Best Banks For Freelancers In Italy Full Guide
Calling all freelancers in Italy! If you’re seeking a reliable banking partner to manage your hard-earned income and streamline your finances, look no further.
In this article, we’ll delve into the realm of financial freedom and explore the best banks tailor-made for freelancers.
From seamless digital banking solutions to freelancer-friendly perks, these institutions are poised to be your financial allies, ensuring a smooth and successful journey on your independent career path.
Reasons Why You Should Open A Business Bank Account In Italy
You are not legally compelled to have a company bank account as a freelancer—just governmental bodies.
However, as a freelancer, we strongly advise having a business account! Why is this:
More Professional And Credible Business Transactions
There is an increase in freelancing. The relationships you develop with your consumers will significantly influence how you present yourself.
Sending a cheque from your personal account to clients won’t give you a professional appearance.
However, having a business account gives you a more polished appearance and demonstrates to clients that you have experience working as a freelancer.
Clean And Accurate Financial Management
Keeping organized might be difficult as your business expands. You may find it challenging to keep track of your spending when all of your money is in one account.
By opening a business account, you may better keep your personal and work costs apart.
Keeping your income, assets, and expenses distinct from the start while operating your own business or a side gig as a self-employed person is critical.
You will thoroughly understand your finances if you do it this way.
Easier To Report Finances
The separation saves you a lot of time and hassle at the end of the year. Each year you will have to declare your taxes in Italy and provide your accounting sheets to the finance office.
Imagine having your private expenses mixed in – I predict chaos and inefficiency.
As an add-on, some of the best business bank accounts in Italy automatically calculate your taxes and offer you the option to send invoices straight from your online banking.
Terms And Conditions Of Banks
By utilizing your personal checking account for business transactions like client payments, you can be in violation of your bank’s rules and conditions.
The majority of private checking accounts are exclusively meant for personal use, as suggested by their name.
What Are The Best Banks For Freelancers In Italy?
N26 Business
N26 offers private checking accounts, which none of the other banks in this comparison does. For freelancers, a free business bank account is entirely digital.
N26 Business Standard is the daily business bank account for freelancers that have an Italian IBAN for local payments and no hidden costs.
Say goodbye to confusing banking, and manage your company spending from one simple, user-friendly software straight on your phone.
Online registration takes around 8 minutes; no documentation is needed.
Four distinct business accounts are available from N26, ranging in price from free to 16,90 euros per month.
The paid accounts also come with other benefits like travel insurance. English, French, Spanish, Italian, and German are all supported languages for all services. N26 does not provide any accounting or invoicing add-ons made especially for independent contractors.
The N26 Standard bank account allows for three free withdrawals each month from the Eurozone; after that, there is a €2 cost for each withdrawal.
When ordering a physical Mastercard debit card, there is a €10 one-time shipping fee in addition to the virtual Mastercard debit card cost.
Note: You cannot currently have a private and commercial account together with N26.
Features:
Your Debit Mastercard Virtual Card
Get a free contactless virtual card and start using Apple Pay and Google Pay to make purchases with your debit Mastercard in apps, shops, and online.
Enjoy three free ATM withdrawals per month with your Mastercard at any contactless ATM in Italy and the Eurozone. You can also use CASH26 to get free cash from ATMs at Italian supermarkets.
Like an actual card better? For a one-time shipping cost of €10, you order a business Mastercard debit card using the N26 app.
Earn As You Spend With 0.1% Cashback
Every penny matters when your business is expanding. With 0.1% cash back on every purchase made with your N26 Mastercard, you can quickly reinvest in your company.
The most significant part is that they will automatically credit your account each month without requiring you to do anything.
Save Time And Money With Instant Bank Transfers.
Use MoneyBeam to request, transfer, and receive money from other N26 users in real time. You’re awaiting client bank transfers.
Have your bills paid with SEPA Instant Credit Transfers to your N26 Business Standard bank account and receive it instantly.
Plus, it’s simple to keep on top of your business banking with fast push alerts for each incoming and departing payment.
Withdraw And Deposit Cash Easily
Forget about waiting in line at the bank; with N26, receiving cash is as simple as going to the local shop.
With CASH26, you can make cash deposits or withdrawals at more than 2,000 partner businesses around Italy—withdrawals are always free.
Create a barcode in the N26 app, present it to the cashier, and deposit or withdraw money. Immediately, your balance will be adjusted.
Additionally, you may withdraw money for free from any ATM in Italy and the Eurozone.
