Holvi vs Qonto
Side-by-side comparison — pricing, features, ratings, use cases. Find which Business Banking fits you best.
🔍 Independently researched ·
📊 Data-driven
48/100
Free tier
A Finnish or European sole trader who wants one simple tool for day-to-day business banking, invoicing, receipts, and li
💰 Pricing
🆓 Free tier available
Free tier is available with limited features: 10 invoices per month, no physical card (only virtual), no multi-user, no cash deposit, FX fee 0.5%.
Starting at $9 (hybrid)
Fee notes:
- FX markup: 0.5% above interbank rate for all tiers
- SEPA transfers: free (incoming and outgoing within SEPA)
- Cash deposit: charged via partner network (e.g., 0.5% fee per deposit at Posti or R-kioski)
- Physical card: free with Pro and Business plans (new card issued for €8.00)
- Outgoing SWIFT international transfers: €10.00 per transfer
⚠ Watch for:
- ATM withdrawal fees: free only up to €500/month, thereafter 1% per withdrawal
- Card issuance fee: €8.00 for replacement cards
- Cash deposit fees: charged by partner location (e.g., €1.50 + 0.2% at Posti)
- SWIFT transfers: €10.00 per transaction
🔧 Features
✓ Finnish Origin✓ Sole Trader Focus✓ Built In Invoicing✓ Bookkeeping✓ Bbva Licensed✓ Free Tier
📋 Assessment
💪 Strengths
- Integrated invoicing and automatic reconciliation: Holvi's standout feature is its built-in invoicing tool. You can create a professional invoice using templates, send it directly from the app, and when the customer pays, Holvi automatically matches the payment to the invoice. This removes the painful manual reconciliation process that freelancers often face with traditional banks, saving time and reducing errors.
- Receipt capture with OCR: The mobile app allows you to photograph receipts, and Holvi extracts the key details (amount, date, merchant) using OCR. It then lets you categorize the expense and attach the image to the transaction. This makes expense tracking for tax purposes much less tedious, as you have a digital record that's easily searchable and exportable.
- Built for micro-businesses, not adapted from consumer banking: Holvi is designed specifically for the needs of freelancers and sole traders. The account includes features like multiple balance views (available, booked, reserved) and a dedicated 'tax reserve' feature that helps you set aside money for taxes. This is a thoughtful touch that many general business banks lack.
- Automatic expense categorization: Holvi's algorithm automatically suggests categories for transactions based on the payee, and you can set rules to automate categorization for recurring expenses. This speeds up bookkeeping and gives you a clearer view of your cash flow at a glance, which is vital for managing a small business.
- Transparent pricing with no hidden fees: Plans start at €6/month, and there are no transaction fees, no minimum balance, and no charge for the debit card. This simplicity makes it easy to budget for banking costs, especially for a new business with variable income.
⚠ Watch out for
- Not suitable for businesses with employees: Holvi's billing and hr features are essentially nonexistent. You cannot run payroll, handle multiple employee cards, or manage employee expense approvals. This makes it a poor fit as soon as you hire your first staff member.
- Limited integrations: There are no direct connections to popular accounting software like Xero or QuickBooks. You can export data as CSV or use the API for custom integrations, but this is beyond the technical ability of most freelancers, meaning you'll have to manually manage data if you use a separate accounting system.
- Geographical restrictions: Holvi is only available to businesses in Finland, Germany, Austria, and Spain. Freelancers outside these countries cannot use the service, which severely limits its global appeal. Also, the invoicing templates are localized to certain languages and tax formats.
- No proper inventory or project management: If your work involves selling physical products with inventory tracking, or if you need to track time and expenses by project, Holvi won't cut it. It's purely for service-based businesses with simple financials.
- Account opening can be slow: Unlike some neobanks that give you an account in minutes, Holvi performs video identification and requires business documents, which can take several days to approve. This might be a hurdle if you need an account urgently.
🎯 Best for
A Finnish or European sole trader who wants one simple tool for day-to-day business banking, invoicing, receipts, and light bookkeeping.
🚫 Who should skip
Anyone with employees, complex inventory, multi-currency needs, or a business outside Holvi's supported European markets should skip it.
📚 Learning curve
Minimal — the interface is built for non-accountants, and invoicing/bookkeeping tasks are streamlined for sole traders.
