Qonto meets the needs of all businesses by offering turnkey professional accounts and customized solutions. Whether you need to manage your company’s day-to-day finances, make payments, or track your expenses, this neobank provides the tools and features you need to make managing your business finances easier, plus an intuitive, user-friendly web interface. Today, Milesopedia takes a closer look at this professional bank and gives its review on the many features offered by Qonto.
Qonto Bank
A direct competitor to young neobanks Finom, bunq Business and Revolut Business, Qonto is a modern online bank that was founded in 2016 in France by Alexandre Prot and Steve Anavi. The two co-founders created Qonto with the aim of simplifying and facilitating financial management for entrepreneurs and small businesses. The idea behind the fintech foundation stems from the two co-founders’ experience as entrepreneurs, where they saw the difficulties and frustrations associated with traditional banking processes. So they decided to design a fully online banking solution tailored to the specific needs of professionals.
Since its inception, Qonto has grown rapidly, attracting the attention of entrepreneurs and small businesses looking for an alternative to traditional banks.
Today, the neobank has become a major player in the European market, offering a simplified, digital alternative to traditional banking services. Its mission is to support entrepreneurs and small businesses in their growth by offering efficient, practical banking solutions tailored to their specific needs.
Qonto Accounts
Anyone wishing to set up a company is obliged to open a business bank account because to incorporate a company, it is first necessary to deposit capital. This involves placing a sum of money in a blocked account held by a bank, a notary or the Caisse des dépôts et consignations (CDC). This capital acts as a guarantee of solvency concerning our business partners. Once the capital has been deposited, a capital deposit certificate is issued, which is essential for registering the company with the Trade and Companies Register.
If you choose to set up a micro-business, you will need to open a separate account from your personal account. However, this does not have to be a business account, although business accounts greatly facilitate tax audit operations and company cash management.
Whether you’re setting up your own business, self-employed, freelance, a micro-enterprise or an SME, Qonto offers a range of professional accounts to meet your needs:
Business | Entry-level | Mid-range | Premium offer |
Independent | Basic: €9/month | Smart: €19/month | Premium: €39/month |
TPE | Essential: €29/month | Business: €99/month | Enterprise: €249/month |
SME | Business: €99/month | Enterprise: €249/month | Custom packages |
Company creator | Basic: €169 for the first year, then €108/year thereafter | Smart: €289 for the first year, then €228/year thereafter | Essential: €399 for the first year, then €348/year thereafter |
Business Account for the Self-Employed and Auto-Entrepreneurs
A business account for the self-employed that is built for freelancers, consultants, independent workers, self-employed professionals and auto-entrepreneurs. Monthly rates and benefits vary according to the service chosen. Here is an overview:
Basic | Smart | Premium | |
Complimentary cards | 1 One Mastercard | 1 One Mastercard, unlimited virtual cards | 1 One Mastercard, unlimited virtual cards |
Number of accounts | 1 | 1 + 1 sub-account | 1 + 4 sub-accounts |
Number of transfers per month | 30 | 60 | 100 |
Access | – | 1 accounting access | 1 accounting access |
Invoice management | – | Yes | Yes |
Business Account for Micro-Businesses
The Micro-business account is dedicated to small businesses with no more than 9 employees. Expense and invoice management options are much more advanced than those offered in self-employed packages. Here is an overview:
Essential | Business | Enterprise | |
Complimentary cards | 2 One Mastercard cards, unlimited virtual cards | 10 One Mastercard cards, unlimited virtual cards | 30 One Mastercard cards, unlimited virtual cards |
Number of accounts | 1 + 4 sub-accounts | 1 + 9 sub-accounts | 1 + 24 sub-accounts |
Number of transfers per month | 100 | 500 | 1000 |
Access | 2 user accesses + 1 accountant access | 10 user accesses + 1 accountant access | 30 user accesses + 1 accountant access |
Invoice management | Yes | Yes | Yes |
Expense management | – | Yes | Yes |
Business Account for SMEs
The SME business account is for any company with more than 10 employees. Two ready to use packages are offered here. However, it is also possible to request a customized package tailored to your company’s needs. Here’s an overview of the advantages of the different formulas:
Business | Enterprise | |
Complimentary cards | 10 One Mastercard cards, unlimited virtual cards | 30 One Mastercard cards, unlimited virtual cards |
Number of accounts | 1 + 9 sub-accounts | 1 + 24 sub-accounts |
Number of transfers per month | 500 | 1000 |
Access | 10 user accesses + 1 accountant access | 30 user accesses + 1 accountant access |
Invoice management | Yes | Yes |
Expense management | Yes | Yes |
Advanced dashboard | Yes | Yes |
Business Account for Company Founders
As the process of setting up a company is a key stage in the life of an entrepreneur, Qonto also assists entrepreneurs in choosing their legal form, drafting the articles of association, depositing the capital and registering the company. To create your company with Qonto, you need to draw up your draft articles of association, deposit your capital and register your company with the RNE. Here’s an overview of what Qonto has to offer entrepreneurs:
Basic | Smart | Essential | |
Digital certificate of deposit | Within 72 hours | Within 72 hours | Within 72 hours |
Complimentary cards | 1 One Mastercard | 1 One Mastercard, unlimited virtual cards | 2 One Mastercard cards, unlimited virtual cards |
Number of accounts | 1 | 1 + 1 sub-account | 1 + 4 sub-accounts |
Number of transfers per month | 30 | 60 | 100 |
Access | 1 user | 1 user access + 1 accountant access | 2 user accesses + 1 accountant access |
Invoice management | – | Yes | Yes |
Qonto Cards
Once you’ve chosen your account, it’s time to select your bank card. Each account comes with at least one One card, the entry-level Mastercard offered by Qonto. Two other, higher-end cards can also be selected, for an additional monthly fee on top of the account fee.
