If your company engages in frequent international transactions, you are likely familiar with the challenges associated with such transactions, including speed, cost, and convenience issues.
It is essential to locate a business bank account that can effectively facilitate international business transactions to reduce costs and enhance convenience in your operations.
Here is a concise overview of the top financial service providers and banks in the United States for international business purposes.
Novo`
Novo is a financial technology company rather than a traditional banking institution. It provides small businesses with an affordable and user-friendly online banking experience.
The online banking application enables users to manage their finances while moving conveniently. Novo can integrate with a wide range of partner applications, allowing you to optimize your workflow solutions effectively.
Novo can seamlessly integrate with over 15 business tools, including prominent platforms like Stripe, QuickBooks, Xero, and Slack. This feature allows you to seamlessly utilize these applications while consolidating them within your Novo account.
The only fees Novo charges are Insufficient Funds and Uncollected Funds Returned expenses. Both of these costs USD 27.
Equally, with Novo’s business card, you will pay no foreign transaction fees, and any ATM fees abroad will be reimbursed.
Benefits include:
• A wide range of integrations with partner business tools.
• Numerous perks available for use with partners.
• An easily navigable online banking system.
• An integrated invoice creation tool.
• Unlimited fee-free transactions.
• No fees for foreign transactions.
• Reimbursement of foreign ATM fees.
Brexit
Brex is a business account that is an alternative option tailored explicitly for startups and scaled enterprises.
With Brex, users can invest their funds in money market funds, yielding up to 3.96%. Users can create a maximum of eight distinct accounts to maintain a clear distinction between their investing funds and operational funds, providing them with a more comprehensive overview.
Benefits include: The Brex Business account is highly suitable for startups and scaled enterprises seeking to establish business credit and earn APY while enjoying various other features.
There are over 1,000 integrations available.
Both physical and virtual business cards can be utilized in a total of 100 countries.
• Rewards are offered on purchases made.
• Account approval can be obtained on the same day
• There are no minimum balance requirements, setup, or monthly fees.
• This presents an opportunity to establish and enhance business credit.
JPMorgan Chase
The JPMorgan Chase Business account provides a wide array of features. The bank is utilized by numerous multinational corporations, providing them with assistance in global trade and foreign exchange.
With three distinct account types available, you can choose the one most suitable for your business’s size and requirements.
You are granted access to a network of 16,000 ATMs and more than 4,700 branches, providing the convenience of depositing funds or utilizing your JPMorgan Chase business card.
In the same way, integrating payment solutions such as BigCommerce and FreshBooks facilitates the seamless and expeditious collection of payments.
Additionally, a cashback reward of 1.5% applies to all purchases made using your business card.
Benefits include:
• Access to a network of 16,000 ATMs and over 4,700 branches.
• Availability of various packages and accounts tailored to businesses of different sizes
• The option to have fees waived.
• The opportunity to earn 1.5% cashback.
Bank of America.
Bank of America provides two business checking account options: Fundamentals and Relationship banking.
The Business Advantage Fundamentals Banking account offers the necessary features of a business checking account. With this account, you will be entitled to 200 transactions per statement cycle without any fees, and you can make deposits of up to USD 7,500 without incurring any charges.
The Business Advantage Relationship Banking account offers comprehensive financial management tools. With this account, you will be granted complimentary access to an additional Business Advantage account and a savings account.
Additionally, no fees are associated with incoming wire transfers, stop payments, and electronic deposits. Customers will receive 500 transactions without costs per statement cycle and can deposit up to USD 20,000 without incurring any charges.
Furthermore, if your three-month average daily balance reaches $20,000 or exceeds it, you become eligible to participate in their Preferred Rewards for Business program. You can derive advantages from interest discounts on newly established lines of credit and fee reductions.
Bank of America additionally integrates with Zelle and QuickBooks, along with other efficiency tools, to enhance workflow solutions.
The Benefits
• The account offers a generous cash deposit limit.
• Each statement cycle, the account allows for a certain number of fee-free transactions (ranging from 200 to 500, depending on the account type).
• A comprehensive range of business features, including payment processing and seamless integration with QuickBooks.
• An exclusive Preferred Rewards program designed specifically for eligible businesses.
• We offer various account types tailored to meet the needs of your business.
Which bank in the United States possesses the highest number of international branches?
Among the current options, JPMorgan Chase Bank has the highest number of overseas
branches. The company has 198 branches located across more than 60 countries, whose user text remains the same.
Which account would be most suitable for conducting international business transactions?
The most suitable US account for international business is the one that aligns with the specific requirements of your business.
If you are willing to pay monthly fees and desire to avail yourself of various business-specific advantages and features, then Bank of America or JPMorgan Chase would be commendable options. The high deposit and transfer limits are suitable for larger businesses.
If your primary concerns revolve around establishing your business credit, earning an annual percentage yield (APY), and maintaining a business account without fees, then Brex would be a suitable choice. Wise also collaborates with Brex and Novo to assist users in conducting international operations. This implies that individuals can benefit from Wise’s exceptional exchange rates when utilizing Brex or Novo for international transfers.
