Opening a business bank account is an essential procedure for any new business. Because of the huge amount of banking options available today, it is difficult to decide which bank to work with.
This article will discuss some of the best options for business banking and what to look for when selecting a bank. We’ll also learn more about Jetonbank and why it could be the perfect bank for your business.
Which Bank is the Best for Opening a Business Bank Account?
When determining which bank to choose for your business, there are three important things to look at:
- Business account features and rates - Which accounts are available and what are the ongoing or transaction fees? Consider banks that provide competitive or zero-fee checking and savings accounts for businesses.
- Online and mobile banking - These days it’s all about digital, so you want a bank with online and mobile banking capabilities. It means you can work on your business finances from anywhere at any time.
- Business loans and lines of credit - If you have a business that could need financing in the future, look for banks that offer business loans and lines of credit. You can also borrow the money from your major business bank.
- International features - If you have international transactions, make sure that the bank has strong foreign exchange capabilities and will be able to accept and transfer international wires easily.
- Customer service - For businesses, it is the service and support that is most valuable. Ensure that the bank you select offers great reviews and multi-channel support.
A bank that can excel on all these fronts is Jetonbank. As a fully licensed and regulated digital bank, Jetonbank delivers online and mobile business banking features that truly differentiate it from brick-and-mortar banks.
Jetonbank gives you powerful online banking solutions to access accounts, bills, and transfer money all over the world with the help of any computer.
Additionally, we offer 24/7 phone, email, and live chat support to help with any queries. Jetonbank offers international services such as multi-currency accounts and affordable international wires for businesses dealing cross-border.
Can I Open a Business Bank Account Online?
Luckily, the good news is that you can open most business bank accounts online these days without ever going to any branch. Online business banking has made opening a business bank account much easier.
The online application usually involves just giving them some basic business and owner details, securing identification (such as a driver’s license) and answering questions to confirm your business. You can also fund your new account by making an online transfer from your banking account.
Jetonbank is one of the leading fully digital onboarding firms. As an online-only bank, Jetonbank was specifically engineered for seamless digital business banking.
Our easy-to-use online application process takes less than 10 minutes and you don’t need to go in person or fill out stacks of paperwork. Both funds and account operations are conducted securely through our well-equipped website.
What Documents Do I Need to Open a Business Bank Account?
If you open a business bank account either online or offline, the vast majority of banks will require similar documentation to prove your business and identity. Listed below are some of the most commonly requested documents:
- Valid photo identification for the business owner(s) such as a driver’s license or passport.
- Your articles of incorporation, operating agreement, or business license/registration.
- Tax ID such as an EIN (Employer Identification Number) or SSN.
- Business address such as utility bill or business lease
- Business plan or details of your business operations.
- Documents listing officers and stockholders for LLCs and corporations.
Jetonbank simplifies documentation for applicants during the application process. We will need, beyond the usual ID verification, mainly your company registrations and proof of incorporation. This seamless process makes opening an account at Jetonbank extremely convenient for new and existing businesses.
Are There Fees Associated with Opening a Business Bank Account?
Opening a small business checking account is generally non-expensive, though banks typically charge you monthly service or maintenance charges unless you’re subject to certain balance or activity standards. Below is a summary of typical business bank account fees:
- Monthly service charges – $10-25 per month but waived if you keep a minimum balance per day.
- Overdraft fees - Add $30-35 a pop if you attempt a transaction with insufficient funds.
- Fees to stop payment - To block a check: roughly $30 per request.
- Fees for wire transfers - Both domestic and international wires cost $15-30 a piece.
- Charges for printout of checks - Most banks charge extra for customised checks or expedited mail.
- Non-transaction account fees – If you have not spent money on your account for 6-12 months, you will be charged a $5 monthly fee.
Jetonbank is committed to making business banking easy and affordable. We don’t charge monthly service fees or minimum balances for our basic business account.
Jetonbank also provides very low international wire transfer fees. It would thus not cost much for most companies to start with Jetonbank.
Can I Open a Business Bank Account as a Non-Resident?
You may struggle to get a local business bank account if you don’t live in the country where your business is incorporated. Some banking services are provided, however, for non-resident entrepreneurs and foreign enterprises.
Most large international banks will accept accounts from non-resident businesspersons provided they have the appropriate documentation and KYC/AML compliance. But it is a long, hard process.
One alternative for non-resident business people is online offshore business banks. As the largest digital offshore business bank in the world, Jetonbank makes opening an account easily accessible from any place around the world.
Jetonbank offers non-residents all the advantages of a fully functional business bank account — multi-currency wallets, online payments, international wires, and more — without ever having to leave the country in which the account was opened.
Jetonbank handles the regulatory compliance on behalf of clients.
Jetonbank offers you a user-friendly online banking platform and high quality international banking solution that fits in well with both domestic and foreign enterprises. We are essentially unique in our cross-border payments, exchange rates and account access around the world.
Any company seeking a cutting-edge, robust online banking solution should take Jetonbank seriously. Our focus on digital innovation, affordable pricing, and worldwide reach make Jetonbank an ideal partner for both new and veteran businesses.
If you are ready to access your business funds from anywhere, at any time with an industry-leading digital banking solution, sign up with Jetonbank today.
Visit Jetonbank to sign up or contact a representative about your business requirements. Online banking is the future – don’t get left behind.
