Fintech providers have made an appearance during the online revolution and became a new concept of financial flow transition. Your basic purpose for obtaining a corporate bank account is to get an IBAN number and freely handle your payments. Both fintech providers and traditional banks have licenses and can provide you with IBAN that's why there is no big difference in how to get it.
However, if you would like to go further, there are minor limits to fintech providers' e-money license in comparison with traditional banks:
- you won't be able to get an overdraft or loan;
- you won't earn interest on your account
As you may see, there are no crucial losses using fintech providers rather than traditional ones. Otherwise, we can find a great number of benefits
- you won't be charged international transaction fees or outrageous exchange rates;
- the process of opening an account is much more simple and quicker than in traditional banks;
- operations with fintech providers are as secure as with traditional banks because of the usage of SWIFT or IBAN;
- for some entrepreneurs, the usage of a fintech business account provider is the easiest way to receive and send payments in the EU.