Best bank for freelancers | Top Best bank accounts for Freelancers

Best bank for freelancers | Top Best bank accounts for Freelancers

Freelance, freelancer or freelance workers are  terms that are commonly used to refer to people that are self employed and not necessarily committed to a particular employer long term. Freelance (sometimes spelled free-lance or free lance),freelancer, or freelance worker, are terms commonly used for a person who is self-employed and not necessarily committed to a particular employer long-term. Freelance workers are sometimes represented by a company or a temporary agency that resells freelance labor to clients; others work independently or use professional associations or websites to get work.

While the term independent contractor would be used in a different register of English to designate the tax and employment classes of this type of worker, the term "freelancing" is most common in culture and creative industries, and use of this term may indicate participation therein.

Fields, professions, and industries where freelancing is predominant include: music, writing, acting, computer programming, web design, graphic design, translating and illustrating, film and video production and other forms of piece work which some cultural theorists consider as central to the cognitive-cultural economy. 

There are many amazing facts about freelancing, like for example, as a freelancer, you have that freedom to choose your projects without having to consult anyone for their decision, you can set your working hours that suits you best, and also you are able to work from anywhere around the world. 

ALSO READ: How to Open a Bank Account in Denmark [ Complete Process]

But that said, as you the top, you might encounter some setbacks in managing and maintaining your finances properly so it for this reason that you will have to open a business bank account that will help you for this task and also keep then organized. There exist many banks which are up to this task and they also offer various solutions, so based on the solution that best arranges you , you will be able to make your choice from here. 

Best Bank accounts for Freelancers 

The following are a list of the best bank accounts for freelancers so depending on the features and solutions of the bank that suits you best, you will be able to make your choice from here. 

1. Wise 

Wise was first known as Transfer wise but today, it is simply known as wise. Wise is an account for freelancers that let you invoice clients like a local in their currency and receive money with no fees, hold numerous currencies for free and spend on global business Mastercard debit card and get their own US, Eurozone, Australian, NewZealand and UK bank details for free without the need of any local address. 

Further more from the above advantages, freelancers are also able to to make withdrawals  of their money from freelancing platforms such as Upwork and There are numerous other remarkable features of Wise such as Cheap money transfers, batch payments, integration with QuickBooks and Xero along side the ability to receive and hold more than 55 currencies. 

Sign up for Wise account

Wise Fees 

Once you sign up with a Wise bank account, you should expect some of these features below. 

  • Free account setup- no fee for account set up 
  • Card replacement feee- £3
  • Getting bank details to receive currencies- A one time fee of  £16 
  • Holding above €70,000 in EUR balance: 0.40% 
  • First Wise debit MasterCard: Free 

2. Axos Bank 

If you a freelancer based in the U.S and you are wishing to expand your business, then  Axos Bank is an ideal bank for you as it provides checking and Savings accounts, various types of loans, money market accounts, investment portfolios and mortgages. You are also able to send digital invoices straight from the Axos app or website. 

This bank is integrated with numerous platforms such as Stripe  and Square. Since Axos bank does not have its own ATM networks, they therefore provide unlimited domestic ATM fee reimbursement to their customers. 

Axos Bank Fess 

  • Monthly Maintenance fee - $0 
  • Domestic ACH trnasfers - Free 
  • Minimum opening deposit requirements- $1,000
  • Transactions - This bank offers up to 60 fee- free remote deposits per month and 30 cents per deposit afterward 

3. Revolut 

Revolut is another great option for any freelancer, as this will help you greatly manage and organize your funds. Revolut is actually a UK- based neo-banking platform that offers you with a large range of financial solutions to freelancers through their mobile app and Revolut card. Revolut clients with businesses in the European Economic Area- EEA can benefit from the business accounts for freelancers that are available to them. Revolut business accounts for freelancers offers 3 account options which are the free, the Professional and the Ultimate accounts. And as if that is not enough, you are also able to order up to 2 physical prepaid debit cards that will permit you to withdraw cash in 150 currencies and transfer money abroad in 30 currencies. 

READ ALSO: How to Transfer Gift Card Balance to Bank Account

You will also be able to connect your business to many software and apps due to the Revolut Application Programming Interface- API. This feature  also automates cross border payments and payouts. 

Features of Revolut 

  • Revolut connect 
  • Virtual cards 
  • Local accounts 
  • bulk payments 
  • Revolut API 
  • User permissions 
  • PayDay 
  • You are able to  manage every aspect of your account through the Revolut business app. 

