Opening multiple international bank accounts can benefit businesses by enhanced local cash flow management, cost savings on foreign exchange and transaction fees, and faster go to market strategies.   Why Companies Need Multiple International Bank Accounts?   For businesses trading internationally, managing payments in local currencies is vital. It allows for smoother transactions with regional stakeholders, reduces the foreign exchange risk, increases trust in front of clients and can even offer tax efficiencies. Having accounts in multiple jurisdictions can provide a strategic advantage, ensuring funds are available in the right place, at the right time, and in the right currency.     Get Ready For International Banking   Setting up bank accounts in foreign countries involves preparation for international onboarding requirements and dealing with strict paperwork. Moreover, you might consider some preparation work. Consider the following:   1. Speak With Your Current Bank : Start by consulting with your current bank to explore their international services.   2. Understand Requirements : Each country has unique banking regulations, AML and KYC policies, residency stipulations, and more. Familiarity with these rules is crucial. In addition, you should consider aiming to open accounts in regional hubs, for example Singapore and Hong Kong in Asia, UK or the Netherlands in the EU, Canada and US in Americas, and so on.   3. Prepare documentation : Opening bank accounts abroad typically requires comprehensive documentation, which may include business operational descriptions and licenses, proof of trading address, detailed company information, and the personal details of the company directors.   4. Legalize and notarize documents : Depending on the jurisdiction, you might need certain documents legalized or notarized in your home country before they are accepted abroad.   5. Comply with due diligence checks : Banks will conduct thorough background checks, including anti-money laundering (AML) and know-your-customer (KYC) processes. Make sure you can provide all requested paperwork and explanations to guarantee successful account opening.   6. Setup fees : Often, international banks charge setup fees, therefore you should be ready to allocate some money to cover these expenses.     Leveraging Fintech Solutions For Multiple Bank Accounts   Fortunately, the rise of financial technology has simplified the process of opening and managing bank accounts in multiple countries. Fintech companies utilize digital platforms to offer more streamlined, efficient banking solutions:   - Rapid account setup : Many fintech platforms enable businesses to open accounts quickly, often with just a few clicks once KYC and AML verifications are completed.   - Reduced costs : By using a single platform for multiple accounts, businesses can save on transaction fees and avoid costly currency conversion fees. In addition, FinTech’s often excel in both spot currency transactions and forwards (used to mitigate FX risks).   - More payment methods : Fintech platforms are enabled with multiple payment methods, for example, SEPA , SWIFT , ACH , FPS and so on. This is possible due to the fact that FinTech’s partner with local banks globally and then use them for enhanced payment routing.   - Enhanced flexibility : Fintech solutions often provide multi-currency accounts, allowing businesses to hold, manage, and transact in various currencies through one portal.   - Multiple IBANs : some Fintech platforms are licensed across the globe and can offer several IBANs in a single platform, for example if a platform holds licenses in the EU, UK and Singapore, they can provide EU UK and SG IBANs.   If you would like to get an up to date list of best Fintech platforms that allow holding and managing multiple regional accounts, fill out our contact form and we will send it to you by email.     Choosing a Fintech Provider   When selecting a fintech provider for opening international bank accounts, consider the following factors:   - Currencies and reach : Check whether the provider offers services in the currencies and countries relevant to your business needs, and have necessary payment methods and routes.   - Account types : Some providers offer "omnibus" accounts that pool your money into one account per currency, while others might offer segregated accounts that keep your funds separate from others'. If you can, opt segregated named accounts or named sub-accounts for multiple currencies.   - Regulatory compliance : Ensure that the fintech provider is fully regulated and licensed in the jurisdiction you want to be banked in.   - Platform usability : Choose a provider whose platform is easy to use and integrates well with your existing back-office applications.   - Support : Make sure you have access to live support or get a relationship manager that is always there to help and guide you.   Top Countries to Open a Business Bank Account and Why They Matter Many companies prioritize Switzerland (exceptional stability, multi-currency accounts, strong deposit protection, but strict compliance), Singapore (top-tier rule of law, fast cross-border rails across Asia, deep USD liquidity, and excellent trade-finance services), and the Netherlands or Germany (SEPA access, reliable infrastructure, transparent fees, and strong fintech integrations for EUR receivables). Luxembourg is attractive for treasury and holding structures thanks to sophisticated cash-management and multilingual support, while the United Kingdom remains a powerful hub for FX and international payments despite tighter onboarding for foreign-owned firms. The United States is often chosen to anchor USD flows (ACH/wires, vast correspondent network), and the UAE works well for MENA/GCC trade with a business-friendly environment and time-zone advantage. Hong Kong can be compelling for China-adjacent commerce (USD/HKD depth), though onboarding can be rigorous. In practice, many firms mix two or three of these hubs to balance stability, currency coverage (USD/EUR/GBP/SGD), payment rails (ACH/SEPA/Faster Payments), and compliance expectations.   Conclusion   Opening multiple international bank accounts doesn't have to be a daunting task filled with bureaucratic hurdles. With the advent of fintech, businesses can now access simpler, cost-effective banking solutions that support their international operations. By following this guide, you can establish a robust global financial infrastructure that supports your business’s growth and operational needs across the world.

