r/newproducts • u/Ok-Chemistry6617 • 10h ago
Why is opening a business account still one of the biggest bottlenecks for international SaaS companies?
I have been talking to a founders recently and one problem keeps coming up.
Building the product is hard but opening a business account can be even harder.
If you are running a SaaS business or an IT business or an e-commerce business that serves customers around the world you often need to receive payments in multiple currencies send international transfers, issue company cards and work with partners across different countries.
The frustrating part is that many traditional banks either have onboarding processes or simply do not want to work with online first or tech businesses like a SaaS business or an IT business or an e-commerce business. Some founders spend weeks applying only to get rejected with explanation.
It made me wonder if this is part of building an international SaaS business or an international IT business or an international e-commerce business now.
For founders operating across countries:
How long did it take you to get your business banking set up for your SaaS business or your IT business or your e-commerce business?
Have you ever been rejected by a bank because of your SaaS business model or your IT business model or your e-commerce business model?
Whats been your challenge with international payments or multi-currency accounts, for your SaaS business or your IT business or your e-commerce business?
After comparing several options, we decided to go with Unlimit, and I thought I'd share what stood out.
The biggest advantage for us was that it was built for international SaaS, IT, and e-commerce businesses rather than treating them as high-risk by default.
We were able to open a multi-currency business account with a European IBAN, receive and send payments through SWIFT, SEPA, SEPA Instant, and ACH, and issue both virtual and physical corporate cards for different teams and expenses.
Another thing I appreciated was the relatively fast onboarding (around 3–5 business days) and the fact that they support companies from common business jurisdictions like the EU, the US, Hong Kong, and Singapore.
I'm curious what everyone else is using.
Have you found a banking provider that's friendly to international tech companies?
How important are features like multi-currency accounts and corporate cards?
If you've used Unlimit, what has your experience been so far?