Revolut Freelance account fee 

Once you have Revolut freelance account, you will have to pay the following charges 

  • Monthly fee- Free(£0), Pro (£7), and Ultimate ( £25) 
  • SEPA transfers beyond the free quota- 20p transfer 
  • Transfers between Revolut accounts are free 
  • Currency conversion beyond the free quota : 0.4% markup on FX Rate 
  • Cash withdrawal rate - 2% 
  • SWIFT transfers beyond the free quota - £3 per transfer 

4. Monese Bank 

Just like Revolut, Monese bank is also a mobile app based banking service that provides financial services to freelancers. The good news to clients in the UK is that, they can open bank accounts without having a UK address, credit history, or fixed income. 

From the easy to use Monese app, you will be able to track and manage your business finances in all ease. Once you sign up for a Monese business account, you will receive a contactless Monese Business card and also you are able to add funds to your businesses using cash, from other banks or another Monese account. 

Monese Fees 

As compared to the others, we can say that Monese offers favorable fees to its services so you can expect the below rates from their services 

  • Monese business account cost £9.95 per month - you also get a free contactless debit card 
  • Above 6 withdrawals per month cost £1 per withdrawal since the first 6 withdrawals are free 
  • Overseas ATM fees are £4 
  • Currency conversions between Monese accounts are free while conversions between non Monese accounts cost - 0,5% , £2 minimum fee. 

ALSO READ: How to Transfer Money from Venmo to PayPal

5. Fyrst Bank 

This is a digital bank for freelancers and the self- employed based in Germany. As the 2 above options, you can also access Fyrst via its mobile app or through its desktop version. This banks offers to its clients a range of business solutions such as 

  • Inventory
  • Payroll
  • invoices 
  • tax advisory 

Fyrst bank actually a division of Postbank and customers are able to access Postbank for cash deposit and withdrawals. In this bank, you are offered with 2 business accounts types- Fyrst BASE and Fyrst COMPLETE accounts. 

Fyrst Bank Fees 

As there are 2 accounts, the Fyrst BASE account has no monthly fees while the Fyrst Complete account charges €10 per month. Upon signing up for a Fyrst account, you will receive a free debit card where you will charged €1.90 for BASE account and € 0.90 for Complete account.  

6. N26 Bank 

This is a neobank which is best suitable for freelancers and small businesses. N26 operates in the European Union, Liechtenstein, Iceland, Switzerland, Norway and the United States. They offer their clients with numerous business accounts options including 

  • N26 Business standard 
  • N26 Business Smart 
  • N26 Business You 
  • N26 Business Metal 

Freelancers are able to manage and track their finances through the N26 app available for download on Playstore. The N26 business accounts come with several benefits including a notification feature where customers are notified through the app every time they receive a transaction. All N26 account types have 3D Secure from Mastercard Secure Code to prevent fraud when making payments. You can also send and receive payments instantly through SEPA Instant Credit or MoneyBeam, enjoy a 0.1% cashback on all card purchases, and make free ATM withdrawals in Euros.


  • Account Setup fee - Free 
  • Monthly Account fees- N26 Business standard ( Free), N26 Business Smart( €4,90), N26 Business You( €9.90) and N26 Business Metal ( €16.90) 
  • Debit MasterCard Fee - Free but you will have to pay €10 shipment fee 
  • Card payments abroad - Free 
  • MasterCard cashless payments - Free for all accounts 
  • Cashback on card purchases- clients receive 0.1% cashback on all card purchases 

ALSO READ: How To Transfer Money From Paypal To Cash App

7. NorthOne

Here comes another amazing digital bank that offers services for freelancers, small businesses and startups. They offer a wide range of features to to their customers such as 

  • sub accounts 
  • free deposits and withdrawals 
  • invoice - sending 
  • Access NorthOne though their app or NorthOne website 
  • Integrated with several digital business tools such as Quickbooks, Square, Shopify, Paypal, etc 

NorthOne fees 

Some of the NorthOne fees you should expect include the following;

  • Account Opening fee: $50
  • Monthly maintenance fee: $10
  • Monthly balance requirements: None
  • Transactions: Unlimited fee-free transactions

8. Paypal 

PayPal features among the most preferred payment platforms for freelancers in more than 200 countries in the Euro Zone, Asia Pacific and Africa. Once you sign up for a PayPal account, you are offered a Debit MasterCard that gives you access to funds in your PayPal account. 

Sign up for an account PayPal 

Other Freelancers Bank Accounts 

It is of no doubt that the list of best bank accounts for freelancers can be endless but aside form those seen above, here is still a brief list of some other banks that can also serve freelancers 

Final Thoughts on Top Best Bank Accounts for Freelancers 

As seen from this article, there are several banks that offer banking solutions, so it is left to you to now make your choice depending on the bank that meets your business needs. When choosing a bank, you have to consider thing like, Fees, security, available bank features, supported currencies and interest rates of that bank.