Are you considering opening an account for your business? And are you confused as to whether you should open a savings or a current account? If you are, this article will help you decide what kind of account you should open.
A current account in essence is an account which is used for daily transactions, payments, incoming earnings, vendor payments, salary payments. Opening a current account makes payments and transactions flexible, further provides a business with legitimacy, as it meets banking compliance standards.
Benefits of a business current account:
1. Immediate access to funds: Business current accounts enable you to have immediate access to your funds 24/7, which makes it easier and flexible to carry out daily business transactions.
2. Bulk payments: Unlike normal current accounts where a single payment can be done at a particular time, business current accounts have bulk payments to different beneficiaries. Making them versatile and flexible payment options for your business needs.
3. Multiple currency: Business current accounts have foreign currency or multiple currency options where in you can possess multiple currencies in a single account and transfer as and when required.
4. Reduced fees: Many financial institutions levy fees and charges on transactions, transfers for their business banking customers.
Benefits of having a business current account with Emirates NBD:
1. Smart banking: Bank digitally 24x7 with EmiratesNBD’s smartBusiness from anywhere in the world.
2. Swift Score: Perform transparent and secure payments, with no manual intervention.
3. Foreign currency: Bank in major foreign currency, transfer in and between multiple currencies
4. Business Debit card: Get a business debit card packed with multiple benefits, higher withdrawal limits and much more.
Current accounts for businesses have multiple advantages depending on the nature of the business, financial institutions offer benefits for businesses in different industry sectors to suit their needs. Doesn’t matter how many exclusives business owners get on opening current accounts, it always helps to do your own research before making up your mind to open a current account.