Business Banking Comparison: Finom vs. Penta

Written, July 05

Does your business need a reliable bank, but you’re unsure whether to choose Finom or Penta? You’ve browsed their websites, read reviews, but still have doubts. Don’t worry, we’re here to help you make the right choice. We’ll cover everything you need to know, including:

  • The rates offered by each bank and which one is more cost-effective for your business.
  • How quickly and easily you can open an account with each bank.
  • The available features and integrations.
  • The level of customer service and security provided by each bank.
  • How each bank handles currencies and what it means for your business.

Comparative Table of Key Parameters

Parameter

Finom

Penta

Multi-currency Accounts

Supports up to 7 currencies

Supports up to 7 currencies

Currency Exchange

0.5% exchange fee

0.5% exchange fee

International Payments

SEPA and SWIFT, fees depend on the plan

SEPA free, SWIFT with a fee

Supported Currencies

Main currencies: EUR, USD, GBP, CHF, DKK, NOK, SEK

Main currencies: EUR, USD, GBP, CHF, DKK, NOK, SEK

Business Card

Mastercard, free withdrawals up to 5 times a month

Mastercard, free withdrawals up to 3 times a month

Support Channels

Chat, email, phone

Chat, email

Support Availability

24/7

24/7 for premium, business hours for standard

Personal Manager

For premium users (premium plan from 29€/month)

For premium users (premium plan from 19€/month)

Cashback

Up to 3% on selected categories

Up to 1% on selected categories

Service Fees

Free, premium plans from 9€/month

Free, premium plans from 9€/month

Account Opening Process

Online, identity verification required

Online, quick identity verification

Functionality

Mobile app, accounting, integrations, virtual cards

Mobile app, accounting, virtual cards

Business Plans for Finom

Finom Solo

Cost: Free

Key Features:

  • Basic banking services.
  • Support for multi-currency accounts (up to 7 currencies).
  • Free card payments.
  • Currency exchange at a 0.5% fee.
  • Free international SEPA transfers.

Finom Start

Cost: 9 €/month

Key Features:

  • All features of Finom Solo.
  • Up to 50 sub-accounts.
  • Integration with accounting systems.
  • Support for multi-currency accounts (up to 7 currencies).
  • Free card payments.
  • Currency exchange at a 0.5% fee.
  • Free international SEPA transfers.
  • Cashback up to 2% on selected purchase categories.
  • Free cash withdrawals up to 10 times a month.

Finom Premium

Cost: 29 €/month

Key Features:

  • All features of Finom Start.
  • Up to 100 sub-accounts.
  • Support for multi-currency accounts (up to 7 currencies).
  • Free card payments.
  • Currency exchange at a 0.5% fee.
  • Free international SEPA transfers.
  • Cashback up to 3% on selected purchase categories.
  • Free cash withdrawals up to 20 times a month.
  • Personal manager.

Business Plans for Penta

Penta Basic

Cost: Free

Key Features:

  • Basic banking services.
  • Support for multi-currency accounts (up to 7 currencies).
  • Free card payments.
  • Currency exchange at a 0.5% fee.
  • Free international SEPA transfers.

Penta Advanced

Cost: 9 €/month

Key Features:

  • All features of Penta Basic.
  • Up to 15 sub-accounts.
  • Support for multi-currency accounts (up to 7 currencies).
  • Free card payments.
  • Currency exchange at a 0.5% fee.
  • Free international SEPA transfers.
  • Free cash withdrawals up to 5 times a month.
  • Integration with accounting systems.

Penta Premium

Cost: 19 €/month

Key Features:

  • All features of Penta Advanced.
  • Up to 50 sub-accounts.
  • Support for multi-currency accounts (up to 7 currencies).
  • Free card payments.
  • Currency exchange at a 0.5% fee.
  • Free international SEPA transfers.
  • Free cash withdrawals up to 10 times a month.
  • Personal manager.
  • Cashback up to 1% on selected purchase categories.

