Digital bank solutions in 2023
For multinational Clients who need a fast multicurrency corporate bank account solution, Healy Consultants Group recommends opening a digital bank account. Within one month, bank account numbers will typically be secured. Our one-time fee for this fast payment solution is €3,850.
A digital bank is an online banking platform with a financial institution and depository regulatory license. The financial institution is licensed to i) offer multicurrency corporate current and deposit bank account, ii) an e-banking platform to make outgoing funds transfers and iii) issue corporate visa debit and credit cards.
Digibanks do not have their own SWIFT or IBAN. Instead, customers’ funds are usually stored in segregated corporate bank account in a top-tier conventional bank, such as a UK or EU clearing bank. For example, it will be HSBC, Barclays or a bank from the SEPA group. In some countries, Clients’ funds are protected by government deposit insurance schemes, but in most countries, the funds are not protected by the government.
Before recommending a digibank to our multinational Clients, Healy Consultants Group will complete detailed Know Your Bank due diligence to safeguard their funds. Below is a table of international digital banks options in different countries.
|No||Question||Option 1||Option 2||Option 3||Option 4|
|1.||Location of digital bank||UK||USA||Germany||Ireland|
|2.||Regulatory license from which authority?||FCA||OCC||BaFin||Central Bank|
|3.||Quality of e-banking platform||Very good||Excellent||Very good||Very good|
|4.||Quality of customer service||Satisfactory||Very good||Very good||Excellent|
|5.||Customer funds held with which top-tier bank?||Barclays||Discover Bank||Axos Bank||BOI|
|6.||Government deposit insurance (how much?)||£85,000||US$250,000||€100,000||€100,000|
|7.||How long has digital bank been in existence?||Since 2015||Since 2016||Since 2013||Since 2019|
|8.||Number of staff at digital bank?||2,000||1,000||1,500||500|
|9.||How many customers does the bank have in 2021?||15M||300,000||7M||100,000|