What is a business account?
A business account is a specialised bank account designed to manage corporate funds and business-related income, used exclusively for handling transactions that support the company’s financial operations. This type of account helps maintain clear financial separation from personal funds, improving transparency in tracking business income and expenses. In some cases, it is legally required for a business to hold a separate corporate account.
Business account: Good to know for SMEs and beyond
Different types of business accounts are available to meet specific needs, such as checking or savings accounts, and businesses that handle frequent online or card payments often benefit from adding a merchant account.
However, traditional business accounts may have limitations in international banking due to non-transparent exchange rates and higher transaction costs. For companies engaging in cross-border trade, expanding with a digital foreign currency account can provide more efficient and economical international transactions.
Simplified multi-currency account with amnis
if you are doing business abroad, a traditional account may fall short, as it only holds funds in local currency, converting any foreign transactions at high rates. That’s where amnis’s multi-currency account comes in, letting you manage over 20 currencies in one place with low, transparent exchange rates.
Explore related topics
An interest rate is the cost of borrowing or the reward for saving, expressed as a percentage of the principal amount in an account or loan, reflecting the time value of money and compensation for risk. It influences economic activity by guiding consumers, investors, and businesses in decisions related to spending, saving, and investing.
A premium bank account is a specialised account offering benefits like reduced fees, higher limits, discounted loans, and financial advice. These perks are available to customers who maintain high balances or engage in relationship banking by holding multiple accounts (e.g., checking, savings, loans) with the same institution. While premium accounts provide valuable services, they often require significant balances to avoid fees, making them ideal for those with higher financial activity or savings.
About amnis
amnis offers a comprehensive platform for international banking, offering a range of tools in one place. Transfer money abroad, exchange currencies 24/7 and collect international money transfer with your own IBAN accounts supporting 20+ currencies. Founded in 2014 in Zurich, amnis is a regulated payment institution under the supervision of the Banking Supervision Section in Liechtenstein (FMA) within the EEA.