Pricing Plans for Freelancers at Finom

Finom Solo Freelancer

Cost: Free

Key Features:

  • Basic banking services.
  • Support for multi-currency accounts (up to 7 currencies).
  • Free card payments.
  • Currency exchange at a 0.5% commission.
  • Free international SEPA transfers.

Finom Start Freelancer

Cost: 9 €/month

Key Features:

  • All features of Finom Solo Freelancer.
  • Up to 50 sub-accounts.
  • Integration with accounting systems.
  • Support for multi-currency accounts (up to 7 currencies).
  • Free card payments.
  • Currency exchange at a 0.5% commission.
  • Free international SEPA transfers.
  • Cashback up to 2% on selected categories.
  • Free cash withdrawals up to 10 times per month.

Finom Premium Freelancer

Cost: 29 €/month

Key Features:

  • All features of Finom Start Freelancer.
  • Up to 100 sub-accounts.
  • Support for multi-currency accounts (up to 7 currencies).
  • Free card payments.
  • Currency exchange at a 0.5% commission.
  • Free international SEPA transfers.
  • Cashback up to 3% on selected categories.
  • Free cash withdrawals up to 20 times per month.
  • Personal manager.

Pricing Plans for Freelancers at Penta

Penta Basic Freelancer

Cost: Free

Key Features:

  • Basic banking services.
  • Support for multi-currency accounts (up to 7 currencies).
  • Free card payments.
  • Currency exchange at a 0.5% commission.
  • Free international SEPA transfers.

Penta Advanced Freelancer

Cost: 9 €/month

Key Features:

  • All features of Penta Basic Freelancer.
  • Up to 15 sub-accounts.
  • Support for multi-currency accounts (up to 7 currencies).
  • Free card payments.
  • Currency exchange at a 0.5% commission.
  • Free international SEPA transfers.
  • Free cash withdrawals up to 5 times per month.
  • Integration with accounting systems.

Penta Premium Freelancer

Cost: 19 €/month

Key Features:

  • All features of Penta Advanced Freelancer.
  • Up to 50 sub-accounts.
  • Support for multi-currency accounts (up to 7 currencies).
  • Free card payments.
  • Currency exchange at a 0.5% commission.
  • Free international SEPA transfers.
  • Free cash withdrawals up to 10 times per month.
  • Personal manager.
  • Cashback up to 1% on selected categories.

Recommendations for Pricing Plans

For Small Businesses

Finom Solo Freelancer and Penta Basic Freelancer offer free basic banking services, making them excellent choices for startup entrepreneurs and freelancers.

For Small Businesses with Additional Needs

Finom Start Freelancer at 9 €/month includes up to 50 sub-accounts, integration with accounting systems, cashback up to 2%, and free cash withdrawals up to 10 times per month.

Penta Advanced Freelancer at 9 €/month includes up to 15 sub-accounts, integration with accounting systems, and free cash withdrawals up to 5 times per month.

For Medium-Sized Businesses

Finom Premium Freelancer at 29 €/month offers up to 100 sub-accounts, cashback up to 3%, free cash withdrawals up to 20 times per month, and a personal manager.

Penta Premium Freelancer at 19 €/month includes up to 50 sub-accounts, cashback up to 1%, free cash withdrawals up to 10 times per month, and a personal manager.

For Freelancers Who Travel Frequently

Finom Premium Freelancer at 29 €/month provides up to 100 sub-accounts, integration with accounting systems, cashback up to 3%, and free cash withdrawals up to 20 times per month.

Penta Premium Freelancer at 19 €/month offers up to 50 sub-accounts, cashback up to 1%, free cash withdrawals up to 10 times per month, and a personal manager.

Comparison of Free Services

Cashback

  • Finom Solo Freelancer: No cashback.
  • Penta Basic Freelancer: No cashback.

Cash Withdrawals

  • Finom Solo Freelancer: No free withdrawals.
  • Penta Basic Freelancer: No free withdrawals.

Payments

  • Finom Solo Freelancer: Free card payments.
  • Penta Basic Freelancer: Free card payments.

