When opening a regular business checking account, it usually comes with hidden charges. These expenses can accumulate over time and may negatively impact your finances. You may easily open a fee-free business checking account with the Revolut Alternative, Zil. There are no hidden charges and you can make free instant money transfers between the platform’s accounts.
The U.S. is known for being the home of some large and famous automotive brands. Vehicle manufacturers need to get raw materials from different parts of the world. Therefore, they need to transfer payments internationally.
Let us imagine a situation where a small car manufacturing company wants to expand its operations. They need to buy raw materials from multiple small and medium-sized suppliers domestically and internationally. While paying from their regular business checking account, they are facing certain challenges:
- Monthly Service Charges: When opening a regular checking account you will have to go through potential monthly service charges. This is certainly like paying money to use your own funds. As a small car manufacturing company this can certainly affect your finances.
- Transaction fees: There will be many small transactions with suppliers that a manufacturing company has to make. A regular checking account may charge a fee for each small transaction. This fee can quickly accumulate and will drain your account.
- International transfer delays: As some suppliers will be from other countries, you will have to do international transfers. There will be delays in transferring funds internationally. These can upset suppliers and there will be delays in production if the payments are not up to date.
These challenges can be solved by opening an online business checking account for free from the Revolut Alternative, Zil. The platform provides a fee-free checking account with payment features like ACH and Wire transfers at affordable costs. You can make payments instantly and there will be no hidden charges. Let us delve more into opening a fee-free checking account and its advantages.
What Is a Free Checking Account?
A free checking account is an account that does not have any monthly maintenance fee or any hidden charges. They also have no or very low minimum balance requirements. They are available on both traditional financial institutions as well as online financial platforms.
They might charge for services like ATMs, wire transfers, or overdrafts. But it will be much less than a regular checking account.
What Are the Benefits of Opening a Business Checking Account with the Platform?
Having a free business checking account with Zil will be very beneficial for small business owners like small manufacturing companies.
- Affordability – You can easily open a business checking account by providing essential details. There is no minimum balance requirement or any recurring charges when you set up an account with the platform. This can help businesses to manage their funds without the burden of fees.
- Financial Flexibility – Using the cloud-based platform’s US checking account, you can access your funds anytime from anywhere. You may manage your funds, send and receive payments, and make international transactions using the checking account of the platform. The platform’s checking account helps avoid your regular visits to traditional financial institutions and their long waits. This is a great boon for busy small manufacturing companies where they do not have time to visit financial institutions in person.
- Digital Convenience – You can utilize all the features of the platform with a user-friendly interface within a few clicks. As you are opening a checking account digitally, there is no hassle of visiting a real branch. Also, there is no burden of paperwork.
Make Efficient Fund Transfer from Your Free Checking Account
Easy Domestic Transactions with ACH:
American businesses heavily depend on the ACH network for vendor/supplier payments and these ACH transfers are managed by NACHA. In 2023, over 6.6 billion B2B transactions were processed in the ACH network.
When you own a small car manufacturing company, you will have to pay suppliers efficiently. With the free business checking account from Zil you can easily make an ACH transfer to your suppliers.
You can set up one-time as well as recurring payments with the platform. By setting up recurring ACH payments you can eliminate the hassles of remembering payments each month. This can be very helpful for paying your suppliers on time and helps in maintaining a good relationship with them.
Easy Cross-Border Transactions with Wire Transfers:
Small manufacturing companies will usually have suppliers internationally. Cross-border transfers will have comparatively high fees and will take more time to complete. You can use Zil’s free checking account to make wire transfers efficiently. The platform offers wire transfers comparatively at a lower price. Wire transfers are certainly beneficial for large international transactions. For transferring funds internationally, wire transfers use codes like SWIFT or IBAN. The platform also offers domestic wire transfers, you can use both according to your convenience.
Conclusion
Small vehicle manufacturing companies will have suppliers domestically and internationally. So, they face challenges when it comes to paying suppliers with a regular checking account. Using the free business checking account from the Revolut Alternative, Zil you can transfer funds efficiently. The platform provides a business checking account without any hidden charges, monthly maintenance fees, or minimum balance requirements. You may easily transfer funds domestically or internationally from your free checking account at lower prices using ACH or wire transfer.