SEPA simplifies bank transfers denominated in euro and are provided by European banks. For UAE companies looking to use SEPA as means of money transfers and payments in Europe or with their European clients/suppliers, opening a SEPA account is a business necessity. Why a necessity? Because SEPA allows for easier, faster, and cost-effective transactions within the eurozone.   What Are SEPA Account Benefits For UAE Companies?   SEPA enhances the efficiency of EURO  payments and consolidates various national schemes into one integrated payment system for the currency. By acquiring a SEPA IBAN, UAE businesses can enjoy benefits such as:   - Simplified transactions : Conduct business across eurozone countries with fast and reliable payment system of SEPA. On top, create more trust within your business partners by demonstrating an European IBAN. - Lower transaction fees : SEPA eliminates the premium charged for international transfers within the eurozone. Regardless of the amount of euros being transferred, SEPA is a fixed cost that is usually in single digits. - Faster payments : Transfers within SEPA are usually completed within one business day as SEPA payments are being settled multiple times per day and SEPA Instant payments happen in seconds.   So using direct SEPA rails offers significant advantages for a UAE-based company compared to relying on SWIFT transfers through local banks.   What Are The Requirements For UAE Company To Open SEPA Account?   Before a UAE company can open a SEPA account, it must meet specific criteria:   - Business registration : The company must be legally registered in the UAE. In addition, many EU banks will require certified company documents for the onboarding and in English language. - Economic ties to the EU : The company should demonstrate business activities with the EU, such as trade partners, investment portfolio, supplier relations, founders or owners being form the region and similar. - Compliance : Adherence to international anti-money laundering (AML) standards, accurate book keeping, contractual relations based on agreements and invoices and a digital presence is benefit. Many banks nowadays look at companies websites, check their office location on maps and ask for example invoices to cross-check the legitimacy of the business.     Step-by-Step Guide To Opening A SEPA IBAN Account   Step 1: Find The Right Bank   Start by selecting a bank that offers SEPA services to non-European entities. Consider factors such as:   - Reputation and reliability : Choose a bank that is licensed in the EU or UK, and is a participant of the SEPA scheme, which allows them to offer SEPA payments. Moreover, cross-check if the bank was not in trouble with the regulators and is not in a bad reputational setting. - Services offered : Ensure the bank provides all needed services like banking platform, multi-currency capability, multiple payment methods (such as SWIFT besides SEPA) and customer support in English. - Fee structure : Compare fees for account maintenance, transactions, and currency conversion.   If you would like us to send you an up to date list of best EU banks that can onboard UAE company, fill out our contact form and we will send it to you by email.   Step 2: Prepare Documents For Onboarding   Collect all required documents to fulfill the account opening process requirements. Typically, these include:   - Company registration documents : Certificate of Incorporation, Memorandum, and Articles of Association. All certified and in English. - Proof of business activities : Contracts, invoices, or statements showing business dealings with EU companies. - Identity verification : Passports of company directors and beneficial owners. - Proof of address : Recent utility bills or bank statements or lease agreement.   Step 3: Work On Your Application   Most banks now offer online applications for opening business accounts. Upload the documents to the bank’s portal and fill out the application form. Ensure all information is accurate to avoid delays. If bank representatives come back with questions, make sure you work out the answers and they should be as detailed as possible.   Step 4: Account Set Up   Once your application is approved, the bank will create your SEPA account and unique account IBAN. You will receive these details and will have to set-up your account to be ready to use. Familiarize yourself with the online banking system and test the transfer processes with small transactions.   Step 5: Use Your Account   Use your SEPA account as planned. Even make sure that you can get API integration into your back office or accounting system to reduce hours spent on manual transactions. Maintain thorough records and be prepared to provide additional documentation if the bank requests it during annual reviews.     Conclusion   Opening a SEPA IBAN account is an important step for UAE companies. By following these steps outlined in the article, UAE company can get easily and quickly set-up and start making SEPA transfers in several weeks.

Switzerland is known for its banking sector for its stability and privacy with a highly developed personal services. For non-residents interested in opening a Swiss bank account, understanding the procedures, benefits, and potential hurdles is essential. Why Open A Swiss Bank Account?   There are several reasons why one might consider opening a bank account in Switzerland:   1. Privacy : Swiss banking laws are known for protecting the privacy of their clients. 2. Stability : Switzerland’s political and economic stability makes it a safe haven for those that want to protect their wealth and assets. 3. Wealth Management Expertise : Swiss banks offer high-level expertise in wealth management and investment services, which is also a very great addition to the corporate banking. 4. Multicurrency Accounts : Many Swiss banks provide the option to hold funds in multiple currencies, as well as receive and send payments using multiple payment methods. 5. Asset Protection : Swiss accounts are often used for asset protection and risk diversification. 6. Crypto Friendliness : Swiss banks are openly friendly with crypto businesses and clients that wish to send and receive funds from and to crypto exchanges.     What Is Needed To Open A Non-Resident Account In Switzerland?   Before attempting to open a bank account in Switzerland, non-residents have to prepare for the onboarding, which can vary between banks but generally include the following:   - Age : Most banks require account holders to be at least 18 years old. - Minimum Deposit : Swiss banks often require a substantial minimum deposit, which can range from CHF 5,000 to CHF 1,000,000 or more, depending on the bank's focus and service type. - Documentation : Valid personal and corporate identification, proof of address for both individual accounts and corporate, and sometimes proof of income or wealth are typically required. - Industry Specifics : Banks will try to understand the risk profile of your business therefore you should prepare some brochures or presentations (or have a website) on your business operations, flow of funds, typical transactions.   What Type Of Bank Accounts Are Available In Switzerland?    Swiss banks offer a variety of account types to suit different client needs:   - Personal Accounts : For individual private use, handling day-to-day money management and savings. - Corporate Accounts : For companies looking to benefit from Swiss banking advantages. - Investment Accounts : For those interested in securities trading and investment services. - Private Banking : Tailored wealth management services for high-net-worth individuals.  - Crypto Friendly Accounts: Nowadays crypto is mainstream in Switzerland and many banks offer crypto-friendly accounts with on/off ramps.   Steps To Open A Bank Account In Switzerland   Opening a bank account in Switzerland as a non-resident generally involves the following steps:   Step 1: Choosing a Bank   Choose a bank that will understand your industry specifics and will be able to cater to your specific business or personal needs. Make sure the bank is able to onboard your entity remotely, without need to visit a branch. Moreover, make sure that all currencies and services required are available to your account.   If you would like us to send you a list of non-resident friendly banks in Switzerland, fill out our contact form and we will share it by email.   Step 2: Documentation   Gather the required documentation, mainly business incorporation certificates, IDs for the UBOs and directors, POA (proof of address), financial statements, business operations overview, example invoices if possible and business website.   