The relevance of international remittances is growing along with the need for convenience and speed of financial transactions. It is what the Genome service offers. Your business account here offers you multiple necessary options: transfer money, exchange currency, open a merchant account, get a dedicated IBAN, and more. It also provides international money transfers within Europe and other countries. Therefore, we suggest you look a little deeper to understand the differences in these operations and when you may need them.
Open a Business Account and Make Transfers to Any Country in Europe
Because Genome is a licensed e-money institution, you can easily open a business account and make money transfers, forgetting about all the inconveniences and bureaucratic nuances. In particular, you can make SEPA payments (transfer money in EUR) and accept them according to the general rules.
European SEPA payments can be made in 36 countries. EUR is the only currency accepted within the network. The main advantage of SEPA is that there is no difference between international and local payments for the network. You can open a business account for one-time or regular payments and transfer money just as easily as in any Internet banking. The main thing in the recipient’s account number is to specify the correct IBAN code.
As for the terms of transfers, SEPA operates according to the “banking day + 1” rule. However, most banking institutions process such payments almost instantly.
SEPA Main Benefits
- Money transactions are very convenient within Europe, especially in cases where there is no need to convert EUR to another currency. For example, if the sender is in Germany and the recipient is in Spain, they avoid the additional financial costs of the transaction.
- The network is profitable for transfers of up to 50,000 euros. It makes SEPA a good option to transfer money as payment for the services of international companies, pay for purchases in European countries, and transfer funds to individuals.
What are the differences between SEPA and SWIFT?
SWIFT payments allow you to transfer finances between individuals and legal entities in more than 200 countries, including European ones. That is, you can open a business account in Germany and work with SWIFT when you need to transfer sums of more than 50,000 euros or work with a large number of other currencies without paying additional conversion fees. So, when you make a payment in USD for large amounts, you should use this network.
Do I need to open a business account for each service?
Not at all. When you have Genome Account, all these operations are available to you. You run your business – Genome helps you with all the necessary financial transactions, avoiding the need for unnecessary paperwork and delays.
What is unique about Genome Account?
The Genome service allows you to open a business account and use it for all financial transactions you make.
Here are some more reasons to get an online account with Genome:
- Up to 15 IBANs can be opened here.
- It only takes a few minutes to register online.
- You can transfer money within the SEPA or SWIFT network, so you can interact with different types of currency: USD, Euro, Pound Sterling, etc.
- Open a business account and get access to the best exchange rate with a fixed fee, which is advantageous for working with large sums of money.
- Use your business account to make regular payments. You can create templates and perform financial transactions in one click.
The service is convenient for large businesses because the company’s management can open a business account and provide different levels of access to financial transactions for its employees. It’s pretty simple and convenient. Open a business account today to see how it works.
Another important reason to open a business account is that you keep all your finances in complete control. The system can send you notifications about all payments made. Finally, the decision to open a business account is a guarantee that you will have access to detailed analytics, statistics, and account statements.
Is it just as easy to accept SEPA payments in a business account?
Your online account in the Genome system is universal and is equally suitable for sending and receiving payments and many other useful services. Register and run your business with modern tools that will allow you to grow, develop, and find new prospects faster than ever before!
