Opening a business account used to mean taking half a day off work, gathering stacks of documents, visiting a branch, and then waiting weeks to hear back. Even after approval, you’d need another visit to actually access your account. The whole process felt designed to discourage you from banking there at all.
Online business account opening eliminates nearly all of that friction. The entire process happens digitally, from application to approval to first transaction. You don’t need to rearrange your schedule or put your business on hold just to set up banking.
Step-by-step process with Satchel
The process itself is straightforward. You provide your business information and documentation through a digital application, which takes maybe 20 minutes instead of hours. Identity verification happens online through secure methods. The system reviews your application much faster than a manual process would, often providing approval within days.
Documentation requirements are clearly outlined upfront, so you know exactly what you need before starting. Common documents include business registration certificates, proof of address, identification for directors and beneficial owners, and information about your business activities. Upload everything digitally without needing physical copies or certified documents in most cases.
Benefits for SMEs and startups
This matters enormously for SMEs and startups. When you’re launching a business, every day without proper financial infrastructure is a day you can’t operate fully. You can’t accept certain payments, can’t pay suppliers properly, and can’t present yourself as a legitimate business entity. Getting set up quickly means getting to actual business quickly.
The benefits extend beyond just speed. Digital onboarding typically means lower fees since there’s less overhead. You get immediate access to online banking tools rather than waiting for them to be activated. And if you need support during setup, you can usually get help through chat or video call rather than scheduling another in-person appointment.
Remote business owners and digital nomads particularly benefit from this approach. You can open an account from anywhere in the world without needing to travel to a specific country or city. This flexibility is essential for businesses operating across borders or founders who split time between multiple locations. The transparency of digital processes also provides peace of mind. You can track your application status in real-time, see exactly what stage you’re at, and know what’s happening next. No more calling the bank repeatedly to ask about progress or wondering if your documents got lost somewhere in the system.
For modern businesses, especially those operating primarily online, having a corporate account that you can open entirely digitally just makes sense. It’s finance management that matches how you actually work.
Peyman Khosravani is a global blockchain and digital transformation expert with a passion for marketing, futuristic ideas, analytics insights, startup businesses, and effective communications. He has extensive experience in blockchain and DeFi projects and is committed to using technology to bring justice and fairness to society and promote freedom. Peyman has worked with international organizations to improve digital transformation strategies and data-gathering strategies that help identify customer touchpoints and sources of data that tell the story of what is happening. With his expertise in blockchain, digital transformation, marketing, analytics insights, startup businesses, and effective communications, Peyman is dedicated to helping businesses succeed in the digital age. He believes that technology can be used as a tool for positive change in the world.