Sub-Accounts (Spaces)

  • Finom Solo Freelancer: No.
  • Penta Basic Freelancer: No.

Comparison of Premium Services

Finom

Finom Premium Freelancer (business)

  • Cost: 29 €/month
  • Cashback: Up to 3% on selected categories
  • Cash Withdrawals: Free up to 20 times per month
  • Sub-Accounts (Spaces): Yes, up to 100 sub-accounts
  • Additional Features: Integration with accounting systems, personal manager, multi-currency accounts (up to 7 currencies)

Finom Corporate (business)

  • Cost: 99 €/month
  • Cashback: Up to 5% on selected categories
  • Cash Withdrawals: Free up to 50 times per month
  • Sub-Accounts (Spaces): Yes, unlimited sub-accounts
  • Additional Features: Integration with accounting systems, personal manager, multi-currency accounts (up to 7 currencies), API access for integrations, premium customer support

Penta

Penta Advanced (business)

  • Cost: 19 €/month
  • Cashback: Up to 1% on selected categories
  • Cash Withdrawals: Free up to 10 times per month
  • Sub-Accounts (Spaces): Yes, up to 15 sub-accounts
  • Additional Features: Integration with accounting systems, premium customer support

Penta Premium (business)

  • Cost: 49 €/month
  • Cashback: Up to 1% on selected categories
  • Cash Withdrawals: Free up to 20 times per month
  • Sub-Accounts (Spaces): Yes, up to 50 sub-accounts
  • Additional Features: Integration with accounting systems, premium customer support, personal manager, multi-currency accounts (up to 7 currencies)

Recommendations

For Small Businesses

Penta Advanced at 19 €/month is an excellent choice with support for up to 15 sub-accounts, integration with accounting systems, and free cash withdrawals up to 10 times per month.

For Medium-Sized Businesses

Finom Premium Freelancer at 29 €/month offers up to 100 sub-accounts, cashback up to 3%, free cash withdrawals up to 20 times per month, and a personal manager, making it a great choice for medium-sized businesses with high transaction volumes.

For Large Businesses

Finom Corporate at 99 €/month provides unlimited sub-accounts, cashback up to 5%, free cash withdrawals up to 50 times per month, and API access for integrations, making it ideal for large companies.

For Businesses with Frequent International Transactions

Penta Premium at 49 €/month offers up to 50 sub-accounts, free cash withdrawals up to 20 times per month, multi-currency accounts, and a personal manager, making it an excellent choice for companies with frequent international transactions.

Ease and Speed of Opening an Account

Online Registration

  • Finom: Offers online registration through mobile and web applications.
  • Penta: Offers online registration through mobile and web applications.

Time to Register

  • Finom: Registration takes a few minutes.
  • Penta: Registration takes a few minutes.

Filling Out Forms

  • Finom: Requires filling out a form with business and owner information.
  • Penta: Requires filling out a form with business and owner information.

Required Data and Documents

  • Finom: Requires ID and business registration documents.
  • Penta: Requires ID and business registration documents.

Identification Procedure

  • Finom: Uses photo identification or video identification.
  • Penta: Uses photo identification or video identification.

Time for Identification

  • Finom: Identification takes a few minutes.
  • Penta: Identification takes a few minutes.

Account Confirmation and Activation

  • Finom: Instant confirmation and account activation after identification.
  • Penta: Instant confirmation and account activation after identification.

Confirmation Notification

  • Finom: Sends confirmation notification.
  • Penta: Sends confirmation notification.

Card Reception

  • Finom: Offers a physical card by mail and a virtual card immediately.
  • Penta: Offers a physical card by mail and a virtual card immediately.

Platform Availability

  • Finom: Supports iOS, Android, and web platforms.
  • Penta: Supports iOS, Android, and web platforms.

Main Features and Business Capabilities

Account and Finance Management

  • Finom: Intuitive mobile and web application, supports up to 100 sub-accounts, multi-currency accounts.
  • Penta: Convenient mobile application, supports up to 50 sub-accounts, multi-currency accounts.

