Qonto Review (Feb 2023): Forward-Thinking Banking

In this Qonto review, we’re going to be introducing one of the latest banking tools to hit the market, designed to support modern businesses. Qonto advertises itself as an all-in-one account for companies, which allows you to stay on top of your expenses and improve your finance management.

If you’re looking for a flexible and transparent banking solution, this challenger from France could be ideal. It’s hard to go wrong with an online banking tool promising not just security, but transparency, responsive performance, and bookkeeping automation rolled into one.

Let’s take a closer look at how Qonto can help you optimize your expenses.

What is Qonto?

Qonto is a “neobank” designed for the digital age. 100% online, there are absolutely no branches to visit. Like most online banks, however, this also means Qonto is excellent for cutting costs and managing your finances in the digital era.

Qonto launched in France during 2017, and it’s one of the few banking solutions intended specifically for the business market. Already, the solution has become a huge success, growing to support over 150,000 business customers across the globe.

The bank has also gained licensure from the French Prudential authority in 2018, and it’s supervised by the ACPR, so you can rest assured your cash is safe.

If you’re looking for a bank to give you more freedom when working with freelancers and contractors in a digital world, or you simply want to reduce the clutter on your statements, Qonto is a great choice. This record-making French bank looks to be a real contender in the financial market.

Qonto Pros and Cons

There are a few factors setting Qonto apart from competing tools in the digital market. The company is currently positioning itself as a second business bank account for a host of small businesses and freelancers throughout countries in Europe. So far, Qonto has received a number of positive reviews from Trustpilot and similar sites.

Although this Fintech company is still relatively young, it offers a mature and comprehensive financial service to entrepreneurs looking to spend less time on accounting and banking, and more time growing their business.

Pros 👍

  • Easy account setup for businesses or contractors
  • Create a company features for true beginners
  • Accounts for any type of business
  • Real-time accounting support
  • Simplified team expenses
  • Customizable debit cards

Qonto Review: Business Account Features

The core of the Qonto offering is its all-in-one business accounts. All of the accounts offered are “current” which means you shouldn’t have to worry about interest. However, you may need to pay certain fees for your account – which we’ll come back to shortly.

The central business account functionality from Qonto provides a complete environment where you can access features like:

  • Easy-to-access local IBAN numbers for freelance work
  • Mastercard cards and additional payment method options
  • Unlimited transaction history updated in real-time
  • No hidden fees or transfer commissions
  • Secure regulation by the ACPR
  • 100% online platform for fewer fees
  • Easy-to-approve money transfers
  • Versatile, commitment free account options.

The business account service also comes with access to a range of accounting features. For instance, you can digitize your receipts and use the automated calculator included to detect and understand your VAT. All you need to do is scan a receipt to add it to your account.

Easy communication with accountants. You can grant your accountant viewer access to your account, so they can help you with various business documents. Alternatively, you can also integrate Qonto with your existing accounting apps.

Business accounts also come with the ability to order MasterCard cards for your team members, and transaction or expense reports, so you can manage your cashflow. Business leaders can also set transaction limits for all of their cards.

For users already accessing an existing business account, you can simply switch over with a quick call to the Qonto team. Expert advisors guide you every step of the way.

Qonto Review: Company Creation and Services

Company creation is another unique feature offered by Qonto. Essentially, this means you can create a complete ecosystem of financial accounts for your entire team. The system is designed to be extremely simple, so you can set up a shareholder, personal, or company account in seconds for each member of your team.

You’ll be able to combine the capital from various members of your staff and register your company with the relevant official groups through Qonto. There’s also a simple pricing package to help you understand the costs of everything. For instance, during the first year, you can pay around 139 euros for a 12-month subscription.

Qonto services start with the standard business account, but there’s a lot more to discover too. For instance, you can choose different kinds of physical and virtual cards for each member of your team, and fix the limits required for each user.

There’s the option to withdraw up to 3000 euros per day with these cards, and you can spend up to 60,000 euros in a 30-day period. Plus, three levels of insurance ensure you have absolute peace of mind. Other features include personalized pin codes, the option to configure your card in real-time, and the power to block or unblock your card in an instant from your smartphone.

Outside of the wide range of card options, Qonto’s services include:

  • Money transfers: Send and receive money transfers across Europe and in various locations throughout the world. This allows for easier supplier and contractor payments.
  • Payroll: Easy payroll exporting so you can upload information from your HR software into your Qonto account and automate expenses.
  • SEPA direct debits: Direct debits for taxes, contributes, and current spending. You can also allow creditors to debit your account.
  • Accept checks: You can take all forms of cash with your Qonto account, including checks. Plus, there’s access to Apple Pay and Google Pay, and Zettle for payment terminals.

Qonto Accounting

Accounting in Qonto is quick and simple, with the option to upload digital and paper receipts in no time. You can also set up automations to help track all kinds of costs wherever they’re coming from.

Qonto promises to minimize the pain of bookkeeping by linking your existing tools for tracking essential accounts. The solution simplifies your life on a daily basis, with easy-to-use and reliable tools which minimize problems like missing attachments and calculation errors.

