SMB International Banking, Part 2

Part
01
of five
Part
01

SMB International Banking, Part 2

The required information about HiFX, Transferwise, Revolut, and PNC is contained in the attached spreadsheet.

XE Money Transfer (HiFX)

  • HiFX has rebranded as XE Money Transfer.
  • HiFX customers will maintain their account and login details for XE Money Transfer with access to existing account information, recurring transactions, recipient details, and transaction history.
  • An analysis of the United States XE Money Transfer business solutions site reveals that the company has no separate or unique business offerings that target small businesses.
  • The company opines that it works with businesses of all sizes across the United States, to help improve their FX outcomes.

Product Bundling/Positioning

  • XE Money Transfer business solutions are interwoven, beginning with the international payment solution for business to the White Label platform. According to the company, it "provides comprehensive international money transfer and currency risk management (hedging) solutions."
  • The international payment solution enables businesses to take care of the hassle associated with the best rate and time to make an international transaction, through spot transfer, market orders, and forward contracts.
  • The XE Exchange Rate & Payment API Solutions is integrated into the user's business system, providing real-time rate updates through the currency data API and offers improved speed to high-volume payments through the mass payments API.
  • Also, it enables the user's clients to save money and time when making international payments through the "Money Transfer Affiliate & Referral Partner Program" and payments API.

International Payments Rewards Packages

FXIP Transaction: Minimum Requirements

  • The minimum setup required before a new customer can make an FXIP transaction with XE Money Transfer in the United States is to register with the company using an email address and submit all necessary documentation required in the right format.
  • The documents required include a valid means of identification and a proof of address.

Transferwise - Product Bundling/Positioning

  • Transferwise positions its solutions for small businesses in the United States as a group of offerings.
  • The Transferwise self-service business account allows users to send, spend, make batch payments, and receive multiple currencies.
  • The business account integrates with Xero accounting software, an online accounting software designed for small business, which provides users with a real-time view of their cash flow, run their business on the go, and receive payments faster with online invoicing.
  • It also permits batch payments using the batch payments tool.
  • Users can also leverage the new Transferwise API, which connects business tools, helps automate payments, and manage finances.

International Payments Rewards Packages

  • An analysis of the Transferwise small business solutions reveals that the company offers no loyalty/rewards package for international business operations.
  • The company only pays a referral fee to personal accounts that meet the referral program conditions.

FXIP Transaction: Minimum Requirements


Revolut

Product Bundling/Positioning

  • Revolut positions its solutions for businesses in the United States as a group of offerings instead of a standalone service.
  • The process begins with a conversation between the client and a member of the Revolut sales team. The team tries to gain a better understanding of the customer's needs and help with the sign-up process.
  • The Revolut business platform contains six building blocks, which are "accounts, payments, corporate cards, roles & permissions, API & integrations, and security."
  • The six building blocks combine efficiently to provide business with a smooth and automated international payment option, full control with flexible user permissions, API integrations with popular software such as Slack, Xero, and Zapier, and secure funding.

International Payments Rewards Packages

  • An analysis of the United States Revolut Business account shows that the company does not offer a loyalty/rewards package for international business operations.
  • Users of the account only benefit from discounts and offer from Revolut partners, including Deliveroo, Google, and Apple.

FXIP Transaction: Minimum Requirements

  • The minimum setup requirement for a new customer to obtain a Revolute business account is that the customer must be a sole trader or have their own company. The individual must also be over 18 years.
  • Individuals who engage in business activities such as crowdfunding, gambling, and debt collection are not allowed to open s Revolut business account. A full list of the prohibited business activities is provided herein.

PNC

International Payments Rewards Packages

  • PNC deposits $200 into PNC business checking accounts opened on or before June 30, 2020.
  • Other conditions required to qualify for the offer are maintaining a "minimum average cycle balance of $5,000 for each of the first three statement cycles and making at least 20 total qualifying PNC Bank Visa® Debit Card transactions within the first three statement cycles."
  • PNC also offers various cash rewards, points, travel rewards, and lower rates for different kinds of credit cards chosen by users.

FXIP Transaction: Minimum Requirements

  • The minimum setup required before a new customer can make an FXIP transaction with PNC is a valid e-mail address, the business's Tax Identification Number, a primary and secondary form of identification, documents verifying the business.
Part
02
of five
Part
02

SMB International Banking, Part 3

BMO Harris Brown offers 25,000 bonus points if the account holder spends $6,000 within the first three months of opening the account. The required information about RBS, BMO Harris Brown, HSBC, Bank of America, and JP Morgan Chase is contained in the attached spreadsheet.

