Loading...
Answers
MenuI'd like to pool the collective wisdom here and ask what banks so you prefer for your business needs?
I'm trying to decide where to do my banking for my business and I'd love to know what criteria you use to evaluate potential banks, as well as good and bad experiences. Thank you!
Answers
Without knowing where in the world you are it's hard to name any specific institutions but here are some things I've learned over the years:
1. Don't do business banking virtually. By having a relationship with my local bank officer I was allowed to go over my line of credit limit by $5,000 for 14 days on her authority alone. The only reason she let me was our personal relationship. People matter.
2. Ask if you'll automatically be offered credit limit increases based on account activity or if you need to apply each time you want to expand credit. Applying each time will likely create a 'hit' on your credit score. I once had my credit expanded by $20,000 simply because of the account activity.
3. Get a clear understanding of the fees and understand that dealing with you costs the bank money. I'm very suspicious of 'free' accounts of any kind. There is always a cost.
4. Make sure the branch is convenient. I don't like waiting for an hour on the phone to speak to someone in a call center. When there is a royal screw-up in your banking nothing beats marching down and talking to the commercial manager. They'll want you out of their office fast and that means getting a resolution most of the time.
5. If you're going to be doing business internationally, ask about foreign branches or brands. Here in Canada most of the banks own US banks so it can make things easier for business in the US to open a US account in the USA from the comfort of home.
Set up a call if you'd like to talk about your specific needs.
David C Barnett
Related Questions
-
What is a good bank for an high tech start-up?
Silicon Valley Bank. Tell them I sent you and they'll take care of you ;-)PP
-
What are the alternatives besides Wire Transfer or Paypal for transfer to overseas accounts?
Probably the cheapest answer would be bitcoin.KC
-
What type of regulation do apps like Cash App and Venmo have abide by?
They have to be PCI Compliant. https://www.investopedia.com/terms/p/pci-compliance.aspMG
-
How do I setup my tour agency's bank accounts in multiple countries?
Hello, I believe that you may be over-complicating this a little. Typically, you need to have either citizenship or some other legal presence within a country to open a checking account within it. I would recommend establishing accounts in your own country first and then using ATMs in other countries to withdraw money, as "wiring" money internationally can be expensive. If you just need to pay for expenses while abroad, look instead into using credit cards that have no foreign transactions fees such as the Capital One Venture Card. If you really need accounts in multiple countries, you will likely need to incorporate within them. As for accepting payments in different currencies. Your best bet will probably be 2Checkout or Stripe Atlas to start. Stripe Atlas will probably have lower fees but will take more technical expertise to get up and running. Best of luck to you!PP
-
I am new here. Hello all. What is the best way for an 18 year old to make money.
There are tons of ways and you have to start without worrying how it would end. Also i am giving a very general answer since I do not know anything from your background. Few things you can choose from: 1. Real Estate: Learn how accounting works for real estate and how you can buy properties without any cash. Learn how you can partner with someone for equity deals. Learn how comparable work and how big multifamily deals are funded. Learn about how whole sailing works. You can also do apartment referrals to start making some money. 2. Stock market: First figure out the scam and open a small account and learn how to trade stocks. Do not lose big. Start small and lose small. Understand the psychology of traders who are taking other side of the trade. 3. Get education in a high paying sector. Currently it is either in coding or in some kind of handyman job (plumber)...do a bootcamp to start earning income and start saving some money for real estate deals or stocks. Note there are coding bootcamps which do not charge any money and you pay them based on your future guaranteed salary. Of course I have not listed 1000's of other was you can make money!RJ
the startups.com platform
Copyright © 2025 Startups.com. All rights reserved.