Step 3: Application   Many Swiss banks now offer the option to start the application process online. Fill out the application forms with accurate information and submit them along with your documents. Make sure you are connected with an account manager for additional requests on documents or explanations. A good account manager can play a pivotal role in account onboarding.   Step 4: Verification   Once the application is submitted, the bank will review your documents and conduct due diligence. Upon approval, you will be required to deposit the minimum balance stipulated by the bank. Moreover, you may ask to open currency sub-accounts or investment account for your portfolio management.   Step 5: Daily Banking After the deposit is made and all formalities are completed, your accounts will be activated. Make sure you have access to the online platform and email notifications or 2FA. Moreover, you should be in touch with your account manager for managing any of your banking matters efficiently.   Banking Fees In Switzerland   Swiss banks are known for their fees, so it’s important to be aware of the charges associated with maintaining an account. These can include:   - Account Management Fees : Regular charges for account maintenance, 100 to 500 CHF. - Transaction Fees : Make sure you understand your commercial schedule and try to negotiate the rates if your volumes are high. - Conversion Fees : If managing multiple currencies, conversion fees will apply. Aim to get a fixed spread on your FX trades and consider FX hedging tools. - Wealth Management Fees : Applicable if you avail of investment or wealth management services. -Investment Fees : If you also added an investment account, check your custody, trading, holding and management fees. Make sure you have access to all important markets.   How Swiss Bank Deposit Protection Safeguards Your Money in Case of Bank Failure In Switzerland, money held with banks is protected through a robust deposit protection scheme and strong regulatory oversight, designed to safeguard both private individuals and corporate clients. For retail customers, deposits of up to CHF 100,000 per person, per bank are guaranteed by esisuisse, the Swiss deposit insurance organization. While this protection applies mainly to individuals, corporate accounts also benefit from the same guarantee up to the same limit, provided the entity qualifies under the scheme’s terms. In the rare event of a bank failure, Swiss law ensures the swift return of protected deposits, typically within seven working days. Recent events underscore the system’s relevance—most notably, Credit Suisse, one of Switzerland’s largest banks, faced a dramatic collapse in 2023 and was acquired by UBS under pressure from regulators to avert systemic risk. Earlier, smaller institutions like Kaiser Partner Privatbank and Bank Hottinger & Cie also ceased operations or were acquired, highlighting ongoing consolidation in the Swiss banking sector. These examples demonstrate that while bank failures remain rare, Switzerland’s framework ensures clients’ funds are shielded through a combination of insurance, regulation, and market intervention.   Conclusion   Opening a Swiss bank account requires careful evaluation of banking needs, gathering of documents and working with the compliance department. By following the steps outlined in this guide, you can smoothly navigate the process of opening and maintaining a Swiss bank account.

In the world of precious metals, whether trading in gold, silver, platinum, or palladium, having a robust banking setup is vital. This article explores a process of opening a bank account for a precious metals business or company, the factors to consider, and the steps to ensure smooth operations of your business.   What Are The Banking Needs Precious Metals Business?   Precious metals companies often deal with high-value transactions and international trade that requires a solid banking partner to support it. Additionally, the volatile nature of precious metal prices requires businesses to be highly responsive to market conditions and need quick payment deliverability.   Some of the condensed needs below:   1. High Transaction Volume: Ability to handle a high volume of transactions daily, and preferably in USD, EUR or GBP. 2. International Banking Features: Facilities for foreign exchange and international transfers such as SWIFT, ACH, SEPA or FPS. 3. Reliability: Reliable banking platform and swift account manager to ensure that there are no delays in transaction processing times. 4. Flexibility: Banking solutions that allow to adapt to market conditions, for example FX forwards to hedge currency risks against market fluctuations when specific contracts require delivery or action in near or mid-term future. 5. Low Cost: Reasonable commercial conditions to exchange currency, hedge or make payments, as high value transactions can be subject to high fees.     How To Choose The Right Bank For Precious Metals Industry?   Selecting the right bank is more than just opting for first searches on google or paid ads or the one with the lowest fees. For a precious metals business, certain specialized banking services and expertise are required.   Some factors to consider:   1. Experience in Precious Metals: Banks with a history of servicing the precious metals market will likely understand your specific needs better. Moreover, such bank might already have necessary internal processes to release and account for high value and high risk transactions associated with dealings in precious metals. 2. International Capabilities: Since precious metals are often traded on international markets, a bank with strong global payments rails and multi-currency capability is needed. 3. Customized Services: Look for banks that offer tailored services such as dedicated account managers, dealing desk access and specialized transaction facilities. 4. Reputation and Stability: Opt for a bank that is licensed in a trust-worthy jurisdiction and has been around for many years. In addition, you might consider checking if the bank have had any fines from the regulator recently or any other issues were publicly discussed in the media.   If you would like us to send you a list of banks that specialize in precious metals business and account opening, fill out our contact form and we will send it to you by email.     Steps To Open A Bank Account For Your Precious Metals Business   Opening a bank account for a precious metals business requires preparation of business related documents.   List of required documentation:   1. Business Registration: Proof of business registration and applicable licenses specific to trading in precious metals. 2. Identification Documents: Personal identification documents of the business owners and key operators. 3. Proof of Address: Both for the business and the personal addresses of the key business stakeholders. 4. Business Plan: A detailed business plan outlining the operations, expected cash flow, and specifics about suppliers and clients. 5. Financial Statements: Recent financial statements to provide a snapshot of the business’s financial health.   Once your documentation is submitted to the banks review, you should wait for any clarification request form the account manager and if required, submit missing documents or answer questions in detail.   Once your account is opened, you should log in into your online banking, make the test payments and get ready to use that account in full motion. Don’t forget to consult and check with your account manager for any platform or business updates or ask questions if you have any.   How Precious Metals Traders Are Leveraging Crypto for Faster Transactions Precious metals traders are increasingly turning to cryptocurrencies as an alternative transaction method, especially when traditional banking proves slow or restrictive. By using stablecoins like USDT or USDC, traders can settle cross-border deals instantly without relying on intermediary banks. This approach reduces settlement times, lowers transaction costs, and bypasses the red tape often associated with high-risk industries like precious metals. Crypto also offers enhanced privacy and operational flexibility, making it a practical tool for global trade in gold, silver, and other bullion assets—especially in regions with limited banking access or regulatory friction.   Conclusion   Opening a bank account for a precious metals business is based on unique needs of the business and its much better to open the account with a bank that has experience in serving the industry.