Royal Bank of Scotland (RBS)

Product Bundling/Positioning

  • RBS business solutions in the United Kingdom comes in the form of standalone services.
  • According to RBS, it has "a wide array of different products and services for businesses."
  • The company has three different types of accounts for businesses, which are Startup account, Business account, and Community account.
  • The different business accounts are designed for different grades of businesses.
  • Generally, the bank offers about six solutions for businesses, which are Business Savings and Deposits, Business Bank Accounts, Business Insurance, Business Lending, Payment Services, and Business Cards.
  • Other unique services associated with the RBS solutions for businesses include helpful business tools and financial health checks.

International Payments Rewards Packages

FXIP Transaction: Minimum Requirements

  • The minimum setup required for a new customer to obtain an RBS business account is that the customer must be over 18 years.
  • The documents required include a valid means of identification, certificate of incorporation, proof of address, and other business details. A list of the full requirements is provided herein.

BMO Harris Brown

  • An analysis of the United States BMO Harris Brown Business account site reveals that the company has no separate or unique business offerings that target small businesses.
  • BMO Harris Brown suggests that its business solutions are designed for all types of business.

Product Bundling/Positioning

  • BMO Harris Brown's business offering in the United States comes in the form of standalone services.
  • The company has four different types of checking accounts for businesses, which are Essential Business Checking, Business Advantage Checking, Business Checking Analyzed, and Non-Profit Small Business Checking.
  • The different business accounts are designed for different grades of businesses.
  • Generally, the bank offers about five main solutions for businesses, which are checking accounts, Loans and Lines of Credit, Business Services, Savings and Money Market Accounts, and Credit cards.
  • Another unique service associated with the BMO Harris Brown solutions for businesses is the business tips and insights.

International Payments Rewards Packages

  • BMO Harris Brown offers 25,000 bonus points if the account holder spends $6,000 within the first three months of opening the account.
  • The company also offers 1 point per every $1 spent on eligible purchases.
  • Also, customers who are "referred by a BMO Harris banker during the BMO Harris Payroll Promotion will be eligible to receive 10% off a comprehensive payroll solution from Paychex® or receive 2 months of Business Online Payroll® at no charge."

FXIP Transaction: Minimum Requirements

  • The minimum setup required before a new customer can conduct a BMO Harris Brown transaction in the United States is to provide the business name, business address, Taxpayer Identification Number, and other necessary documents required.
  • The documents required include details about the business and the individual to manage the account.

HSBC Fusion

Product Bundling/Positioning

  • Although HSBC business solutions can be seen as standalone services, each service group is bundled under a unique product category.
  • HSBC solutions are divided into four categories, which are Everyday banking, Cash management, Financing, and specialized services.
  • Each category houses a related group of services. An example is the Cash management category, which houses business solutions for streamlining cash flow; This includes Merchant Services, Accounts receivable, and Accounts payable.
  • HSBC Financing solutions provide loan opportunities to growing businesses. Such opportunities include Lines of credit, Small Business Administration (SBA) loans, and Term loans.

International Payments Rewards Packages

  • HSBC offers an opening reward of $250 for customers who open the HSBC Fusion business checking account and meet the rest of the requirements.
  • The qualification requirements include a minimum deposit of $5,000 within 30 days of opening the account, "register and log on to HSBCnet within 45 days of account opening, and maintain at least the minimum Qualifying Balance(s) in your eligible Fusion business checking account for 90 calendar days."

FXIP Transaction: Minimum Requirements

  • The minimum setup required for a new customer to obtain an HSBC business account is that the customer must be based in the United States and have annual sales of about $5 million.

Bank of America

  • Bank of America solutions for small businesses in the United States are interwoven and embedded in the bank's app.
  • The Bank of America solutions for small business offers business checkings & savings accounts that help a small business secure their finances, business credit cards for the businesses, business finances to help small businesses grow, business services for cash and transaction management, merchant services for fast payments, and a Small business retirement plan.
  • Other in-app services include Zelle, which helps simplify sending and receiving funds and Business Advantage 360, which enables users to track credits and debits and view cash flow projections across accounts.
  • Bank of America also offers helpful financial tips for businesses and also best practices for processing payroll.

International Payments Rewards Packages

  • The Bank of America offers a reward program known as the Preferred Rewards for a Business program designed basically for "small business, Merrill small business, and Bank of America Private Bank® small business clients."
  • The reward package offers "(25-75)% rewards bonus on eligible business credit cards, a partial refund on full-service payroll fees, interest rate booster on a Business Advantage Savings account, and zero-fee on select banking services."
  • The package also offers a 0.25% interest rate discount on Term Loan, Business Advantage Credit Line, and Secured Lending for small business financing.

FXIP Transaction: Minimum Requirements

  • The minimum setup required before a new customer can make an FXIP transaction with PNC is a Business tax ID, business founding date, state & country where the business was formed, DBA and legal business name, and personal information.
  • Examples of the required personal information include the date of birth and Social Security number.

