Nonresident Bank Account in the United States
In the process of setting up an organization, opening a Bank account has the first place in order to send and receive funds for the business operations. Opening a bank account for business is not as easy as compared to opening a payment or a savings account. When it comes to opening a bank account for a business, it is always accompanied with the compliance process, trade policies, rules, and regulations in order to prevent tax evasion and money laundering. The rules might be different from country to country, however, the basic principles in business banking remain the same in all the countries.
However the reasons might sound legitimate for the banks being narrow with their compliance policies, it is usually not business friendly. In terms of International payments, the traditional banks have so many hierarchies which cost the business owners time and money. To receive money for the service or product a business delivered, they have to wait for at least a minimum of 3-10 days.
In order to open a bank account for business, the credit score of the business owner always comes in as a deciding factor of his chances to get a bank account for his business. This kind of hierarchical process eliminates the chances of getting a bank account for business owners who lost their credit score earlier due to unavoidable circumstances in their past.
Banking fee for business is too high, which can be ridiculously costlier for a startup and small businesses to afford. It becomes inevitable for those costs because of the traditional hierarchical process involved in a normal banking infrastructure, which ends up as banking costs for businesses.
Relationship matters for a business owner with his banker in order to keep his business banking operations smooth and soft. Any discrepancies with the banker will affect his day to day smooth operations, even though he abides with all the bank rules and regulations.
Minimum average balance for a business bank account is several folds high when compared to a normal savings account or a payment account. This makes it a difficult task for a business to deposit the money as minimum average balance as a sunk cost, and operate under abnormal situations when they are operating with less funds.
Is it possible to have a bank account without business rules?
Yes, absolutely. With the evolution of fin-tech systems, virtual banks make it a lot easier to open a business bank account with a low-cost structure. Making all the operations online, cuts down the costs to a greater extent, and makes it affordable for the business. This kind of online banking infrastructure also crumbles down the need for a hierarchical business process in the traditional banking and also equally efficient in saving time and money.
B2Bpay provides with a custom tailored solution especially for businesses which perform cross border payments. B2Bpay provides with virtual European bank accounts, which is 80% cheaper and faster than the traditional banks. With B2Bpay virtual European bank account, you can collect payments all over the Europe and transfer the funds globally cheaper and faster.