By taking a photo of your receipts you can match them to your transactions at any time. There’s also the option to forward a digital receipt to Qonto and they’ll match it to the right transaction on your behalf. The automatic VAT calculation can also detect the information required to complete your invoices manually.

Rather than having to waste your time classifying and managing transactions, you can use Qonto to minimize the stress of the whole process. Qonto can even send receipts automatically and chase up employees who fail to input expense receipts on time.

With around 80 integrations for different accounting tools, it’s easy to maintain the right connections for your accounting professional too. In fact, Qonto doesn’t just offer integrations with accounting, the “Connect” solution means you can add a number of secure connections to partners like Stripe, Sellsy, Tiime, Acasi, Sage, and many other tools.

Qonto Financing and Savings

Finally, Qonto also offers a number of other banking features, including the option to borrow money for your business. The loan system is supported by a leading European lending platform (October) and allows users to choose from a classic or State guaranteed loan.

Finance offers are automatically tailored to your needs and can stretch up to 30,000 euros. Qonto also promises less red tape and easier application processes. The system can analyze your past transactions to make a decision about your application. It only takes a few minutes to apply, and money reaches your account usually within 4 days.

Once you have your loan, you can manage the whole thing completely within the Qonto application. There’s even the option to access an initial response instantly. The team will let you know immediately if you’re eligible for financing. All you need is:

  • An account with Qonto older than 12 months
  • Annual turnover greater than 100,000 euros in your Quonto account
  • A headquarters based in France (mainland)
  • A commercial company or real estate structure
  • No insolvency proceedings within the last 5 years

You can also increase your cash flow by selling pending invoices through a partnership with Edebex.

Outside of loans, Qonto also offers savings accounts. You can use these accounts to grow your business cash with a host of flexible investments. Managing investments is easy via your Qonto account. The company offers both high risk and high yield investments, or safer alternatives.

There’s access to term deposits, and securities accounts for playing within the financial markets. Your funds are also secured and guaranteed by leading French authorities.

Before you start investing, you can define the length of time you want to invest your cash for, and your interest rate is fixed according to the duration, for the entire deposit period. The longer you invest, the higher the interest rate grows, and you can even open several term deposits accounts for customized outcomes.

If you need access to your funds before your fixed term ends, you can also withdraw the cash within 31 days without spending any additional cash.

Qonto Review: Pricing

For startups and SMEs, the biggest challenge of choosing the right financial solution can be understanding the fees associated with your account. The first thing you should know is all accounts offered by Qonto are current accounts, so there are no credit card interest fees. However, there are fees to pay on each account, depending on your needs.

Qonto segments its pricing into different groups depending on whether you’re self-employed, an SME or startup, or a business creator.

The self-employed options are:

  • Basic: 9 euros per month for 30 SEPA transfers and direct debit, 7-day support ,and 1 membership (with 1 business card)
  • Smart: 19 euros per month for all the features of Basic, plus accountant access, 2 cashed checks and 60 SEP transfers and direct debits. There’s also an accounting pack with digital receipts and VAT auto-detection, multiple accounts, and bank transfers.
  • Premium: 39 euros per month with all the features of Smart plus 100 SEP transfers/ direct debits, and 5 checks. You also get priority customer support.

IOS and Android mobile app access is available with all plans to ensure you can track your expense management.

For SMEs and Startups, prices include:

  • Essential: 29 euros per month for 2 members, 100 SEPA transfers and 3 cashed checks, 5 accounts with unique IBANs, a bookkeeping pack, role management, and access control.
  • Business: 99 euros per month for all the features of Essential, but for 5 members, and with 100 SEPA transfers, 10 accounts with individual IBANs and 10 cashed checks. You’ll also get advanced role management, and team expenses tools.
  • Enterprise: 249 euros per month for all the features of Business for 10 members, 1000 SEPA transfers, 15 cashed checks, unlimited accounts with individual IBANs, a bookkeeping pack, and advanced role management.

For business creators, the prices include:

  • Basic pack: 149 euros per month with 1 user and 1 business MasterCard, 30 SEP transfers and capital deposit within 72 hours.
  • Smart pack: 249 euros per month with 1 user and 1 business master cards, 60 SEP transfers and 2 cashed checks, as well as advanced features like bulk transfers and accounting.
  • Essential pack: 349 euros for all the features of smart for 2 users with 2 business master cards, role management and access, and advanced accounting.

Qonto Review: Verdict

Compared to traditional banks, Qonto offers a flexible, API-friendly financial institution with FGDR regulation, and exceptional mobile banking accessibility. You can keep track of expenses with notifications and set up permissions for individual users on your account. There’s even the added benefit of swift transfers between your staff members.

Though currently only available in France, Spain, Italy, and Germany, user reviews suggest Qonto is an excellent product with a lot of benefits. Though other Qonto alternatives are emerging, this app is quickly gaining steam as a powerful digital bank.

If you’re looking for a payment institution with more than just overdraft access and simple banking features, Qonto could be just the revolution you’re looking for.

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