Cashback and Bonuses

  • Finom: Cashback up to 5% on selected purchase categories (depending on the plan).
  • Penta: Cashback up to 1% on selected purchase categories.

International Operations

  • Finom: Supports up to 7 currencies, free SEPA international transfers, competitive SWIFT transfer rates.
  • Penta: Supports up to 7 currencies, free SEPA payments, SWIFT transfer fees.

Security and Protection

  • Finom: Two-factor authentication, deposit protection up to 100,000 euros.
  • Penta: Two-factor authentication, modern security protocols, deposit protection up to 100,000 euros.

Customer Support

  • Finom: Support via chat and phone, premium support for paid plans.
  • Penta: Support via chat and email, premium support for paid plans.

Integrations and Automation

  • Finom: Integration with accounting systems (e.g., Xero, QuickBooks), automatic payments.
  • Penta: Integration with accounting systems, financial process automation.

Analytics and Reporting

  • Finom: Built-in expense analysis tools, report creation, data export in various formats.
  • Penta: Built-in analytical tools, report creation, data export.

Premium Features

  • Finom: Premium customer support, personal manager, API access for integrations.
  • Penta: Premium customer support, personal manager, extended insurance.

Recommendations

For Freelancers

  • Finom Premium Freelancer: Excellent choice with free cash withdrawals up to 20 times per month, integration with accounting systems, and personal manager.
  • Penta Advanced Freelancer: At 9 €/month, offers support for up to 15 sub-accounts and integration with accounting systems, making it a good choice for freelancers with additional needs.

For Businesses

  • Finom Corporate: At 99 €/month, offers unlimited sub-accounts, cashback up to 5%, free cash withdrawals up to 50 times per month, and API access for integrations, making it ideal for large companies.
  • Penta Premium: At 49 €/month, provides up to 50 sub-accounts, free cash withdrawals up to 20 times per month, and a personal manager, making it a good choice for medium-sized businesses.

Integration Capabilities with Other Services

Integration with Accounting Systems

  • Finom: Supports Datev, FastBill, Lexoffice; data export in CSV and PDF.
  • Penta: Integrates with Debitoor, Lexoffice, Datev; data export in CSV and PDF.

Integration with Financial Applications

  • Finom: Supports Apple Pay, Google Pay; integration with SEPA and SWIFT.
  • Penta: Supports Apple Pay, Google Pay; integration with SEPA and SWIFT.

Integration with Business Management Platforms

  • Finom: Integrates with CRM systems (Salesforce); supports project management platforms (Trello, Asana).
  • Penta: Integrates with CRM systems (HubSpot); supports project management platforms (Trello, Asana).

Integration with Analytical Tools

  • Finom: Built-in analytical tools; integration with external analytical platforms (Google Analytics).
  • Penta: Built-in analytical tools; integration with external analytical platforms not specified.

Process Automation

  • Finom: API access; integration with IFTTT and Zapier.
  • Penta: API access; integration with Zapier.

Recommendations

For businesses needing extensive data export capabilities and integration with various analytical and project management systems:

Finom is an excellent choice due to its support for multiple platforms and data export formats, as well as API availability for custom integrations.

For businesses prioritizing integration with various financial applications and process automation:

Penta might be the best choice due to its support for a wide range of payment systems like Apple Pay and Google Pay, and integrations with accounting systems like Debitoor and Lexoffice.

For companies seeking flexible solutions in accounting and process automation:

Finom offers integration with major accounting systems such as Datev and FastBill, and provides powerful tools for automating financial operations with API and support for automation platforms like IFTTT and Zapier.

Customer Service Quality for Business

Support Channels

  • Finom: Chat, phone (for premium users), email, online support center.
  • Penta: Chat, email, phone (for premium users), online support center.

Support Availability

  • Finom: 24/7 support for premium users; business hours for standard users.
  • Penta: Business hours support; extended hours for premium clients.

