As businesses move around the world and transact with customers from afar, keeping international B2B banking transactions under control is of paramount significance.
While traditional banking options involve high fees and lengthy processing times for international payments, online banking is more efficient for businesses doing B2B business around the world.
One such digital banking service is Jetonbank which offers international electronic banking to all businesses regardless of size.
How Can Online Banking Help Manage International B2B Transactions?
Online banking offers a few key advantages over a traditional banking solution when it comes to processing cross-border B2B payments and receipts.
With a multi-currency business account at Jetonbank, businesses have access to the tools that make it easy to transfer money internationally.
For one, online banking allows corporations to send foreign wire transfers 24/7 from their dashboard of an account without having to come into a branch. This cuts the time spent scheduling transfers over the phone or standing in line.
With a few clicks, corporations can login into their Jetonbank account and send funds to qualified recipients anywhere in the world.
Online banking also provides a lower exchange rate for foreign exchanges than high street banks. At Jetonbank, we use real-time exchange rates so that you can get the best possible value while converting money for overseas transfers. We do not charge conversion and transaction fees either.
What is more, online banks provide total transparency in international payment statuses and delivery timelines. With Jetonbank, businesses can monitor payments right from the moment they make it to the time when it’s credited to the beneficiary’s account.
Electronic notifications alert companies on the status of payments throughout the process. This visibility is not possible through bank wires.
What are the Advantages of Using Online Banking for Cross-Border Payments?
Following are some of the top benefits businesses can receive from availing an online banking platform like Jetonbank for foreign B2B transactions:
Lower transfer fees - Bank wire fees of $30-$50 per international transfer add up very quickly for businesses making multiple cross-border transfers each month. Jetonbank charges little or no fees on most domestic transfers under $10,000.
Streamlined payments – Online payments save time on paper and labor, and funds arrive at international beneficiaries same day or within 1-2 business days on average. Bank wires typically take 3-5 business days to cross-border receive.
Better exchange rates - As mentioned earlier, online banks combine money requirements to negotiate very low interbank exchange rates which helps save businesses time and money by reducing currency conversion fees.
Multi currency accounts - Paying, Invoices and Collections in multiple currencies can be handled easily through one multi-currency account for any business across the globe.
Easy worldwide usage - Businesses can track global transfers anytime and anywhere via online banking access on PC, laptop or smartphone. Do not go to branches for assistance.
Payment monitoring - Continuous updates in real time provide instant access to global payments and estimated delivery dates for planning and reconciliation.
Can I Manage Multiple Currencies for B2B Transactions Using Online Banking?
Yes, one of the most valuable benefits of a digital bank such as Jetonbank provides to businesses that deal with trans-border transactions is that you can seamlessly manage your payments, collections and financial records across multiple currencies from the same online multi-currency account.
Through a Jetonbank business account, businesses can receive payments in different currencies directly into their account from foreign customers. They can also send supplier payments to vendors all over the world in the correct currency.
All transaction details such as funds received-paid in multiple currencies are automatically tracked and synchronized in the account dashboard.
For businesses, the currency exchange within their Jetonbank account in real time is at interbank rate when required. They can switch between currencies in more than 50 global ones with a few mouse clicks as their needs shift.
Prompt reporting also assists in logging cash flows, foreign currency accounts and changes in exchange rates for tax purposes.
Jetonbank’s multi-currency online banking capability dispenses with the need to create and operate individual bank accounts on a country-by-country basis. It provides an international fund receiving-sending platform that simplifies financial management for multinational enterprises.
What are the Fees Associated With International B2B Transactions Through Online Banking?
For international payments, fees can eat into the bottom line of a business over time if not properly planned. Happily, Jetonbank provides incredibly cheap cross-border transfers to its business customers:
- Most international wire transfers below $10,000 have no transfer charges.
- All payments over $10,000 cost only $15 per transaction.
- Wire Receipts are free of charge, no matter how much.
- Exchange spreads for rate conversion are below 1% to give clients the most valuable foreign exchange.
- You do not have to pay for payment monitoring or account maintenance.
- Open and maintain multi-currency accounts at no additional charge.
Compare this to the average bank wire fee of $30-$50 for a global outbound transfer. Companies that use Jetonbank for cross-border payments will save hundreds, even thousands of dollars per year in transfer charges alone. Accelerated processing also mitigates late payments.
Digital banks have no extra bank fees and a very economical option for businesses moving money globally on a regular basis.
With its transparent fees and 24/7 payment services, Jetonbank has set the standard in the industry.
Why Jetonbank is the Best to Do B2B Banking Online Transactions?
As digital banking becomes increasingly mainstream, digital-only banking sites offer everything that a bank does – at a fraction of the cost, and often with more added perks.
For businesses that transact B2B on a regular basis, Jetonbank is the ultimate solution for effective cross-border payments.
There are many factors to consider while considering Jetonbank as a top B2B banking platform for your business:
- Worldwide payments via same-day worldwide transfers.
- Multi-currency business accounts for seamless worldwide cash flow.
- Lowest transfer fees, or zero on regular international wires.
- Good cross border currency conversion rates and services.
- You can access your online or mobile account anytime, anywhere, in the world.
- Support on the phone, email and live chat is provided by business banking specialists.
- Advanced payment analytics and foreign currency exposure control tools.
- Reassurance with a licensed and supervised bank.
If you open a Jetonbank business account now, your businesses can begin a digitally-rich banking journey for your global B2B payment requirements. At affordable prices, at lightning speeds, and 24/7 access, Jetonbank eases global business money transmission like no other.