These are the following cards:
- Carte Plus
- X Metal card
Depending on the card you choose, payment and withdrawal limits may be higher, as may the number of free ATM withdrawals. The exchange commission can be reduced.
Here are the various advantages of the cards offered by Qonto:
Carte One | Carte Plus | Card X Metal | |
Price | Free | 8 excl. tax/month | 20 excl. tax/month |
Payment limit | €20 000 | €40 000 | €200 000 |
Setback limit | €1 000 | €2 000 | €3 000 |
Number of free ATM withdrawals (€2 excl. VAT per additional withdrawal) | 0 | 5 | Unlimited |
Exchange commission outside the euro zone | 2 % | 1 % | 0 % |
Compatible with Apple Pay and Google Pay | Yes | Yes | Yes |
The Plus and X Métal cards also come with a number of insurances that travelers are sure to appreciate. Here are the insurances offered by these bank cards:
Carte One | Carte Plus | Card X Metal | |
Flight Cancellation | – | – | €5,000 /year |
Plane and train delays | – | €800 per claim | €800 per claim |
Baggage delays | – | €800 per claim | €800 per claim |
Lost, stolen or damaged luggage | – | €1,000 per claim | €1,000 per claim |
Property damage to a rental vehicle | – | – | €5,000 /year |
Medical expenses abroad | – | €155,000 /year | €155,000 /year |
Assistance and repatriation | – | Yes | Yes |
Costs of visiting a relative in the event of hospitalization | – | €3,250 /year | €3,250 /year |
Purchase Protection | – | €2,500 /year | €2,500 /year |
Fraudulent use of card | €1,500/year | €3,000 /year | €3,000 /year |
Phishing (payment on a fraudulent site) | – | €1,000 /year | €1,000 /year |
It’s a good idea to study your movements and travel habits over a given period of time, to see whether it would be to your advantage to opt for a higher-end bank card. Admittedly, the costs are higher, but the benefits are considerable.
Advantages of Qonto Business Accounts
In our Review, Qonto offers online business accounts tailored to the specific needs of entrepreneurs, with multiple benefits. Here are the main advantages to bear in mind when choosing a pro account with this French fintec.
Quick and Easy Opening of Accounts
Opening a business account with Qonto is entirely online, and can be done in less than 15 minutes if you have all the necessary information in your possession.
European IBAN
Qonto’s professional accounts are linked to a French IBAN, facilitating transactions in Europe and abroad. You can automate your tax and contribution payments to European public institutions.
Flexible Management With Sub-Accounts and Multiple Cards
Qonto offers up to 24 sub-accounts and a range of physical and virtual cards to help you manage your business expenses efficiently. Each sub-account has its own IBAN, offering greater flexibility for payment transactions.
Need more physical cards? Qonto gives you the option of buying more, for an additional fee of five euros per month per card. Each additional virtual card costs an extra two euros per month.
Extensive Range of Insurance Products
Qonto pro accounts offer certain types of insurance, depending on the card chosen. You may benefit from travel protection, purchase coverage and legal assistance. In our opinion, the insurance offered by Qonto’s X Métal card is one of the best on the market.
24/7 Customer Support
Whether you opt for Basic or Premium, the Qonto team is available to provide you with first-rate customer service by email or telephone, addressing your needs and concerns.
Advanced Technology
In our opinion, Qonto offers an intuitive mobile application, with a fluid, streamlined user experience. You can carry out all your transactions, manage your accounts and receive real-time notifications.
Simplified Accounting Management
Smart, Premium, Business and Enterprise account holders have access to a range of tools designed to facilitate accounting management. Depending on the package you select, you can attach payment receipts to the corresponding transactions, manage invoices and expense reports, and automate VAT calculations – all in the blink of an eye.
Cheque Deposit
Depending on the type of account you choose, Qonto offers cheque deposits included or for an additional fee, making it easy to manage cheque payments. A maximum of 30,000 euros in cheques can be deposited per month.
Opening an Account
The procedure for opening a pro account with Qonto is much easier than with a traditional bank; it’s done entirely online and can be completed in less than 15 minutes. To get started, all you need to do is bring along the identity documents of the directors and shareholders, and then follow these simple steps:
- Go to the Qonto website.
- Enter your company details, such as name, SIREN or SIRET number, date of registration and address.
