Finding the best online business bank account

Having the right business bank account is a crucial step for any company to take. This will let you carry out your business banking processes and keep control of your funds. Read on to find out how to compare and identify the best online business bank account options.

Key features of an online business bank account

You need a useful business account that is going to let you send and receive transfers effortlessly, as well as keep track of your financial transactions with the help of the following key features.

Accessibility and convenience

24/7 access means online business bank accounts are ideal for managing business finances remotely using any device. You’ll always have your bank statements and accounts at hand to instantly confirm that you’ve paid any due business loans, direct debits, and other business expenses. You’ll also see right away when you receive cash deposits and international payments to your business account. 

Online banking keeps you in the loop at all times. With it, you know that you can turn to your business current account for the latest details and to see a full financial statement. There’s no need to wait for a monthly bank statement or to visit a local branch to confirm when you receive payments or cash deposits. Seeing your balance at all times and receiving instant payment notifications frees up more of your time for other tasks that need your attention.  

Cost-effectiveness

One of the advantages of online banking services compared to traditional ones is that the latter usually charge more for their services, as their branches have to pay for maintenance.

However, this is not the only way Fintechs make their services more cost-effective. For one, they use specialized business accounts that cater to specific companies.  

For instance, any monthly fees you pay for your business account will make a dent in your profit. Therefore, a free business account is incredibly helpful in allowing you to control your finances better and reduce unnecessary costs. Before starting, you should know whether you’re signing up for a free account or one that charges monthly fees.

If transaction fees are charged for sending money or for doing anything else, this is a crucial matter that could affect your earnings each month. Look out for hidden charges you need to be aware of and choose an option with valuable features like free UK bank transfers. You need to know how much any fees are and when you’ll be charged them in order to make an informed decision.

Your business account should be something that works in your favor, together with your accounting tools, to help you use your cash wisely. Any monthly fee or other recurring costs that you need to pay need to be taken into account from the beginning. 

When looking for an account for a startup, the cost factor is even more crucial as you look to grow sustainably with a low-cost base in the early years. 

Comprehensive banking services

Every large company or sole trader has their own list of priorities when looking for features and services on their business accounts. Some might be mainly concerned about sending international transfers, while others need to receive UK payments or exchange currency regularly.

Don’t forget that these needs can change over time, so you should look for a comprehensive banking service that can meet your changing needs in the future. You don’t want to reach a stage where you’re hoping to expand but don’t have the right business accounts and money transfer apps to do it sensibly.

Among other things, this means getting an account with a dedicated IBAN that allows international and local transfers as well as the opportunity to carry out currency exchange transactions at a reasonable cost. With comprehensive business accounts, you can feel confident that you’re ready to take the next steps or to react to whatever changes you need to make to stay competitive.

Genome’s online business banking features

You’ll find all of the online business account features you need with Genome, where you can feel in control of your finances thanks to the following services:

Dedicated IBANs

Having a dedicated IBAN account allows you to streamline your international business operations. You can easily send Credit and Instant SEPA transfers as your business grows, meaning that there’s nothing to stop you from reaching into new areas and doing business there without it costing you valuable time and money to set up.

An IBAN is an international bank account number, which allows for easy and secure identification of bank accounts across different countries. The Single Euro Payments Area (SEPA) is the region where you can send money in euros to other business bank accounts and personal accounts between 36 countries. So, IBANs are also used in the UK and some other countries.

Efficient international transfers

Genome gives you fast, smooth international transfers with competitive exchange rates, meaning that you have one less thing to worry about. This is a key feature for many bank accounts where the business has contractors or suppliers dotted across the planet. Genome offers a variety of international transfer options, including SWIFT payments in different currencies to over 40 countries. 

You can even have multiple business bank accounts in different currencies available, which are USD, GBP, EUR, PLN, CHF, JPY, CAD, CZK, HUF, SEK, and AUD. This idea of multi-currency accounts makes the process of moving cash between countries and currencies easier and less expensive.  

Visa business cards

Visa business cards offer speed and convenience for limited companies, sole traders, and businesses overall. This is a way of paying securely and with a huge degree of flexibility. The Visa network is accepted by over 130 million merchant locations in virtually every country you could think of. You can also use one of these cards to withdraw cash from ATMs in just about any part of the world, with spending limits allowing you to stay in control at all times.  

You can even activate a virtual debit card for online and contactless (Apple Pay, Google Pay, Garmin Pay-compatible) payments and have instant access to all the benefits of a business card without having to wait for it to be delivered. It also removes the risk of the physical card being lost, damaged, or stolen on your travels.

Batch transfers

Batch transfers offer a time-saving approach for limited companies that need to handle multiple transactions at once. Making payments becomes a lot easier when you can handle them in batches. This is one of the time-saving ideas that are worth paying attention to when you’re looking for a stress-free account for your business that suits your needs. 

The process needed to send payments might seem simple, but once the volume of your transactions grows, it can become a time-consuming task that stops you and your team from doing other things. The batch process is going to be invaluable in that case. 

Comparing online business bank accounts

There are some key comparisons to make when looking for the best business bank option. The following points are some of the areas to consider when making your decision. 

