13 April 2023 4 minute read

Everything you need to know about international business bank accounts

Navigating the complexities of international banking can be overwhelming. In this blog, we will break down the key factors to consider when choosing a business account.
Everything you need to know about international business bank accounts

Choosing the right global business bank account could be a game-changer for your business. Smooth borderless payments are vital for growth in the global marketplace. Knowing which options fit your company best can be difficult with so many available options. 
3S Money’s innovative approach to business banking offers a genuine payment alternative – built for and by entrepreneurs. But what makes a great international business account? Let’s find out. 

What is an international business bank account?

An international business bank account is an account that allows you to transfer, hold or collect funds for commercial purposes. They help organisations process international payments, currency exchange, and global cash flow. 
Traditional banks used to hold a monopoly on business banking services. However, Fintechs, bank challengers, and alternative finance providers are changing the game. These institutions are breaking down financial borders and rejecting traditional banking bureaucracy. 

What are the benefits of an online international business bank account?

Thanks to the blossoming innovation over the last decade, Fintech organisations have broken down the barriers that stopped many businesses from achieving their desired growth. Now, international bank accounts are more accessible and efficient for companies worldwide. Here are some of the top benefits: 

Fast cross-border payments 

The ability to process high-value international batch payments is essential for modern businesses. With traditional banks, international payments can be fraught with bureaucratic issues, hidden fees, and long wait times. In contrast, bank challengers like 3S Money offer quick, cheap, and secure borderless payments designed for modern business. 

Access to currencies 

A modern international business account should also double up a multi-currency account. Why would you trade overseas with an account that can’t handle foreign currencies? We provide our clients access to 65+ currencies, so your business can sell in global markets. In addition, you’ll never pay hidden fees for currency exchange or cross-border payments. Check out our pricing calculator to see how much you could save. 

One dashboard for global access 

An online business bank account also helps give you a 360 view of all incoming and outgoing payments. Our all-in-one dashboard connects all your local 3S Money accounts in one place – your global cash flow hub. Say goodbye to multiple apps, forgotten passwords, and unnecessary monthly fees.  

Human customer service 

Unlike traditional banks, which often use chatbots to respond to customers, every 3S Money account is assigned a dedicated Client Manager. Our team of international payment experts can assist with everything from opening new accounts, payment processing, foreign exchange, and more.  

Flexible account types 

Every business is different. Our multi-currency accounts come in various forms, meaning we can offer bespoke services that blend seamlessly with your current set-up. After completing our eligibility form (it only takes a few minutes), we’ll suggest the best type of account package for your business. No matter the size or shape of your organisation, 3S Money has you covered.

What do I need to look out for when choosing an international business bank account?

The type of business account that is right for you will depend on your business needs. There are a few things that every entrepreneur should consider when exploring alternative banking options. 

Foreign exchange fees 

Exchange rate fees should be at the top of your list, as many traditional banks will attach an unfairly high markup. This is done for no reason but to take as big a cut as possible. These fees can take you by surprise when it comes to high-value transfers. Our FX pricing is up to 5X cheaper and simple, straightforward, and transparent. 

A simple user experience 

A complicated platform is the last thing you need when managing international payments. A smooth, easy-to-comprehend dashboard can make more of a difference than you think. We’re happy to say that 3S Money’s dashboard does that job and then some, fitting into your current set-up like a glove. All that means more time spent on the parts of the business that need it.

How do I switch my business bank account?

Are you looking to change your business banking provider? It might seem like a mountain to climb, but it’s much easier than you may think. 3S Money isn’t a bank, so you can open an account with us without completely switching from your existing providers. This lets you control your transition to alternative banking services without interrupting your payment processes. 

If you’re still unsure about switching to a 3S Money International Business Account, don’t hesitate to contact our friendly team.

How do you open an international business bank account?

Traditional banks don’t make things easy when opening bank accounts. With endless eligibility checks and weeks, sometimes months, of waiting, it can be far from straightforward.  
Online bank challengers offer an alternative. Free from the trappings of traditional finance, these providers can provide faster applications by taking a human approach to compliance. Here’s a quick breakdown of how to open an international bank account with 3S Money

1. First, you can check your eligibility immediately and receive pre-approval in under 15 minutes.

2. Once you’ve been pre-approved, you’ll be invited to complete your application. We’ll learn more about you, and your business needs at this stage.

3. When your application is submitted, our dedicated team will work behind the scenes to set up your account. 

4. After a welcome call, our team will complete a final review to iron out details and ensure your account is ready to go.

5. Voilà. Your new international business account is live, and you can start making payments immediately. 

We don’t believe in bureaucracy and aim to set up new accounts within 72hrs of pre-approval.

What is unique about a 3S Money international business bank account?

3S Money was born out of frustration with the ‘current’ way of doing things. After attempting to establish a business in the Netherlands, our founders couldn’t open a Dutch bank account due to their lack of EEA citizenship. For us, the colour of your passport is irrelevant when it comes to adding value to the business world. That’s why 3S Money exists today

We’ve taken innovative steps to make opening a business account as painless as possible. Our ground-breaking digital account unlocks cross-border payments across 190 countries in over 65 currencies. Once approved, you’ll receive local IBANs in Denmark, Germany, Luxembourg, the Netherlands, Poland, and UK account details– registered in your company’s name. 

Our differences aren’t just with traditional banks. We do things differently from our competitors. Our focus is on you: the customer. 3S Money offers local payment solutions with a global focus, with human help just a message away. No robots, no AI - just international payments experts focused on helping your business grow sustainably.

Embrace the future of business banking 

Global business bank accounts could be the catalyst your business needs to develop, grow, and expand beyond borders in the digital age. With 3S Money, you’re in great hands. Our dedicated client managers mean you’re never at the back of the queue. Are you interested in getting started with a global business account? Check your eligibility today.  
If you have any questions about the ins and outs of our accounts, please don’t hesitate to message us

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