Running an international business can be an uphill task. Acquiring clients, successfully delivering products and services, and maintaining relations are some of the many challenges that business owners must face. However, making and receiving international payments is one of the most challenging tasks of running an international business. You must keep track of factors like currency conversion, extra taxes, and more while making or receiving these payments.
Challenges Related To International Payments
- Hidden Charges:
Banks often charge you an unreasonable amount of money for making international transfers. The worst part is they won’t mention these hidden charges on the websites or the physical brochures. Once you proceed with an international payment, you will be surprised to see that a significant chunk of the money is deducted. Therefore, you need to be extra careful while picking your main bank.
- Accessibility
As a business owner, you must have instant access to a business account. However, this is not possible with most of the traditional accounts. You will face issues like server errors, network problems, and more while trying to access your account remotely.
- Currency Issues:
If you have clients or customers from different corners of the world, your bank must be able to accept money in different currencies. Traditional bank accounts usually allow only a few currencies. This means, at times, you will need multiple accounts from different banks to make room for incoming and outgoing payments in various currencies. Adding to that, the additional conversion charges also largely differ according to the currency.
- Lengthy Application Process
Also, making multiple business accounts to handle payments in different currencies takes a lot of time. Plus, if you are not using the online services, you need to make regular visits to the bank to get things rolling. This eats up a lot of your valuable time that can be used to focus on the other aspects of the business.
Thankfully, these pitfalls can be handled with ease if you opt to create an international business account. This article will list the perks that international businesses can enjoy by using a business account.
Perks Of Using Aspire Business Account
- No Hidden Charges:
There are no hidden charges from most account providers. All the additional charges are kept transparent. In fact, some even promise additional savings on all international transactions (up to 3x cheaper than traditional banks). This way, you are always aware of what to expect from each transaction, so you can make long-term monetary calculations accurately, which is crucial for the financial health of your business.
- Accepts Multiple Currencies
You can obtain the account numbers that allow you to receive money in various currencies from different parts of the world, similar to how a bank operates.
With one account, you can accept and make payments in multiple currencies, including USD, EUR, GBP, SGD, IDR and much more. Your funds are securely held with reputable, top-tier banks. The entirety of your deposited money will remain available to you at all times.
- Remote Access
You can access your business from anywhere in the world as long as you have a stable internet connection. You can also perform all the major operations related to the account from your phone or the online portal. This eliminates frustrating visits to the bank.
The Bottom Line
In the end, having a separate business account for international payments is very important. Traditional bank accounts often have hidden charges and limitations when it comes to multiple currencies. They also lack accessibility and have lengthy processes. An international business account solves all these issues.
- There are no hidden charges, and you can see all the costs upfront. The only recommendation is to do your research before selecting an account provider.
- You can accept and make payments in various major currencies through one account. There is no need to jump between different accounts to track currency specific transactions.
- You can access your account from anywhere through the internet or phone app. This makes managing international payments much easier.
- You don’t need to visit banks or open multiple accounts for different currencies.
It simplifies everything related to international business payments. Overall, an international business account is the best solution for smooth international money transfers.
