One of the medium-sized companies’ most widely used services is multi-currency IBAN accounts, which allow international transactions, besides sending and receiving payments in several currencies, without opening several accounts.
Due to the current presence in the market of several options (Fintech, traditional banks, digital banking, etc.) that offer the service of multi-currency IBAN accounts, selecting the most suitable choice may be demanding. Therefore, this article will focus on some aspects to consider when choosing a provider for multi-currency IBAN accounts for companies.
Type of license and specialization
When choosing an IBAN multi-currency account provider, it is essential to confirm its license type, as this will help us know which type of services it can “really” offer us. It is also significant that the service is focused on companies of our size since, for example, a medium-sized company will have different needs compared to a small or large company.
Complementary services
It is essential to see what other services (besides multi-currency IBAN accounts) the provider offers, as these services can complement each other, creating a versatile and efficient ecosystem. Among the most outstanding services offered by a financial services provider for medium-sized companies are multi-currency IBAN accounts, SEPA transfers, SEPA Instant transfers, batch payments, accounting packages, digital wallets, and others.
Types of currencies
When choosing a multi-currency IBAN account provider, it is essential to check which currencies it operates with, as this will allow the company to know which countries or currencies it will work with or carry out transactions without any problems. Although multi-currency IBAN accounts tend to operate with more than 30 currencies, the truth is that not all providers can work with that number of currencies.
Operating rates and Operating costs
It is advisable to verify the fees or costs associated with multi-currency IBAN accounts, as this will give an idea of how much it will cost the company to use such accounts (especially if they have a high volume of transactions, which can increase operating costs). The fees that require attention are those related to operations such as transfers, receipt of payments, and account maintenance; however, the most important fee is the exchange or currency conversion fee.
Security level
When choosing a multi-currency IBAN account provider, it is essential to verify the security level of its platform, as this factor is significant for managing and safeguarding the company’s financial assets. Although there are different systems, norms, and standards, we can find out what security measures the platform has in place to protect the financial data of its users.
Another tip is to investigate whether the company complies with the different local rules and regulations besides checking if the company is registered in its respective jurisdiction, as this means that the company has some level of oversight and complies with the principal safety standards of the industry.
Ease of use and user interface
A company looking for a multi-currency IBAN account provider should verify that the provider’s platform has a user-friendly and intuitive interface, allowing access to different functions and tools for efficient management of the company’s resources. If the platform is easy to use, the company can be more efficient in its operations and processes, saving time and resources.
Another factor to take into account is the level of compatibility and support offered by the platform; for example, we can verify if there are versions available for the different operating systems usually used by the company, in addition to confirming if the supplier constantly updates its platform and provides technical support.
Customer service
A fundamental point when choosing a provider of multi-currency IBAN accounts is the quality of service and customer support offered by the provider, since in this way, the company can realize the level of service it will receive, especially in case of any problem or setback in the future. An effective way to evaluate this aspect is to see in social networks or application portals (e.g., Google Play or App Store) the different reviews, opinions, or testimonials from users of the platform, in addition to measuring the time and quality of response of the provider in its several networks and official social channels.
What do you think about this topic? Would you like to learn more about our multi-currency IBAN account services?
If you are interested in Pilsenga’s products or services (including multi-currency IBAN accounts for companies), you can visit our website and register on our platform by visiting the following link.
