It’s no secret: traditional banks are heavily regulated, particularly since the 2008 global financial crisis ripped through the world economy like wildfire.
Banks have boxes to tick. Compliance hurdles to jump through. Obligations to meet. And ultimately, these financial monoliths are out to protect their interests.
Sometimes this affects your business severely, resulting in a problem: your bank may block your transactions — leading to needlessly long delays before your client or supplier can even receive your funds.
If you’re running a business, this can be infuriating — especially during difficult times. Let’s say there’s a supply chain rupture — how will you keep your customers and suppliers onside when they’re dogging you for late payments?
However, there are steps you can take. Let’s delve into the details.
Blocked or delayed transactions are a detrimental but inevitable by-product of a global supply chain dominated by traditional financial institutions. Banks block transactions to safeguard their interests in the event of suspicious activity in your account or to comply with regulatory standards. You can work with your bank’s anti-fraud team to tackle the problem, but if it persists, choose an alternative to traditional banking that protects 100% of your money.
There are various reasons why your bank blocked your transaction. They include the following:
There are options beyond traditional banking. Fintech payment service providers cost less in account maintenance fees and are often free to set up. And most are less stringent in regulatory requirements.
The choice is simple: choose Silverbird.
Silverbird is the first fintech designed exclusively for international trade, offering support for large international transfers, global business accounts, attractive foreign exchange rates, and local EU/UK bank details.
Opening a Silverbird account is free, 100% online and boasts 0% maintenance fees. Best of all, Silverbird accepts over 98% of international trade applicants.
With a Silverbird global account, you will no longer be restricted to only SWIFT international payments when sending money overseas. Silverbird also offers local payment solutions in 20 countries to pave the way for more efficient and cost-effective business international transfers. Silverbird allows you to rest easy with its safeguarding process — 100% of your funds are kept at reputable Tier-1 banks in the UK and EU.
Author: Melissa Yeo
Illustration: Kate Faldina
Get the multi-currency account built for quick and easy international payments, with no limits.