As a freelancer in the European Union, one of the most important steps in managing your business finances is choosing the right business bank account. A good business bank account will help you keep track of your income and expenses, streamline payments, and ensure you're compliant with tax regulations. With many options available, choosing the best business bank account for your needs can be a daunting task. In this article, we'll break down the best business bank account options for freelancers in the EU, considering factors such as fees, features, and ease of use.

Why Do Freelancers Need a Business Bank Account?
While it may be tempting to use your personal bank account for business transactions, keeping your freelance finances separate is essential for several reasons:
Tax Compliance: Separating your personal and business finances makes tax filing simpler and more accurate. It also ensures that you can claim business expenses without confusion.
Professionalism: Having a dedicated business account enhances your professional image, making it easier for clients to pay you and for you to manage payments and invoices.
Financial Organization: A separate business bank account allows you to track income and expenses more effectively, giving you a clearer view of your cash flow.
Access to Business Services: Business accounts often come with added services such as business loans, credit facilities, and merchant payment solutions that are not available with personal accounts.
Key Features to Look for in a Business Bank Account for Freelancers
When selecting the best business bank account for freelancers, it's important to consider the following features:
Low Fees: Look for accounts with low or no monthly fees, as well as minimal transaction fees.
Online Banking: Many freelancers prefer online banking due to the flexibility and convenience it offers.
Multi-currency Support: If you work with international clients, having an account that supports multiple currencies can save you money on conversion fees.
Integration with Accounting Software: Some business accounts integrate directly with accounting software, making it easier to track your finances.
Business Tools: Some accounts offer additional features like invoicing, tax tools, or payment processing services.
The Best Business Bank Account Options for Freelancers in the EU
Here are some of the top business bank account options for freelancers based in the EU, considering both traditional and digital-first banking solutions.
1. Revolut Business
Best for: Low-cost international payments and flexible online banking
Revolut is a digital banking solution that has become very popular with freelancers across the EU. With its low fees, multi-currency support, and user-friendly mobile app, it's an excellent choice for freelancers working with international clients.
Features:
Free business accounts available
Multi-currency accounts with the ability to hold over 30 currencies
No hidden fees for card payments and transfers
Integration with accounting tools like Xero and QuickBooks
Free international money transfers
Fees: Revolut offers a free business account, but additional features like multi-currency accounts and premium services come with a monthly fee.
2. N26 Business
Best for: EU-based freelancers seeking simplicity and ease of use
N26 is a fully digital bank that offers a free business bank account tailored to freelancers and small businesses. It's known for its ease of use, making it ideal for freelancers who need an account that’s straightforward to set up and manage.
Features:
Free business account with a business Mastercard included
Unlimited free ATM withdrawals (in the EU)
Integration with accounting software such as Lexoffice
Instant push notifications for every transaction
Fee-free international payments within the SEPA zone
Fees: N26’s basic business account is free, but there are fees for premium features, such as additional ATM withdrawals or foreign currency transactions outside the EU.
3. Wise Business Account
Best for: Freelancers who need to handle multiple currencies and make international payments
TransferWise (now rebranded as Wise) is well-known for providing cost-effective international money transfers. It’s an ideal option for freelancers who regularly deal with clients in different currencies and need low-cost, transparent fees.
Features:
Multi-currency accounts with the ability to hold and manage over 50 currencies
Transparent exchange rates with low fees (up to 19x cheaper than traditional banks)
Ability to send money to 70+ countries with low fees
Integration with accounting software like QuickBooks and Xero
A business debit card for easy payments
Fees: There are no setup fees, and the account itself is free. Fees are only charged for specific services, such as exchanging currencies or making payments outside the EU.
4. Holvi Business Account
Best for: Freelancers who want to integrate accounting tools directly into their bank account
Holvi is an ideal solution for freelancers who need an all-in-one business account that combines banking and accounting services. It offers many advanced features to help you manage your business’s finances more effectively.
Features:
Free business account with integrated invoicing and receipts
Digital banking with mobile access
Automatic categorization of expenses for easier bookkeeping
Multi-currency support for freelancers working internationally
Fees: Holvi offers both free and paid plans, with the paid versions offering more features such as invoice customization and advanced accounting tools.
5. Lloyds Bank Business Account (UK-based)
Best for: UK-based freelancers who need a more traditional banking option
Lloyds Bank offers a business account specifically tailored to the needs of small businesses and freelancers in the UK. If you're a freelancer in the EU with UK clients or based in the UK, this could be a great option.
Features:
Full-service business banking with physical branches for in-person support
Free business banking for the first 18 months (if you meet specific criteria)
Online banking and mobile app for account management
Access to a business credit card for easy transactions
Fees: While the first 18 months of business banking are free, Lloyds charges monthly fees afterward based on the type of business account you choose.
High-Risk Activities and the Struggle to Open a Bank Account for Freelancers
While the business bank accounts mentioned above provide excellent options for most freelancers, individuals engaged in high-risk activities may face additional challenges when opening a business bank account. Freelancers operating in industries such as cryptocurrency, gambling, adult entertainment, or Forex trading often encounter difficulty with traditional and even some digital-first banks. These sectors are considered high-risk due to the perceived volatility, regulatory complexities, or reputational risks associated with them.
Banks, including the ones mentioned in this article like Revolut, N26, or Wise, often have strict Know Your Customer (KYC) and Anti-Money Laundering (AML) checks. As a result, freelancers in high-risk industries may face delays, rejection of applications, or additional scrutiny during the approval process. Some banks may also limit the services available to such businesses, such as restricting certain types of transactions or offering higher fees to mitigate perceived risks.
If you would like to get an up to date list of digital banks that can accommodate higher risk activities or if you wish to have more options besides those mentioned in the article, fill out our contact form with your details and we will send it to you by email.
Conclusion
The best business bank account for freelancers in the EU depends on your specific needs—whether it's low fees, multi-currency support, or additional business tools like invoicing and accounting integrations.
Carefully assess the features, fees, and services that are most important for your freelance business, and choose a bank that aligns with your goals. With the right account, you'll be well on your way to managing your finances with ease and professionalism.