Location, location, location – The physical location of your chosen bank, your business, customers and suppliers is an essential factor in choosing your ideal startup business bank. Each region and country has its own banking regulations. For example there are anti-money laundering laws that prohibit offshore businesses from opening business accounts in some European banks. Not only that but you want your startup business bank to be convenient, so take into account how often you plan on visiting the bank.

Things to Look For in a Start Up Business Bank account:

• Can the bank handle mass payments and provide full-service payroll solutions?
• Do they offer low fees and swift transactions on SEPA payments?
• At this bank will your startup have its own IBAN for USD and EU payments?
• Will the bank cope with your growing and changing needs?
• Does the bank use the latest payment technologies?
• What are the bank’s credit requirements?
• Will this bank provide your startup business with business prepaid debit cards with multicurrency options?
• Will this bank provide you with a line of credit or loan if necessary?
• Is there 24/7 customer service?
• If you choose this bank will you be able to access your startup bank account online and conduct online banking?
• Does the bank provide a banking app for ios and Android, mobile banking, an accessible website etc.?
• Are the bank rates fair and are there no hidden charges for your startup bank account?

Do not open your startup business account before you have confirmed that the bank can handle all your banking needs now and in the future. If you need advice on choosing the right bank for your startup company feel free to consult with us at GBO.

The best startup business bank account

A startup business bank account is different in many ways from a regular business account or individual personal bank account. Although different startups have different needs there are some common factors that every startup business bank account should have. Confirm the payment and currency options of your chosen business bank account. Ensure that your business bank account allows you to transfer funds to and from your account in different currencies and make cross-currency transactions. Make sure that your particular chosen startup current account provides the services that your business needs.

Which is the Best Bank for Startups– Does Size Matter?

Larger banks have the backup of immense capital and can afford to implement innovative banking technology – P2P, Mobile banking etc. Big banks can also provide more accessibility with extensive physical branches and ATMs. Larger banks are protected from economic slumps and financial crises by various laws and reforms instituted after 2008. Of course, there is always a measure of risk but the larger banks are as secure as you can get. Bigger banks can provide extensive resources, credit options and services including multi-lingual staff and 24/7 customer support.

The downside of larger financial institutions is that their fees are usually higher than at smaller banks. Larger banks lack the personal touch and the one-on-one customer focus that smaller, local banks can provide. Generally, the immense size of larger banks makes their policies rigid and you will not find flexible fees, banking tailor-made for your needs, or bespoke solutions. Instead, it is very much a case of one-size-fits-all. Smaller banks can be more attuned to the local market and take the time to get to know your business. Smaller banks may even offer you better rates and lower fees in an effort to win your business. Whether you choose a large or small bank you will need support, reliability and a good relationship with your banker.