KeyBank Business Checking Review (Accounts, Fees, Alternatives)

Finding the right business checking account isn’t always the easiest. Many options are available, and not all offer the best features that make sense for your business.

When evaluating business checking accounts, it’s crucial to look at accounts and fees when comparing alternatives. This article will look at the KeyBank business checking account, including features and fees, as well as other options such as Wise Business, which offers low fees and savings on international transactions

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Table of Contents

KeyBank Business Checking KeyBank Business Checking Account Comparison Pros and Cons Of KeyBank Business Checking Accounts KeyBank Business Checking Account Pros KeyBank Business Checking Account Cons KeyBank Business Savings KeyBank Alternatives Comparison of KeyBank alternative business accounts Wise Business: The Smart Alternative for International Business M&T Bank PNC Bank Wells Fargo Wise Business: The Smart Alternative for International Business The No-nonsense Business account: Wise Selling goods or receiving payments online? Making payments across the city or across the world?

KeyBank Business Checking

KeyBank offers a variety of business checking accounts for growing businesses. The KeyBank Business Checking account provides features to help businesses monitor their business income and spending.

There are four types of business accounts available at KeyBank, including:

• KeyBank Basic Business Checking
• KeyBank Business Interest Checking
• KeyBank Business Rewards Checking
• KeyBank Business Savings

Overall, the KeyBank Business Checking account comes with the basic functionalities needed for small businesses. It also has additional features that could help businesses.

Essential elements of the KeyBank business account include tools and services such as fee-free deposits and multiple physical locations. KeyBank also offers online and mobile banking. However, it does have some limitations, such as fees for foreign transactions, which could prove costly for businesses.

KeyBank Business Checking Account Comparison

To better understand whether the KeyBank business checking account is the best option for your business, it’s crucial to look at what features the account offers. There are a few different options available, each with its own pros and cons depending on the number of transactions and business cash flow.¹

KeyBank Basic Business Checking¹	KeyBank Business Interest Checking¹	KeyBank Business Rewards Checking¹
200 combined transactions allowed per month	100 transactions are allowed per month Interest banking available	500 combined transactions allowed per month Discount available on wire transfers
$5 fee	$15 fee	$25 fee
No interest No discount on wire transfer	No wire transfer discount	No interest

Pros and Cons Of KeyBank Business Checking Accounts

KeyBank business accounts can be a great choice for some businesses, but may not be the right fit for others. Some pros and cons of the KeyBank Business Checking account include:

KeyBank Business Checking Account Pros

1. Low fees: KeyBank business checking accounts have low fees for customers, and these fees can be waived depending on the minimum balance in the account.
2. No fees for incoming transfers: Unlike other financial institutions, KeyBank does not charge for incoming wire transfers and deposits, making it a suitable option for businesses.
3. Large allowances for cash deposits: While some business banking accounts may limit the amount of cash deposited into the account, KeyBank does not have these limitations. Small businesses have flexibility when it comes to their incoming and outgoing transactions with KeyBank.

KeyBank Business Checking Account Cons

1. Minimum deposits and fees: For small businesses looking for flexible banking solutions, the KeyBank Businesss Checking Account may not be the right fit. Minimum deposits need to be maintained in order for fees to be waived. Not every business is able to maintain the minimum, so it is important to consider forecasts and monthly cash flow before committing to a KeyBank business account.
2. Transaction limits: While yes, KeyBank has generous transaction limits, it still may be a barrier. KeyBank may not be a suitable option for businesses with a high volume of transactions due to its transaction limit.
3. Limited digital options: KeyBank is limited in its digital services, which could make it difficult to operate the business efficiently. Key services such as opening an account need to be done in person at a KeyBank branch, which may only sometimes be feasible. Additionally, KeyBank’s mobile and digital banking solutions have limited features compared to solutions like Wise Business.
4. Expensive international transfer fees: Another important aspect to bear in mind about KeyBank is that they do charge high fees for international transfers. International wire transfer fees can quickly add up, so if your business works with suppliers or employees abroad, KeyBank Business Checking Account is likely not going to be the right fit. Additionally, it needs to be clarified how competitive their exchange rates are (i.e., whether they charge the mid-market rate), so businesses stand to lose money if KeyBank is used for international transactions.

Did you know!? Wise Business helps you save on overseas transactions
Save on non-wire transfers with currency conversion fees start from 0.41% You can pay a one-time fee for local account details in 10 major currencies, which helps you avoid costly conversion fees when receiving money Set transfers for the ideal moment – wait for your desired exchange rate before transferring and watch your savings add up

Save on international transactions with
Wise Business account >>

KeyBank Business Savings

KeyBank offers additional business accounts for customers, including the KeyBank Business Savings account. These types of accounts are not generally designed for everyday business transactions, but are more of a savings tool for growing businesses to build their reserve.

With KeyBank Business Savings Accounts, businesses can earn interest on small and large balances. No fees are charged as long as the account has a minimum deposit, with up to six transfers available depending on the type of account chosen.²

KeyBank Alternatives

While KeyBank has quite a few types of business checking accounts available, there are lots of alternatives available as well. KeyBank business checking accounts offer many tools and services for business. However, evaluating these against KeyBank alternatives can help you in making the best decision possible for your business to ensure its continued financial growth.