JP Morgan Chase

  • The bank's Total Business Checking® account is specially designed for the growth of small businesses.
  • Other integral parts of the business solutions are Merchant Services, which provides a secure means of payment, Collections Services, which simplifies business operations in order to increase cash flow, Chase QuickDeposit-aids with deposition and online finance monitoring, and Chase QuickPay® with Zelle®, which helps simplify sending and receiving funds.
  • JP Morgan Chase also offers other additional services for businesses, including ACH Payment Services and Wire Transfers.

International Payments Rewards Packages

FXIP Transaction: Minimum Requirements

  • The minimum setup required before a new customer can make an FXIP transaction with Chase is a Business tax ID, DBA and legal business name, and personal information.
  • Examples of the required personal information include proof of the date of birth and the Certificate of Formation.
Part
03
of five
Part
03

SMB International Banking, Part 4

Wells Fargo offers waivers for the $14 monthly service fee associated with the different small business Checking accounts. The required information about Wells Fargo and UBS is contained in the attached spreadsheet.

Wells Fargo

Product & Services
Product Bundling/Positioning
  • Wells Fargo solutions for small businesses in the United States are interwoven with one another, beginning with opening a checking account to making and receiving payments.
  • The bank offers three types of checking accounts for small businesses, which are Simple Business Checking, Platinum Business Checking, and Analyzed Business Checking. It also offers insurance coverage, a business savings account, and a retirement account to help prepare for life after work.
  • Other integral parts of the business solutions are Merchant Services, which provides a secure means of payment and Payroll Services, which aids in payroll management.
  • Wells Fargo also offers other additional services for small businesses, such as business credit resources.
Competitive Advantages
  • Security and protection: The Wells Fargo small business account has 24/7 fraud monitoring and zero liability protection on debit cards.
  • Cash flow management: It allows users to remain in control of their cash flow with secure options to perform transactions.
  • Convenience and control: The accounts offer simplified banking operations monitoring with account alerts.
  • Anytime access: The accounts are accessible 24/7 from multiple devices or over 13,000 Well Fargo ATMs.
International Payments Rewards Packages
  • Wells Fargo offers a "Cash Back program that gives 1.5% cashback on net purchases with automatic quarterly payout, Rewards Points program that gives one point for every dollar spent on net purchases, 1,000 bonus points for each billing period when the total company spend is $1,000, or greater, and a 10% point bonus will be credited for redeeming rewards online."
  • The company also offers waivers for the $14 monthly service fee associated with the different small business Checking accounts.
Wells Fargo International Business Payment Methods
FXIP Transaction: Minimum Requirements
  • The minimum setup required before a new customer can make an FXIP transaction with Wells Fargo's Business Online account is a Business tax ID, DBA and legal business name, Social Security number, Valid driver’s license, and $25 opening deposit.

UBS

  • An analysis of the UBS business solutions sites for North America and Europe reveals that the company has no separate or unique business offerings that target small businesses.
  • The company opines that it "provides financial advice and solutions to private, institutional, and corporate clients worldwide."
Product & Services
  • UBS business solutions in North America include Treasury services, Trade and export finance, and Financing solutions.
Product Bundling/Positioning
  • Although UBS business solutions can be seen as standalone services, each service group is bundled under a unique product category.
  • UBS solutions are divided into three categories, which are Treasury services, Trade and export finance, and Financing solutions.
  • Each category houses a related group of services. An example is the Treasury services category, which houses business solutions relating to account and payment transactions; This includes Current accounts, payment transactions & reporting services, KeyLink, and cash investment services.
  • UBS Financing solutions provide loan opportunities to growing businesses. Such opportunities include Special financing, Approved lines of credit, and Working capital loans.
Competitive Advantages
  • Closeness to consumers: Clients are offered direct access to a committed corporate client advisor. They also benefit from UBS expertise in both Switzerland and the North American markets.
  • Familiarity: UBS claims to be in good terms with local United States banks and ensures that customers have a smooth relationship and facilitated access to credit from the local bank.
  • Comprehensive offering and support: UBS customers can leverage the company's products and services across the globe. The company also provides excellent opportunities for customers to network with Swiss service providers.
International Payments Rewards Packages
  • UBS offers "2% cashback for up to the first $100,000 in eligible purchases each year and 1% cashback after that," for customers using the UBS Cash Rewards Visa Business card.
  • The company also offers annual fee waivers for the different business cards. An insight into the different reward packages is provided herein.
UBS International Business Payment Methods
FXIP Transaction: Minimum Requirements
  • The minimum setup required before a new customer can make an FXIP transaction with UBS Business account is the business name, owner's personal details such as name, date of birth, email, and nationality.
Part
04
of five
Part
04

SMB International Banking, Part 5

Citi provides many solutions for its foreign payments and international business operations whereas Xoom simply provides payment options namely to the UK by way of bank transfers and in-person pickups. Details regarding Citi and Xoom are provided below and in the attached spreadsheet.

