Kamg Coffee

How your business can save money through online banks and money transfer apps

If you are a wise business owner, you would know what you should spend money on and what you should not spend money on. Beyond that, you would also continually look for ways to save on the money you spend on the things that you must spend money on. When you can do this, the chance of your business surviving will increase significantly. One of the ways that you can save money as a business owner is using the services of money transfer apps like Transferwise, even if you decide to maintain a physical account for your company. Some of the ways you can save money through online banks and money transfer apps are discussed subsequently. Cheaper services One of the strategies most online banks adopt to stay competitive is by providing their services at a cheaper fee. For instance, you can read about Transferwise Transfer fees and compare them to the transfer fees charged by your bank for International transactions to have an idea. In most cases, this also applies to virtually every other service that online banks provide. You might be wondering if it is sustainable for them to provide services at a cheaper price. It is sustainable for online banks to provide cheaper services for some reasons. One of such reasons is that they don’t necessarily need to have a physical office and if they must, they could survive with just one or two offices if they are a strictly online bank. This is apart from physical banks that might have to maintain a minimum of 100 branches with staff, maintenance cost and bills on trying to expand with more physical branches, while still spending almost … [Read More...]