overall user experience.
• Traditional banks maintain superiority in credit solutions, allowing their customers to get tailored solutions for their credit needs.
• By defining the nature of transactions in a company, department or division, using one bank account per purpose can assist in saving costs.

The Rise of Neobanks

The first practical step when starting a business is to open a dedicated bank account. This should be done even before your company is officially established. There are two main reasons: (i) you’ll incur expenses before registration, so separating business and personal spending helps maintain clear records. And (ii) once any professional expense is recorded, that account becomes accessible to tax authorities. Mixing personal and professional spending can therefore grant tax authorities access to your private accounts.

The emergence of neobanks has made opening bank accounts far easier. Generally, their business model is creating an online ecosystem in which they orchestrate and execute B2C transactions and earn a percentage on the transactions. This allows them to cut overhead costs that can be used to lower margins on traditional costs. Additionally, they are connected to the interbank rates which allows them to provide competitive exchange rates.

Across the Eurozone, roughly sixty neobanks operate today, each with distinct characteristics. In general:

• They may operate independently, alongside, or as subsidiaries of traditional banks.
• Most aim to obtain or already hold an official banking license.
• Their business models typically revolve around converting deposits into loans or investing in high-quality liquid assets such as central bank reserves.
• Approximately 80% of their funding comes from private individuals.
• Cost savings from the absence of branches are often redirected toward advanced IT infrastructure.

CFOrent Insight: Neobanks are built for the digitally minded

Traditional banks are generally structured into retail (individuals), corporate (businesses), and international (governments) divisions, each with its own ecosystem. Neobanks, by contrast, emphasize simplicity, connectivity, and user experience. Their audience typically includes tech-savvy individuals and financially independent users.

Neobanks offer advantages such as streamlined expense management, rewards programs, and easy access to global financial markets. Forward-thinking teams can extend these benefits beyond freelancers and young professionals, such as, sales teams, digitally enabled business units, or companies with international operations.

Despite their success, neobanks are still relatively new and face typical growing pains. Revolut became the first major neobank to achieve sustained profitability, signaling financial viability. Nonetheless, investors confidence is at an all-time high so it seems neobanks are here to stay.

Maintenance Costs

Traditional banks often follow an add-on sales model: clients start with a basic account and gradually add products such as debit cards, credit cards, and additional services. The most attractive options are usually offered as bundled packages. Neobanks, in contrast, tend to use subscription-based models where higher tiers provide broader functionality or additional transaction “credits”.

As a result, traditional banks usually have lower entry costs but can become more expensive when businesses require multiple operations or added features. Neobanks, on the other hand, can offer advantages through features such as virtual cards, which allow multiple cards to be linked to one account without extra physical issuance costs.

Illustrative example:

Several nuances apply to this example. It isolates one instance within a broader financial ecosystem. While virtual cards may appear cost-free, they require proper management. Since they are tied to the provider’s platform, using proprietary tools, often not free, or integrating with industry standards such as CODA/XML reporting can incur additional costs. Moreover, virtual cards typically require company-issued smartphones, adding IT management considerations.

Therefore, it is best to view each bank account as a dedicated financial tool for a specific purpose, whether as an account for sales operations or an account for foreign transactions. This perspective leads naturally into the next topic: the cost of using an account.

One Account, One Transaction Type

Within the EU, most SEPA transactions are free and instantaneous under the EU Instant Payment RegulationSummarised: instant euro credit transfers should be made available to all customers and their fee cannot exceed the fee for a traditional transfer.. Some limits may apply, typically on transaction amount or monthly volume. Traditional banks tend to offer greater flexibility here, as they operate established national entities that keep funds circulating within domestic markets. Neobanks, by contrast, serve more cross-border clients, which can increase exposure to geopolitical risks and client sentiment—factors that may heighten vulnerability to a run on the bank. However, many neobanks are mitigating this risk by opening local subsidiaries.

The key distinction in using bank services, lies in how each type of bank handles multiple currencies and foreign transfers. Some neobanks impose no fees on incoming EUR, USD, or GBP transactions, whereas traditional banks often differentiate based on transfer routes and group affiliations. Large banking groups such as BNP Paribas and ING, for instance, may offer reduced or free transfers within their own network.

