Thanks to today's advanced digital banking tools and solutions, a multi-currency account can be managed through business banking accounts.
Multi-currency accounts make it easier for businesses to operate on a global scale by offering simultaneous financial transactions in different global currencies such as Dollars and Euros, instead of just local currencies.
Multi-currency accounts are often suitable for businesses that need financial transactions on a global scale. Businesses access multi-currency accounts through their business banking accounts to accept and make payments in more than one currency at the same time on all B2B banking transactions.
In a digitalizing and globalizing world, asset transfers must be managed through multi-currency accounts. Accepting payments only in local currency is not beneficial for the global vision of businesses.
Therefore, no matter which sector you work in, by opening a multi-currency account for your business, you can receive payments in Dollars, transfer assets in Euros, and have the flexibility to pay your salaries in Sterling.
Thanks to business banking features, multi-currency accounts can be useful for business now.
How to Open a Business Banking Account?
To open a business banking account at any bank, you must prove that you are the owner of the company and submit the documents requested by the bank.
Although the documents required by banks vary slightly depending on the type of company, they are generally the same.
The documents that may be requested from you when opening a business account are as follows:
- Current tax plate
- Signature Circulars
- Identity card of the company owner and the official, if any Chamber of Commerce registry
- Activity certificate from the chamber you are affiliated with
- Notarized signature declaration
If the company has partners, the certificate of each shareholder must be submitted at the time of application. In partnership companies, an ordinary partnership agreement may also be requested.
A certificate of authorization may be requested from persons who will act on behalf of the company, and a notarized power of attorney may also be requested if the contract will be signed by proxy.
Before opening a business account, the best step would be to contact the bank you want to work with and get detailed information about the requested documents.
What are the Benefits of Opening a Business Banking Account?
A business account is a deposit account used by companies for their financial and business needs. With a commercial bank account, you can both receive payments from customers and pay the company's taxes, duties, and all other debts through your account.
We can mention various advantages of business banking here.
To open a Business Banking Account, you must have an actively operating company. Any company, large, medium, or small, can open a business account. It is also possible to open a business account as a sole proprietorship company.
General, annexed budget or revolving fund organizations, different professional groups, foundations, associations, union associations, and businesses belonging to local governments can also open commercial accounts.
Business Banking Accounts can be opened as current or time deposit accounts, just like individual deposit accounts. If you want to utilize your savings, you can create a term account and earn interest in a term that suits you.
If all you need is to carry out your daily financial transactions such as making and receiving payments, then opening a current trading account will be sufficient.
Can Swift Payments be Made with a Business Banking Account?
Swift payments can be made through digital business banking accounts, but it is recommended that you confirm whether the bank where you opened your account offers this service. At Jetonbank, we offer these transactions for businesses.
Another important issue when opening a business account is choosing a bank. Banks can offer different advantages and opportunities for business accounts.
In this regard, you should determine the needs of your company and choose the most advantageous bank.
Let's say you want to apply for a loan to expand your business, then you should take a look at the loan interest rates offered by banks for SMEs and work with the bank that offers the most suitable option.
In addition, if you want to receive service for your check and bill transactions, you should choose the bank that provides you with the best service and assurance in this regard.
If you are a company with customers abroad or working internationally, you should take a look at the lowest-cost bank options for your international money transfers or Swift payments.
Can Transactions Be Made in More than One Currency with Business Banking?
Yes, different currencies can be used on the same account through business accounts. This allows businesses to increase the number of their customers on a global scale.
When accepting global payments from an international shopping business with a business banking account, if there is an account statement preference in local currency, borrowing is made in local currency.
In addition, even if the person does not request a debit in the local currency, the bank can automatically convert the account statement into local currency. However, the best way in this process is to contact the bank's call center and clarify the situation.
If the expenditure made in foreign currency is desired to be reflected in the account statement as a local currency, banks may request a commission based on the amount per transaction or by using methods such as reflecting a value on the account statement based on the exchange rate.
Since these commission amounts vary from bank to bank and periodically, it is not possible to give an exact rate. It is possible to obtain the most accurate information on this subject from the bank to which the business banking account is linked.
Regardless of the field of operation of your business, you can reach Jetonbank right now to easily open business bank accounts digitally.
Which Currencies Can Be Transacted With Business Banking?
Currencies such as US dollars, Euros, and GBP can be used simultaneously by businesses through multi-currency accounts offered by business banking accounts. The most advantageous bank to open a company or commercial account is, in short, a bank with affordable fees that offers the best solutions for your company's needs.
At this point, it is very important to determine your company's needs and compare different bank options.
If your company frequently transfers money, you can choose the bank with the lowest fee by comparing banks' money transfers and EFT fees. Some banks even do not charge EFT/transfer fees specifically for companies.
It may also make sense to open a business banking account at a bank where you already have a personal account. The bank of which you are a customer may offer you some privileges when opening a company account.
At Jetonbank, we offer digital business bank accounts that can be used for transactions in different currencies that meet global financial needs for small and medium-sized businesses. You can reach Jetonbank to easily open business bank accounts digitally, which also offers multi-currency accounts, to increase the number of potential customers for your business.
As Jetonbank, we offer the fastest and most reliable online banking products.
