Which Bank To Open Business Account – Many of us, the digital nomads, serial expats, and others in the location-independent crowd can live and work from anywhere because we run our own independent businesses.
But whether you’re an indie maker, consultant, web developer, or mindfulness coach, you’ve likely encountered the nightmare that is business banking for small and/or location-independent businesses.
Which Bank To Open Business Account
While I have covered most of the cheap and easy to open personal bank accounts in major countries around the world, I have yet to do the same for
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Contents ↺ International Wise Business Airwallex Payoneer United States Mercury Relay Europe Holvi N26 Monese Tide Starling Bank Bunq Paysera Asia Aspire Neat Banks and Other Regions
I want to be a little more liberal with the term “banking” this time. Most of the business accounts that are low cost and easy to open remotely for most people are offered by
In practice, this distinction is not always that important, as these companies are still regulated and your funds are usually held in separate accounts with reputable partner banks.
In this article I have listed all the banks and bank-like services that are relevant to anyone who runs a small, international business. Since many of us manage companies registered in a country where we are not resident (full-time), I focused on companies that are easy to open and manage remotely, even if you are not a legal resident of the banking country.
Documents Required To Open Bank Account Of A Company
While some of these business bank accounts are available no matter where your company is registered, some require that you have a company in their jurisdiction. For the latter, I focused on popular non-location business jurisdictions such as the US, UK, Hong Kong and the EU (including Estonia).
These allow you to receive payments from customers around the world, as if you had a real bank account in their country. Some (like Wise) also help you save a ton of money on currency conversion costs.
I think Wise’s “Boundless” business account product is one of the best things to happen to us digital nomads and location-independent entrepreneurs – at least when it comes to simplifying our business finances and saving on fees. I have been using it for every one of my companies for the last few years.
Wise now allows you to open bank-like business (and personal) accounts in the US (with full ACH and wire transfer details), UK (with local account number and sorting code), Eurozone (Germany or Belgium) (with full IBAN), Hungary (with local account number), Australia (with a local account number and BSB code), New Zealand (also with a local account number), and most recently Singapore (a local DBS bank account number). In addition, a Romanian IBAN is available for residents of Romania and the United Kingdom.
What Is Business Banking? Definition And Services Offered
All these accounts are in your company name – and unlike Payoneer you can accept any type of payments (legal or unrestricted) and outgoing transfers come from your company name too.
You can also open coin wallets in over 50 other currencies, though you don’t get unique bank details for those (yet).
Not only that – but you also get a free debit card linked to your account. There are no fees for spending in the currencies you hold in your account, and for every other currency you get Wise’s low exchange fees (often around 0.5% markup) in addition to the real interbank/mid-market rate!
If you use Stripe to sell products or services online in different currencies (for example, EUR, USD, GBP, AUD and NZD), you can link those accounts to Stripe and save the 2% currency conversion fee they usually charge.
Do I Need To Open A Business Bank Account?
This is also the case if you have income from e.g. Amazon or other sources in different countries and currencies. They are members of the Amazon Payment Service Provider program, which means you can now use Wise to receive any sales profits in over 50 different currencies, making it great for e-commerce businesses, dropshippers, and wholesale companies. Read here to learn more about Wise for eCommerce business.
Airwallex is an Australian fintech that has been offering business banking services to companies since 2015. Although they are not quite as capable (yet) as Wise, they certainly have a good competitive product.
You can open up to 11 different currency accounts for free to make and receive payments. FX markup fees are 0.5% for major currencies and 1% for less common currencies (0.3% and 0.6% for Australian customers). They use their own interbank interest rate, which is more favorable than most banks.
You can accept payments directly from Amazon, eBay, Shopify and PayPal. They even have WeChat pay which allows businesses to easily receive money from Chinese consumers. They also have a mobile app supported on both Android and iOS.
Business Account Sweep
Just like Wise, they offer integration with Xero for a better accounting experience. They will sync your records hourly, and batch payments are also supported for more convenience.
Each employee can have their own virtual card and logins to better track expenses. Spending limits on the cards default to US$10,000, but can be increased upon request. Physical cards and Apple Pay and Google Pay are currently only available in Australia, but they plan to launch the cards in the US, UK and Hong Kong as well.
Special offer: Airwallex will give up FX notes for first transfers worth AUD$20,000 in any currency if you sign up via this link.
Payoneer has been a pioneer in the international payments industry since they launched their dollar receiving accounts in 2011. For many people (eg if you don’t qualify for a Wise account) this is still the only option to get US account details or get paid from many online marketplaces.
How To Open A Bank Account In Canada From The Us
Note that you can only receive funds from companies (eg marketplaces like Amazon or UpWork), not individuals – so you can’t use Payoneer to get paid from non-corporate clients.
Although Payoneer has proven to be particularly useful for people who are not otherwise managed – they also charge extremely high fees, so it is best to avoid them if you have other options available to you.
Receiving dollars costs 1% of the transaction, other currencies are free. Withdrawing money with the Payoneer debit card (which costs $30 per year) costs 3.5% if used outside the country of issue (usually the US or UK) or if another currency is used. High ATM fees, inconvenient exchange rates (usually 2- 3% markup), and even withdrawing money to a regular bank account costs 2%.
Let’s continue to the land of the free. While you can still open a business account as a nonresident at several major US banks—especially if you show up in person and agree to a large initial deposit—it’s not practical for most of us.
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Options like Wise above are still good enough for most foreign companies, but if you have a US entity (even as a foreign national) read on to learn how easily you can open a US business account remotely, for free.
Tip: If you need a proper US account for a mostly non-US business, it’s cheap and fairly simple to register a non-resident LLC in many US states, and there should be no tax consequences. I recommend New Mexico and Wyoming for most purposes (especially if you value privacy), or Delaware in case you have aspirations to raise money or sell the business later. mercury
I’m a little surprised that Mercury hasn’t gotten more attention in the location-agnostic business community since it launched in April 2019.
I’ve been talking about them on the forums for a while now, but I still think this is one of the first articles aimed at digital nomads, PTs, and other location-agnostic people to introduce them.
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Anyway, my surprise at the lack of attention you’ve received aside, if you’re a non-US resident with a US business (eg LLC or corporation) who needs an easy-to-use, low-fee business account you can open. From afar – this is the one to get.
Literally, the only thing they charge for (and only because they transfer high fees from their partner bank) is wire transfers. Local are $5 (free for
Another remote business banking platform for the US is Relay. And this recommendation comes from our Nomad Gate readers.
Like Mercury, they only charge wire transfers – $5 domestic and $10 international. However, for just $30 per month you can upgrade to Relay Pro, which comes with unlimited bank transfers both domestically and internationally.
Fnb Business Account
It has other great banking and budget management features such as the ability to issue debit cards to your staff, set spending limits, track expenses as well as integrate accounting tools such as Xero and Quickbooks.
Holvi makes running a mobile business easy while tracking expenses and accounting. Photo: Holvi
Their offering is a solid mix of business banking features, simple bookkeeping and invoicing features (from the €9/month Holvi Lite plan and up).
You get a bright yellow MasterCard debit card and unlimited free SEPA transfers (if you’re based in the Eurozone). Transfers outside of the SEPA area are only possible with a third party (I suggest Wise for this – see above) and you won’t be able to receive non-SEPA transfers directly either.
Reasons To Open A Business Bank Account
Its main claim to fame is being one of the best personal bank accounts for travelers. their business product
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