Best Bank account for Startup Businesses

The Importance of Choosing the Best Bank for your Startup Businesses

The importance of choosing the right bank for your startup from the moment of inception cannot be understated. By finding the right bank for you from the get-go you will save time and money in the future. It is vital to choose the bank that best serves your needs to avoid having to compromise; settle for low quality banking services or even harm your business. For this reason you must find the best bank for your startup which can provide financial products and services to meet your current and future business needs.

How to apply for a start up bank account?

Every startup needs a business bank account but choosing the best bank for your startup business can be challenging. There are numerous options to choose from and factors to take into consideration. You’ll need a bank geared towards startup business banking that understands your needs and can provide excellent, efficient service.

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Can your chosen bank handle your business

In today’s commercial world financial institutions are limited in their operations and in the customers they serve. Strict regulations and internal bank policies now define the types of industries and size of business banks will offer their services to. Not all banks can deal with suppliers and buyers in all locations across the globe. Insure that the bank is fully aware of the type of business activity involved to avoid problems in the future. If the bank has not fully grasped your field of business activity they may not be able to provide a vital part of your banking requirements in the future. This makes finding the right bank for your startup business account even harder.

Business Startup bank account requirements

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 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.Insure 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 physically branches and ATMs. Larger banks are protected from economic slumps and financial crisis 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 down side 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.

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