The digital wallet is quickly replacing traditional banking and cash transactions as the go-to way for online money management and payments. This post will walk you through the process of creating a digital wallet account.     What Is A Digital Wallet?   In essence, digital wallets are online payment instruments that you can access via computer or smartphone applications. They enable users to make purchases and transfer money without using actual cards by securely storing the payment credentials, including debit and credit card numbers.     What Are The Types Of Digital Wallets?   Digital wallets fall into three main categories based on their use-case:   1. Open Wallets : These wallets can be used with any merchant that accepts digital payments. Examples include services like PayPal, which allow transactions across various platforms and merchants globally.    2. Semi-Closed Wallets : These are typically linked to a specific network of merchants or services. They are useful for frequent customers of particular brands, such as the Starbucks app, which works exclusively within Starbucks stores.   3. Closed Wallets : Restricted to transactions with a single merchant or service provider. These include digital versions of store-specific gift cards or loyalty programs, such as those offered by Amazon.     What To Consider Before Opening A Digital Wallet Account?   Before you decide on a digital wallet account, consider these important factors:   - Security : The wallet should have robust security measures like two-factor authentication, encryption, and tokenization to keep your financial data safe.   - Device Compatibility and Regional Availability : Check if the wallet is compatible with your device and is available in your region.   - Fees : Understand any fees associated with transactions, deposits, or withdrawals.   - Integration : The ability to integrate with other financial apps and services can significantly enhance convenience.   - Customer Support : Good customer service is crucial, especially for resolving potential issues quickly.     Simple Steps To Opening A Digital Wallet Account   Opening a digital wallet involves several straightforward steps that can be completed in just a few minutes. Here's how to get started:   Step 1: Choose the Right Type of Wallet   As discussed previously, determine which type of wallet best suits your needs. If you need flexibility and widespread use, an open wallet might be the best option. If your transactions are more localized or specific, a semi-closed or closed wallet could be a better fit.   Step 2: Select A Provider   Research various digital wallet providers to compare their features, security measures, and user reviews. Look for a provider that offers high security, low fees, and good customer support. If you would like to get an up to date list of best in class digital wallet account provider, fill out our contact form and we will send it to you by email.   Step 3: Install The App   Once you've decided on a provider, download their app from the App Store or Google Play. Ensure your device is compatible with the app requirements.   Step 4: Register The Account   Open the app and follow the instructions to create a new digital wallet account. This will typically involve providing your email address, creating a password, and possibly verifying your identity with additional information (KYC).   Step 5: Add Payment Methods   Link your bank accounts, credit cards, or debit cards to your digital wallet. This process usually requires you to enter your card details and authenticate them either through your banking app or via an SMS code sent to your phone.   Step 6: Set Up Security   Activate all available security features, such as biometric authentication (fingerprint or facial recognition), two-factor authentication, and setting up a strong, unique password for the account.   Step 7: Using Newly Created Digital Wallet   As your account is already set up and secured, you can begin using your digital wallet to pay and get paid easily and quickly.     Conclusion   Digital wallet accounts provide a practical and safe way to handle your money. You may improve your digital payment experience by carefully setting up your account, selecting the appropriate wallet type, and evaluating possible providers.

When setting up a proprietary trading (prop trading) firm, one of the initial steps is opening a bank account. Proprietary trading firms need bank accounts for various reasons, from operational stand point to segregation of funds. This article will cover the needs and steps of bank account opening.   Proprietary Trading Firm – What Is It?   Prop trading firms engage in trading assets (stocks, crypto, derivatives and so on), using their own capital to generate profits from trading activities. Unlike traditional investment companies, these firms do not have clients and do not manage clients assets, instead they focus on trading their own capital.     How To Choose The Right Bank For A Prop Trading Firm?   1. Specialized Financial Services Look for banks that offer services tailored to financial institutions. These banks are more likely to understand the specific needs of a trading firm, such as access to high-volume trading accounts, high value payments between trading accounts and operational accounts, currency exchange with low rates, currency hedging with FX forwards and any other type of financial solution that a prop trading firm might need.   2. Reputation Choose a bank with a strong reputation for dealing with specialized clients and their needs, such as financial institutions or proprietary trading firms. Moreover, make sure that the bank has the necessary regulation and licensing profile, such as onshore licensing, top tier banking relationships for payments correspondence, advanced tech platform.   3. Fees and Charges Compare fee structures. Some banks offer lower transaction fees or special rates for high-volume or high value payments and currency exchange. Your projected transactional activity might determine the conditions of the bank account.   4. Integration Check for compatibility with your trading and accounting software. Seamless integration between your bank accounts and your operational systems is essential for real-time financial tracking and management.   If you would like to receive an up to date list of banks that are welcoming proprietary trading firms and can provide specialized financial services, fill out our contact form mentioning your jurisdiction and types of assets you are dealing with, and we will send the list to you by email.   Preparing Documentation   Prop trading firms have high-risk nature attached to their business. Therefore, they will need to provide the bank with extensive documentation for the account approval. You might pre-check your documents stack with this high level list below:   1. Corporate Documentation Provide proof of business registration, statutes, company certificates and any specific licenses required for trading. These documents validate the legal status of your business.   2. Ownership and Management Proof Documentation revealing the identity of the beneficial owners and key management personnel. This often includes government-issued IDs and sometimes Source of Wealth statements (bank account statement or tax declaration).   3. Business Plan and Financial Projections A comprehensive business plan outlining the firm’s strategy, types of financial activities, and transaction volumes projection. This helps the bank assess risk and understand the firm's business model.   4. Proof of Address Documents that confirm the business and personal addresses of the owners and the firm itself, such as utility bills or lease agreements.   5. Compliance Procedures Evidence of your firm's compliance measures, such as prevention of money laundering (especially if the firm is dealing with digital assets).     Application Process And Account Approval   Once you've gathered all the necessary documentation, you can proceed with the application process:   1. Meeting Schedule a meeting with a relationship manager that is specialized in corporate or financial accounts. This is a chance to present your business and its needs, and get a link to submit your application.   2. Documentation Submission Submit all prepared documents. Be ready to receive additional requests or questions from the banks side.   3. Account Setup Upon approval, the bank will set up your account. This process may involve setting up multiple accounts or sub-accounts to help manage different currencies or operations.   4. Software Integration Integrate your new banking setup with your operational systems. This might require technical support from the bank and your IT team, usually this is guided during the implementation call.   Crypto Prop Trading - Banking Challenges and Solutions  Crypto proprietary trading firms often face significant challenges when opening bank accounts due to their perceived high-risk profile, unclear regulatory classification, and association with volatile digital assets. Banks may hesitate to onboard these firms due to concerns over AML crypto compliance, source of funds verification when they come from digital assets, and exposure to crypto market fluctuations. To overcome these barriers, crypto prop firms should present transparent corporate structures, maintain detailed transaction records, and partner with legal advisors to demonstrate strong compliance practices. Engaging with fintech-friendly or crypto-supportive banks, especially in jurisdictions like Switzerland, Liechtenstein, or parts of the EU, can also improve approval chances. Additionally, working through regulated BaaS platforms or e-money institutions may offer a more practical route to secure operational banking services. Contact us for a list of crypto friendly banks. Conclusion   Opening a bank account for a prop trading firm is an easy task with a certain preparation. By ensuring all documentation is precise and opting for a bank that understands the nuances of financial markets, prop trading firms can establish a robust foundation for their financial operations.

