What to Look for in a Bank for Your International Business
By Banesco Team
Published on August 14, 2019
An international business, by definition, has either clients or foreign providers. Thus, a qualified financial entity is necessary to allow it to receive and make payments and perform other relevant business transactions.
The Cambridge Business Dictionary describes international banking as financial arrangements, such as lending money, for companies and banks in other countries. International banking is just like any other banking service, but it takes place across different nations.
South Florida is home to many multinational companies. Therefore, we naturally have several individuals concerned with global banking services for transacting business.
For these international businesses, having a relationship with a bank that offers international banking services is essential. These services range from payment accounts to lending. An international bank will facilitate international business arrangements and transactions that may be unfeasible for domestic banks.
International banks are key facilitators of international trade, fulfilling an important role not covered by other institutions. These include offering payroll services for companies with employees and contractors in other countries, or letters of credit to ensure that companies in different countries pay one another for goods and services. They also offer financing services to support the capital required to import and export goods.
What is the Best US Bank for International Business?
Here are some important things to consider:
- Currencies: In many cases, it will be essential that the bank you select deals in multiple currencies regularly as Banesco USA does.
- Accessibility and Presence: An international bank should provide the customer the ability to do business with ease in foreign countries, and in some cases even have a branch presence in relevant local markets.
- International Transactions: The ability to make international bill payments without major interruption is critical to these companies as they pay and also receive money.
- Qualified Customer Support: It’s also important that the bank you choose has personnel and call center support that is experienced and trained in the transactions and languages common to your international business.
- Robust Online and Mobile Banking Platform: These platforms can be essential to doing business across countries with different time zones and bank holidays that differ from your own, helping to reduce unnecessary delays and interruptions in business throughout the year.
- Specialized International Teams: Having bankers with a deep understanding of various industries, cultures, and business environments is invaluable in running an international business.
Banesco USA International Banking Services
Banesco USA offers a wide range of international banking services including:
- Experience: Banesco USA’s international roots create an institution attuned to the needs of diverse and increasingly international communities. This includes international personal banking services that are attractive to many business owners.
- Presence: Representative offices in 13 countries and territories via its affiliation with Banesco International and partner companies (Argentina, Colombia, Dominican Republic, France, Germany, Mexico, Panama, Portugal, Puerto Rico, Spain, Switzerland, United Kingdom, and Venezuela).
- Business Checking Accounts: With features like unlimited checks, no maintenance fees when maintaining the minimum daily balance required, online and mobile banking, electronic statements at no charge.
- Business Savings Accounts: With features to open savings accounts online, interest earned credited into your account at the end of the statement cycle, no maintenance fees when maintaining the minimum daily balance required, online and mobile banking, and electronic statements at no charge.
- Money Market Accounts: Immediate account access, interest earned credited into your account at the end of the statement cycle, no maintenance fees when maintaining the minimum daily balance required, online and mobile banking, electronic statements at no charge.
- Certificates of Deposits: Competitive rates and a wide variety of terms for international business customers, from 30 days to 5 years. You can choose your own payment schedule, either monthly, quarterly, semi-annually or at maturity. CDs are subject to early withdrawal penalties.
- Partnership with Local Agency: Where we refer our customers for investment needs.
Don’t forget to make sure to have all your documents are up-to-date to open an account.
What Will an International Bank Need From You?
For international banking, the bank will:
- Confirm your identity: Normally, all banks will need official documents to confirm your identity for safety purposes.
- Ask about your overall business goals and expectations: a bank will need to understand the nature of your business and what you want to achieve moving forward.
- Inquire about the origin of your deposits: a bank will need specific information on large deposits.
- Ask for legitimate references: banks need to confirm if it’s a reputable company.
- Analyze your risk as a customer: banks need to know if you would be able to pay back loans.
If you are looking to open an International Business Account, you can reach one of Banesco USA’s experienced personal bankers by calling +1 (888) 228-1597, or by visiting one of our convenient branch locations.