When you open a business bank account for the first time, you will soon find out that this is more expensive than closing a private account, but why is this actually caused? It is not necessarily the case that the bank simply wants to earn more money from entrepreneurs.
Extra costs are actually incurred. We will explain to you what costs the bank incurs in this article.
To begin with, when opening a business account, a customer due diligence (CDD) investigation is initiated, with the bank examining whether the business account is not being used for illegal activities. Of course, such an investigation costs money, and this is not necessary for a private account.
You probably also know that with a business bank account you often have to deal with transaction costs, which differ per type of transaction. Transactions are not free for a bank, but for a private account the number of transactions is so low that this is not a problem. In the case of a business bank account, the number of transactions is much higher. As a result, you will pay a small amount per transaction, which differs per bank .
The last reason for the extra costs that come with a business bank account are the options and possibilities that you only have as a business customer. Think of business credit or inexpensive business insurance. On top of this you often have your own account manager, you can link your account to an ATM or Ideal and you can request a business credit card. These are useful options for the business customer, but they are not free.
A business account does indeed cost extra, but there are good reasons for this. In addition to the fact that a business account is practically mandatory for entrepreneurs , a business account is certainly more convenient to use to keep your private and business transactions well separated.
Curious what exactly a business bank account costs? In our overview you will find the cheapest banks and you can easily compare all business accounts. Need a quick recommendation? Space bank offers a business account that is 100% free !