As an entrepreneur, you must have a bank account dedicated to your professional activity. However, depending on your status, you may only have a personal bank account for your business. Find out the conditions. And also find out about the standard rates applied when opening a professional bank account (account management, operation, home delivery contract with electronic payment solution, closing, etc.). We tell you everything about the cost that it represents whether you choose to open a professional bank account in a traditional bank or online.
What is a business bank account?
A professional bank account is only used for the financial activity of the company to collect and disburse.
On the other hand, the professional bank account has additional services compared to a classic account. For example, it is possible to use a payment solution.
Is it compulsory to open a professional bank account for companies?
The obligation to open a professional bank account depends on the legal form of the company. For example, an individual entrepreneur or micro-entrepreneur (formerly auto-entrepreneur) can use a simple personal bank account to manage the financial activity of his business.
However, according to the Commercial Code, sole proprietorship entrepreneurs and micro-entrepreneurs are required to have a bank account dedicated to the exercise of their professional activity. It can be a simple current account.
However, by choosing not to open a business bank account, they will not benefit from dedicated business banking services.
To knowthe Social Security Code (article L.133-6-8-4) grants the micro-entrepreneur a period of one year following the declaration of creation of his company to open a bank account dedicated to his activity.
Be careful, when opening a bank account for your business, banks will encourage you to choose the professional option instead. Indeed, the business account is much more profitable than a private account for a bank. However, be aware that you are within your rights to open a simple personal account for your activity (only if you are in a sole proprietorship or micro-enterprise).
What’s the point of opening a business bank account?
Having a business bank account allows you to benefit from additional services, which you could not have with a personal bank account. Indeed, there are options that are essential for a company.
As a sole trader, it is better to open a professional account, even if it is not an obligation. Thus, you will be able to have a distance selling contract (VAD) with your bank. And you will then be able to collect payments by credit card in your shop.
On the other hand, having a professional bank account represents a guarantee of professionalism in the eyes of your customers.
How much does a business bank account cost? The costs.
On the price side, there is a fairly significant difference between a professional bank account and a personal account. However, the costs remain variable according to the financial establishments and you can completely negotiate them.
To compare business accounts effectively, it’s worth listing the products and services you actually use. Also be sure to take this data into account: the advertised prices are exclusive of tax on the price plates. Most banking products and services are subject to VAT. It is therefore necessary to add 20% to the price excluding VAT to obtain the real price.
As an indication, here are the standard rates frequently charged by banks:
- account maintenance: between 30 and 60 euros excluding tax per month. Account management fees appear under the heading “current account statement” and take the form of cumulative double billing;
- commission per transaction: between 0.05 and 0.50% on the amount of transactions;
- bank card: between 46 and 63 euros of annual fee for a classic deferred debit card, and between 130 and 220 euros for a prestige card.
Also include miscellaneous costs covering commissions on overdrafts, transfers and direct debits, etc. And the costs of studies on demand (requesting an overdraft or a payment facility, for example) can go up to 200 euros.
Note: the Banque Postale has lower rates than other establishments, with a rate of 5 euros per month for fixed costs. And for movement commissions, it takes 0.05%.
Pricing for merchants
Then, as a merchant, if you want to have a VAD contract and an electronic payment solution, count the following prices:
- commissioning costs: approximately 200 euros excluding tax;
- monthly subscription: approximately 20 euros excluding tax per month;
- transaction: commission between 0.10 and 0.30 euros excluding tax per transaction;
- collection: commission between 0.5 and 1.5% per transaction.
To know : to reduce costs, banks generally offer bundled or à la carte offers. With the second option, you choose only the services that interest you.
Other costs to watch out for
You should also watch for charges on unpaid checks which are subject to the same legal limitations as personal accounts.
Insurance for loss or theft of means of payment must also be negotiated. The annual fee is between 25 and 47 euros.
As for the costs of keeping an account inactive for more than 12 months, they must not exceed 30 euros per year.
Finally, to close your business account, whether on your own initiative or that of the bank, you will have to pay between 55 and 182 euros.
Professional accounts in online banks
Even if the offer of banking products for companies is still limited, it is quite possible to open a professional account in a dematerialized bank.
Among the online banks to offer an account to entrepreneurs, there is Monabanq, Boursorama, ING Direct, Qonto, Anytime, N26…
Monabanq is one of the few online banks to offer a dedicated account for micro-entrepreneurs. Its offer is accessible via a monthly subscription of 7 euros, and without income conditions. The offer includes a check remittance slip, SMS alerts and two optional credit cards (for one or three euros per month). Note however that you will be asked for an initial payment of 150 euros to activate your pro account.