15 signs you should switch to an online business account

Digital solutions are changing how we interact with virtually every area of our lives, from ordering takeout to booking flights. And banking isn’t any different. 

Most people don’t need to physically go into a bank when everything they’d need is accessible online. In the same way, many businesses find that online business accounts are a much easier and more efficient way to manage their finances.

Here we’ll explore why you might want to switch to an online business account. 

You need to make international payments

Whether your business is small or large, public or private, corporate or independent, you’ll likely need to make international transactions. 

Sending money abroad is a much longer process through a traditional bank system than it is via an online business account. You’ll save time, stress, and even money due to service fees. With an online business account, you can simply enter the recipient’s bank information yourself and select the desired currency for your transfer.

You want to create global accounts from home

Say you want to expand your business by creating various bank accounts in different currencies worldwide. Visiting physical branches in different countries isn’t the most practical approach, nor is it necessary.

Online banking lets you open a business account from the comfort and convenience of your home country.

You want to monitor your business expenses more closely

Managing and monitoring finances through online account access rather than physical branches is much easier. And as long as your business is earning and spending money, you should keep a close eye on your finances through routine receipt checks to verify transactions and charges. 

You need the ease of a mobile app

Business owners often have very busy schedules that are generally unpredictable. Fortunately, online business accounts typically provide access through a mobile app.

Using a mobile app for banking on the go is extremely convenient for owners who have minimal time to physically stop by a bank. Mobile banking apps will help keep your day running smoothly from start to finish. 

Professionalism is a priority

Using an online business account is more professional because you can do things more quickly. You can transfer or receive money from a client or customer instantaneously, which also helps your company stay punctual, reliable, and generally on top of it.

Your vendors, for instance, will be so glad you switched from SWIFT transfers and other slow, uncertain payment delivery methods. This is a massive priority for finance teams at growing companies, where the tools they use often thwart the need to resolve accounts quickly.

Clients can pay via simple payment links you set up with just a few clicks.

A company's success partially relies on image, and controlling your finances on the spot will improve your reputation and credibility. 

You need faster approval

If you have all of the required documentation and credentials on hand, you can usually apply for an online business account in minutes. Although the approval process may take up to seven business days, it is still much faster than applying in person. 

Physical banks typically require much more paperwork and often have long lines or appointment requirements that hold back your schedule. 

Your account costs are too high

Monthly and yearly costs are important considerations when deciding which bank system works best for your business. Many banks charge fees for services and products, such as small account activity, excessive transactions or withdrawals, or regularly depositing cash. These costs can rack up quickly.

Switching to an online business account is beneficial if you’re paying an excessive amount to keep your traditional account intact.

Your bank doesn't meet your needs

Most banks have general restrictions on accounts, such as the number of deposits or transactions you can make monthly. This is a real hassle for many businesses and can halt significant growth. 

You know best in terms of what you need and what you don’t to ensure your company runs smoothly. For example, if overdraft protection is vital to your business operations but your physical bank doesn’t provide it, online banking might be the best next step.

You want to bank completely online

If, for some reason, you’ve decided to call it quits on traditional banking and want to manage your finances completely online, it’s time to make the switch. 

Going into a traditional bank involves commute time, long waits, and general inconvenience that gets old fast. Creating an online business account lets you access your account anywhere, anytime, without moving an inch.

You're unsatisfied with the service

Being unsatisfied with your current bank’s customer service is another excellent reason to switch to an online business account. You won’t have to deal with disrespectful or unknowledgeable employees who may not take your questions seriously when banking through an online business account. 

Plus, many online business accounts provide a dedicated account manager to handle all your questions and needs.

You need access to more business products

Some banks have limited business products, so it’s not uncommon for businesses to outgrow the lack of offerings. Online business accounts provide access to more business products than traditional banks, such as virtual cards, merchant services, loan products, and more.  

You need to connect to payment processing tools

Online business accounts easily connect with services such as Venmo, PayPal, and other tools that allow you to process payments from or to customers and clients quickly. Other digital banking services available through online business accounts include money accumulation through stock and currency exchange.

Accessing tools like these can help open up new outlets for your business.

Your want to earn higher interest

Online banking typically offers higher yields on savings accounts than traditional brick-and-mortar banks because of its lower overhead costs. You can earn interest as your money builds, which could potentially help your business prepare for large purchases or potential expansion later down the road. 

Your current fees are getting too high

Conventional banks have an array of fees associated with keeping your account active, keeping your account open with a low balance, paying with a debit or credit card, and large cash withdrawals, among many others. Online business accounts are less likely than traditional brick-and-mortar banks to charge you for service or minimum balance fees.

FDIC insurance is a requirement

Many online business accounts are insured by Federal Deposit Insurance Corporation (FDIC), offering the exact coverage you’d get from a traditional bank. You can use the FDIC’s BankFind tool to ensure your bank account is covered. If it is, your depositors are protected, and you'll prevent loss, which is an especially important factor if your deposits are large.

Set up your online business account in seconds

If any of the above needs sounded familiar, it’s probably time to switch to an online business account.

Airwallex provides foreign currency accounts with no signup fees and zero monthly account fees. With low FX fees, you can quickly transfer funds to anywhere in the world and enjoy the ability to schedule payments in bulk. 

Some of our other products include cards, Xero integration, and payment linking to get paid instantly. Making the best decision for your business isn’t hard – you just start online. 

Sign up today to open an online business account for your company. 

[Related article: 6 Reasons why your bank transfer might be delayed]