International Business Account: All You Need to Know

When you’re running a business, a dedicated business account is essential if you want to protect your funds, separate your personal assets and streamline your company’s financial management. With an international business account, you get all the benefits associated with domestic accounts but also gain access to cross-border transfer services that help you to operate globally.

What Is an International Business Account?

An international business account is designed for commercial use, as opposed to personal accounts that are intended to manage an individual’s finances. While a standard business account is set up to manage domestic transfers and payments, this account is geared towards companies that want to send and receive funds across international borders.

If your company has clients or customers situated all over the world, for example, you may receive regular payments from various countries. Conversely, if you’re purchasing from suppliers or service providers based overseas, you’re likely to making payments to businesses situated in cross-border locations.

By using an international business account, you’ll have access to international transfer facilities that allow you to complete the transactions more quickly and, typically, at a lower cost.

Is a Multicurrency Account the Same as an International Business Account?

There are many commercial financial products and services, which means it’s easy to get confused by the different types of accounts that are available. Although the terms, ‘multicurrency account’ and ‘international business account’ are sometimes used interchangeably, there is a difference between the two.

An international business account is designed to facilitate international transfers and may offer multicurrency functionality. However, many international business accounts don’t provide multicurrency functionality.

In contrast, a multicurrency account allows you to hold, send and receive funds in numerous currencies. As such, it’s set up to facilitate cross-border payments and simplify your company’s global financial management.

So, you can think of a multicurrency account as a type of international business account that offers enhanced features and functionality.

What Are the Benefits of an International Business Account?

This account can be advantageous for all types of companies due to the range of benefits they offer, such as:

Faster Cross-Border Payments

Established cross-border payment systems, such as SEPA, SWIFT and TARGET2, facilitate secure international transfers. With the right international account, you’ll have direct access to these cross-border systems and be able to send and receive funds from virtually any country in the world.

With fast payment options, international transfers no longer take days to complete. Instead, you can use your international business account to make cross-border transfers within hours, second or in real time!

Reduced Fees

Sending cross-border payments can be costly, depending on which service and system you use. Due to this, companies that routinely send international transactions can end up spending a significant amount on charges. Fortunately, an international business account is designed for companies that operate beyond their domestic borders and, therefore, tend to offer lower fees for cross-border transfers.

In addition to this, a dedicated global business account should also provide lower exchange rates and associated charges than non-international accounts. This means you can make further cost savings by reducing the amount you spend when converting currencies.

Multicurrency Functionality

If you want to get the most out of your global business account, be sure to choose an account that offers multicurrency functionality. This added feature can transform your company’s financial management and streamline the way in which you process your transactions.

Instead of having separate accounts for each currency, for example, or paying high FX fees for every transfer, you can simply hold, receive or send funds in different currencies when you have a multicurrency international account.

Simplified Management

When you’re using a single account to manage your company’s global transactions, it’s far easier to monitor activity and analyse your commercial performance. A single dashboard can provide real-time data, top-level views and granular insights, for example. As a result, you’ll streamline in-house financial workflows, conserve your company’s resources and improve efficiency.

Additional Services

As global business accounts are designed for commercial organisations, the right account will give you access to a range of additional services. When you open a multicurrency account with PayAlly, for example, you can also access our payment gateway, debit card and card issuing services. With the potential to utilise a full suite of tailormade financial products, you can customise your account functionality to create a bespoke financial solution that’s designed for your company.

Enhanced Growth Potential

Even if you’re not operating internationally just yet, choosing an international account can be beneficial in the long term. As your company grows and you expand beyond domestic borders, you’ll have instant access to the international functionality you need to propel your business forward.

Although it is possible to switch from one type of business account to another, opening an international account from the get-go means you won’t have to spend time switching to a new account or financial service provider when growth opportunities arise.

Choosing a Global Business Account

It’s important to remember that not all international business accounts are created equally, so you’ll want to explore the options before you decide which one is right for you. Different banks and e-money institutions offer varying terms, features and fee structures, so it’s advisable to research the accounts you’re eligible for to determine which one is best-suited to your company’s needs.

To ensure you make the right choice, be sure to consider:

• Eligibility requirements
• Multicurrency functionality
• Currency availability
• Cross-border transfer options
• Fees and charges
• Online management portals
• Customer service
• Access to additional services

By doing so, you can select an international account that provides the functionality your business needs now and in the future.

Open an International Business Account with PayAlly

If you’re looking for a multicurrency account that offers competitive terms and enhanced flexibility, alongside personalised customer service, user-friendly digital management tools, local account details in multiple jurisdictions and much, much more, you’ve come to the right place!

Request to open an International Business Account with PayAlly here.