Many factors can force companies in the UAE to change banks after opening corporate accounts. In conditions of fierce competition for clients, many firms strive to find the best conditions for their financial operations. According to statistics, more than 30% of companies consider the possibility of changing main financial partners within the first two years. The main reasons for such change include the following aspects: use liv.me can help in this process.
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Why worth considering change bank: analysis of popular reasons
- Unsatisfactory service: Quality service clients remains key factor. Research shows that more than 70% of clients see the main reason for dissatisfaction as slow response and insufficient attention to their requests. Errors in service also significantly affect trust clients.
- High commissions and fees: Often, companies face unexpectedly high rates for service accounts, transfers, and currency conversion. Not surprisingly, on average, each third company loses up to 10% of its income due to non-transparent rates.
- Limited services: Importance access to multifunctional services, such as trade finance and international transactions, increases. More than 40% of companies switch to more universal banks to satisfy these needs.
- Change business needs: With growth business increases and range financial services, necessary companies, what requires a transition to a more adapted approach in the choice bank.
Best banks UAE: legal and financial nuances in change partner
Change bank – it not only questions the choice of best partner but also serious legal and financial events:
- Local laws and regulations: Include comprehensive set requirements, such as procedures for identification clients (KYC) and rules counteraction money laundering (AML). On average, 85% of companies face delays due to a lack of necessary documents. Learn more about banking systems.
- Financial obligations: This important part strategy. The percentage of companies that did not notice responsibility before current banks amounted to about 25%.
- Contractual conditions: Careful study conditions contract can help avoid penalties and other financial consequences. About 15% of companies face such problems.
Step-by-step guide: how successfully change bank
- Evaluation current services: Start with thorough analysis current banking services. Conduct a comparative analysis to identify which aspects require improvement.
- Research alternatives: Conduct research to identify more advantageous conditions on the market. Pay attention to reputation and offered rates banks.
- Opening a new account: Prepare all necessary documents, and make sure that all interesting services are available at a new bank. Learn more about bank accounts.
- Transfer operations: Plan smooth transfer financial operations to new account. This will help avoid disruptions in regular payments and other transactions.
- Notification partners: Timely notification of all business partners and counterparties will strengthen business relationships.
- Closing old account: Make sure in the absence of unpaid obligations before closing the account in the former bank.
How to choose the best bank: practical tips
- Reputation and reliability: Choose banks with approval from 90% clients. Trust and stability – main priority.
- Wide range services: Check the possibility of international transfers and online banking, which can save you up to 20 hours of work time in a month.
- Transparent conditions: Make sure to provide transparent conditions service to avoid unforeseen expenses.
- Client support: High-quality support will help resolve problems faster and with minimum financial losses.
Overcome all obstacles: possible problems and their solution
- Technical failures: Constant consultation with both banks minimizes the risk of errors in transferring data.
- Legal obligations: Timely fulfillment of all obligations before a bank will avoid problems.
- Problems with identification: Preparation of all necessary documents in advance will speed up the procedure KYC.
Success stories: examples companies, changed bank and improved conditions business
Many companies in UAE already successfully changed banks, achieving thus significant improvements in their financial indicators. For example, after changing banks, one of the large trading companies was able to reduce expenses on international transfers by 15%, increasing the efficiency of the business. Another successful example is – a technological company, which, thanks to change bank, received access to advanced tools for online banking, reducing the time execution transactions by 25%.
Change bank in UAE can become a strategically important step for the growth of your business. Following the indicated recommendations and practical tips, you will be able to optimize the conditions of your financial partnership and lay the foundation for a successful future.
