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Qonto review

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If you're a freelance professional or an SME owner looking for easy financial solutions, Qonto may have an account for you.

Qonto is an online-only business account that launched in France in 2017 and offers accounts tailored to meet the specific needs of SME owners, startups and freelancers. Qonto has counted over 100,000 clients to date, and in January 2020 it continued to extend its footprint in Europe by launching operations in Germany.

Use this guide to learn what you need to know about each type of Qonto business account.

€9

Monthly fee

1

Number of users

20

Local transfers limit

Details

Product NameQonto Solo
Monthly fee€9
Supported currenciesGBP,SEK,PLN,CHF,DKK,NOK,USD,CZK,CNY,HUF,EUR
Currency conversion fee2% per payment
Local transfers limit20
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More Info

How does Qonto work in Germany?

Depending on the size of your company, you can choose whether to sign up with Qonto and use an existing bank account, or by replacing your old account fully. Since June 2020, German customers have been able to benefit from having a local IBAN.

All customers will start with a basic rate, or the Qonto Solo, which can be secured as part of a free trial for 30 days and which includes the following features:

  • A Mastercard One debit card with which to pay in Euros for free, withdraw cash at a cost of €1 (+ VAT) – up to a limit of €1000 per month – and a 2% charge for payments in foreign currency.
  • Accounting and expense management with unlimited transfers list updated in real-time; the uploading of payment receipts via camera; and the exporting of transactions in PDF or CSV formats.

Alternatively, those who subscribe to the Qonto Standard offer – in addition to the aforementioned conditions and those stated in the pricing list – will have the following additional features available:

  • Personalised access to accounting and expenses depending on whether you are the company’s administrator, collaborator or accountant
  • Add custom tags to define the transaction category
  • Automatic VAT detection
  • Make multiple transfers

In addition to all the above conditions and those described in the pricing list, Qonto Premium subscribers will have the following additional features available:

  • Pre-insertion of wire transfers by colleagues, which can then be authorized by the administrator
  • Dedicated VIP assistance

What business accounts does Qonto offer?

Here’s a rundown of the main accounts offered by Qonto:

  • Upon request, you may be eligible for an upgrade to Qonto’s Corporate account.

    It is also possible to add two other types of physical debit cards to add greater flexibility to your account. These are:

Compare the products from Qonto

Data indicated here is updated regularly
Name Product Monthly fee Number of users Local transfers limit
Qonto Solo
€9
1
20
Self-employed account including 1 user and 1 physical one card. It allows up to 20 free transfers
Qonto Standard
€29
5
100
A low-cost business account solution for small businesses and freelancers. Get 2 physical cards and 5 users included along with a number of features.
Qonto Premium
€99
Unlimited
500
A flexible current account for startups and small businesses. Receive unlimited users, multi-lingual support, customised account access, bulk transfers and more.
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Is my money safe with Qonto?

Qonto holds a ‘payment institution license’ and so it isn’t technically a bank. However, Qonto is supervised by the same authority as the major French banks: the ACPR, and is subject to regular controls and compliance checks.

All fund deposited by customers are segregated with Crédit Mutuel Arkéa and are covered by the Deposit Guarantee Fund (FGDR) up to €100,000, which will be repaid directly to the customer should Qonto become insolvent.

Access to the site and your transactions are protected by Qonto’s mandatory two-factor authorization process; and by the implementation of a 3D-Secure system, which should bring you added peace of mind against fraud.

How to apply for a Qonto account

Opening a Qonto Business account is very simple and only takes a few minutes. By applying online, it’s possible to register in a few steps and these include confirming your email address, mobile phone and choosing a secure password.

You will need to include some details about your company: this may include its registered office, company name, date of incorporation and company registration number (or tax code, in the case of self-employed or freelance professionals).

Then, once you’ve confirmed that you are a legal representative of the company, your personal data will need to be verified. This can be done by uploading a valid identification document.

Finally, you’ll need to choose your Qonto profile among the three available options. A contract will need to be signed before you can then take advantage of a business account with an IBAN that’s ready to use.

Bottom line

It’s clear that Qonto is set up to deliver fast and easy digital processes that can meet a range of small business finance needs. As this is all done online, you’ll not need to waste time by visiting bank branches. It can be very quick to open an account and the month’s free trial of its services is a big plus.

What’s more, Qonto Solo offers a cheap and convenient solution for all freelancers who need a business current account without spending huge amounts.

Before you settle on a provider that works for you, it’s a great idea to compare a range of business banking options.

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Compare Qonto against other business accounts in Germany

Data indicated here is updated regularly
Name Product Monthly fee Number of users Local transfers limit
N26 Business
€0
10
Unlimited
A convenient business account for freelancers. Benefit from cashback, spending categorisation and free foreign currency payments.
Fidor Smart Business Account
€5
1
N/A
A mobile business account with real-time notifications on your transactions. Includes a digital Mastercard with mobile payment and a Smart Banking app.
N26 Business You
€9.90
10
Unlimited
A premium business account with free foreign currency payments, cashback and a complimentary insurance package.
N26 Business Metal
€16.90
10
Unlimited
Commerzbank Founder offer
€14.90
1
75 per month

Receive €100 opening your account online and enjoy €14.90 per month for the first 2 years

Postbank Business Giro Trust
€5.90
1
N/A
Postbank Business Giro aktiv plus
€16.90
1
N/A
Postbank Business Giro active
€12.90
1
N/A
Postbank Business Giro
€5.90
1
N/A
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Compare up to 4 providers

Data indicated here is updated regularly
Name Product Monthly fee Number of users Local transfers limit
NetBank Business Account Basic
€4.85
10
Unlimited
An affordable business account designed for freelancers and self-employed people with mobileTAN, sub accounts and more.
Commerzbank Classic business account
€9.90
1
10 per month

Receive €100 opening your account online and enjoy 0 € price for 6 months

Commerzbank Premium business account
€24.90
1
75 per month
Penta Business Advanced plan
Penta Business Advanced plan
€9
2
100
A German IBAN and current account for startups and small businesses that gives you convenient account management, international payments and multi-user support.
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Data indicated here is updated regularly
Name Product Monthly fee Number of users Local transfers limit
bunq Business
€9.99
20
N/A
Benefit from multiple accounts, the ability to link your bookkeeping software, receipt linking, employee access, and simple payments.
Penta Business Premium plan
Penta Business Premium plan
€19
5
300
A top-tier business account for startups and companies with accounting integrations and international payments. Access it all through a smart mobile app.
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Please note these products are not licenced as banks. Check our product review pages for details.
Data indicated here is updated regularly
Name Product Monthly fee Number of users Local transfers limit
Qonto Solo
€9
1
20
Self-employed account including 1 user and 1 physical one card. It allows up to 20 free transfers
Qonto Standard
€29
5
100
A low-cost business account solution for small businesses and freelancers. Get 2 physical cards and 5 users included along with a number of features.
Holvi Starter
€0
Unlimited
500
An online account ideal for new businesses with €0 monthly fees and unlimited SEPA transfers. Includes a Holvi Business debit Mastercard.
Holvi Grower
€12
Unlimited
Unlimited
A full online business account with unlimited SEPA transfers, unlimited invoicing and up to three Holvi Business Debit Mastercards.
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Frequently asked questions

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