Every bank has its own specific policies and requirements, so start by getting a checklist of the 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. 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 its own special banking needs. As well, there are several common banking functions that all businesses will need.
Determine what are the essential banking operations your company requires
- Sending and receiving funds – both international and local
- Multi-currency accounts
- Making international transactions
- Prepaid cards – debit cards and credit cards. If you have international suppliers, you will need to pay them using a credit card or debit card
- Customer Service in English
Choose a bank account that matches the type of business you run and your current and future business banking needs.