Thanks to digital banking solutions, a new era of business is here. As an alternative to the constraints of expensive cross-border transactions and the painstakingly slow service of traditional banks, digital business accounts offer global entrepreneurs a way to operate in a global market and grow their brands efficiently and profitably.

There is a wide range of benefits that come with using a digital business account. That being said, there, unfortunately, isn’t an all-purpose banking solution that fits the needs of all businesses. To get a better understanding of how your business could benefit from opening a digital business account, read on and learn more about their pros and cons.

The pros and cons of digital banking solutions Pros

– Fewer fees to pay

Traditional banks were not designed with small-scale global commerce in mind. With more and more eCommerce businesses in particular cropping up, the high transaction fees make turning a profit incredibly difficult. Not to mention, all the minimum balances, initial deposits, and other charges quickly amass. Working with Currenxie to open a Global Account affords you the opportunity to pay – and get paid – like a local in over 30 different countries.

– Straightforward to open

Unlike traditional banks which have application processes that take upwards of weeks, if not months, digital banking solutions can be opened far quicker and more simply from the comfort of your own home. Whereas high-street banks require you to go in for in-person interviews to open business accounts, all you need to open a digital account is your business registration certificate, proof of residence, and a passport. Our staff at Currenxie work to get your application approved within a matter of days, after which you can start trading immediately. Any interviews necessary can take place over video conferencing software.

– Easy to use

One of the benefits of digital banking solutions is perhaps evident in the name: you can operate your business’ finances from anywhere, at any time. Currenxie is a cloud-based platform that boasts an intuitive, clear, and straightforward user experience – on both mobile and desktop. This is a huge contrast to traditional banks which often have outdated websites and mobile phone apps that look like they belong in a different decade.

– As secure as traditional banks

Part of the reason we refer to our Global Accounts as digital banking solutions and not “banks” is because they are not banks in the same sense your high-street branch is. Brands like Currenxie are considered Money Service Operators and Electronic Money Institutes instead – but this does not mean your money is not as secure. Because of this status, we are required to hold funds with leading international banks and have enough assets to ensure that all your funds are safe, even in the event of our insolvency.

– Trade in multiple currencies

Being able to trade in multiple currencies is one of the key benefits of a digital banking solution, and is crucial to the success of eCommerce and other global trade bands. With a Currenxie Global Account, you can access our real-time foreign exchange with up to 8x more competitive rates in comparison to traditional banks.

Cons

– Not the same in-person customer service

Some business owners might still prefer physical, in-person customer service when it comes to financial matters of their business. While we at Currenxie pride ourselves on our stellar customer service and offer round-the-clock service, we do not offer face-to-face meetings like you could find at your local bank branch.

For those who value this, digital banking solutions may not be the right choice for you.

– Difficult to work with cheques and cash

Much of the global eCommerce trade is done through digital means. If your business commonly works with cash and cheques, you will find it difficult to operate seamlessly with a digital banking solution.

Who should work with Currenxie

By weighing up the pros and cons of digital business accounts, it seems that the type of brands to benefit the most from digital banking solutions are those who conduct most of their business online. This extends to smaller brands who are otherwise limited to business in their local country because of extortionate fees, as well as SMEs that can save time, money, and effort.

HGet in touch

If you want to learn more about opening your own Global Account with Currenxie, get in touch with our team today. We will be more than happy to answer your questions or inquiries.

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