Comparison of KeyBank alternative business accounts

Before you decide on which KeyBank business account is best for you, let’s look at some of the KeyBank alternatives that should be explored for business checking accounts.

Fees and Requirements	KeyBank¹ ⁵
Monthly Fee	$5 waivable monthly service fee
Minimum Deposit	$1,000.00
Minimum Opening Deposit	Minimum opening deposit of $25 is required.
International outgoing wire transfer fees	3% of transaction amount
Online account opening	No, must be done in person

Wise Business: The Smart Alternative for International Business

Wise Business accounts are best for businesses that are looking to scale while managing their cash flow effectively. Wise Business offers a variety of tools and features that simplify business banking and offers competitive features to help businesses run more efficiently.

Fees and Requirements	Wise Business
Monthly Fee	None
Minimum Deposit	None
Minimum Opening Deposit	None
International outgoing wire transfer fees	On average: $4.14 wire transfer fee
Online account opening	Yes

The Wise Business account offers your business a global way to conduct business and save while doing so.

• Get started free (if you’re US-based)
• The competitive mid-market exchange rate
• No minimum fees
• No minimum balance requirement

Keep your Wise account handy for international transactions, or use it for your every financial management. Wise Business includes day-to-day tools:

• Invoice management,
• Cash flow monitoring
• Accounting integrations
• A Wise Multi-Currency Card for businesses

M&T Bank

M&T Bank has many options for business banking, including a Business Simple Checking Account. The M&T Business Banking accounts are designed to help businesses manage their cash flow, and keep business finance separate from personal banking to make financial

management a smooth and easy process.⁴ However, M&T Bank does have high fees for any international transactions made with a business banking account.

Fees and Requirements	M&T Bank⁶
Monthly Fee	$10 - however, monthly fees may be waived for the first 12 months
Minimum Deposit	$10,000
Minimum Opening Deposit	n/a
International outgoing wire transfer fees	$75.00
Wlecome Bonus	None
Online Access	Yes
Online account opening	Yes

Read more about M&T Bank >>

PNC Bank

PNC Bank also has options for business banking, specially designed for small businesses. PNC Banking has a Small Business Checking account, which is the basic account available. This type of account is best if the business does not make a lot of transactions day-to-day. The PNC Bank is designed to be a simple and convenient option. However, PNC Bank does not offer online international wire transactions, as these types of transactions can only be made at a local PNC Bank branch.

Fees and Requirements	PNC Bank⁸ ⁹
Monthly Fee	Between $10 and $50, depending on account type. May waive fees for the first 12 months
Minimum Deposit	$500
Minimum Opening Deposit	$100
International outgoing wire transfer fees	$45 - note that international transactions cannot be done online, only in person at a PNC branch
Online account opening	Yes

Read more about PNC Bank >>

Wells Fargo

Wells Fargo is a major consumer bank that also offers business bank accounts for small and large businesses. Wells Fargo has multiple types of business bank accounts, including business checking and savings accounts.

Wells Fargo has simple business checking accounts that are best for lower numbers of transactions and smaller business balances. Wells Fargo also has account options designed for larger businesses.

Wells Fargo business banking accounts also offer options for international transactions, but the foreign exchange rate offered by Wells Fargo is not the mid-market rate. Therefore, it may not be as competitive compared to other options, such as Wise Business, and it ultimately costs businesses more for international payments.

Fees and Requirements	Wells Fargo¹⁰
Monthly Fee	$10
Minimum Deposit	$500 minimum daily balance or a $1,000 average ledger balance
Minimum Opening Deposit	$25
International outgoing wire transfer fees	$16 for international transfers
Online account opening	Yes

Read more about Wells Fargo >>

Save Time and Money On Overseas Payments With Wise Business

Wise Business can help you save big time on international payments.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in currencies.

Signing up to Wise Business allows access to BatchTransfer which you can use to pay up to 1000 invoices in one go. This is perfect for small businesses that are managing a global team, saving a ton of time and hassle when making payments.

Some key features of Wise Business include:

• Mid-market rate: Get the mid-market exchange rate with no hidden fees on international transfers

• Global Account: Send money to countries and hold multiple currencies, all in one place. You can also get major currency account details for a one-off fee to receive overseas payments like a local

• Access to BatchTransfer: Pay up to 1000 invoices in one click. Save time, money, and stress when you make 1000 payments in one click with BatchTransfer payments. Access to BatchTransfer is free with a Wise Business account

• Auto-conversions: Don't like the current currency exchange rate? Set your desired rate, and Wise sends the transfer the moment the rate is met

• Free invoicing tool: Generate and send professional invoices

• No minimum balance requirements or monthly fees: US-based businesses can open an account for free. Learn more about fees here

Use Wise Business >>

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Sources:

1. Small Business Checking Account | KeyBank
2. Compare Business Savings Accounts | KeyBank
3. Business Banking Products & Services | M&T Bank
4. Small Business Checking Account FAQ | KeyBank
5. ©2021 KeyCorp. KeyBank is Member FDIC. 210730-1164328
6. Compare Business Checking Options | M&T Bank
7. General Banking FAQs | M&T Bank.
8. Basic Business Checking Account: Apply Online
9. Consumer Schedule of Service Charges and Fees Standard Checking
10. Business Account Fees and Information