Citi

Products/Services for Small Businesses

If/How Competitor is bundling and/or Positioning as a Group

  • Citi gives its CitiBusiness Preferred Banking is "designed specifically for customers who use a broad array of products and services" and includes broad business banking needs, preferred rates on Business Money Market Accounts and on lines of credit and business installments loans, a free check scanner with enrollment in Citibank Remote Check Deposit, and special bonuses on some CitiBusiness Credit Cards. Citi also offers industry-based packages that offer bundles for specific industries such as healthcare, accounting, property management among others.

Competitive Advantage In Regard to Foreign Payments

Promotions Specific to International Payments

  • "Preferred customers can receive a preferred rate on CitiBusiness Insured Money Market Account.
  • Preferred rates on CitiBusiness Lines of Credit of up to $1,000,000.
  • No application or closing fees on a Business Installment Loan of up to $1,000,000.
  • The option to waive application or origination fees of up to $5,000 on a CitiBusiness Commercial Mortgage.
  • "Enroll in Citibank's Business + Personal Banking Program and you can earn great rewards through Citi® ThankYou® Rewards with your enrolled consumer checking account".

Foreign Payment Delivery

Minimum Setup Before Able to Make a FXIP Transaction

  • There is no information regarding any trials or minimum set requirements before an FXIP transaction can be made.
  • The company provides WorldLink Payment Services to give customers support through it global support network and has local service hubs around the world. WorldLink via SWIFT provides customers with full messaging capabilities and an online remote management system.

Xoom

Products/Services for Small Businesses

If/How Competitor is bundling and/or Positioning as a Group

  • Xoom only offers money transfers and does not offer group or package offers.

Competitive Advantage In Regard to Foreign Payments

Promotions

  • Not in reference to small businesses, when individuals send money internationally with Xoom then they save on transfer fees and they receive the Xoom guarantee that the money will be received by the money back or a full refund.
  • Individuals and recipients receive an award with the first money transfer, however, this is not specific to business accounts.

Foreign Payment Delivery

Minimum Setup Before Able to Make a FXIP Transaction

  • Xoom just requires an individual to verify credentials and then they can transfer money by electronic bank transfers, a credit card, or a debit card. Xoom is also stated to have access through mobile apps, ability to transfer to any bank account, and the company provides mobile support.
  • There are no trial requirements, however, users have to log in and get past the first level to create and open a profile which includes first and last name, email and phone number, or it can be accessed from the PayPal profile.
Part
05
of five
Part
05

SMB International Banking, Part 6

Both PayPal and Western Union offer services to small businesses to benefit international operations and accept international payments. PayPal can be easily set up and integrated with existing business offerings to easily receive foreign payments. PayPal also offers digital reference guides and partner referrals to help grow the global scope of the small business. Western Union appears to be a more expert-based approach, with expert interaction required to set up the account. Western Union offers a WU EDGE platform to conveniently integrate international payment processes with the business's own existing platform.

PayPal

  • PayPal offers simple international payments through a business PayPal account, including the ability to receive funds in more than 100 currencies, withdrawing funds in 56 currencies, and holding funds in 25 currencies. Businesses can choose whether to manually or automatically accept currencies, and also whether to automatically convert currencies or not.
  • PayPal offers a number of useful resources to businesses new to international sales, including their PassPort site.
  • PayPal extends its Seller Protection program to international sales.
  • Business owners can send PayPal invoices, or use PayPal payment links on their e-commerce platforms to receive payment internationally. International sales fees and rates apply.
  • PayPal is a top global payment platform due to its ease of use, easy integratability, security features and protection programs. PayPal allows businesses to accept major credit cards as well as PayPal Credit and Venmo.
  • PayPal's international options can be activated or added as needed as the business grows.
  • PayPal offers live customer support, and businesses only need an email address to sign up and begin accepting international transactions.

Western Union

  • Western Union uses its global network to provide convenient global payment transactions, including frequently same-day transactions, and the ability to send and receive money in local currencies.
  • Businesses may send and receive payments in 130 currencies across 200 countries, and fee-free in 54 currencies through their WU EDGE platform.
  • Western Union's WU EDGE platform offers a convenient way for businesses to manage everything related to international payments in a 24/7 accessible online platform.
  • As a leader in global compliance, Western Union has invested $200 million on compliance measures to ensure the safety of their customers' money.
  • Experts are available to discuss business needs pertaining to international payment challenges, and to set up the business for international payments on their platform.
Sources
Sources

From Part 02
From Part 04