Through euro IBAN accounts, companies can conduct cross-border transactions within the SEPA zone, especially with a level of speed and security similar to that of domestic transactions. However, to take advantage of all the benefits offered by IBAN accounts, it’s important to choose the right provider that meets all your company’s needs. Below, we’ll share some tips for choosing a Euro IBAN account provider.
Experience and reviews
When choosing a Euro IBAN account provider, it’s essential to evaluate user experiences and reviews of the platform, as these will give us an idea of the provider’s quality of service and level of professionalism.
Reviews/opinions should be from real customers or companies, which is why it’s recommended that these reviews be hosted on an independent platform. For example, if we want to evaluate the provider’s mobile app, we can search for reviews/opinions in the Play Store (Android) or App Store (iOS). It’s also recommended to look at the intermediate ratings, as these tend to be more objective and less emotional, and they also point out some “aspects for improvement” on the part of the platform.
Security level
It is important to evaluate the security level of the provider platform, since security is a factor essential when sending, receiving, and managing a company’s financial resources (especially if these transactions are cross-border), in addition to providing greater confidence to all users of the platform.
To evaluate this point, we can look at the different protocols and security measures that the provider implements on its platform. Among the most notable are the following: data encryption, multi-factor authentication, transaction monitoring, identity verification system, reinforced authentication, etc.
User interface
When choosing a Euro IBAN account provider, it’s important to consider the platform’s user interface. An intuitive and easy-to-use platform reduces training times, improves the user experience, and allows for faster and more efficient operations, which translates into savings in time and resources for the entire organization. It’s important to keep in mind that if the platform is too difficult to use, you won’t be able to take full advantage of all its tools and resources.
Regulations and licenses
It is essential to assess whether the provider complies with financial regulations and holds the licenses issued by the relevant authorities. Examples of regulations and permits include the MiCA regulation and the CASP license, which guarantee that the provider is duly authorized and operating in compliance with European Union regulations.
Other important regulations in the financial industry (which we must also take into account) are anti-money laundering regulations and counter-terrorism financing regulations.
Rates and costs per operation
When choosing a euro IBAN account provider, it’s important to evaluate the fees and transaction costs that the provider implements on its platform, as this factor can directly affect an organization’s operating expenses, especially if the company is growing or has a high volume of financial transactions.
Their rates and transaction costs on their official platforms or websites. However, it’s important to verify that there are no hidden fees or charges. To verify this, after reviewing the official rates and prices, we can contact the provider and ask if there are additional charges for exceeding a certain transaction limit or for transactions made in certain countries or regions.
What do you think about this topic? Would you like to learn more about Pilsenga’s Euro IBAN account service for businesses?
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