Yes, it’s true. You can separate your personal from business finance for just €0/mo. How come? What do you get and what do you have to put up with? Let’s find out.
What’s a business current account?
Business and personal current accounts have very similar features. They both let you park your money and grant you 24/7 access to your funds – be it for cash withdrawals, card payments or wire transfers. This is the current account’s main purpose– to let you receive payments and handle day-to-day expenses in a flexible, secure and efficient manner. However, business accounts offer some additional features that make it even easier to manage company finances.
Business current account’s core functionalities
Here are the basic features of a current account:
- Payment card
- Cash withdrawals
- Direct Debits, standing orders, bill payments
- International transfers
- Online/mobile banking
According to www.money.co.uk, the subscription fees of a business current account vary anywhere between €1.50/mo and €12/mo. For companies offering overdraft, interest rates start from 5.5% and go up to 25% Equivalent Annual Rate, while cash withdrawals are between €1 and €3.
The big question is what you actually get for free and does the old saying buy cheap, buy twice really apply.
LeuPay – What do I get for €0/mo?
Well, with LeuPay’s business account, you get all features from the list above and even some nifty extras on top!
For instance, you can open up to five accounts with individual IBANs in each of the 9 supported currencies for free! You can also order up to five Debit VISA cards with the first two being free. Each additional card costs €10, they can be issued with different card holder names and there are no monthly or annual service fees.
You can easily execute mass payments to unlimited number of partners or you can grant controlled access to stake holders, accountants and other employees to ensure smooth operations with very little effort. If you have a business partner you can benefit from the “Joint signature” feature, which will require both of you to approve of a transfer before it’s executed. That way you will both be aware of the payments made through the account.
Any starting fees or restricting requirements? No. All you have to do is sign up and confirm your business identity. The whole process takes up to 5 business days.
Ready to try it out? Sign up now!