Holvi vs Payhawk
Side-by-side comparison — pricing, features, ratings, use cases. Find which Business Banking fits you best.
💰 Pricing
- 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
- 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
📋 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
💰 Pricing
- Card replacement fee: €10 per card
- Out-of-network ATM fee: 2% with €2 minimum
- International card payment fee: 1%
- FX markup on non-EUR transactions: 0.5% (Essential), 0.2% (Growth), 0.1% (Scale)
- Accounting integration fees: from €50/month for premium integrations like NetSuite
- Cross-entity transactions incur FX fees
- Cash deposit fees apply if using physical banking
- Premium accounting integrations cost extra
- Card issuance fee for physical cards (€5 per card)
🔧 Features
📋 Assessment
💪 Strengths
- Unified platform: Payhawk combines corporate cards, expense management, and AP automation in one interface. This means no more stitching together separate tools and manually syncing data. Finance teams get a single source of truth for all outgoing money, which simplifies reconciliation and reporting.
- Excellent multi-entity and multi-currency support: With granular approval workflows and role-based permissions, Payhawk is built for companies operating across borders. You can manage subsidiaries with different currencies and compliance rules, and configure approval flows that match your org structure.
- European banking integrations: Payhawk's European origins mean seamless connections with local banks and payment networks like SEPA. This makes multi-currency payments and VAT handling straightforward, a significant advantage over platforms designed primarily for the US market.
- Real-time expense tracking: Employees can capture receipts and log expenses on the go via a mobile app, and managers can see spending as it happens. This visibility helps prevent budget overruns and ensures expense policies are followed.
- Automated AP workflow: Invoices are digitized, matched to purchase orders, and routed for approval automatically. This cuts down on manual data entry and reduces the risk of duplicate payments.
⚠ Watch out for
- Not a free service: While Payhawk offers a trial, the platform requires a subscription and charges for card issuance and transactions. For small businesses or startups with tight margins, these ongoing costs can be a hurdle, especially compared to some competitors that offer more generous free tiers.
- Limited global availability: Payhawk's core markets are the UK and EU. If your business has operations in other regions like North America (beyond limited support) or Asia, Payhawk may not be usable there, forcing you to maintain a patchwork of spend tools.
- Complex onboarding for multi-entity setups: Setting up multiple entities, custom approval flows, and integrating with ERPs like NetSuite can take time and may require IT or finance involvement. The learning curve is real, and smaller teams might find the initial configuration overwhelming.
- Payments can take time: While card transactions are instant, ACH or wire transfers via the AP module might take a few business days. If you need to make urgent payments, the built-in speed might not match a dedicated payment platform.
- Customer support can be inconsistent: While Payhawk provides support via chat and email, response times can vary. Some larger clients report dedicated account managers, but smaller customers might feel left to self-serve. The knowledge base is helpful, but for complex issues, you might wait longer than ideal.
🎯 Best for
Mid-market and enterprise finance teams in Europe and the UK that need to manage corporate cards, expenses, and accounts payable across multiple entities in one platform.
🚫 Who should skip
Solo founders and very small businesses with basic spending needs would likely be overpaying and over-engineering — simpler tools like a basic expense app or a standard business credit card with auto-categorization are enough.
📚 Learning curve
Moderate — finance staff can grasp core features in a day, but setting up approval policies, integrations, and multi-entity hierarchies requires deliberate onboarding and configuration.
🧑⚖️ Verdict
Payhawk is a powerful, unified spend management solution for growing companies in the UK and EU that need multi-entity and multi-currency control. Its all-in-one approach and strong European integrations make it a top contender, but the subscription costs and limited global reach mean it’s not ideal
📊 Use Case Suitability
Higher score = better fit. Scores from editorial review.
🧭 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 Payhawk if...
- You are: Mid-market and enterprise finance teams in Europe and the UK that need to manage corporate cards, expenses, and accounts
- 👍 Unified platform for cards, expenses, and AP automation — no need to patch together separate tools.
- 👍 Strong multi-entity support with granular approval workflows and role-based permissions.
- 👍 European origin means solid local banking integrations and multi-currency handling for EU/UK busines
- 💰 Free tier available
- ⚠ Trade-off: Not a fully free service — the trial is limited, and ongoing subscription fees p
❓ 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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