If you’re trying to determine how many business accounts can you have, the answer is pretty straightforward… as many as you feel comfortable with.
That said, more bank accounts don’t mean better banking, better service, or more opportunities. Instead, it can lead to more confusion and less leverage.
That’s why, in most cases, we encourage business owners to understand the specific financial services, corporate banking solutions, and features they require. Then, they can make an informed decision about the number of accounts they need to meet those requirements.
In this article, we’ll dive into this topic further and help you decide how many business accounts you can (and should) have.
Feel free to use the table of contents to jump ahead to any sections most relevant to you.
Table of Contents
- How Many Business Bank Accounts Can You Have?
- Where Can You Open Multiple Business Accounts?
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
How Many Business Bank Accounts Can You Have?
The number of business bank accounts you can have ultimately depends on you. In other words, there are no specific restrictions that are imposed on business owners limiting the number of accounts a business can open.
That said, if you are trying to open multiple bank accounts at the same bank, that bank may stop you from opening additional accounts if they do not understand your requirements or see the commercial need.
If a bank stops you from opening multiple accounts, there are other alternatives you can consider instead, including the following options referenced below.
Businesses seeking basic financial solutions such as commercial bank fixed deposit rates can click here for additional information on how businesses can use a fixed deposit laddering strategy and benefit from higher interest rates.
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Where Can You Open Multiple Business Accounts?
Instead of diving into specific countries or banks, we’re going to look at two specific options that most banks can consider when opening up multiple accounts.
Open Multiple Bank Accounts With a Digital Banking Platform
Many business owners have started to supplement traditional bank accounts with digital bank accounts, they do this because digital banks offer a number of extra benefits that traditional banks do not.
For example, many digital banks allow for the creation and management of as many sub-accounts as you want. Additionally, several digital banking options also issue as many virtual debit cards as you need as well. These services can be especially useful for growing businesses with multiple divisions, individuals managing separate budgets, or simply for account purposes.
Open Bank Accounts With Multiple Banks
Depending on the specific benefits that you are trying to obtain, it could make sense to open accounts with a completely different bank or in a completely different country. This is especially true if you want to access currencies your current bank doesn’t offer, higher interest rates than your current bank offers, or protection in case something happens to your current banking relationship.
With this in mind, many business owners will choose to open accounts in foreign markets where they can access the specific currencies they want, better services, higher rates, and extra security. If this is something you are interested in, you can consider our account opening solutions shared below.
Frequently Asked Questions
Below are three of the most common questions that we receive from people looking to better understand their business banking options. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Can I Have Multiple Business Bank Accounts With the Same Bank?
Yes, opening multiple business bank account accounts with the same bank is possible. In fact, most banks would prefer that their customers maintain their entire banking relationship with them. That said, certain business owners may find that opening accounts with multiple banks better meets their requirements.
Why Do Companies Have Multiple Bank Accounts?
Companies may have different bank accounts to support different business activities, account requirements, or divisions in their business. Additionally, certain companies have business activities in multiple jurisdictions, which require local bank accounts to support domestic transactions, hold local currency, reduce fees, and more.
Where Can I Open Business Bank Accounts?
Where you can open business bank accounts depends on where your company is registered, where your business activities are carried out, the specific industry your business operates in, and many other variables. You can use the available tools below to determine which specific countries and banks are best for your business.
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.
