mBank Czech Republic offers free accounts to entrepreneurs

by   CIJ News iDesk III
2024-02-02   09:52
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Digital bank mBank has decided to change the approach of banks to small businessmen. mKonto Business account has started to offer its clients free of charge forever. In addition to opening and maintaining a business account, all standard payments, orders, as well as instant transfers between mBank accounts are free of charge. Businesses do not even pay for ATM withdrawals at home or abroad.

Small entrepreneurs have a business account with a guarantee that it will be free forever. They can also count on the fact that the terms and conditions of the mKonta Business are equal to those of a personal account.

Instead of incurring account fees, they will be able to invest the money they save back into the business, or put the profits into an eMax Business savings account and let them earn without working. The bank also plans to offer businesses a fast and transparent overdraft facility on its mobile app to help them easily bridge an unpaid invoice or a necessary expense.

mKonto Business can currently be set up by an individual entrepreneur. Sole traders, unincorporated entrepreneurs, freelancers or retail entrepreneurs can open a business account online or at a bank branch. They will only need an ID card and proof of business authorisation, such as a trade licence.

"mBank has been preparing for a long and systematic way to support entrepreneurs and their growth. In-depth interviews with dozens of entrepreneurs or surveys in which we addressed more than a thousand of them helped us. We also obtained important data thanks to our cooperation with our partners. There are currently over one million small entrepreneurs in the Czech Republic with up to 9 employees. According to a survey conducted by our partner, Visa Consulting, up to 55% of entrepreneurs use their personal accounts for business and 94% of sole traders turn to their accountant when setting up a business. They think they are underestimated by banks.The banking institutions are pulling the short end of the stick in this respect and we would like to change that," says Paweł Kucharski, CEO of mBank in the Czech Republic.

mBank is also preparing a unique educational website for clients called Entrepreneur's Advisor. Here, interested parties will find important advice, inspiration, information about business, advice from top specialists in the field of tax, law, accounting or business and other useful information. At launch, the site will contain more than 150 articles prepared by experts, with more being added weekly.

"Starting a business is a risk and achieving success is not always easy. Whether you've decided to be the best hairdresser in town, the most respected architect, or you want to bake the best bread around, you've made the right decision. With mBank by your side, you not only get the best business account, but also advice and inspiration on how to grow your business. You'll have all the information you need to set up and succeed in business, we'll connect you with experts, all in one place. You won't have to waste time comparing terms and conditions, searching for the best deal or studying contracts. We like to keep things smart and simple, so you can focus on what's really important to your business. With our new offer, we want to help businesses grow," adds Martin Podolák, Deputy CEO of mBank Czech Republic for Product and Segment Management.

Source: mBank and CTK