🧑⚖️ Verdict
Holvi is a solid choice for freelancers and sole traders in supported European countries who want an all-in-one banking and invoicing tool. It is not suitable for growing businesses or those needing complex integrations. If you fit the target demographic, it's a practical, affordable way to streamli
56/100
$10 starting
French and European SMEs and freelancers who want a modern, spend-management-focused digital business account without ph
★ Best
💰 Pricing
Starting at $10 (hybrid)
Fee notes:
- Monthly fees: Standard 9 EUR, Business 29 EUR, Premium 99 EUR (approx US$10, $32, $110, converted at 1.10).
- Transaction fees: over plan limits, 1 EUR per transaction (Standard 20/mo, Business 200/mo, Premium 1000/mo).
- Physical card issuance: 10 EUR per card (one free per plan).
- FX markup: 1% above interbank for transactions in foreign currencies (non-EEA).
- Cash deposit fees: 1% of amount (Standard plan, over 500 EUR/month), free up to plan limits for Business and Premium.
⚠ Watch for:
- Card replacement: 10 EUR per card beyond first free.
- EU transfer costs: 0.10 EUR per SEPA transaction after limit.
- Cash deposit fee on standard plan: 1% of amount above 500 EUR/month.
- Outgoing wire fees: 1% of amount for non-SEPA transfers, min 10 EUR.
🔧 Features
✓ French Origin✓ Multi Iban✓ Spend Controls✓ 400k Customers✓ Sme Focus
📋 Assessment
💪 Strengths
- Fast, fully digital onboarding: Qonto lets you open an account in under 10 minutes if you're a French business, and for other countries the process is still quick (usually within a few days). No branch visits required. You can complete everything online, from identity verification to signing contracts. This is a huge time-saver compared to traditional banks, which may require several days or weeks.
- Granular spend controls with team cards: The card management is top-tier. For each physical or virtual card, you can set custom monthly limits, restrict usage to specific merchant categories (e.g., block online gambling or fuel), and enable contactless payments. You can freeze or delete a card instantly from the dashboard — perfect for lost cards or when an employee leaves. Real-time notifications on every transaction keep you in the loop.
- Multiple IBANs for organization: With Qonto, you can create up to 10 IBANs (depending on plan) within a single account, allowing you to separate cash flows by client, project, or entity. This eliminates the need to open multiple bank accounts and simplifies reconciliation. It's particularly useful for freelancers with multiple income streams or businesses with distinct departments.
- Real-time expense tracking with receipt attachments: The expense management workflow is smooth. Connect a per-card to the app, snap a photo of the receipt, and it attaches to the transaction automatically. Admins can approve or reject expenses, and you can export reports to your accountant. This feature alone can save hours of manual bookkeeping each week. It's available even on the Essential plan with limited files.
- Transparent pricing and no hidden fees: Qonto's pricing is straightforward: Essential at $10/month, Business at $50/month, and Premium at $169/month. There are no quarterly fees, no inactivity charges, and no minimum balance requirements. The dashboard clearly shows your plan's limits and what will incur extra costs (e.g., additional cards). This predictability is a relief for small businesses watching their overhead.
⚠ Watch out for
- Not a licensed bank — no loans, overdrafts, or credit lines: As an EMI, Qonto cannot offer credit products. If your business occasionally needs a line of credit or overdraft protection, Qonto won't help. You'll need a traditional bank or alternative lender, which means managing a second relationship. This is a significant limitation for companies with fluctuating cash flow.
- Limited geographic coverage and no multi-currency accounts: Qonto is only available to businesses in France, Germany, Italy, and Spain. Even within those countries, you must have a registered business. There are no foreign currency accounts — everything is in EUR (or possibly GBP? No, only EUR). If you deal with clients in USD or other currencies, you'll have to manually convert funds and pay FX fees, which could be costly. The lack of multi-currency support is a major gap for international businesses.
- Advanced features gated behind expensive plans: While the Essential plan is affordable, many useful features require the Business or Premium tiers. For example, accounting integrations (like linking QuickBooks, Xero) are only available on Business and Premium. The number of cards, IBANs, and transfer limits are also tiered. If you need more than the basics, the cost jumps significantly — from $10 to $50 or $169 per month, which is steep for a small startup.
