While Finom provides a suite of digital banking services for European businesses, some users have raised concerns about unexpected fees and account management issues, leading them to explore other solutions. This article will examine Finom's offerings, discuss common reasons for seeking an alternative, and highlight other platforms that may better suit your specific business needs.
What is Finom?
Founded in 2019, Finom is a European financial technology company that provides digital banking and management services for SMEs and freelancers. The platform offers unique features such as free physical and virtual debit cards, up to 3% cashback on business purchases, and support for multiple currencies.
Finom provides several subscription plans, ranging from a free option for individuals to comprehensive plans for larger companies. It maintains a strong Trustpilot rating, with users frequently praising its user-friendly interface and responsive support, though some have noted concerns about unexpected fees.
What to Consider When Selecting a Finom Alternative?
When searching for a Finom alternative, it's important to weigh several factors to find the best fit for your business operations:
- Fee Structure:Determine whether a monthly subscription plan or a pay-as-you-go model with transaction-based fees better aligns with your business's cash flow and transaction volume.
- Global Payment and Currency Support:Assess the platform's ability to handle international payments, support multiple currencies, and facilitate transactions in both fiat and digital assets if needed.
- Accounting and Software Integrations:Evaluate how well the platform integrates with your existing accounting software and other business tools to automate financial workflows.
- Expense Management Tools:Consider the availability of features like corporate cards, real-time spending controls, and automated receipt capture to manage team expenses effectively.
- Customer Support Quality:Investigate the reputation for customer service responsiveness and expertise, as reliable support is essential for resolving financial issues quickly.
If one or more of these considerations resonate with your needs, explore our detailed breakdown of top alternatives in the next section.
10 Best Alternatives to Finom
1. OneSafe
OneSafe is a finance platform we designed to modernize banking for businesses, particularly those operating in the Web3 and crypto sectors. Our platform provides the essential tools for effortless fund management, quick payments, and access to both traditional and digital assets.
We enable a direct 1:1 conversion from USD to USDC on Polygon, which simplifies payroll and expense management for global teams. Businesses also gain end-to-end expense management, rapid account setup, and exceptionally responsive customer support tailored for the digital asset space.
Pricing
Here's a look at our straightforward pricing at a glance:
- Free Account Essentials: We charge nothing for account opening, maintenance, or card issuance. We also have no monthly subscriptions or minimum balance requirements.
- 0.1% US Domestic Transfers: Manage your US payments with a low 0.1% fee for ACH and standard wires. Fedwire transfers are a flat $25.
- 0.2% International Payments: Handle global transactions with a 0.2% fee for SEPA payments and international wires, plus a standard $50 SWIFT fee.
- 0.1% Crypto Transactions: Engage with the digital economy with a 0.1% fee on USDT transactions and direct fiat-to-crypto conversions at market rates.
- 3% Corporate Card FX: Use your corporate card globally with a 3% foreign exchange fee on non-USD spending.
Reviews
Our clients consistently praise our platform for its exceptional customer support and ability to solve complex financial challenges, particularly for Web3 companies, by simplifying operations like payroll and expense management.
- Amit Chu, Investments @ Celo Foundation: “OneSafe has the best customer support I've ever experienced from a bank.”
- Marco, CEO of Ensuro: “OneSafe is a game-changer. They solve so many headaches for our company. Finally a banking solution that gets it.”
Want to learn more? Check us out here.
2. Wise
Wise, formerly TransferWise, is a UK-based financial technology company founded in 2011 that specializes in international money transfers. The company facilitates these transfers using the mid-market exchange rate without added markups.
The platform provides a multi-currency account to hold and manage funds in over 40 currencies, along with a debit card for global spending. Wise operates on a pay-as-you-go model with no monthly subscriptions, though it does have a one-time setup fee for business accounts and variable fees for sending money.
Pricing
Here's a look at their pricing:
- From 0.57% for Sending Money: Fees for sending money are variable and depend on the currency.
- $31 One-Time Business Account Fee: A one-time setup fee is charged for businesses to receive account details.
- $9 One-Time Card Fee: A one-time fee is required to issue the Wise Multi-Currency Card.