When it comes to exchange rates, neobanks typically offer more favourable conditions. They allow multi-currency accounts without surcharges and often include free transaction credits or lower fees for international transfers. While large corporations may be able to negotiate tighter exchange margins with traditional banks, neobanks provide these advantages by default.

Comparison of Fee-based Transactions

In most cases, neobanks remain more cost-effective than traditional banks. The default values in the calculator below are derived from our research, but you can adjust them to reflect your current business rates. Exchange rate fluctuations are not included in this comparison.

Comparison of Exchange Rate Margins

During our research, exchange rate margins at traditional banks typically range between 1.5% and 3.5%. Neobanks, in contrast, often apply narrower spreads, commonly around 0.6%, and may include certain transfers free of charge or use an all-inclusive rate for international transactions.

A notable example is Wise, which claims that businesses can save up to €10,000 when converting EUR to USD and transferring USD 1,000,000 to a U.S. subsidiary.*

CFOrent Tip: Efficient Funding for Subsidiaries

“Establishing subsidiaries outside the euro area can be a costly affair, even before accounting for traditional banking fees.” says CFOrent associate Stig.

“Using neobank accounts can help bypass many of these surcharges and reduce the cost of funding your subsidiary. When both sender and receiver use the same provider, a number of transactions may even remain free of charge. Even where surcharges apply, neobank transfers typically remain cheaper than traditional alternatives.”

However, before ending your relationship with a traditional bank, it is important for founders and SMEs to also assess their credit requirements. As the next section shows, traditional banks continue to offer the most comprehensive credit solutions.

Future Planning or Weathering a Storm

It may seem obvious, but as relatively young companies still focused on growth and liquidity, neobanks currently offer few notable credit solutions. Traditional banks remain the primary and most reliable partners for business financing, providing a wide range of credit products often tailored to specific needs.

Because tailored solutions come with tailored rates, comparison is complex. To establish a baseline, we begin by analysing simple overdraft fees on current accounts. Although overdrafts are a form of credit, they are among the least favourable options. In our study, rates ranged from 9.07% to 19.20%, with KBC offering the most lenient terms. Where allowed, overdraft limits typically reach around €10,000.

Beyond CFO Rent’s own experience with providing credit solutions for our partners, understanding why businesses need credit helps explain banks’ offerings. The most common causes of financial strain include:

• Mismanagement
• Insufficient financial knowledge
• Customer defaults

Accordingly, banks provide credit products designed to:

• Assist with accounts receivable follow-up.
• Cover or advance outstanding receivables, partially or fully.
• Leverage their status as credit institutions to reinforce your business’s credibility with partners.

CFOrent Tip: Search for Liquidity Within

When working capital becomes tight, the first step should always be to look inward. Renegotiate supplier terms, review client payment schedules, and re-examine product or service structures to stabilise cash flow. Given that mismanagement and financial inexperience are top causes of default, having solid finance partners is essential.

If additional liquidity is still needed, clearly define the reason before applying for external credit. This enables your business to seek a more appropriate financing solution rather than relying on a costly current account overdraft.

Because tailored products come with tailored rates, mastering the art of negotiation and presenting your business favourably can significantly improve outcomes. For more on this topic, see our tips on negotiating collateral and covenants.

With these insights established, we can now explore suitable banking setups and solutions for Maria and Marc.

Scenario analysis

While it might seem that Maria fits the profile of a progressive neobank client and Marc that of a traditional bank client, both could benefit from using both types of institutions.

Maria could split her cash flow between international and local operations. For her international operations, she can leverage the low transaction fees of neobanks, irrespective of the currency. If she maintains a liquidity buffer for local operations, the limited free transfers between her neobank and traditional accounts might be sufficient to pay no fees at all. She could also leverage insurance benefits or FinTech tools included in her neobank plan. Locally, her traditional account could serve as a base for distributing financial assets. Whether she keeps only a current account or adds a debit card, she can allocate funds according to her business needs and enjoy the advantages of both systems. If short-term credit is needed, she can access overdraft facilities directly through her bank.