- Download the required identity documents, i.e. identification for the manager and partners, proof of address less than three months old and the company’s articles of association.
- Get ready for a video-conference authentication on your phone or computer.
Once these steps have been completed, your account will be validated in less than 24 hours if your company is already established. For companies in the process of being set up, you will receive the certificate of deposit by e-mail within 72 hours of the capital deposit.
Qonto Customer Service
In our opinion, Qonto ‘s customer service is renowned for its responsiveness, with an average response time of 15 minutes. Customer satisfaction is also high, with 95% of customers declaring themselves satisfied with the service. Premium account customers even have their own dedicated account manager for personalized assistance.
To contact Qonto by phone, leave a message on the Qonto website and an advisor will call you back within the hour from 9:30 a.m. to 6:30 p.m. Monday to Friday, or as soon as possible outside these hours. You can also contact Qonto by e-mail or via the chat available on the Qonto website. The support team is ready to answer your questions and help you with your enquiries.
General Review on Qonto
In our editorial review, Qonto ‘s offer merits a score of 4.3. It’s one of the best offers on the market for free-lance professionals, notably for its ease of use, online invoicing tools and cheque cashing facility.
Positive Qonto Reviews
In our Review, Qonto is one of the best neobanks for professionals in France, alongside Mooncard and Finom. In contrast to traditional banks, the French fintech stands out for its many features specially adapted to the needs of entrepreneurs, such as its online invoicing tools. Whether you’re an existing business, a start-up or a self-employed professional, Qonto offers ease of use, flexibility and support to help you manage your business finances.
We also appreciate the flexibility of its subscriptions. Because not only does Qonto offer online business accounts, it also offers bank cards with significant benefits, such as travel insurance and commission-free foreign currency withdrawals. The icing on the cake is that, although Qonto is not a bank in the strict sense of the term, it does allow cheques to be cashed.
Negative Reviews on Qonto
The only downside to Qonto, in our Review, is its international transfers. While the company allows its users to send funds in 18 different currencies with an international SWIFT transfer, the neobank charges a commission of up to 2% of the amount transferred, depending on the card chosen.
The X Métal card can save you money on ATM withdrawals and foreign currency exchange commission, but it’s not free. If you are a self-employed professional, the X Métal card will cost you 29 euros a month, or 348 euros a year.
Frequently Asked Questions About Qonto
Is Qonto a reliable bank?
Over the years, Qonto has developed strategic partnerships and raised funds to support its expansion and vision of becoming the benchmark in online banking for professionals. In 2022, Qonto signed a 20 million euro Series B with investment funds Valar and Alven, as well as the European Investment Bank (EIB), making it, in our opinion, a reliable and secure bank.
Who's behind the Qonto bank?
Many wonder who’s behind Qonto. The neobank is a payment institution supervised by the Banque de France (under CIB number 16958).
Is Qonto a French bank?
Qonto is a French payment institution supervised by the Banque de France. Its head office is located in the 9th arrondissement of Paris.
How much does Qonto charge?
Qonto rates vary according to the package offered. Self-employed workers can choose a package ranging from 9 to 39 euros per month. VSEs can choose a package ranging from 29 to 249 euros per month. SMEs can even choose a tailor-made formula. Finally, entrepreneurs can choose to be supported by Qonto for a fee ranging from 169 to 399 euros per month.
Where can I deposit a cheque with Qonto Bank?
Qonto allows its users to deposit cheques, even though it is an online bank. To do this, you need to enter your check information online and send your check by registered mail. Your account will be credited within 7 to 15 working days. In our opinion, this advantage offered by Qonto is particularly worthwhile.
Can I open a Qonto account as an individual?
The Qonto bank only offers accounts dedicated to professionals, i.e. freelancers, self-employed workers, VSEs, SMEs and even start-ups.
Where can I withdraw money with Qonto cards?
Qonto cards can be used to withdraw cash from any ATM in France or abroad.
Billing for withdrawals depends on the card held. With the One card, a fee of 2 euros per withdrawal is charged. With the Plus card, 5 withdrawals are included per month, after which a fee of 2 euros per withdrawal is charged. With the X card, withdrawals are free and unlimited.
Why isn't Qonto a bank?
Qonto is not a traditional bank, because it is not a credit institution, but a payment institution. It cannot therefore offer banking products or authorize overdrafts.
What makes Qonto unique is its ability to offer a restricted range of banking services, limited to the basics such as payment methods and account management for deposits and cash withdrawals. This approach, while less extensive than that of conventional banks, is relevant in the context of a constantly changing financial landscape.
... If Qonto isn't really a bank, what is it?
Qonto is a payment institution. It offers a current account and all the means of payment needed to run a business, such as direct debits, transfers and cheque deposits, as well as virtual and ephemeral cards.
Shine or Qonto: which neobank should you choose?
Qonto ‘s offer is less expensive than Shine’s. Indeed, while both institutions offer packages for independent workers at between 8 and 9 euros a month, high-end cards are cheaper with Qonto. The neobank offers its X Métal card for 20 euros a month, while Shine’s top-of-the-range card is available from 29 euros a month.