- Variable Receiving Fees: Receiving domestic payments is free for some currencies, but international wire transfers incur fixed fees.
- ATM Withdrawal Fees: Withdrawals over $100 per month are subject to additional fees.
Reviews
User feedback indicates that while the platform is used for international transfers, some have reported issues such as account freezes and difficulties with customer support. Check out more Wise reviews here.
3. Brex
Founded in 2017, Brex is a financial technology company that offers a suite of services including corporate cards, expense management, and business accounts. These services are consolidated into a unified platform for managing financial operations.
The platform utilizes AI-powered custom rules, provides real-time reporting, and integrates with accounting software. It is designed to provide scalable solutions for startups, mid-sized companies, and global enterprises.
Pricing
Here's their pricing at a glance:
- Free Essentials: This plan includes global card acceptance, AI-powered custom rules, accounting integrations, and bill pay.
- $12/user/month Premium: This tier includes all Essentials features, plus multiple expense policies, advanced approvals, and multi-entity support.
- Custom Enterprise: This plan is for global enterprises and includes all Premium features, a named account manager, and customizable implementation services.
Reviews
User feedback points to issues with customer service, including unresponsiveness and difficulties resolving complex queries. Some reviews also mention challenges with receipt syncing and limitations in expense categorization. Check out more Brex reviews here.
4. Propulse by CA
Propulse by CA is an online banking and management platform designed for entrepreneurs, freelancers, and small businesses. It provides a range of tools to handle financial and administrative operations.
The service offers an online business account with a French IBAN and a Visa Business card, alongside tools for automated invoicing and expense management. Additionally, it allows users to file URSSAF contributions directly and includes insurance coverage with its payment card.
Pricing
Here's their pricing at a glance:
- Starter Plan: €8 per month.
- Start+ Plan: €17 per month.
Reviews
User feedback points to challenges with customer support, including difficulties with contact and delays in account creation and issue resolution. Check out more Propulse by CA reviews here.
5. Soldo
Soldo offers a spend management platform designed to help businesses streamline and control their expenses. The system combines a user app with multiple payment methods to manage decentralized spending across an organization.
It provides real-time tracking of multi-currency expenses, customizable user roles, and integrates with accounting software. This setup allows employees to make necessary purchases while the company maintains financial control, which can reduce administrative tasks.
Pricing
Soldo offers a tiered pricing structure, though specific pricing information is not publicly available. A free trial period is offered, and potential customers are advised to contact the company directly for specific pricing information.
Reviews
User reviews indicate some customers have encountered issues such as login problems, slow statement delivery, and challenges with account closure. Additionally, feedback on customer support is mixed, with some reporting slow response times and difficulties with the quality of assistance. Check out more Soldo reviews here.
6. Moss
Moss offers a technology-based platform for expense and financial management designed to help businesses streamline their spending. The system consolidates various financial operations, including corporate cards, invoice processing, and employee reimbursements.
The service provides both virtual and physical corporate cards with customizable spending limits and automated receipt capture. It also automates invoice workflows, integrates with accounting software, and digitizes employee expense claims for direct payouts.
Pricing
Moss utilizes a modular pricing model consisting of a base package and optional add-ons for additional features. Specific pricing is not publicly disclosed; businesses are advised to contact the company directly for a personalized quote, and a free trial is available.
Reviews
User feedback indicates some limitations with feature customization and occasional delays in customer support response times. Check out more Moss reviews here.
7. Axos Bank
Axos Bank, originally founded as Bank of Internet USA in 2000, is a digital bank based in San Diego, California. It provides a variety of financial services, including personal and business banking, loans, and investment products.
The bank offers accounts with competitive interest rates, such as 1.01% APY on its Business Interest Checking and 3.80% APY on its Business Premium Savings. Customers can access funds through a large ATM network and may find accounts with low or no monthly fees, though some require minimum balances to avoid charges.
Pricing
Here's their pricing at a glance:
- No Monthly Fee for Basic Business Checking: This account has no monthly maintenance fees and includes unlimited fee-free transactions and free incoming wires.
