Different banks have different policies and requirements so start by getting a check-list of requirements from the bank before submitting your application. Some banks will only open business accounts for certain types of businesses while others may have limited resources or services. It is important to do your homework before committing to an account at a specific bank and pay attention to the services offered, for example will you be able to deal in multiple currencies; make international transfers and receive international payments?
What are your company’s banking requirements? Although all international companies must have a bank account each business will have different banking needs and there are some banking functions that all businesses will need.
Determine what are the essential banking operations for your company
- Sending and receiving funds. International and Local
- Multi-Currencies accounts
- Making international transactions.
- Prepaid cards – debit cards and credit cards. With internationally based suppliers you will need to pay them using a credit card or debit card.
- Customer Service with English Support
Choose a bank account which suits the type of business you run and your current and future business banking needs.