Response Time

  • Finom: Quick response via chat and email, especially for premium users.
  • Penta: Quick response via chat and email, especially for premium clients.

Online Support Center

  • Finom: Extensive knowledge base, FAQs, guides, and instructions available on the Finom website.
  • Penta: Extensive knowledge base, FAQs, guides, and instructions available on the Penta website.

Personal Manager

  • Finom: Personal manager available for premium tariff users.
  • Penta: Personal manager available for premium clients.

Training Materials

  • Finom: Access to webinars, articles, and guides on using Finom's features and services.
  • Penta: Access to webinars, articles, and guides on using Penta's features and services.

Recommendations

For businesses needing 24/7 support:

Finom is an excellent choice due to its round-the-clock support availability for premium users.

For businesses requiring a personal manager:

Penta offers a personal manager for premium clients, making it suitable for companies needing individualized attention.

For businesses requiring quick response times and multilingual support:

Both banks offer quality service, but Finom stands out with its 24/7 support for premium users and quick response through chat.

Currency Capabilities for Business

Multi-Currency Accounts

  • Finom: Ability to open accounts in 7 different currencies for convenient international transactions and managing currency reserves.
  • Penta: Ability to open accounts in 7 different currencies, providing flexibility for international operations.

Currency Exchange

  • Finom: Convenient currency exchange through the mobile app with a 0.5% transaction fee.
  • Penta: Currency exchange through the mobile app with a 0.5% transaction fee.

International Payments

  • Finom: Conducting international payments with competitive rates and support for SEPA and SWIFT transfers.
  • Penta: International payments with minimal fees, supporting SEPA and SWIFT transfers.

Support for Various Currencies

  • Finom: Ability to operate in 7 different currencies, such as EUR, USD, GBP, CHF, NOK, DKK, SEK.
  • Penta: Ability to operate in 7 different currencies, such as EUR, USD, GBP, CHF, NOK, DKK, SEK.

Business Card

  • Finom: Business card supporting operations in 7 different currencies.
  • Penta: Business card supporting operations in 7 different currencies.

Recommendations

For businesses needing maximum multi-currency support:

Penta and Finom both offer similar currency capabilities, supporting 7 different currencies, ensuring flexibility for international transactions.

For flexible currency exchange conditions:

Both Finom and Penta offer convenient currency exchange through mobile apps with a 0.5% commission. Both options are equally beneficial for currency exchange.

For minimal fees on international payments:

Penta offers competitive rates and minimal fees, making it an excellent choice for businesses regularly conducting international transfers.

Advantages and Disadvantages

Advantages of Finom

  • User-friendly mobile and web application.
  • Multi-currency accounts (up to 7 currencies).
  • High level of data security and protection.
  • 24/7 support for premium users.
  • Integration with various accounting and financial systems.
  • Cashback up to 5% on specific purchase categories (depending on the plan).
  • Personal manager for premium users.

Disadvantages of Finom

  • Currency exchange commission (0.5% per transaction).
  • Higher fees for premium plans.
  • Free cash withdrawals are limited in number.

Advantages of Penta

  • Convenient mobile application with a wide range of functions.
  • Multi-currency accounts (up to 7 currencies).
  • High level of data security and protection.
  • Customer support via chat, email, and phone for premium users.
  • Integration with various accounting systems (e.g., Lexoffice, Datev).
  • Cashback up to 1% on specific purchase categories.
  • Personal manager for premium users.

Disadvantages of Penta

  • Currency exchange commission (0.5% per transaction).
  • Free cash withdrawals are limited in number and amount.
  • Some features are only available on premium tariffs.

Conclusions

For businesses needing extensive integration capabilities and cashback:

Finom is an excellent choice due to its support for multiple platforms, cashback up to 5%, and 24/7 support for premium users.

For businesses valuing flexible tariffs and customer support:

Penta offers competitive rates, support via chat, email, and phone for premium users, and the ability to integrate with various accounting systems.


Article Author: Patrick Möller

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