Digital and online banks are becoming more and more popular in recent times. These are banks that do not have any physical presence and work mainly with online platforms for all banking matters. Digital banks have advanced technology that allows for everything to be done online, eliminating the need to visit a local branch.
Digital banking is generally considered the way forward for the future of banking. It is very probable that soon, all banks will be digitized to a certain extent. Perhaps it is a good idea to be at the forefront of this banking revolution. In order to do that, it is important to build experience and correspondence with digital banks beforehand.
Besides undoubtedly being the way of the future, digital banking provides many other benefits. Some of them are as follows:
- Everything can be done online, from the comfort of your home;
- 24/7 availability of access to banking functions and products;
- Completely paperless;
- Ability to handle large volume transactions easier;
- Less strict KYC/AML requirements;
- Possibility of doing business with countries otherwise not possible (traditional banking forbids it);
- Easily create multicurrency accounts and perform transactions (incoming and outgoing) in foreign currencies;
- Possibility of supporting virtual currencies and cryptocurrencies;
- Advanced and easy to use user interface for all banking matters;
- Many more!
Many digital banks will also provide banking cards in these times. This means that cash withdrawals are possible.
Are digital banks and similar payment solutions safe?
Yes, digital banks and payment solutions are absolutely a place to store your funds. Some people still believe that digital banking poses some kind of security concern that is not present with traditional banking. In 2022, this is simply not the case. All digital banks have fully-fledged banking licenses and are heavily regulated against anything resembling fraudulent behaviors. In fact, in 2022, digital banking is probably safer than traditional banking in many ways. Everything is online nowadays. The average investment in digital security is higher with digital banks than traditional banks. This means that traditional banks are actually more susceptible to phishing, fraud, identify theft, and similar problems. Online security is more emphasized with digital banks.
Navigating the digital banking space is a lot of work, given the fact that there are many options to choose from. A new digital banking service seemingly pops up every day. While this is generally a good thing, as it means that there will be a solution for nearly any demand, all the options are generally not equally suitable or accessible to all businesses. Doing Business International has done the research and has identified the best digital banking solutions on the market.
Digital banking is trademarked by being able to open a bank account as a foreign business or shareholder. In recent times, traditional banking has been known to only accept domestic companies as their clients, making finding a suitable bank very difficult for those who for various purposes might need a bank account in a country where they are not actually permanently residing. Some banks also refuse to open accounts for high-risk businesses, limiting the options of certain businesses significantly. Digital banking is known for being more lenient towards high-risk businesses.
Choosing the right digital bank is of utmost importance.
How can DBi help?
There is a digital bank or payment solution out there for all businesses. Doing Business International can assist in finding the perfect digital bank for you and your business!
DBI’s extensive experience with international business and commerce has enabled us to provide a variety of solutions in terms of opening banking, payments, and merchant accounts, with varying fees and degrees of flexibility, all in order to suit the client’s needs and wishes as much as possible.
We are therefore well-equipped to:
- Offer personalized recommendations for each business;
- Introducing each client to a bank and/or payment provider that will accept their type of business for a corporate account;
- Prepare all the documentation that is needed in order for the account/s to be opened;
- Monitoring and offering hands-on assistance as needed for the entire opening process;
- Adding on more services, such as online banking, credit cards, besides the account, if needed;
- Offer ongoing guidance and advisory services throughout the process.
DBI is able to do this in many jurisdictions worldwide, including in some ‘complex’ jurisdictions. We can also assist clients dealing with substantial or larger than usual amounts, thanks to our unprecedented network.
Although digital banking can be a solution for nearly all businesses, digital banking is oftentimes also well suited for companies in high-risk industries such as:
- Crypto industry;
- Forex and investment industry;
- FinTech industry;
- Import/export companies with high volume transactions;
- Gambling and iGaming industry;
- E-commerce companies;
- Cannabis/CBD industry;
- Cannabis paraphernalia industry;
- Precious metals;
- And many more.
Due to our long experience, we have made connections with many banks and other payment providers all over the world, resulting in a network that our clients benefit from today.
We work with some of the biggest banks in the world, in the top, prestigious jurisdictions, but also smaller, niche payments providers for clients who prefer or could benefit from that. We also have connections in several offshore jurisdictions.
Due to that, we are confident that most clients should be able to find a suitable solution for their banking and payment needs through us, no matter what their preferences and circumstances happen to be.