Running a business is an incredible journey but isn’t without its challenges, particularly in today’s economic landscape. That’s why it’s never been more important to partner with the right payment provider.
If you're unhappy with your current business banking situation, switching to a new provider is much less complicated than you think. This article will cover everything you need to think about before choosing your new account provider. Let’s get into it!
Why should I switch my business account?
Switching business accounts (especially if you're fed up with legacy banks) has many benefits, including improving your overall banking experience. Here are just a few of the very best reasons to switch:
Better interest rates and lower charges
Improved rates, decreased transfer fees, and lower account costs are some of the biggest reasons businesses switch their bank accounts. These better rates are pushing more companies away from traditional banking and signing up with challenger banks.
A better understanding of business requirements
Growing out of the ashes of 2008's financial crash, Fintech tends to be more aligned with what the modern, global business requires from a bank, in stark contrast to traditional banking. Bank challengers like 3S Money simplify international banking, providing companies with the tools they need to pay locally and trade globally.
Better business benefits
Many banks offer lucrative offers when switching business accounts. These offers could include discounted rates or loyalty bonuses for sticking with a provider. Look for deals if you're unhappy with your current provider and might catch an offer too good to turn down.
Superior customer service
Let's face it - traditional banking isn't exactly synonymous with good customer service. With challenger banks, you could be in better hands. Every 3S Money client is assigned a dedicated client account manager – an international payment expert available within 20 minutes or less. Robots just aren't our thing.
Which new business account should I choose?
When it comes to switching your business bank account, your options can be distilled into two choices:
Traditional business bank account
While there are some benefits to traditional banking, they often aren't well suited to the globally connected world. Many conventional banks haven't met the global needs of modern businesses looking to grow. There's a reason why the UK's fintech ecosystem is flourishing.
International Business Account
An International Business Account is built for the modern, globally connected business and is the future-proof option. As mentioned above, traditional banking doesn't make it easy to operate internationally, placing unnecessary bureaucratic blockers on your future growth. International Business Accounts tend to offer the following:
Better rates for international payments.
Quick and helpful customer service.
Quicker application processes.
If you're a new business looking to get started with a business bank account, you'll find all the documents and information you'll need in our article covering the topic here.
How to switch to a 3S Money International Business Account
3S Money isn't a bank and, therefore, not part of the Current Account Switch Service. However, this gives you even more security when joining 3S Money. You can keep your old business accounts open and sync them with your 3S Money account. This means zero disruption to recurring payments, direct debits, or salary payments.
To open a 3S Money account, all you need to do is complete our free application. If successful, you'll receive instant pre-approval, and your account will be ready to use in a couple of days. Simple as that.
As a 3S Money client, you can manage your accounts on your terms. If you're happy with your domestic banking provider, stick with them. If you're tired of overpaying for international transfers and maintenance fees on foreign bank accounts – we've got you covered.
Why switch to 3S Money?
That's easy. Switching to 3S Money has many benefits designed to make your banking process smoother, easier, and less bureaucratic. Here are five reasons why you should open an International Business Account:
1. UK, EU, and US account details in your company name.
2. Collect and send payments in 65+ currencies with 5x cheaper FX.
3. One centralised account for global cash flow management.
4. A dedicated Client Manager for every account.
5. The ability to send and receive payments in 190+ countries worldwide.
Whether you're switching from another banking provider or looking to start afresh, 3S Money opens up a world of opportunities. Whether you're an importer, manufacturer, or eCommerce business owner – we can help your scale internationally with the click of a button.
It's easy to get started, too - simply check your eligibility, complete your application, and one of our dedicated team get you and running.
Switching Business Account FAQs
How long will it take to switch my business account?
Switching your business account can take up to a week, depending on your previous banking provider. If all your documents and information are provided with speed, progress on the switch will be even faster.
Do I have to close my current account when switching to 3S Money?
No – you can keep your accounts open and use them alongside 3S Money. Our team can support you through any transitionary period.
Can I have two business bank accounts?
There are no limits to how many business bank accounts you can own. It's always best to keep your finances collated with one provider for easy management