Don’t choose a bank on the basis of the “brand”. Although a seemingly big bank may appear to offer more reliability based on its reputation, in a number of cases they may not be able to provide the services which you require in the everyday running of your business. For example, the banks offering “private banking” services don’t tend to allow daily transactions, and in many cases it is not possible to use internet banking facilities.
Go through the terms and conditions for the opening and maintenance of accounts thoroughly. Pay special attention to numbers and figures. What is the minimum deposit required in the account at all times? What are the bank’s expectations regarding turnover? What is the fee for opening the account (one-off fee)? What are the fees for maintaining the account (recurring fees)? How much does the internet banking cost? What transaction charges does the bank apply to the services you use?
A company can have more than one bank account: - a company may open several accounts in different banks in the same country, or - it may also more than one account in several different countries at the same time, providing a number of advantages.
If you have any questions, don’t hesitate to call our colleagues who deal with the opening of bank accounts. They open accounts for our clients on a daily basis, so are specialists who can provide precise and detailed information.
If any problems arise during the everyday running of the account, don’t think that you are necessarily the only one to experience such problems. LAVECO Ltd. can assist in this, too, as over the last 20 years we have come across thousands of cases, as a result of which we can also help guide you through the banking world.