Choosing the Right Bank for your Business Bank Account
There are many different financial institutions and banks offering business bank accounts so choosing the right one for your company can be difficult. Each bank offers its own conditions, account types, fees and services. Some of the most important points to look out for include personalized service and fair bank fees and charges. Check whether the bank is associated with any online billing system; the interest; withdrawal and transfer limits and check what they charge for incoming and outgoing funds plus the monthly or quarterly maintenance fee. Your chosen bank may provide added services such as online banking; 24/7 customer service and international debit cards. Before settling on a bank for your company bank account research the special services and conditions different corporate banks offer.
Services and Financial Products Offered for Corporate Bank Accounts:
- Open personal and corporate accounts at the same bank.
- Access your account from anywhere in the world.
- 24/7 customer service.
- Online onboarding process available.
- Online banking such as transfers, Forex, share trading etc.
Offshore Corporate Bank Accounts
A business account set up in a country where you are not a resident can be custom-made for your banking needs. It is possible to open online business account in an offshore jurisdiction with very few or even no face-to-face meetings at the bank. Offshore business account services are accessible from anywhere in the world and unlike many banks, offshore banks will usually treat start-ups with the same respect as well-established companies.
Some of the Services and Financial Products offered by Corporate Bank Accounts:
- Single or multi-currency account; offshore accounts can support numerous currencies such as EUR, USD etc.
- Debit cards and credit cards.
- Internet banking and online customer support.
- Generally higher interest rates.
- High level of bank confidentiality.
Choosing the Right Offshore or Onshore Business Bank Account
When it comes to choosing the right bank and account for your company it is worthwhile doing some research into the services and financial products offered by each bank both offshore and in your own jurisdiction. Offshore corporate banks strive to have a solid relationship with their customers and other banks across the world. When it comes to choosing a bank there is no “right” answer but gathering information about all your banking options and comparing what each bank is offering you will inevitably lead you to the bank and corporate bank account that best suits your company.