Companies, particularly in industries like automotive, can benefit from a specialized checking account to simplify their operations and improve financial management. The N26 alternative, Zil provides various services designed for these requirements, including free checking accounts, quick ACH and wire transfers, and complete expense management with corporate cards.
What Is a Checking Account?
Checking account is a type of bank account you can open at any financial institution. Checking Account allows you to deposit and withdraw money as needed to cover your expenses. This type of account is sometimes called a transactional account because it enables a person to take money out for everyday expenses, making it convenient to use.
A study conducted in October 2022 revealed that 94 percent of adults in the United States possessed a bank account in that year. The percentage of people with bank accounts stayed consistent from 2019 to 2022, showing a two percent rise in the number of households with bank accounts from 2015. Although the proportion of adults with bank accounts did not change significantly over the past few years, there was a significant rise in the number of households using mobile banking as their main way to access their bank accounts.
How Is Checking Account Different from Savings Account?
Savings accounts are designed to set aside your money for long term need or goals. These accounts impose restrictions on the monthly number of withdrawals allowed. Checking accounts, on the other hand are better for daily cash needs. They are beneficial for people who make frequent and high-volume transactions.
Advantages of Business Checking Account
- They simplify the process of receiving payments from customers, suppliers, and employees.
- These accounts help businesses monitor their transactions, which is crucial for accounting and tax reporting.
- A business checking account simplifies your daily financial operations and also enhances your business’s eligibility for loans and credit facilities.
- Separating personal and business finances is vital for transparent financial oversight and smoother financial operations.
- A checking account helps you handle your money better, pay bills easily, and keep an eye on your spending, saving you time and lowering costs.
No-Cost Checking Accounts for Automobile Companies
Automobile companies need checking accounts for financial transactions like paying manufactures, purchasing parts and more. Most checking accounts come with various fees like monthly maintenance fees, insufficient fund fees, etc.
These companies can significantly gain from Zil’s no-cost checking accounts. The platform provides a free checking account with no minimum balance requirements, no minimum deposit amount, and zero monthly maintenance fee. Business can manage their finances without worrying about any hidden fees. The platform enables quick money transfers between your accounts, ensuring quick payments to suppliers, partners, and service providers.
How to Open a Business Payment Account in Zil?
- Register to Zil using your name and email.
- Click on the CLICK TO OPEN AN ACCOUNT button.
- Verify Email ID and phone number.
- Submit KYC and KYB details.
- A pop-up will appear.
- Select the existing business or Other Business and click the Submit button.
- Your application will be submitted.
ACH and Wire Transfer
Automobile companies often use reliable payment system to transfer funds within the country and abroad. Zil offers ACH transfers, allowing fast fund transfers between bank accounts. With the cloud-based platform, you can make one-time or recurring ACH payment cost effectively, simplifying the management of regular expenses such as supplier invoices or employee salaries. The platform’s same-day ACH feature helps automobile companies maintain smooth financial operations and avoid delays.
Automobile companies often engage in transactions that span across borders or involve large sums of money. Zil’s wire transfer feature lets you send money online, both internationally and within the country, at minimum transaction fees. These cross-border transfers are essential for companies to obtain parts or services from abroad.
International wire transfers involve sending money between countries. Specific codes like SWIFT or IBAN are required to initiate this transfer. In case of domestic wire transfers, funds are transferred within the same country and typically require routing and account numbers. Zil offers both types of transfers, ensuring secure transactions.
Corporate Expense Card
For vehicle manufacturers with extensive fleets and operational expenditures, Zil’s business expense cards are a crucial asset. These cards, designed for business-related costs, enable vehicle manufacturers to oversee and regulate spending throughout various divisions. Whether it’s for fuel, upkeep, or other operational expenditures, every team member is provided with a card, and all costs are monitored and linked to particular budgets, guaranteeing responsibility and efficient management of expenses.
Opening a checking account helps you handle your money easily. The first step to better financial management is choosing the right account with a good provider. Before you open the account, check the fees, interest rates, and other details. Ensure you can access the account through different platforms like a mobile app or website. Zil offers all these benefits without any additional costs, making it a perfect choice for meeting the diverse requirements of the automotive industry.
