What is an International Business Account and Why do businesses need one?
In the devastating impact of the COVID-19 pandemic, local and face-to-face businesses are rapidly lessening, E-commerce and online trading are proven to be the better and safer way to do business in the future. These trends had led to more and more businesses opening online sites and doing business globally. Coming along with it, the need for an international corporate account for a business to operate worldwide is higher than ever.
What is an International Business account?
Business account is not as corporation-centric or corporation-exclusive type of account as the name suggested. It is usually just a general term referring to a international business account for a limited company used to manage their money including transferring, receiving and any payment activities related to their day-to-day operations. And the “international” part of the term “international corporate account” just means those accounts could be used in any country and for overseas transactions as well.
This account is different from a personal account in terms of who is the owner of the account, with a personal account, the owners are persons or individuals but with corporate accounts, the owners are businesses and companies themselves.
Why do businesses need such an account?
With the booming of internet trading sites, and the threats from Covid-19 pandemic, online businesses are starting to replace normal face-to-face trading with its advantage in attracting customers globally while also keeping social distancing and protecting everyone from the pandemic. However, the conversion rate, tax and regulation is still very much a big concern for everyone involved, international corporate accounts allow the business to trade outside of its residing place while also reducing the cost for every transaction by giving businesses a more favourable conversion rate and cutting down the time needed to deal with all the tax and regulation. This is especially true when it comes to businesses which need to trade in various types of currencies.
There are many additional benefits to opening a corporate account, an account created especially for business purposes. It would on one hand reduce the confusion and the time to distinguish between personal finances and your company’s finance for taxing and reporting purposes while on the other hand grant the owner more control over the operation of the company in real-time by being able to track all the transactions related to the business. This would in turn increase the productivity and performance of the business.
An international corporate account would make managing business’s cash flow effortlessly no matter where you open your business and where your customers are. Especially if you open an account with DNBC Financial Group (“DNBC”), we can support you with a quick connection to an E-merchant account for fast in and out money transfer. With no limitation to transferring to and receiving money from foreign countries, you can focus on maximizing your profit while we take care of your account and regulations between countries.
Business accounts would also increase the credit ratings with regard to doing business with banks as the credit of this account would have been rated based solely on the performance of the business instead of the owner's payment history.
What are the threats to a corporate account?
Like every aspect of the business, there are certain risks involved in opening a corporate account. One of the most serious threats one business could face is corporate account takeover, which is a type of fraud where the criminal would steal your credential to authorise transfers without your knowledge or to steal information from your business. This can be a literal nightmare for every business owner who does not have the support of a financial institution like DNBC.
Cyber security is the highest priority for every business
We understand your concerns, which is why your account’s safety is always our top priority here in DNBC Financial Europe, we use highly encrypted connection channels every time you access your online account. In addition to that, smart OTP and two-factor authentication would be used to authorise your each and every online transaction along with 24/7 technical support for your every needs and concerns. With the experience of operating on both the EU and the US market, at DNBC we are proud to be able to provide payment services with the highest security standard in the world.
In addition to the worry of having the corporate account taken over by criminals, businesses would have a great deal of things to worry about, one of which is the huge cost and even hidden fees usually related to maintaining an international account or the accessibility of the money when it is stored outside the country. These are very relevant worries when starting a new account, nevertheless, at DNBC business owners do not need to have such concerns as the fees have been announced on our website and there would be no obscure fees anywhere, furthermore, you would be able to access a readily available E-merchant account for fast cash in and out of the your business.
One more concern regarding corporate accounts is the fact that it would be a difficult process to open, which requires a lot of time and documents. To some small businesses without the help of a legal team, this process can take literally months and often required business owners to present at the local banks. However, at DNBC, we understand that time is money and we would provide the best service to support you when opening a new account with appointed relationship managers advising on the necessary documents you would need and with only 4 easy steps process and a quick interview via Skype if necessary. Everything would be done in a blink of an eye.
DNBC corporate account open up international opportunities for business
Which services does DNBC Financial Group provide?
At DNBC, we understand that there are many worries that a business owner would be troubled with and we would like to provide our best services to lessen your worries and support your business in every way possible. We provide 2 types of accounts for business owners of different needs.
1. Business account:
See more: Open Business Account with DNBC Financial Europe
DNBC’s corporate account would provide the best payment experience with just a portion of the cost from other banks. You don’t need to worry about the limitation of transferring money overseas or operating in a different country. We offer DNBCnet payment transfer app, simple yet effective from A to Z, whatever services you need, we have it.
2. Merchant account
See more: Payment processing for businesses with Ecommerce Merchant Account
This service would ensure that every business would be able to open shop or run an online-based business smoothly everywhere around the world and would still get the best financial protection and the most favourable conversion rate no matter where and which currency the customers use to purchase the goods. We also support all major credit and debit cards so you can access new markets effortlessly.
Multiple currencies account services would also be included with both types of account to support businesses in trading with more than one currency.
For the best solution for your business, please don’t hesitate to contact us for support, our Relationship Manager would provide you with the information you need to make decisions on which account would best suit your business.
DNBC Financial Group
- Address: Lvovo str. 25, Mažoji bure, 15th floor, LT-09320, Vilnius Lithuania.
- Telephone: + 370 5 240 5555
- Email: [email protected]
Note: The content in this article is for general informative purposes only. You should conduct your own research or ask for specialist advice before making any financial decisions. All information in this article is current as of the date of publication, and DNBC Financial Group reserves the right to modify, add, or remove any information. We don’t provide any express or implied representations, warranties, or guarantees regarding the accuracy, completeness, or currency of the content within this publication.
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