Opening a bank account in the UK is a difficult process if the directors or significant owners are foreigners and not UK residents. Even if there are no legal restrictions against non-UK residents owning or directing UK-registered businesses, nor are there laws preventing them from opening bank accounts, the strict AML regulations make it quite challenging. Few Reasons Why Foreigners Struggle With UK Bank Account   For companies with non-resident or foreign directors, the primary hurdles involve AML checks conducted by banks. These checks can slow down the process and make it lengthy and here is why:   1. Physical Presence : Many traditional banks require company representatives to be physically present in the UK to verify their identity. 2. Residency Restrictions : Some banks do not accept companies if all directors are non-residents or if there are decision makers who are non-residents. 3. Signatory Limitations : Non-resident directors might face difficulties becoming signatories on the bank accounts. 4. Transparency : British banks want to understand why foreign owner wants to open a company in the UK and have a local bank account. They will check if company is acting locally or just as a shell company. Local trading address will help to solve this, however the business activity will be checked in detail.     What Are The Steps For Opening UK Bank Account As A Foreign Owner?   Thankfully, the evolution of digital banking has created new ways and alternatives that cater to global entrepreneurs and foreigners that want to open and own a business in the UK. Here are steps for UK bank account opening as a foreign owner:   1. Finding The Right Bank   While traditional banks like HSBC and Barclays are an option, they typically require physical verification. However, modern digital banks such as Wise and Revolut offer more flexible solutions but even those became strict or stopped accepting foreign owned companies for UK bank account opening.   On the other hand, there are several digital banks in the UK that specialized in non-resident bank accounts and are open to do business. If you would like to get an up to date and tested list of digital banks that can open local UK bank account, fill out our contact form and we will send it to you by email.   2. Prepare Documents   Even with online banks, you will need to provide comprehensive documentation to satisfy AML and KYC requirements:   - Proof of identity and address for all directors and significant shareholders. - Company registration documents and details of your business activities. - Proof of business address, which may be in your home country, but better if it is in the UK. - Website or marketing materials as compliance analysts try to understand how you get clients. - Proof of legitimate business activity such as example invoices or supplier/buyer contracts.   3. Consider Professional Services   If navigating local business and banking requirements for your UK ventures seems too challenging, consider enlisting professional help. Specialized professionals like corporate service providers or lawyers can assist in company formation, setting up local representative office, handling documents for the onboarding with banks and sometimes even local marketing. Moreover, they can also aid in setting up a UK workplace pension scheme for your employees.   Swiss Bank Account as an Alternative to the UK A company with foreign owners may choose to open a business account in Switzerland instead of the UK for greater privacy, asset protection, and access to a stable banking environment. Swiss banks are known for their conservative risk approach, political neutrality, and strong regulatory oversight, which can appeal to internationally owned businesses looking for long-term stability. Additionally, for companies involved in international trade or holding structures, Switzerland offers multilingual banking support and efficient cross-border payment infrastructure. While UK banks have tightened onboarding for foreign-owned entities in recent years—especially for high-risk or non-resident structures—Swiss banks may provide more flexibility, provided the business maintains transparency and meets the bank’s compliance standards.   Last Thoughts   Setting up a bank account is important, but it's part of a larger business setup process in the UK that may include:   - Registering with Companies House. - Understanding tax obligations both in the UK and your home country. - Ensuring compliance with all local and international trade laws. - Knowing local market conditions and competitive landscape.     Conclusion   Opening a UK bank account for a company with foreign directors is not an easy task but possible. By choosing the right banking partners and preparing accordingly, you can establish a functional banking setup that will support your ventures in the UK.

