The number of digital-only ‘challenger’ banks out there is rising all the time, and each offers a range of features to suit your business. If you’re now looking to open a bank account for a company, it’s probably time to forgo traditional branch-based banking and roam into the new online-only business banking world.
However, finding the right digital bank for your business can be challenging, especially since not all these new entities are available world- or even Europe-wide. So, before you open a bank account for a company online, read on to find out more about the benefits offered by some of the biggest and brightest new challenger banks, along with details on who exactly qualifies for an account.
With digital, online-only banks, all transactions are done online through an app, and there are no physical branches to visit. While they lack banking staff on hand to talk face to face with printed bank statements and sometimes even access to cash, they make up for these by offering finance-at-your-fingertips convenience plus a range of tools to make financial management more straightforward.
This focus on convenience means sign up is usually very straightforward and requires answering some questions about your business, providing company information, and uploading some ID.
With digital banking via an app comes some real benefits that traditional banking methods cannot match. Realtime spending alerts can help you spend less time and energy tracking outgoings, while the ability to freeze and unfreeze cards can add security. You can even create customized sub-accounts that can help you and your employees stick to different budgets and keep up with multiple regular payments.