To common users of banking services, money transfers are money transfers. As in, you don’t consider them complex: just a tool to send and receive funds. But then, you face a plethora of terms like bank transfers, wire transfers, electronic payments, online transfers, and so on. And you start to wonder – “is there a difference between all of these?” and “what should I use?”. Well, let’s figure it out together! In this article, Genome will primarily focus on bank transfers and wire transfers and how they differ and compare wire payments to other transfer options as well. Wire transfer:
Being a blogger is not only about taking photos every day, cooperating with famous brands, and traveling. Just like everyone else, influencers need to manage their income, deal with taxes, and pay their teams money. For this, they need a business bank account. But here comes a tricky part. Which one works best in which country? Can a blogger send funds in different currencies from one business account? Genome answers all these questions and even more in today’s article.
Features of a business account
If you’ve only started creating a blog or vlog, you might not need a business account straight away. But as soon as it becomes profitable, it’s better to take care of the legal side of such business.
To put it simply, the role of a business account is to manage all the business transactions from one place. When looking for the best online payment service, bloggers need to pay attention to the following facts:
- Currencies supported (in case of frequent travels, such major currencies as EUR, USD, and GBP will be handy);
- Types of transfers (both internal and international) available and their pricing;
- Fees for cash withdrawals;
- Online banking and mobile application;
- Customer support;
- Possibility to order a credit/debit card or multiple cards;
If you’re a blogger, all the above points can simplify your business banking operations. Imagine that you’ve signed a contract with a popular brand and will spend a few weeks in the US doing vlogs and streams about your life there. Great deal, right? But, most of your team will stay in Europe, and you will need to pay salaries when you’re still on a trip. It can be easily done within seconds with the right business account services provider. Just log into your account and send money in no time.
When it comes to taxation, a business account will help with tracking all the expenses and incomes. Moreover, the record of all transactions can be checked anytime and serves as proof of your business activity. If you need a PSP that offers business accounts – check out Genome!
What is a business account?
With such an account, bloggers and influencers can manage their official business expenses. For instance, booking housing when traveling or paying for some tours shouldn’t be made via a personal account if it’s a work trip.
How do you qualify for a business account?
Different providers have different sets of requirements. However, in most cases, one will need to present official documentation to prove that they’re entrepreneurs or own some company, along with personal information (name, last name, phone number, ID, etc.). With most providers, you can apply online, no matter whether you’re located in Europe, Latin America, or any other part of the world.
What type of account is best for small businesses?
No matter if you’re only starting as a blogger or already have thousands of followers on your blog, look for an online payment service that will operate online and has excellent customer service. Many bloggers travel non-stop (no matter whether it’s for work or personal trips) and vlog and stream from numerous locations all over the world. Unsurprisingly, with such a crazy speed of life, they need to use different currencies and make cross-border transfers daily. Here’s when a reliable provider comes in handy, especially for those who must pay their employees in time, despite where they currently live. Go for a banking solution that will provide effortless and seamless services in any part of the globe.
What is the minimum documentation for a business account?
Usually, the following docs will be needed:
- The government-issued ID;
- The company certificate of registration;
- The document proving that a person who’s creating an application is the owner or one of the owners;
This list is more or less the same for the majority of providers worldwide. For more detailed information on how to apply for a business account service with Genome, click here.
Is it illegal to use a personal account for business?
Using a personal bank account for business transactions is not prohibited by law. Nevertheless, some banks can put certain limitations or even refuse to provide their services if one does this. In some countries, one will need to have a business account to start their business activity. Among its benefits are the separation of personal and business expenses, tax advantages, and even a simplified process of applying for a loan in some cases.