Her network of freelancers or cooperatives could benefit from virtual cards, creating them for specific projects with separate expense accounts. For temporary projects, neobank add-ons allow simple expense management and easy export once the project concludes. One clear advantage of neobanks over traditional banks is the simplicity of creating and closing temporary accounts.

Marc’s situation largely depends on his point-of-sale (POS) setup. If he must accept cash, neobanks are unsuitable. If he can go fully cashless, he could separate current and fixed assets between neobank and traditional bank accounts. Given his physical location, he likely requires a loan, binding him to a traditional bank. His liquid assets, however, could be managed via a neobank. Some neobanks even offer competitive POS transaction fees. Depending on his operational complexity, a neobank may offer adequate expense management tools. He could also seek to bundle insurance benefits through his neobank or his fixed-asset loan application at a traditional bank.

CFOrent Tip: Track what products you use and read T&C

While banks offer great startup packages, read the T&C for products you will effectively use or ask for the minimum requirements in order to enjoy the benefits. As a rule of thumb, a package exists of a bank account, a payment card (virtual or physical) and sometimes a credit card. Within the packages, there can be optional benefits or discounts to enjoy because of the nature of the chosen packages. These benefits, however, can come at a price or cancellation fee!

But nothing better than a plain old spreadsheet to keep track of your desired products and listing their minimum requirements to keep enjoying them.

Conclusion

Choosing the right banking setup is a strategic decision that extends beyond simple account opening. The broad variety of financial products indicates how customisable it can become. Traditional banks continue to provide robust credit solutions, established networks, and flexibility within domestic markets, making them indispensable for businesses with complex or long-term financing needs. Neobanks, by contrast, offer cost-effective transaction management, multi-currency capabilities, and digital-first ecosystems that appeal to tech-savvy businesses and international operations.

It’s definitely worth it assessing your specific operational needs, such as transaction volume, foreign payments, and credit requirements, before committing to a single provider. In many cases, leveraging a combination of traditional banks and neobanks can maximise both cost efficiency and operational flexibility.

Taking finance off your mind, CFOrent has sufficient expertise and knowledge of cost-savings setups that will help your business and we provide tailor-made solutions so you can focus on what’s important for your business. Get in touch today!

Sources

Statbel: Maria en Marc zijn populairste voornamen.

ECB: Digital banking: how new bank business models are disrupting traditional banks

ECB: EU Instant Payment Regulation

Informatiefiches (08/2025)

Belfius: Tarieven en rentevoeten from here.

BNP Paribas Fortis: Tarieven en rentevoeten from here.

Hello Bank!: Tarieven en rentevoeten from here.

ING: Tarieven en rentevoeten from here.

N26: List of Prices and Services from here.

Revolut: Legal

Wise: Comparing tool

Methodology, exclusions and disclaimer

• Traditional commercial banks were selected on top search results for queries bankrekening voor ondernemers and bankrekening voor professionals because founders typically do not have a resourceful financial network.
• Fee information sheets where provided by the provider, else searched for using the query “tarieven(lijst) <naam product>/<naam bank>”
• Neobanks were selected on basis of their popularity and established presence in today’s market.
• Argenta and Beobank were excluded due to not providing sufficient information online and requesting an appointment.
• The fee information sheet of Hello Bank! is perceived outdated, with a timestamp of 2021. It is however the information sheet they provide through their website (see sources).
• Due to non-transparent product and fee communication, by KBC, fees were used as found here, selection “KBC-Zichtrekening”.
• SME accounts were chosen over Corporate accounts.
• I.c.o. services, such as bank transfers, we always chose to compare the cheapest option. This excludes de facto cheque processing and window operations (with exemption of coin deposit).
• We exclude cash withdrawal fees but include cash deposit fees, if present.
• We did not analyse various administrative costs for certificates, copies and/or historical extracts, as they are seen as costs of administrative efficiency.
• Despite all intentions to work thoroughly and with the latest information, the analysis may still contain mistakes. Contact the provider to verify fees.