After setting up a limited company, opening a business bank account must be top of your to-do list. However, margins are tight in the early days of any business journey, and every penny counts. That’s why it’s essential to take the time to effectively research, compare, and contrast all available bank account options.
In this article, we’ll talk you through all you need to know to choose the perfect business account.
What to look for in a business bank account for a limited company
Technological advancements in financial services have significantly changed how businesses bank. For decades, traditional banks have failed to meet modern companies' needs. An appetite for change has seen Fintech organisations flourish across the world.
Many of these new service providers were formed following the 2008 financial crisis. The following economic shock led to consumers and businesses craving new ways to manage their money. Fast forward to today, and countless business banking options are available for limited companies.
Different providers will offer various services, but every neo-banking provider should at least offer these five core benefits or features:
1. Borderless payments that allow frictionless global trade.
2. Full transparency and zero hidden fees.
3. A simple, easy-to-use online account dashboard.
4. Access to multiple currencies and competitive foreign exchange (FX).
5. Quick, helpful, and human customer service.
The difference between traditional banks and challenger banks
When going through the process of choosing the right account, it’s crucial to understand the differences between them. We’re not here to trash banks – we just want them to do better.
Here are four main differences between traditional banks and online banks that you should be aware of:
1. Traditional banks tend to be more bureaucratic
This can mean long, drawn-out application processes that aren’t beneficial to any new company. Fintech organisations, such as 3S Money, buck this trend by offering much faster online applications without missing out on the details.
2. Hidden fees
Unfortunately, many traditional banks apply hidden fees to transfers and payments associated with business accounts. Bank challengers are more transparent and realistic about the cost of cross-border banking. You can experience this by checking out competitive pricing and 5x cheaper FX.
3. Lack of human support
It’s common for traditional banks to use chatbots when responding to client queries. This can lead to a frustrating, timely, and in many cases a, costly experience for the customer. 3S Money is a little different. Our financial experts are always ready to answer your questions.
4. Slow processes
With traditional banks, international payments can be a pain. Extra fees, long waiting times and a limited global outlook prevent businesses from scaling quickly. At 3S Money, we break down borders to allow for more fluid international payments. We provide instant access to payment networks in 190+ countries - meaning you have world trade in the palm of your hand.
What documents are needed when opening a business bank account?
When opening a business account for a limited company, you must provide specific documentation. Here are a few examples:
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A driving licence, passport, or accepted ID card.
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Proof of registered personal address.
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Proof of registered business address.
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Details of signatories, stakeholders, and Ultimate Beneficial Owners (UBOs).
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VAT registration and tax information.
When applying for a 3S Money International Business Account, you can check your eligibility in under 15 minutes. Our streamlined process lets us quickly identify the correct account and service package to suit your company’s needs.
What fees do banks charge for business accounts?
Unlike personal bank accounts, business accounts come with additional fees. Before setting up your business account, digging into hidden costs is essential. Here are four of the most common ones to look out for:
1. Monthly charges
Monthly account fees aren’t unusual for business bank accounts. For context, 3S Money’s Standard International Business Account costs $100 per month. However, a bespoke account may be more appropriate for businesses with complex structures. This will lead to a different pricing setup that our team will guide you through.
Some banks may provide certain businesses with a specific period free of charge. These offers come and go, so keep an eye out during your research.
2. Card charges
General usage of your card may bring with it some extra fees. This includes taking money from an ATM or completing in-person or online purchases using your business card. If you anticipate using a card regularly, ask different providers about these fees before opening an account.
3. Service charges
Transactions, such as Standing Orders or cash payments, may also incur fees fluctuating in cost. Keep this in mind if you think you’ll frequently use your business account in this way.
4. Cross-border fees
International fees are some of the highest costs that banks (mainly traditional banks) apply to your account. These fees can hamper the growth and prosperity of businesses looking to expand into the global marketplace.
Better service at better prices
As international payment experts, 3S Money’s multi-currency business account has been tailored specifically for companies looking to operate worldwide. With no transaction limit, you can send and collect money in over 190 countries for a fee of just $1. Not only are the prices low and transparent, but we also ensure your payments are completed promptly.
To learn more about 3S Money’s business account pricing structure, visit our fees and pricing page.
Setting up a business bank account step by step
We understand just how valuable time is for any limited company. As mentioned earlier, the application process at 3S Money has been streamlined with efficiency at the forefront of our minds. Below, you can find a step-by-step guide on the entire process.
Step 1. Check your eligibility by entering just a few details about your limited company. We’ll then suggest the best account for you, whether that be a standard account or a bespoke option.
Step 2. With your eligibility check completed, you’ll receive pre-approval and be able to complete the entire application. During this process, we’ll ask you to provide extra information to help our team assess your company.
Step 3. Once your application is completed, we’ll set up a welcome call to introduce you to 3S Money. We’ll show you how you access your account and online dashboard.
Step 4. You’re ready to go! With the support of your dedicated Client Manager, you can start collecting, sending, and exchanging payments across borders.
Why 3S Money’s international bank account is the best choice for your limited company
When it comes to international bank accounts, we believe the competition doesn’t match up to what 3S Money can offer. With a truly international business bank account, we make borderless trade and global growth possible.
Here’s a summary of some of the very best benefits we can bring to your limited company:
1. Transparency:
Hidden fees can be damaging to business growth. That’s why we’re committed to keeping our costs competitive.
2. Simplicity:
There’s no good reason why banking should be complicated. That’s we’ve developed our unique online dashboard and account management platform.
3. Humanity:
Unlike many traditional banks, we assign a dedicated Client Manager to help when you need it most. These financial experts are on call, so you get a response within 20 minutes of submitting your query.
4. Global coverage:
When your company is growing internationally, nowhere should be off-limits. With access to over 65 currencies and payment networks in 190+ countries, you can expand your business operations worldwide.
Choose a better banking alternative
Setting up a business account for a limited company with a traditional bank can be time-consuming and complicated. 3S Money offers a refreshingly simple approach to business payments and can support you in every stage of your growth journey.
