Best Multi-Currency Business Bank Account (US)
Whether you’re paying, receiving, or spending, managing multiple currencies should be the least of your worries. The following multi-currency accounts include n
In business, it’s critical to put in place robust security measures to protect incoming and outgoing funds.
There are various ways to secure funds during transfers, including the banking dual control method. With dual control, you rely on two-step authentication as two people act in the transaction approval process.
Set up dual approvals easily
with Wise Business
Dual control in banking is when you involve two people in the business transaction approval process. There can be different combinations of people and timings of approval, so long as two people have their say on the transaction.
The main purpose of dual control is to bolster your company’s ACH and wire transfer transaction security. By having two people involved in each transaction rather than one, there’s a lower risk of fraud and human error.
Dual control banking can be helpful in the following scenarios:
Dual wire control banking and separation of duties are similar terms, yet they differ in meaning.
Here’s a brief explanation of each:
Dual control - When two people act to approve an ACH or wire transfer transaction
Separation of duties - The idea that one person shouldn’t have access to all critical business functions due to the security risk that would pose.
Here are the main benefits of employing dual control banking procedures:
Lowers the risk of fraud - When you have more than one person involved in a transaction, you lower the risk of fraudulent activity
Minimizes potential for human error - Human error can be costly, but with two people it's less likely
Provides greater operational functionality - When one person is away from the office, another can step in. This extends the time your business is operational
With Wise Business, you can set up custom payment approvals that work for your business needs. You can do so in one of two ways.
The first is to create an approval rule for all future transactions. The second is to add a team member as a ‘Preparer’, which allows you to put in place online banking dual control.
Get a Wise Business account
today
Wise Business is a safe and easy-to-use business account. You can use it to manage your business in different countries and currencies. Whether you’re paying shipping from China to USA, or paying international employees, Wise has you covered.
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
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