Business Banking Options Ranked: From Local Banks to Global Banks
Local bank, EMI, payment processor, global bank or specialist provider? This tier list breaks down the main business banking options and explains why a diversified bank portfolio can matter when your business operates across borders.
Transcript excerpt
Local bank. F-tier. It doesn't really understand a company set up in one country and run from another one, and it charges the most. Fintech / EMI. B-tier. Good for daily payments, but a bad place to park the cash. Payment processing. D-tier. Only useful when customers pay by card and you really want to automate things. Global bank. A-tier. Best single place to hold several currencies and send them across borders. Specialist business bank. C-tier. Only useful when they really know your industry, but then they won't close the account. High-risk bank. A-tier. Once you pay into uncommon countries, you need a provider built for that. Bank portfolio. S-tier. The perfect bank doesn't exist, that's why you stack them.
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