Qonto
- This is an Payment institution, not a bank: funds are safeguarded, not covered by a €100k deposit guarantee.
Pros & Cons
Pros
- Business accounts for freelancers & SMEs
- local IBANs (FR/DE/IT/ES)
- accounting tools
Cons
- Not a bank — no €100k deposit guarantee (funds safeguarded)
Rating breakdown
Why this score
Good fit for
- you receive international wires (SWIFT)
- you receive SEPA transfers
May not fit if
- you need to hold USD
- you need crypto in or out
This is an electronic money institution (EMI), not a bank. Funds are safeguarded, but NOT covered by the €100,000 deposit guarantee. Convenient, but legally it isn't a bank deposit.
- Licence
- Payment institution · ACPR (Banque de France)
- IBAN
- FR, DE, IT, ES
- SEPA Instant
- Send & receive
- Verification of Payee (VoP)
- Rolling out
Editorial review
Data reviewed by Ilya ChernetskiyFounder and editor, nomonedaUpdated: 2026-08-15
Qonto runs on an Payment institution licence: convenient, but your money is safeguarded rather than covered by the €100k deposit guarantee.
It is a global fintech licensed in FR supporting EUR. FX model: Market rate + markup (SWIFT/FX).
It tends to suit business banking, freelancers, sme.
Fees & terms
- Exchange rate
- Market rate + markup (SWIFT/FX)
- Card cost
- Paid business plans
- Local-currency withdrawal
- Not disclosed
- USD withdrawal
- Not disclosed
- Withdrawal fees
- Not disclosed
- Limits
- Not disclosed
- USD yield
- Not disclosed
- Cashback
- Not disclosed
- Currencies
- EUR
- Cards
- Global Physical, Global Virtual
- Transfers
- SEPA in/out, SEPA Instant in/out, SWIFT in/out
- Payments
- Apple Pay, Google Pay
- Licence
- Payment institution — ACPR (Banque de France)
- IBAN
- FR, DE, IT, ES
- Multi-currency account
- Local IBANs in FR, DE, IT, ES
- SEPA Instant
- Send & receive
- Verification of Payee (VoP)
- Rolling out
- FX model
- Market rate + markup (SWIFT/FX)
- Opening requirements
- No local address; business registration required
- English support
- Yes
- Remote opening
- Yes
- Headquarters
- France
Transfer routes
One row per direction, rail and currency — with what we hold on fees, speed and limits. A blank fee is not a free transfer; it is a fee we have not collected.
| Route | Fee | Speed | Limits |
|---|---|---|---|
| SWIFTincoming | FreeConditional: Incoming SWIFT under 500 EUR — free5 EURConditional: Incoming SWIFT over 500 EUR — 5 EUR | Not published | — |
| SWIFToutgoing | 0.8%Conditional: 0.8%5 EURConditional: min 5 EUR; standard currencies1.8%Conditional: 1.8% | Not published | — |
| SEPAincomingEUR | Not published | Not published | — |
| SEPAoutgoingEUR | FreeConditional: free0.2 EURConditional: 0.20 EUR | Not published | — |
| SEPA InstantincomingEUR | Not published | Instant | — |
| SEPA InstantoutgoingEUR | Not published | Instant | — |
Who holds your money
The name on the app is not always the company holding the balance, and deposit protection follows the licence rather than the brand.
| Role | Organization | Answerable for | Applies to |
|---|---|---|---|
| Licence holder | QontoACPR (Banque de France) | Operating under regulatory permission | All currenciesNo protection scheme recorded |
What to know before you move money
Elevated exposure — At least one thing here would change a reasonable person’s mind.
- CriticalThis is an Payment institution, not a bank: funds are safeguarded, not covered by a €100k deposit guarantee.
Read from: eu.license_type, eu.dgs_covered
- Medium3 route(s) state a fee we could not turn into a number.
Read from: transfer_routes.fee_components
Recent updates
- 2026-08-15checked15 facts about Qonto re-checked against their sources
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User reviews
User score
No reviews yet.
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FAQ
- Is my money protected?
- No. Qonto operates under an Payment institution licence — funds are safeguarded but NOT covered by a €100k Deposit Guarantee Scheme. It is not a bank in the deposit-protection sense.
- What IBAN and transfers?
- Qonto issues a FR/DE/IT/ES IBAN. SEPA Instant: send + receive. Multi-currency: Local IBANs in FR, DE, IT, ES.
- Can I open remotely, in English?
- Opening is remote. English support is available. Requirements: No local address; business registration required.
Data provenance & verification
Every fact is checked against an official source and stamped with a date. We re-check fees quarterly and document requirements twice a year. Fields not yet independently verified are labelled honestly.
Independently corroborated, rated on the full model and checked within the year. This service can appear in our ranked picks.