If you’re wondering “How many bank accounts should a business have?” you’re in the right place…
In this article, we’re going to explain why a business should have multiple accounts along with how and where to open them.
So, if you’re in the process of navigating financial services, corporate banking solutions, and features for your business, keep reading.
Feel free to use the table of contents to jump ahead to the most relevant sections.
Table of Contents
Business Banking 101
Business banking is often more complex than personal banking due to the involvement of a wide range of transacting parties, higher transaction volume, and large transaction values.
Additionally, businesses typically require a wider range of banking services, which can differ depending on their industry, currency exposure, and the specific markets that the business serves.
With this in mind, if you’re asking “How many bank accounts should a business have?” the answer is, it depends…
More specifically, it depends on your business type, the services your business requires, the markets your business serves, and more.
Here’s a look at a few of the important variables you should consider when deciding how many bank accounts your business should have.
Variables to Consider When Deciding Where to Open Accounts
- How many different countries does your business operate in?
- Does your business have employees or contractors in foreign countries?
- Are your business’ customers concentrated in a foreign country?
- Does your business have specific currency requirements?
- Does your business already have backup accounts in case of closures?
Of course, not all businesses require multiple accounts across multiple countries. Instead, many businesses can operate with a single account.
However, if the primary account of a business is ever closed (which can happen), then your business will not be able to receive payment or pay expenses.
As a business owner, it’s important to understand the different types of company accounts and what an operating account is, which you can learn about by clicking this link.
Before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Business Banking Starter Guide. It’s designed to help your business find and open accounts with the services you need around the world.
Frequently Asked Questions
Below are three of the most common questions that we receive from people looking to open accounts. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
How Many Bank Accounts Should Businesses Have?
Businesses should have as many bank accounts as they need to effectively manage finances, diversify risk, reduce exposure to international currencies, and ensure that they can continue operating if their primary accounts are closed down.
Where Should You Open Business Bank Accounts?
Business bank accounts should be opened in jurisdictions where businesses have ongoing operations and employees. Additionally, businesses should also consider opening account in countries where they have exposure to local currency, independent contractors, and customers.
Is It Difficult to Open Multiple Business Bank Accounts?
Opening multiple business bank accounts is not a difficult task. It only requires knowing which specific countries you want to bank in, which banks will accept your business and then completing the account opening process.
Do You Want Help Opening Bank Accounts?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
You can learn more on the products page from the main menu above.
