How to Choose the Right Bank or Financial Institution for Your International Business
For international businesses, the right bank can help make your international trade transactions a breeze. Here are some things to consider when choosing your preferred bank or financial institution for international business.
Reputation & Services
You should choose an international bank that enjoys a good reputation and one that provides services you will specifically need for your business. For example, trade finance, alternative payment mechanisms or an escrow service. Furthermore, choosing an international bank will provide you with many advantages such as financial freedom of movement and possibly lower taxes and fees than you might encounter in your own jurisdiction.
The bank you choose should have a robust offering of trade finance solutions, whether it be documentary credit, bespoke arrangements or other facilities you may require. Ideally, your bank of choice should make your transactions with international clients, frictionless
As an international business, you will need to select a bank that works with a multitude of global currencies regularly. Euro Exim Bank’s Exim WAVE global payments processing platform supports 150 out of the present 165 currencies officially in use today. Furthermore, with the advent of digital currencies, Euro Exim Bank provides access to cutting-edge international cryptocurrency payment platforms such as RippleNet.
Online and mobile banking is absolutely critical today. Your bank should provide a robust, user-friendly, fully featured platform.
Ensure that your choice has qualified 24/7 customer support in a language and through a medium you prefer.
A bank that has teams who understand international business across industries, cultures and business environments will provide you with many advantages as you grow your business.
For many emerging and frontier markets, traditional payments can be expensive and time consuming. This is why you should choose a bank that supports alternative payments, like Euro Exim Bank does using the cryptocurrency Ripple to instantaneously settle international transactions through RippleNet.
Ultimately, your bank of choice should be your partner and adapt to your specific needs and provide a reliable, uninterrupted service.