Thursday, 27 August 2015

Features of Business and Corporate Banking

Business lending increased by 5.9 per cent in the second quarter, 2015 according to the Credit Sentiment Survey report of the Central Bank of UAE. A hassle free banking experience is what a business needs in order to function efficiently. Even a single delayed payment could be no less than a nightmare for a growing firm as it starts a chain of delayed work.

6 Defining Features of Business Banking 

Experts recommend evaluating you business financial needs once every few years. You must adhere to business banking that offers comprehensive solutions for your growing financial capacity. If you are looking to open up a current account or want to upgrade your business banking experience, then you must look into the following features:-

1.      Counter Transactions and Daily Cash Withdrawal Limit – If you are in a business which requires you to make cash withdrawals on a daily basis then you must look for a banking solution with a high daily cash withdrawal limit. Also, you must look into the number of counter transactions permitted in a month.

2.      Payroll Solutions – A bank that offers comprehensive payroll solutions to take care of your employee salary accounts is a must. Look for features for your employee’s convenience such as no minimum balance requirements, no monthly fees and more. Do look for a solution that has no or minimum accounting errors in order to reduce costs.

3.      Investments and Savings– Look for such a banking solution that offers a unique balance between generating profit and liquidity. A fixed deposit account is a great way to earn higher profits by depositing your funds over a fixed period of time. 

4.      Financing – A business banking solution that will provide you with a loan amount to manage your cash flow, asset acquisition and expansion requirements of your business is highly recommended. Business banking with Emirates Islamic offers you Sharia’ah compliant financing solutions such as Ijarah and Murbaha.

5.      Online Banking – An online banking service that lets you do both financial and non-financial transactions is essential. 

6.      International Transactions – Banks facilitate foreign exchange transactions on pre decided exchange rates. A bank that will mitigate the effect of currency and price fluctuations with special foreign exchange rates is must if you are involved in international trade. 

Apart from the above mentioned corporate and business banking features, you must also make yourself aware of the fees charged by the bank as well as gather information about the customer support system.