Start with the running cost, not the headline rate
A business account can be free to open and still cost money every time money moves. The first thing to check is the monthly fee, because it is the part that lands on the same date each month whether the account is busy or not. Both PayPal Colombia and Plazo ES list a monthly fee of $0 and €0, so the ongoing cost sits at the free end of what the wider market charges. Monthly fees across the accounts we track run from €0 to €449. That spread is wide enough that a reader should not assume a business account is cheap by default. Where a provider does charge, the fee is predictable, which makes it easy to budget for. Look at the business bank accounts ranking to see how the accounts we track sort against one another on running cost before you read anything else.
Work out what each transfer actually costs
Monthly fees only tell part of the story, because most business money arrives and leaves as transfers. PayPal Colombia charges a transfer fee of $0 when the money comes from the PayPal balance or a linked bank account, so the everyday movement of funds is free. Card funded transfers are a different matter, since a percentage plus a fixed fee applies there. International transfers on PayPal Colombia cost more again, and the currency matters if the business holds money in something other than the home currency. Plazo ES takes a different approach: it lists no monthly fee and a fixed rate, so a reader can budget against a single number rather than a variable. Skrill positions itself in the same business and traveller space as PayPal Colombia, and its currency count of 47 is far wider than the 24 currencies PayPal Colombia supports, which matters for a business that holds several currencies at once. The wider market currency count runs from 1 to 200, so multi-currency support is a point of difference rather than a standard feature.
Price the exchange rate before anything else
For a business that invoices abroad, the exchange rate is usually the largest single cost, and it is hidden inside the transfer. PayPal Colombia lists a foreign exchange fee of 3% to 4% on top of the exchange rate margin of 3% to 4%, and those two together decide what a converted payment really brings in. Rates across the accounts we track run from 0% to 6%, so the gap between a good and a poor rate is wide enough to change a margin. Plazo ES uses a fixed rate rather than a variable one, which suits a reader who would rather know the number in advance than watch it move. Note also the difference between the headline rate and the rate a business actually receives: 3.3% is the headline figure for PayPal Colombia, and the headline rate for Plazo ES is 24.19%. Neither headline number is what lands in the account. Read both sections together in the PayPal Colombia review and the Plazo ES review.
Check what happens to the money while it sits in the account
Money held in a business account is money the business cannot spend elsewhere, so the protection scheme behind it matters as much as the fee. PayPal Colombia holds balances under FDIC cover of FDIC up to USD 250,000. Plazo ES operates in Spain under EU deposit guarantee of EU DGS up to EUR 100,000 and is listed with licence identifier CSB 6707 under IDFINANCE PLAZO, S.L.U. The legal entity behind the account is worth checking for any business: PayPal Colombia trades as PayPal, Inc., while Plazo ES trades as IDFINANCE PLAZO, S.L.U. A reader moving from one country to another should compare the two schemes directly, because a domestic guarantee does not travel with the money.
Test the account against how the business gets paid
Access terms decide whether an account is usable day to day, and the three accounts here differ sharply. PayPal Colombia gives access on the web or in the app around the clock, with deposits pulled from the PayPal balance using a linked debit card or a confirmed bank account, and withdrawals returning to the PayPal balance first. The account is an easy access account, and payouts can go to a bank or to a card, with local details covering US ACH. Plazo ES also works as an easy access account, with a revolving credit line controlled from the app, active around the clock and capped at a limit the provider sets for each customer. Its local details cover IBAN. Skrill delivers within 24 - 72 hours, against the Seconds delivery PayPal Colombia lists. For a business that pays a supplier the same day, that difference matters more than a small fee saving.
Match the account to who will use it
Business accounts are often opened by people whose needs are not purely corporate. PayPal Colombia and Skrill both list business users among the audiences they serve, alongside expats and travellers, which makes either a reasonable fit for a business owner who pays in several currencies. Plazo ES is aimed at freelancers, and its revolving credit line is the feature that follows from that: a freelancer with uneven income can draw on a limit and repay it, at a rate that does not move. The smaller deposit floor at PayPal Colombia of $0 suits a business starting out, while the free ATM withdrawals and no credit check at Plazo ES of €0 suit a business paying out in cash.
Decide with the full picture in front of you
No single fact settles the choice, and that is the point. Put the three questions side by side: what the account costs to hold, what a transfer or a currency conversion costs, and what protects the balance. A reader with a high turnover and no cash handling needs cheap transfers, and PayPal Colombia suits that shape. A freelancer with uneven income needs a limit and a rate that holds steady, and Plazo ES suits that shape. A business holding many currencies needs wide coverage, and Skrill serves 47 against PayPal Colombia's 24. Support matters too: Plazo ES offers email, chat, phone and a help centre, while PayPal Colombia offers email and phone. Read the Skrill review alongside the ranking, then check the wider business bank accounts ranking before you commit.