5 Tips For Choosing The Right Bank
Choosing the right banking partner is crucial for success for corporations engaged in international trade. It is essential to choose a provider based on the requirements of the business.
Here are 5 tips to help that would help a corporate to choose wisely.
1. Consider Your Special Requirements
For an SME in the import/export business, it is important to look for a financial institution that specializes in trade finance products, that provides services such as letters of credit, bank guarantees, supply chain finance and international trade settlement.
2. Consider an International Bank
Physical location is less important today as digital banking has taken hold. However, choosing an easily accessible institution is key. It would be vital to consider an international organization to obtain trade services. This will provide increased flexibility and options while allowing access to services and facilities that may not otherwise be available domestically.
3. Digital Enablement and Accessibility
Today, digital accessibility is among the most important factors influencing one’s choice. For trade finance, it is important that the prospective bank has a tech-savvy team who can easily deal with electronic trade documents and instruments. Euro Exim Bank, offers a full range of electronic trade instruments such as Letters of Credit and digital bank guarantees, while also providing instant access to over 150 global currencies for trade settlements through its proprietary Exim Wave global settlements platform.
4. What Support Do You Need?
SME’s looking for corporate banking and trade facilities are often turned down by bigger, more traditional banks, since those institutions have strict rules within which they must operate, as they accept deposits from the public. In such circumstances, alternate trade finance providers like Euro Exim Bank, do not operate like traditional banks because they are financed using their own capital or capital provided through sophisticated investors and not through funds from the public.
5. Choose a Flexible, Competent, Global Partner
Traditional banks take a long time to process documents and check KYCs. A global trade finance institution that has the quickest issuance procedures and ensures that you spend minimum time on processes and documentation which would assist a business to operate trade seamlessly.
Euro Exim Bank can be an ideal choice for SMEs in emerging and frontier markets. Comprising of qualified professionals who are highly experienced in the areas of trade finance, corporate banking and investment banking, they will be able to find the right solution that fits you.
For more info: www.euroeximbank.com