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.