From the piles of paperwork and filling out applications, through bureaucratic procedures and to regulatory compliance, opening a local bank account is associated with a lot of work. Under any circumstances, should you manage to get through the intricacies of foreign accounts, other factors such as transaction and maintenance fees will unequivocally result in financial loss.
When your business gains a strategic presence in multiple locales, trying to open separate accounts in foreign countries can be tiresome, time-consuming, and quite costly. The required documents, references, acknowledgment forms, occasionally a mandatory initial deposit, and more. Personal account statement from a local bank, property ownership documents, pay stubs, and tax returns, to expand in more details how difficult the process can get.
The good news is that it’s possible to open a bank account in foreign countries online, and simply. Let’s go over some the benefits of having a cross border bank account.
· Holding different currencies can diversify investments and offer a higher return and lower risks in certain market conditions.
· Eliminates the stress of opening and managing multiple foreign accounts as well as the high costs involved in both account management and international transfers.
· Helps in reducing transaction fees and other charges considerably, and promotes faster payment settlement.
Thanks to the ABCM platform, opening a global bank account is no longer a complicated process. With just one single form, you can set up your cross-border account, in your name, whether you’re an individual, a small businesses owner, or a large enterprise.
ABCM™ is the only financial infrastructure platform that allows you to manage multiple currencies from one place, maintaining a global network of local accounts seamlessly.
● Fewer transaction fees - Eliminate unreasonable international transactions costs associated with managing multiple accounts.
● Quick transactions - Execute your transactions in a few minutes thanks to automated procedures. Automated Business Currency Management platform enables you to cut red tape, save time, and improve efficiency.
● Round-the-clock banking services - Access all your accounts at any given time using cloud-based technology, from anywhere in the world.
● Seamless account management – Connect all your business platforms to facilitate seamless operation. By connecting all your accounts and platforms, you can circumvent unnecessary long processes.
Wherever Business Takes You
Automated Business Currency Management allows you to open a foreign account without ever leaving your office. Eliminate all the annoying fees associated with making international transfers and maintaining multi-currency accounts, minimize response times, and improve payment conditions for your business partners. Okoora’s ABCM enables you to open your own local bank accounts in dozens of countries and to select from multiple payment methods. Simplify your financial operations by making them local on a global scale, where you have all your currency accounts ready and accessible in the cloud, and all your transactions performed without delay.