Top 10 EMIs for businesses in 2024
What are EMIs?
EMIs (Electronic Money Institutions) are regulated entities that must meet certain legal requirements to operate, including safeguarding customer funds and complying with anti-money laundering (AML) as well as other financial regulations.
Key functions of an EMI include:
- Issuing e-money: The institution provides users with e-money, which they can use for payments and transfers.
- Storing funds: Customer funds are held in electronic form, which can be redeemed at par value.
- Payments and transfers: EMIs facilitate transactions between users, often through apps, online wallets, or other digital platforms.
- Compliance: EMIs must adhere to strict regulations, including obtaining a license, ensuring consumer protection, and maintaining security measures.
They do not offer traditional banking services like lending or deposit-taking but focus on payments and money transfer solutions in a digital format.
In 2024, Electronic Money Institutions (EMIs) are becoming essential financial partners for businesses seeking modern payment solutions, multi-currency management, and streamlined cross-border transactions. As businesses continue to globalize, the need for flexible, cost-effective banking alternatives has surged, and EMIs are rising to meet these demands. Here’s a look at the top EMIs of 2024 that are particularly suited for businesses.
Satchel
Satchel offers a full range of services tailored for businesses, including multi-currency accounts for 24 different currencies, dedicated IBANs, and SEPA/SWIFT transactions. It’s particularly suited for iGaming, fintech, and digital services companies requiring flexibility, regulatory compliance, and secure payment processing.
- Compliance support for iGaming industry
- SEPA and SWIFT transfers
- Customizable corporate accounts with dedicated IBANs
Revolut Business
Revolut has long been a leader in digital banking, and its business offering continues to excel in 2024. With support for a number of currencies, Revolut Business allows companies to send, receive, and exchange money with minimal fees. Businesses can also automate their expenses, access multi-user support, and integrate with accounting software like Xero and QuickBooks, making it ideal for SMEs and freelancers.
- Low international transfer fees
- API access for automation
- Expense management and accounting integration
Wise Business (formerly TransferWise)
Known for offering some of the best exchange rates for international transfers, Wise Business has maintained its strong position in 2024. Wise’s multi-currency accounts allow businesses to hold different currencies and pay international suppliers without the high fees typically associated with traditional banks.
- Real exchange rates for global payments
- Multi-currency account management
- Batch payment options for large transactions
Payoneer
Payoneer is another strong contender, providing businesses with a comprehensive platform for global payments. It is particularly suited for cross-border eCommerce and digital services. The platform offers receiving accounts in multiple currencies, enabling businesses to get paid as if they had local bank accounts.
- Cross-border payment options
- Access to working capital solutions
- Local receiving accounts in USD, EUR, GBP, and more
Adyen
Adyen is a global payment platform that caters to large businesses needing advanced payment solutions. Adyen allows companies to accept payments from all over the world through a single system, offering excellent flexibility and customizability for enterprises in retail, eCommerce, and digital services.
- Unified commerce solutions
- High-level security and fraud prevention
- Global payment methods and multi-currency support
Airwallex
Airwallex provides businesses with a powerful platform for managing international transactions, allowing users to hold, transfer, and convert multiple currencies in one account. Its low fees and real-time exchange rates make it a strong competitor for businesses with cross-border needs.
- Low-cost international transfers
- Multi-currency accounts
- Developer-friendly API for custom integrations
N26 Business
N26 is renowned for its user-friendly mobile-first banking experience, and its business accounts cater to freelancers and self-employed individuals. While it may not have as many advanced features as other EMIs, it’s an excellent solution for small business owners who need a simple and efficient account for managing day-to-day finances.
- Free business account with a mobile focus
- Integration with Apple Pay and Google Pay
- No-fee ATM withdrawals
Pleo
Pleo is revolutionizing expense management for businesses. While not a traditional EMI, it offers company cards linked to a business account, helping companies manage spending, track receipts, and control budgets. It’s particularly useful for startups and SMEs needing to streamline employee expenses.
- Smart company cards for employees
- Real-time expense tracking
- Integration with accounting software
Bunq Business
Bunq continues to stand out with its focus on sustainable and ethical banking practices. In 2024, Bunq offers business accounts that allow companies to manage multiple currencies, automate invoices, and track expenses. Its eco-friendly initiatives make it a popular choice for companies prioritizing sustainability.
- Multi-currency accounts
- Automated invoice processing
- Environmentally-friendly banking options
Paysera
Paysera provides businesses with low-cost payment solutions, particularly in the EU. It offers a full suite of services including multi-currency accounts, international transfers, and online payment gateways. It’s particularly suited for small and medium businesses looking for cost-effective alternatives to traditional banking.
- Low-cost SEPA and international transfers
- Multi-currency IBAN accounts
- Payment gateway for eCommerce businesses
Conclusion
In 2024, businesses have a wide range of EMI options to choose from, each offering distinct advantages depending on the specific needs of the company. Whether it’s managing multi-currency accounts, reducing international transaction fees, or gaining access to advanced payment solutions, these EMIs are reshaping the way businesses handle their finances. Selecting the right EMI can provide significant operational efficiencies, cost savings, and a competitive edge in today’s global market.
This publication has informative purposes and does not serve as financial advice.