Customer Support 7 Days A Week
Have a problem? Visit the N26 Support Center to get solutions to our most frequently asked questions.
Using the in-app chat function or the N26 Web App, you can also start a conversation with an N26 Customer Support team member.
Their N26 Customer Support team is accessible to you in English, Italian, French, Spanish, and German from 7:00 am to 11:00 pm CET every day.
Qonto
A digital banking service with a French licence, Qonto targets independent contractors and small businesses.
The Fintech neobank was established in 2016 and is active in a number of European nations. They provide their services in German, Italian, Spanish, French, and English.
They have a Mastercard to match and a company account specifically designed for independent contractors.
They are making accounting straightforward and spending simple. To assist you in concentrating on what is essential.
Features:
Fair
No extra costs. No unforeseen fees. No commission on transfers. Just complete openness.
Flexible
They adjust to your needs as they change—no obligation.
Available
They are available every day of the week to respond to your inquiries.
Bookkeeping on autopilot
Centralize your invoices
For more visibility, import your supplier invoices into Qonto. Always be on time for payment.
No more missing receipts
Scan and digitally store your paper receipts. Pre-select the appropriate VAT rates to reduce bookkeeping time.
It’s all connected
Every transaction, VAT rate, and receipt instantly links with your accounting software.
With mobile payments, you may leave your card at home.
Linking your Qonto card to Apple Pay or Google Pay allows you to make quick and secure mobile payments without using a card.
Their packages start from :
Basic
€9/month (excl. VAT)
The necessities for managing your work as a self-employed individual
Please give it a 30-day trial. For nothing. No commitments.
- One participant and 1 Business Mastercard are included.
- 30 immediate direct debits and SEPA transfers
- support available 24/7
Smart
€19/month (excl. VAT)
a full-featured account that makes billing, accounting, and banking easy
Give it a 30-day trial. For nothing. No commitments.
- One individual, one Business Mastercard card, and access to an accountant are included.
- 60 instant SEPA transfers and direct debits and two cashed checks
- Accounting Pack
- tool for billing
- advanced capabilities
- help available 24/7
Premium
€39/month (excl. VAT)
The package that offers priority assistance in addition to all of our features
Give it a 30-day trial for nothing. No commitments.
- One individual, one Business Mastercard card, and access to an accountant are included.
- 100 SEPA instant transfers, five cashed checks, and direct debits
- Accounting Pack
- tool for billing
- advanced capabilities
- 24-hour priority assistance
TransferWise
With the goal of making international money transfers affordable, fair, and straightforward, Wise was established in 2011.
Today, their multi-currency account aids in the global money management of millions of individuals and companies.
How did they get here? They are developing money without boundaries – making it travel quicker, more conveniently, and eventually for free.
Powering money for individuals and companies, allowing them to pay, get paid, and spend money in any currency, from any location, for any activity.
It does not just talk. Making each component of it a reality is a top priority for their staff.
Features:
- There are no costs for freelancers to invoice their currencies.
- Platforms like UpWork and Freelancer.com offer free payment to freelancers.
- There is no minimum transfer size with TransferWise.
- Transparent banking services like TransferWise don’t have any additional costs. Their website provides a detailed explanation of their debit and credit card fees.
- The bank has excellent transfer speed, typically taking up to 24 hours.
- Simple and intuitive user interface.
- The daily transfer cap for Transferwise is substantial. Customers may send as much as 48,077.54 euros.
- Clients’ TransferWise accounts allow them to keep track of every transfer.
- You may utilize more than 40 currencies and link your account with Xero.
- TransferWise avoids transaction duplication.
- Payroll, standing orders, recurring transfers, and invoice payments can all be automated using the TransferWise open API.
- By connecting a client’s bank account to Slack, they receive notifications in real-time.
- TransferWise automates conversions and allows for exchange rate tracking.
- On their website, clients may add TransferWise as a payout method.
- Money can be received, spent, and sent using the TransferWise banking account in more than 40 different currencies.
Conclusion
As our guide to freelancer-friendly banks in Italy draws to a close, you now hold the key to unlocking a world of financial convenience and support.
Whether you opt for the tech-savvy features of Bank A or the personalized services of Bank B, your freelance endeavors are bound to flourish with the right banking partner by your side.
Embrace the empowerment of financial efficiency, and may your chosen bank pave the way for a prosperous and secure future as you navigate the exciting realm of freelancing in Italy.
Happy Moving!