- $10/month for Business Interest Checking: This fee is waived with an average daily balance of at least $5,000. The account offers 1.01% APY on balances up to $49,999.99.
- No Monthly Fee for Business Premium Savings: This account has no monthly maintenance fees and offers a 3.80% APY.
Reviews
User feedback indicates some customers have reported issues with the app's functionality, including glitches and slow performance. Some users also mention challenges with the payment system and account management. Check out more Axos Bank reviews here.
8. RelayFi
RelayFi is a financial technology company that provides an online banking platform tailored for small businesses. The service is designed to help companies manage their financial operations through its digital tools.
The platform allows users to open up to 20 checking accounts, access automated savings accounts, and issue multiple debit cards with built-in spending policies. It also integrates with accounting software such as QuickBooks and Xero and is the official banking platform for the Profit First methodology.
Pricing
Here's their pricing at a glance:
- $0/month Starter Plan: Includes essential banking features, automated savings with a 1.03% APY, and integrations with QuickBooks and Xero.
- $30/month Grow Plan: Includes all Starter Plan features, plus multi-step bill approval rules, customizable bookkeeping automation, and branded invoices.
- $90/month Scale Plan: Includes all Grow Plan features, along with AI-powered automation, cash flow insights, and faster customer support.
Reviews
User feedback frequently mentions the platform's interface and accounting software integrations, though some have reported issues with transaction delays and customer support responsiveness. Check out more RelayFi reviews here.
9. Tide Bank
Established in 2015, Tide is a UK-based financial technology company that provides mobile-first banking services for small and medium-sized enterprises. Its offerings include current accounts, automated bookkeeping, and integrated invoicing that connects with various accounting software.
The platform allows businesses to open an account through its app and provides built-in tools for accounting and tax management. It also supports cash deposits at UK Post Office or PayPoint locations and issues expense cards for team spending.
Pricing
Here's their pricing at a glance:
- Free Plan: No monthly fee. Charges include 20p per UK transfer and £1 per ATM withdrawal. Cash deposits at the Post Office incur a 0.99% fee, with a minimum of £2.50.
- £12.49 + VAT per month Smart Plan: Includes 25 free UK transfers, one free expense card, and priority in-app support. Foreign currency card transactions are subject to a 2.75% FX fee.
- £24.99 + VAT per month Pro Plan: Offers unlimited free UK transfers, two free expense cards, and 24/7 phone and legal support. Foreign currency card transactions are fee-free.
- £69.99 + VAT per month Max Plan: Provides unlimited free UK transfers, three free expense cards, and a dedicated account manager. Foreign currency card transactions are fee-free.
Reviews
User feedback indicates some customers have reported issues with customer support responsiveness and account access problems. Check out more Tide Bank reviews here.
10. Currensea
Currensea is a UK-based financial technology company that offers a travel debit card. The card is designed to provide an alternative to the foreign exchange fees associated with traditional high-street banks.
It links directly to a user's existing UK bank account, eliminating the need to top up or transfer funds before use. The service provides real-time exchange rates and sends immediate notifications for each transaction.
Pricing
Here's their pricing at a glance:
- Free Essential: This plan has no monthly fee and includes a £500 monthly card spend at the real-time rate, with a 1% fee applied after that limit. ATM withdrawals are fee-free up to £200 per month, then a 2% fee applies. A one-time card delivery fee of £4.95 is charged.
- £39.95/year Pro: This plan provides all Essential features, market-leading exchange rates, unlimited fee-free card spending, and fee-free ATM withdrawals up to £500 per month.
- £150/year Elite: This plan includes all Pro features, with an increased fee-free ATM withdrawal limit of £750 per month.
Reviews
User feedback often comments on the card's direct link to existing bank accounts and its exchange rates. Some users have reported issues with card acceptance in certain locations and occasional concerns with customer support responsiveness. Check out more Currensea reviews here.
Which One Should You Go With?
Choosing the right financial partner is a significant decision, and while any of the platforms listed can serve as a capable Finom alternative, we recommend OneSafe if you're looking for a solution built to modernize banking for the digital economy. We invite you to experience the future of business banking and sign up for OneSafe today.
