Top 3 loyal internet banks for business abroad

Choosing the right online bank can play a key role in the success of your international project. International law firm Antwort Law with many years of experience in international law helps entrepreneurs choose financial solutions that best meet their goals and objectives.

Thanks to our numerous partners among banks around the world, our banking consulting is especially in demand in the context of increasing global regulation. In modern business, it is critical to have at least 2-4 bank accounts with trusted providers, depending on the geography of payments.

Today we present three online banks that, in our experience, are ideal for international business and in which we have repeatedly opened corporate and personal accounts for our clients. It is important to remember that the banking system, as well as tax and legal regulations, are constantly changing. Therefore, before choosing a bank, we recommend updating information about its loyalty by contacting our specialists.

1. Bilderlings

Bilderlings was founded in London in 2015 as a fintech company focused on innovative business banking solutions, specializing in working with international companies and startups. Historically, Bilderlings started as a fintech company with a focus on payments technology, and then expanded its range of services to include banking solutions and compliance consulting. Provides multi-currency accounts and the ability to conduct transactions with minimal fees.

Best for: IT startups. They use this bank to quickly move to international sales thanks to flexibility and low fees, which helps them reduce operating costs and scale their business faster.

2. Transferro

Transferro was created in response to the difficulties faced by companies operating in international markets. It began its activities with a focus on tech companies and startups, aiming to simplify their financial transactions and make them more transparent. The digital bank is headquartered in Brazil.

Best for: Companies that handle large volumes of foreign exchange transactions, such as international traders or logistics firms, find Transferro a reliable partner. It minimizes currency conversion costs and simplifies the management of financial flows.

3. Annext Bank

Annext Bank is a modern digital bank registered in Singapore and wholly owned by Ant Group, a company controlled by billionaire Jack Ma. The bank was launched in June 2022 after receiving approval from the Monetary Authority of Singapore (MAS) and has since focused on providing financial services to small and medium enterprises (MSMEs) both locally and regionally.

Best for: Small and medium enterprises (MSMEs), especially those seeking digital solutions to run their businesses in the Asia Pacific region.

What is important to remember if you want to open accounts in these banks:

1) Despite the loyal conditions of these banks, you should take into account the strict requirements for confirming sources of income and identifying beneficiaries, which can slow down the account opening process. Banks now strictly adhere to anti-money laundering (AML) regulations, which requires the preparation of a large number of documents.

2) The speed of opening accounts does not always mean low requirements for further service. Clients may face requirements to provide regular reports and updates on company data. It is also important to remember that some bank functions, such as the ability to make large transfers, may be limited for new clients until compliance checks are completed.

3) Despite multi-currency accounts and international transfers, not all of them can provide full access to services in all markets. Some countries may be under sanctions, which limits the ability to do business in these jurisdictions. There may also be difficulties with sending and receiving payments in countries with less developed banking systems.

The right choice of online banking is an important step for successful business abroad. Antwort Law is ready to help you analyze the possibilities and choose the most suitable solution for your project, taking into account all legal and financial aspects. Our specialists will help you do this quickly, efficiently and reliably.

Lidia Ivanova

International lawyer
Antwort Law