How to Choose the Best Business Account for Your Limited Company

After setting up a limited company, opening a business bank account should be at the top of your to-do list. Margins are tight in the early days of any business, making it essential to effectively research, compare, and contrast all available bank account options.

In this article, we’ll guide you through everything you need to know to choose the perfect business account.

What to Look for in a Business Bank Account for a Limited Company

Technological advancements in financial services have significantly changed how businesses bank. Traditional banks have often failed to meet the needs of modern companies, leading to the rise of Fintech organizations. These new service providers emerged following the 2008 financial crisis, driven by a demand for innovative money management solutions. Today, countless business banking options are available for limited companies.

Every neo-banking provider should offer at least these five core benefits or features:

1. Borderless Payments: Facilitate frictionless global trade.
2. Full Transparency: No hidden fees.
3. User-Friendly Dashboard: Simple and easy-to-use online account management.
4. Multi-Currency Access: Competitive foreign exchange (FX) rates.
5. Quick, Human Customer Service: Accessible and helpful support.

The Difference Between Traditional Banks and Challenger Banks

Understanding the differences between traditional banks and online banks is crucial when choosing the right account. Here are four main differences to be aware of:

1. Bureaucracy: Traditional banks often have long, drawn-out application processes. Fintech organizations, like 8S Money, offer faster online applications without compromising on details.
2. Hidden Fees: Traditional banks frequently apply hidden fees to transfers and payments. Challenger banks are more transparent and offer competitive pricing.
3. Customer Support: Traditional banks often use chatbots, leading to frustrating experiences. 8S Money provides access to financial experts who are ready to assist you.
4. Slow Processes: Traditional banks can have slow international payment processes. 8S Money offers instant access to payment networks in over 190 countries, facilitating fluid international payments.

What Documents Are Needed When Opening a Business Bank Account?

When opening a business account for a limited company, you must provide specific documentation, such as:

• A driving license, passport, or accepted ID card.
• Proof of registered personal address.
• Proof of registered business address.
• Details of signatories, stakeholders, and Ultimate Beneficial Owners (UBOs).
• VAT registration and tax information.

With 8S Money, you can check your eligibility in under 15 minutes through a streamlined process.

What Fees Do Banks Charge for Business Accounts?

Business accounts come with additional fees compared to personal accounts. Here are four common fees to look out for:

1. Monthly Charges: Business bank accounts often have monthly fees. For instance, 8S Money’s Standard International Business Account costs $100 per month.
2. Card Charges: Using your card for ATM withdrawals or purchases may incur extra fees. Check with providers about these fees before opening an account.
3. Service Charges: Transactions such as Standing Orders or cash payments may also incur fees. Keep this in mind if you frequently use your business account this way.
4. Cross-Border Fees: International fees can be high, especially with traditional banks. These fees can hinder businesses looking to expand globally.

Better Service at Better Prices

As international payment experts, 8S Money’s multi-currency business account is tailored for companies looking to operate worldwide. With no transaction limit, you can send and collect money in over 190 countries for a fee of just $1. We ensure your payments are completed promptly and transparently.

To learn more about 8S Money’s business account pricing structure, visit our fees and pricing page.

Setting Up a Business Bank Account Step-by-Step

We understand how valuable time is for any limited company. Here’s a step-by-step guide on setting up a business account with 8S Money:

1. Check Your Eligibility: Enter a few details about your company. We’ll suggest the best account for you.
2. Complete Your Application: Provide additional information to help us assess your company.
3. Welcome Call: We’ll introduce you to 8S Money and show you how to access your account and online dashboard.
4. Start Banking: With support from your dedicated Client Manager, you can begin collecting, sending, and exchanging payments globally.

Why 8S Money’s International Bank Account is the Best Choice for Your Limited Company

We believe the competition doesn’t match what 8S Money can offer. Here are some benefits we provide:

1. Transparency: We commit to keeping our costs competitive and transparent.
2. Simplicity: Our unique online dashboard makes banking straightforward.
3. Humanity: We assign a dedicated Client Manager to assist you, ensuring a response within 20 minutes of your query.
4. Global Coverage: With access to over 65 currencies and payment networks in 190+ countries, you can expand your business operations worldwide.

Choose a Better Banking Alternative

Setting up a business account with a traditional bank can be time-consuming and complicated. 8S Money offers a refreshingly simple approach to business payments, supporting you at every stage of your growth journey.