The cannabis industry has seen exponential growth in the last decade, thanks to the increasing legalization of cannabis for both medical and recreational use across various states and countries. However, despite the growing market and legal relaxations, cannabis companies still face significant challenges when it comes to opening bank accounts. Financial institutions are often hesitant to serve cannabis-related businesses due to the complex regulations and concentration of CBD or THC in their products. Nevertheless, having a bank account is crucial for any legitimate business, including those in the cannabis industry.     What Is The Legal Landscape For Cannabis Company?   The first step in opening a bank account for your cannabis company is to understand the legal landscape. Cannabis remains illegal in some countries, which complicates the ability of banks to serve cannabis-related businesses. However, more and more countries are legalizing cannabis to varying degrees, and some local banks and credit unions have begun to provide banking services to cannabis businesses within these jurisdictions.     Why Compliance Is The Main Concern?   Compliance is a critical factor for cannabis businesses seeking banking services. Make sure your business is in strict compliance with all local cannabis regulations and your products do not exceed the allowed concentrations of certain chemicals. This includes obtaining all necessary licenses and permits, adhering to state laws regarding the sale, distribution, and production of cannabis, and keeping meticulous records. Banks will require proof of compliance before even considering providing services to your business.     How To Research Suitable Financial Providers?   Not all banks are willing to work with cannabis businesses, but there are a growing number of financial institutions that are open to it, especially in jurisdictions where cannabis has been legalized (Canada, Germany, The Netherlands, etc). Research banks and online payment providers that have a history of working with the cannabis industry. If you would like to get an up to date list of cannabis friendly banks, fill out our contact form and we will send it to you by email.     How To Prepare Documentation?   When you find a bank willing to consider your business, be prepared to provide extensive documentation:   - Business licenses and permits - Articles of incorporation - Operating agreements - Detailed business plan including financial forecasts and sources of funding - Compliance and monitoring systems in place - Personal identification for all major stakeholders     Why You Should Expect Higher Fees?   Banks that accept cannabis businesses often charge higher fees and may impose stringent conditions on account holders. This can include higher balance requirements, increased scrutiny of transactions, and more frequent reporting requirements. Be prepared to accept these conditions and incorporate them into your business financial processes.     Why You Should Consider Alternative Banking Solutions?   If traditional banking options are not available, consider alternative financial solutions. Some cannabis businesses use online payment gateways or digital crypto wallets, while others explore fintech solutions designed specifically for the cannabis industry. These alternatives often provide creative and flexible banking solutions but may still carry higher costs or other limitations.   How Crypto Businesses Can Use BaaS in the EU? Crypto businesses in Europe can tap into Banking-as-a-Service (BaaS) platforms to issue named IBAN accounts for their exchange or trading clients, providing a seamless and regulated fiat gateway. By integrating with a licensed BaaS provider, these companies can offer each user a dedicated IBAN under their own brand, enabling direct euro deposits and withdrawals via SEPA. It also reduces operational friction by allowing end-users to interact with their own named accounts, rather than pooled or omnibus structures—building trust and improving the overall client experience.   Conclusion   Opening a bank account for a cannabis company requires diligence, thorough preparation, and a proactive approach to compliance and transparency. By carefully researching potential banking partners and preparing detailed documentation, cannabis businesses can overcome some of the financial hurdles and establish themselves as legitimate, stable, and compliant enterprises in this growing industry.

Some businesses find it difficult to open bank accounts for their complex ownership structures. Companies owned by multiple stakeholders with varied nationalities, partnerships and multi-national enterprises with branches distributed across the globe are struggling with local or international banks more and more as regulations and AML policies get stricter. How Does A Complex Ownership Structure Look Like?   A complex ownership structure may involve multiple layers of ownership or control, including subsidiaries, trusts, and holding companies across different jurisdictions. These structures are often utilized for reasons ranging from tax optimization and asset protection to operational efficiency and investment strategies.     How To Determine The Type Of Bank Account Needed?   The first step in opening a bank account for an entity with a complex ownership structure is to determine the type of account that is going to be needed. Consider the operational and financial needs that will be served with the new account, for example: operational account for payroll and supplier payments, investment account for managing commodity or market risks, or specialized accounts like merchant or treasury services are required.     How To Choose The Right Banking Institution?   Selecting a bank that is familiar with international laws and complex corporate structures is an advantage. Some banks specialize in serving multinational corporations and have expertise in managing the regulatory nuances of different jurisdictions.   In the similar vein, look for a bank that can provide dedicated accounts with multi-currency capabilities and multiple payment methods such as SEPA, SWIFT, FPS, ACH and some local rails as well. Try to understand if the selected bank can offer services beyond payment acceptance and funds transfers, such as foreign exchange, forward contracts for hedging, treasury management tools and back-office integrations (Quick Books, Xero, etc.).   If your organization is utilizing stable coins or crypto currencies as means of payments, then you should also make sure that the bank is crypto-friendly and you wont have trouble sending or receiving money from crypto exchange venues.   Finally, if you would like to get an up to date list of banks that are specialized in serving complex ownership structures, fill out our contact form and we will send it to you by email.     What Type Of Documentation Is Required For An Account Opening?   The documentation required can vary significantly depending on the bank and the country. Typically, you will need:   - Proof of identity and address for all ultimate beneficial owners (UBOs) and directors. - Legal documentation establishing the entity’s existence and structure, such as articles of incorporation, corporate bylaws, and operating agreements. - Detailed organizational charts showing all layers of ownership and control. - A business plan or an explanation of the business activities.     Why Understanding The Regulatory Environment Matters?   Every country has its own regulatory environment governing bank accounts for complex ownership structures. It's essential to understand AML and KYC guidlines in the jurisdiction where the bank account will be opened. This may involve disclosing the identity of all beneficial owners and providing detailed financial projections.     How To Plan For Tax Compliance?   Entities with complex ownership structures must be diligent about tax compliance. Understanding the tax implications in each jurisdiction where the entity operates is essential. This includes knowing the tax treaties, withholding taxes, and reporting requirements.     Should You Monitor And Maintain Compliance?   Yes, absolutely. After the bank account is opened, maintaining compliance with all relevant laws and regulations is critical. This includes monitoring changes in the legal and regulatory frameworks in all jurisdictions involved. Moreover, you should keep the bank updated with any ownership or licensing changes of your company so that the bank is aware and doesn’t restrict your account.     Conclusion   Opening a bank account for an entity with a complex ownership structure is a demanding task. By understanding the requirements and taking preparation steps, businesses can effectively manage their banking needs across jurisdictions, ensuring operational efficiency and legal compliance in their financial operations.

