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 corporate banking solutions and features for your business, keep reading.
Feel free to use the table of contents to jump ahead to the sections that are most relevant to you.
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 the type of business you have, the services your business requires, the markets your business serves, and more.
Here’s a look at just a few of the important variables you should consider when deciding how many bank accounts should your business 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.
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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.
Ready to Open a Business Bank Account?
If you would like assistance navigating your business banking options at home or abroad, we can help.
You can access GlobalBanks IQ, our international banking intelligence platform, in just a few clicks. Unlock our bank database, individual bank profiles, account opening strategies and reports, banker scripts, and more.
But, if you want a 100% personalized account opening service that taps into our team’s expertise and provides direct banker introductions, you can get started with GlobalBanks Insider.
Of course, if you have any questions, please contact us directly.