• Cost and fees. You should compare the account maintenance fees and transfer fees on the business bank accounts you assess as part of any summary. Even relatively small monthly fees soon add up, meaning that the most cost-effective options will save you a decent amount over time. Don’t assume that the monthly fees won’t apply to you because you’re not going to use those services. The way you use your business accounts can vary over time, and if the fees are high, you might end up paying the price at some point. On the other hand, a free account removes this worry. 
• Key features and services. You want to see a business account that will let you carry out all the processes you need, either now or in the future. Features like dedicated IBANs, international transfer options, currency exchange, and payment tools like business cards or batch transfers will all prove valuable to you at some point. Free business bank accounts with limited services are just going to prove to be a waste of your time. You need to find that perfect balance that allows you to carry out all your recurring tasks without paying excessive transaction fees.
• Customer support and accessibility. With the best business bank accounts, you shouldn’t need to ask for much help, but it’s good to know that the option is there if needed. If you ever need to ask for help or support on a business current account, you’ll be glad to have the option of getting a fast, professional answer. Being able to do it remotely or with a mobile app is even better. There are few things more frustrating for sole traders and business owners than wanting to question their bank’s transaction fees but not being able to get hold of anyone who can give them a sensible answer. 

Benefits of selecting Genome for online business banking

When you’re looking for an account to receive payments and carry out domestic or international banking transactions, there are some major benefits to choosing Genome’s services. We offer accounts that let you handle all your business finances in one place and without any hassle.

Advanced security features are vital, as they give you the peace of mind that you’re going to get secure transactions that use the latest advanced encryption and fraud prevention technology to keep your details safe from hackers and other dangers. As your business grows, you’ll become even more aware of the need for greater security, so it’s a great idea to choose a safe approach for your personal and business finances from day one.

Seamless integration and scalability are other of the main benefits to take into account. For instance, if you’re a UK resident operating as a sole trader or opening a business account for a registered company, it pays to get an account that is going to cope with your growing needs. The future is exciting when you’ve got a solid business plan and have a business account that can help you achieve your goals. 

For example, you might not need high spending limits or ATM withdrawals now, but this could change in the future as you start to travel to meet clients and need a business debit card for your expenses. Having this card ready to use without paying a monthly fee is going to put you in a strong position to take advantage of overseas opportunities without any delay.

In the same way, you might only send money to other business current accounts in the UK currently, but you could need to deposit cash to contractors in other countries at some point. Having an account that’s all set up for your future needs and with robust security measures is going to make life easier for you when your needs change. You’ll feel ready to meet the challenges ahead of you – and seize the opportunities – when you arrange a versatile account for your business finances.

Setting up a Genome online business account

There’s no need to worry about opening an online-only bank account with Genome, as this is a short and simple process that doesn’t compare with having to visit branches of your local banks to try and get a new account set up.

Simple account opening process

• The first step when opening business bank accounts with Genome is to press the button that’s marked as “get started.”
• Enter your email address and a new password when prompted. These are your new login details, so it’s important that you remember them or keep them safe somewhere.
• You’ll want to choose the option that says “business wallet” next.
• Enter the details to complete the short registration process.

Required documentation

The verification process is an important element of the online-only bank account opening process, as it confirms your eligibility and ensures that all legal requirements are met. This is where you’re asked to provide some documents and information to confirm you can open a business bank account. The following are the items you’ll be asked for.

• Proof of company registration
• Ownership structure
• Articles/Memorandum of Association

If you need assistance with the account verification process, you can contact our support team to get some help or check our guide on business wallet opening.  

The importance of choosing the right bank accounts for businesses

The types of bank accounts used by companies might not seem like a crucial matter at first. Yet, we’ve seen that opening the right account gives you a set of banking processes and tools that every limited company should have at their disposal.  

With no card monthly fee and a range of useful features, Genome’s online business banking options give you tailored financial solutions that help you keep your business in order. No matter how you deposit cash, receive international payments, and carry out other processes, you can do it safely and more easily with our business account options.

Don’t forget that there are various ways of optimizing your business’s financial management. The use of efficient banking services is just as important as the accounting software you use and the other financial processes you carry out daily. Choose the best business bank account for your needs, and you’ll be on the right path to success.

FAQs

What are the benefits of an online business bank account?

Having an online account lets you set up scheduled payments, make business transfers, and carry out the other banking processes that you need. It’s a more convenient approach than traditional banks can offer since online only banks put all the information at your fingertips at all times.

Why are dedicated IBANs useful for businesses?

With a dedicated IBAN, you can effortlessly carry out international transfers via the SEPA network. It is a big advantage for a sole trader account or a limited company that needs to send money abroad regularly and needs to find a cost-effective way to do so. 

How do Visa Business cards support business banking?

Visa business cards offer a fast and flexible way of making payments virtually anywhere in the world. It is an effective way of paying suppliers or covering business expenses while traveling. The option of requesting a virtual card is available, meaning that it’s ready to be used safely right away.

What security does Genome offer for accounts?

A high level of security is provided, using the latest technology to give a safe experience at all times. Two-factor authentication is enabled for all log-ins and confirmation operations, and there is information in the help center that you should read on how to enjoy a safe online banking experience.