- No dedicated mobile app for Android? Actually, Qonto has a mobile app for both iOS and Android, but it lacks some features compared to the web dashboard. For instance, you cannot set up new cards or change merchant restrictions from the app; you must use the web. This can be annoying if you're on the go and need to adjust a limit quickly.
- Customer support can be slow: While Qonto offers in-app chat and email support, response times are not always immediate. Some users report waiting 24 hours or more for a reply, and there's no phone support. For urgent issues (like a lost card), this can be frustrating, though you can freeze cards yourself from the dashboard.
🎯 Best for
French and European SMEs and freelancers who want a modern, spend-management-focused digital business account without physical branches.
🚫 Who should skip
Companies that need credit facilities, overdrafts, or multi-currency accounts, or businesses based outside Qonto's four supported countries.
📚 Learning curve
Minimal — the interface is straightforward and familiar to anyone who has used a modern banking or Fintech app; most users are fully operational within a day.
🧑⚖️ Verdict
Qonto is a top choice for freelancers, startups, and SMEs in France (and now other EU countries) that want fast, digital banking with excellent spend controls. Its multi-IBAN and expense management features make it perfect for teams that rely on card payments. However, if you need loans, overdrafts,
📊 Use Case Suitability
Higher score = better fit. Scores from editorial review.
Use CaseHolviQonto
Freelance Invoicing & Invoice Reconciliation95—
Holvi's built-in invoicing matches payments to invoices automatically, removing
Sole-Trader Daily Banking & Cash Flow88—
It's a dedicated business current account with transaction tracking and a clear
Receipt Capture & Expense Categorisation92—
The app lets you snap receipts and attach them to transactions, which is ideal f
VAT and Tax Preparation for Small Businesses84—
Basic VAT reporting and simplified bookkeeping give micro-business owners a head
Side Hustle or Hobby Business Banking78—
It keeps business money separate from personal finances without requiring a full
Team Expense Management—95
Real-time expense tracking, customizable spend limits, and instant transaction f
Startup Banking—85
Fast onboarding, multiple IBANs, and collaborative access are ideal for startups
Freelance / Independent Work—80
Simple invoicing, expense categorization, and accounting integrations reduce adm
🧭 Which One Should You Pick?
Choose Holvi if...
- You are: A Finnish or European sole trader who wants one simple tool for day-to-day business banking, invoicing, receipts, and li
- 👍 Combines banking, invoicing, receipt capture, and basic bookkeeping in one workflow, which reduces a
- 👍 Built around sole traders and micro-businesses rather than adapting a consumer bank account for busi
- 👍 Automatic matching of invoiced payments to transactions makes reconciliation simpler than with a tra
- 💰 From $9/mo
- ⚠ Trade-off: It's not designed for larger businesses with employees, payroll, complex invento
Choose Qonto if...
- You are: French and European SMEs and freelancers who want a modern, spend-management-focused digital business account without ph
- 👍 Fully digital and fast to set up — most French businesses can open an account in under 10 minutes fr
- 👍 Excellent spend control features: custom card limits, merchant-level restrictions, and instant card
- 👍 Multiple IBANs per account let you organize financial flows by client, project, or entity without ex
- 💰 From $10/mo
- ⚠ Trade-off: Not a licensed bank — Qonto is an EMI, so it doesn't offer overdrafts, loans, or
❓ Frequently Asked Questions
What does Holvi cost?
Holvi's pricing is plan-based, and the current fees are published on holvi.com. There isn't a meaningful free business account in most cases, so expect to pay a monthly subscription for the invoicing and bookkeeping features.
Can I use Holvi outside Finland?
Holvi is built for Finnish and European sole traders and micro-businesses. You need to have a business in a supported European market, and non-European businesses generally can't open an account.
Does Holvi replace my accounting software?
Holvi includes basic bookkeeping, receipt capture, and VAT-style reporting, which is enough for many sole traders. It is not a full double-entry accounting system, so complex tax situations might still need an accountant or dedicated software.
Is my money protected if Holvi uses BBVA's banking license?
Holvi's deposit accounts are provided through BBVA's EU banking license, so eligible deposits are likely covered by the applicable EU deposit guarantee scheme, typically up to €100,000. You should verify the exact entity and guarantee in the account terms.
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