In the world of business foreign exchange trading is important part and understanding the markup on it is crucial for minimizing costs. Markup in FX trading refers to the difference between the market price and a final quote by the broker of the transaction. This difference, often represented as a percentage, is a primary source of revenue for many brokers and payment service providers.   Why Understanding The FX Markup Is Important?   Before diving into the calculation of markup, it’s important to understand its role and significance in FX dealings. The markup is essentially a fee that brokers add to the bid-ask spread—the difference between the buying and selling prices of a currency pair. For example, if a broker buys EUR/USD at 1.1000 and sells it to a client at 1.1002, the markup is 0.0002 or 2 pips. This fee compensates the broker or the PSP for providing liquidity and facilitating the trade.   How FX Markup Is Calculated?   Calculating your FX markup is crucial for businesses that exchange currency through payment service providers (PSP) and neo-banks. This markup represents the profit margin you add to the currency exchange rate provided by the PSP. Here’s a practical example with a payment service provider:   Suppose you are exchanging GBP to USD.   - Base Exchange Rate : 1.3050 - Selling Rate (from a PSP) : 1.3055   1. Calculate the Rate Difference :    2. Convert the Rate Difference to Pips :    3. Calculate the Markup Percentage :      In this example, your markup is 5 pips, and the markup percentage is approximately 0.0383%.   How To Ensure A Transparent FX Markup?   Transparency in FX markup practices is very important when using payment service providers or FX brokers. Here are some tips:   1. Clear Communication : Always clearly communicate your expectations towards the desired exchange rate and FX markup to the broker or account manager that is taking care of your account. 2. Competitive Pricing : Regularly check the market and negotiate rates with your provider. 3. Historical reports : From time to time you may check the transaction reports from the past trades and calculate if your provider was quoting you in a transparent and honest way.   If you would like to get an up to date list of best in the market PSPs and digital banks that can offer competitive FX rates and services, fill out our contact form and we will send it to you based on your jurisdiction.     Factors That Can Influence Your Currency Exchange Operations?   1. Market Volatility : In highly volatile markets, markups may be higher to account for the increased risk. 2. Trading Volume : Higher trading volumes often lead to lower markups due to economies of scale. 3. Client Relationship : Long-term clients or those trading in large volumes might be offered lower markups as a competitive advantage. 4. Competition : The level of competition in the market can influence markup rates. In a highly competitive market, brokers might reduce their markups to attract more clients.     Incorporate FX Forwards In To Your FX Strategy   Incorporating FX forwards into your currency exchange strategy can provide significant advantages in terms of risk management. FX forwards allow you to lock in an exchange rate for a future date, offering protection against unfavorable currency movements. By securing a fixed rate, you can better manage your cash flow and budget more accurately, minimizing the impact of currency volatility on your financial statements. This is particularly beneficial for businesses with predictable foreign currency needs, such as those with recurring payments to overseas suppliers or long-term projects priced in foreign currencies.     Conclusion   Calculating your markup on FX transactions is a good exercise that can lead you to cost savings. By understanding how FX markup work and how to achieve the best possible rate with your provider you will elevate your FX management and reduce the costs.

Escrow account is a term that frequently crops up in real estate and business transactions. If you're considering a property purchase or a significant business deal in the UK, you might find yourself in need of an escrow account and here is a guide how to open one quickly.   What Is An Escrow Account?   An escrow account is a financial arrangement where a third party holds and regulates payment of the funds required for two parties involved in a given transaction. This third party ensures that the transaction proceeds smoothly and securely by holding the funds until all conditions of the agreement are met. Escrow accounts are particularly common in real estate transactions, but they are also used in business deals, mergers and acquisitions, and even online transactions.     What Are The Main Uses Of An Escrow Account?   Security and Trust   One of the primary reasons for using an escrow account is to enhance security and trust between the parties involved. By placing funds in an escrow account, both the buyer and the seller are protected. The seller knows that the buyer has the funds ready, while the buyer is assured that the money will not be released until all contractual obligations are fulfilled.   Managing Complex Transactions   Escrow accounts are especially useful in managing complex transactions that involve multiple stages or conditions. For example, in property transactions, the funds might only be released when all inspections are completed and the title is clear.   Dispute Resolution   In the event of a dispute, the escrow account provides a neutral ground. Since the funds are held by a third party, neither the buyer nor the seller can access the money until the dispute is resolved, encouraging both parties to reach an amicable solution.     How Does An Escrow Account Work?   Step 1: Agreement Between Parties   The first step in setting up an escrow account is for the involved parties to agree on the terms of the transaction. This agreement should include the amount of money to be held in escrow, the conditions under which the funds will be released, and the details of the escrow agent.   Step 2: Choosing An Escrow Agent   An escrow agent is a neutral third party responsible for managing the escrow account. In the UK, escrow agents can be banks, solicitors, or specialized escrow service providers. As this guide is focused on the banking side, banks can often be effective escrow agents as the final release of the funds is always approved by the bank. Some banks are specialized and often have a team that work with escrow accounts therefore finding the right bank can solve an escrow agent and a bank account problem with a single choice. If you would like to get an up to date list of some reputable banks that open escrow accounts and can take an escrow agent role, fill out our contact form and we will send it to you by email.   Step 3: Drafting The Escrow Agreement   The escrow agreement is a legal document that outlines the terms and conditions of the escrow arrangement. This document should be signed by both parties, covering all aspects of the transaction, including timelines, responsibilities, and dispute resolution procedures.   Step 4: Depositing Funds   Once the agreement is in place, the buyer deposits the agreed funds into the escrow account. The escrow agent will confirm receipt of the funds and notify both parties. This step is crucial as it assures the seller that the buyer has the necessary funds for the transaction.   Step 5: Fulfilling Transaction Conditions   The parties involved must now fulfill the conditions outlined in the escrow agreement. This might include property inspections, completion of legal paperwork, or other contractual obligations. The escrow agent monitors the progress and ensures that all conditions are met before releasing the funds.   Step 6: Releasing Funds   When all conditions are satisfied, the escrow agent releases the funds to the seller. This marks the completion of the transaction. If any issues arise during the process, the escrow agent holds the funds until a resolution is reached, ensuring a fair outcome for both parties.     What Are The Escrow Account Benefits?   Increased Confidence   Both buyers and sellers can proceed with increased confidence, knowing that the funds are securely held and will only be released when all terms are met.   Reduced Risk   Escrow accounts mitigate the risk of fraud and non-payment, providing a secure framework for transactions.   Neutral Mediation   The escrow agent acts as a neutral mediator, which can be particularly helpful in resolving disputes and ensuring that both parties adhere to the agreement.   Simplified Transactions   For complex deals, such as property purchases or business mergers, an escrow account simplifies the process by clearly delineating the stages of the transaction and ensuring that funds are available as needed.     What Are The Cost and Fees Of An Escrow Account?   Escrow account comes with fees, which can vary depending on the bank and the complexity of the transaction. You should expect an account opening fee, and transaction fees from the bank side. On top of that, if the transaction involves currency exchange, you might want to consider using FX forwards while funds are being held in the  escrow account to avoid any potential losses from the unfavourable currency rate changes.     Conclusion   Opening an escrow account in the UK is a prudent step for ensuring secure and smooth transactions, whether in real estate, business, or online deals. By providing a neutral ground where funds are held until all conditions are met, escrow accounts protect both buyers and sellers, reduce risks, and facilitate complex transactions.

