What to consider when you open a business account
- International business
- International payments
Whether you are a start-up or self-employed, when you start a company you need to open a business account. However, you quickly reach your limits when it comes to international money transfers. In the following, we will show you how you can expand your corporate bank account free of charge with a foreign currency account from amnis to save time and money.
What is a business account?
A business account is a bank account that helps efficiently manage corporate funds and incomes, and is used exclusively for the processing of business-related payment transactions. All taxable businesses are required to open a business account. Traditional business bank accounts currently have their limitations, which are explored in detail below.
What a business account can and cannot do
When you open a business account, you make it easier to keep track of your finances. You create a separation between your private and corporate account so that you have a better overview of your income and expenses. Depending on the company type, it may even be required by law to have a separate corporate account at your local bank.
However, entrepreneurs quickly realise that a local business account is often not sufficient to meet the increasing demands created by international customers and suppliers. Exchange rates at the bank are not transparent and foreign currency transactions are costly and time-consuming.
Therefore, especially entrepreneurs doing business abroad should expand their company’s bank account with a digital foreign currency account from amnis to reduce the disadvantages of traditional accounts when it comes to international banking.
What are the advantages and disadvantages of a business bank account?
Entrepreneurs who open a business account have a better overview of their finances. Nevertheless, a traditional account is not enough these days if you are doing business abroad. The advantages and disadvantages of a corporate account at the bank can be summarised as follows:
Advantages of opening a business account at the bank:
- Separate business and private finances: When you open a business account, you create a clear separation between private and business cash flows.
- Overview of all transactions: A corporate account makes it easier for you to keep track of all transactions in your national currency.
- Easier bookkeeping: Your bookkeeping is made much easier as all expenses and income are in one place when you open a business account.
Disadvantages of opening a business account at the bank:
- High account maintenance fees: Compared to private accounts, most banks charge higher account maintenance fees for corporate accounts.
- Costly foreign transfers: Paying your suppliers with foreign currencies results in costly fees and unfavourable exchange rates.
- Long processing times: You can expect waiting times of several days before the money reaches your own or your trading partner’s account. Weekends and public holidays further delay the process.
- Non-transparent fees: Most entrepreneurs do not have a clear overview of the actual costs of a corporate bank account due to non-transparent pricing.
Why is amnis the better alternative to a bank’s foreign currency account?
When you open a business account at the bank, you can only keep funds in your local currency. If you receive foreign currencies, they will be automatically converted at high rates. The same applies to outgoing payments.
If, on the other hand, you want to keep foreign currencies, you must open an additional foreign currency account with your bank. This is a separate account, with its own IBAN and corresponding account fees. Most banks only allow you to keep one currency per foreign currency account, which is a problem when you have an international supplier and customer base.
This is where the multi currency account from amnis comes into play. amnis offers a digital payment account with which you can carry out transactions in more than 20 foreign currencies – at low and transparent exchange rates. All foreign currencies can be managed centrally in one place, which reduces the administrative effort considerably and makes it easier to keep track.
Find out more about digital foreign currency accounts in Switzerland here.
Open a business account at amnis
amnis extends the functionality of your traditional bank account significantly and helps you save time and money.
amnis offers 3 different pricing plans: the Starter, Essential and Professional packages. You can always start with the free Starter package to try out the platform and upgrade later as your business needs change.
To get a multi currency account, all you need to do is open a business account with amnis. The free demo sign-up takes less than 2 minutes. The further onboarding process is completely digital and streamlined so that your foreign currency account is ready for you in less than 48 hours!
When you open a business account at amnis, you will then receive a multi currency IBAN for more than 20 currencies, extending the functionality and usability of your company’s traditional bank account while reducing your costs.
Take your business account with amnis to the next level
To open a business account at your local bank is no longer enough these days – at least if you are doing busines abraod. With a foreign currency account from amnis, you can offset all the disadvantages of a standard bank account to save time and money.
Take your business account with amnis to the next level to exchange, manage and execute payments in over 20 currencies with your own all-in-one foreign currency account: