How to Know if a Digital Business Account is Right for You

Digital banking solutions are revolutionising the way businesses operate. By offering global entrepreneurs and brands access to an affordable, efficient, and streamlined banking solution, digital business accounts are nurturing a new era of global commerce.

There are countless advantages of a digital business account that your business can capitalise on, with them becoming a pathway to success in a new era of digital globalisation. However, there is no one-size-fits-all banking solution. Read on to find out the pros and cons of digital business accounts and how your business could benefit from opening one.

The Pros & Cons of a Digital Business Account:

Pros:

• Reduced Fees

  Traditional bank accounts come with considerable price tags. Their transaction fees make global commerce a difficult task for smaller businesses, while other costs – tied to minimum balances, initial deposits, and more – quickly add up. With a digital business account from Currenxie, there are no set-up or maintenance fees, and you can pay and get paid like a local instantly with foreign currency bank accounts in over 30 countries.

• Simple to Open

  Typical banks require countless hours of your time just to set up an account. More and more businesses are getting turned down by traditional banks due to the current bureaucratic process that’s bogged down by tough regulations and verification steps that require your physical presence. With a digital business account, everything can be done from the comfort of your own office. In most cases, the only documents you’ll need is your business registration certificate, proof of residence and passport – with applications being approved in as quickly as three business days. After that, you’ll be able to start trading globally straight away.

• Intuitive to Operate

  A digital business account means you can access it from anywhere, anytime. Plus, it’s straightforward and easy-to-use. Currenxie’s cloud-based platform is intuitive, user-friendly, and visually appealing – a stark contrast to some traditional banks that have complex websites that are sometimes poorly optimised for mobile devices and are clunky to operate.

• Highly Secure

  Digital banking solutions like Currenxie are considered Money Service Operators and Electronic Money Institutes, not banks. However, this does not mean that your money isn’t completely secure. We only hold funds with leading international banks and take all the measures required to safeguard your funds and separate them for onward payment. In short, in the event of our insolvency, your funds will be kept safe.

• Work in Multiple Currencies

  Our real-time foreign exchange offers up to eight times more competitive rates when compared to traditional banking options. The ability to work seamlessly across multiple different currencies in markets across the world is integral to a successful eCommerce business.

Cons:

• No In-Person Service

  At Currenxie, we pride ourselves on our customer service. We have offices in several countries around the world, speak many languages and offer fast and effective communication with all of our clients. However, we do not provide in-person services like you would get with a teller at a traditional bank. If this is something you value, digital banking solutions may not be for you.

• Hard to Deposit Cheques and Cash

  Digital business accounts work wonders for businesses that primarily deal with online payments but don’t accept cash and cheque payments. If your business primarily receives offline payment methods from customers, you might have a more difficult time making the transition.

What Type of Business Will Benefit the Most From Working With Currenxie?

Looking at the pros and cons, it’s clear that the type of businesses that benefit the most from digital banking solutions are those who conduct a predominant portion of their payments online. Some smaller eCommerce businesses may be limited to selling in their home country because of unreasonable fees when selling overseas, while even those who have surpassed that hurdle struggle with razor-thin profit margins and complicated bureaucratic issues.

Digital business accounts can save SMEs and eCommerce companies a significant amount of time, money, and effort by bringing the modern convenience of the digital era to an outdated and traditional banking system.

Get in Touch

Have any questions about our digital business accounts, or wonder if your business in specific could benefit from them? Get in touch with our team today. We’re more than happy to answer any questions you may have.