Today’s FinTech’s rely on the ability to issue sub-accounts for end clients in multi-currency fashion. This functionality allows companies to manage funds more accurately as then they receive and send funds in their own name. Leveraging Banking-as-a-Service (BaaS) solutions can simplify this process, enabling firms to launch comprehensive banking services quickly and cheaply.   BaaS   Banking-as-a-Service (BaaS) is a model that allows FinTech’s to integrate banking services into their own front-end applications or platforms through APIs and provide end banking services without a need to develop banking networks on their won. Here are the BaaS advantages uncovered:   1. Quick Time To Market : BaaS integrations enable FinTech’s to launch banking services in weeks rather than months, significantly reducing time-to-market as the single integration provides multiple payment routes and currencies. 2. Low Cost : A modular, pay-as-you-go approach allows FinTech’s to scale their banking applications in line with the demand from their end clients, optimizing for fixed and variable costs. 3. Flexibility : FinTech’s can choose to integrate full banking software or connect via APIs, catering to both regulated and pre-regulated entities.     Key Features Of A BaaS Platform   When selecting a BaaS platform to issue sub-accounts to end clients, it’s essential to consider the following features:   1. Integration Capabilities   A robust BaaS platform should offer end-to-end integration for payments routing, FX and potentially transaction monitoring: - Payments & FX : Proper BaaS should be able to provide a platform with multiple payment routes, currencies and FX capabilities that can be automated with the API. - Transaction Monitoring : Automated systems to detect and prevent fraudulent activities. - Digital Assets and Fiat Management : Seamless handling of both digital currencies and traditional fiat currencies.   2. Customizable APIs   The ability to customize APIs and offer white-label solutions allows businesses to tailor their banking services to their brand and client needs. This includes: - Customizable Front-End : Branded interfaces for client interactions, ensuring a consistent user experience. - Back-End Management : Efficient systems for managing client accounts, transactions, and compliance.   3. 24/7 Support and Developer Tools   Access to dedicated support and advanced developer tools is crucial for smooth integration and operation. This includes: - Swift Support : Around-the-clock assistance for resolving issues quickly. - Developer Tools : APIs and SDKs designed by developers for developers, ensuring seamless integration.     Steps To Issue Sub-Accounts Using BaaS   Issuing sub-accounts to end clients has several steps underway, from initial setup to ongoing management. Let’s discuss in detail:   1. Choosing Provider   A good BaaS provider should have a track record of multiple other FinTech’s using their solution successfully. The platform should not only support your growth ambitions and goals but also be customizable and able to adapt with your company’s growth. Moreover, we highly suggest asking for case studies with similar FinTech’s in your country or a similar jurisdiction to be able to check how it is working in real life. If you would like us to send you a list of BaaS providers based on your jurisdiction, fill out our contact form and we will send it to you by email.   2. Setting Up The Infrastructure   Depending on your technical capabilities, you can choose to: - Develop Native Software : Build your banking software and integrate it with the BaaS provider’s APIs. - Use Provided Tools : Utilize the provider’s front-end and management UI to expedite the process.   3. Integrate APIs   Connect your product to the BaaS platform’s core banking system using APIs. This involves: - API Connection : Establish a secure connection to the platform. - Data Management : Ensure proper handling of client data, including encryption and secure storage.   4. Customize The Client Interface   Develop or customize the client-facing interface to match your brand book: - Account Functionalities : Allow clients to manage their sub-accounts, payments and FX seamlessly. - Transaction Features : Enable local and international transactions, different currencies and if possible digital asset.   5. Compliance   Ensure compliance with regulatory requirements and monitor transactions for bad actors. This can be automated through the BaaS platform’s built-in tools, however we suggest to implement own monitoring system.   6. Launch   Once everything is set up and tested, launch your banking services. The BaaS platform should allow you to add features once your business grows: - Named Account Issuance : Provide personalized accounts for clients in over 80 countries. - Multiple Correspondent Banks : Facilitate international transactions through various banking partners. - Digital Wallets and Liquidity : Offer digital currency wallets and liquidity management.     Case Study: eWallet Catering To Freelancers   Consider a fintech startup aiming to offer multi-currency accounts to freelancers worldwide. By partnering with a BaaS provider, the startup can: - Launch Quickly : Set up the necessary infrastructure and integrate APIs within weeks. - Offer Comprehensive Services : Provide clients with named accounts, digital wallets, and seamless currency conversions. - Ensure Compliance : Automate KYC and transaction monitoring to meet regulatory standards.   This approach not only accelerates the time-to-market but also allows the startup to focus on core business activities while the BaaS provider handles the technical and regulatory complexities.     Conclusion   Issuing sub-accounts for end clients using BaaS is a strategic move for businesses looking to expand their financial offerings. With BaaS FinTech’s can launch tailored banking services, ensure compliance, and scale their operations to meet growing demands.