How to Set Up Venmo for Business: A Complete Walkthrough
Set up Venmo for your business in just a few steps. Our complete guide explains the process and benefits of accepting payments via Venmo.
USAA is a financial institution that focuses on banking, investing and insurance. The Fortune 500 firm aims to help you, the customer, streamline and manage your everyday finances.
Customers of USAA can open checking accounts, manage mortgages, and get credit cards. Yet many people want to know if USAA offers a business account.
In this post, find out if there is a USAA business account, and what the best alternatives are.
If you’re looking for a business account that will help your business operate internationally, then check out Wise business. You can avoid the high fees, hefty admin, and headaches of a local bank.
Table of contents |
---|
Unfortunately, it isn’t currently possible to open a USAA business checking account.
This wasn’t always the case, though.
Back in 2018, USAA ran a pilot program¹ with veteran-financed Streetshares Inc. The USAA business banking program gave perks to small businesses turning over at least $25,000 a year. This pilot program ended, though, and USAA hasn’t tried a similar initiative since.
One thing the USAA does offer today for its customers is business insurance². If you run a small business and you want to protect your finances, USAA can help. There are many insurance plans, so you can pick the policy that suits your business:
Business insurance is useful if you want to protect your money, but it isn’t the same as having a business account. With that in mind, let’s explore what some of the best alternatives are.
Since USAA doesn’t offer a business account, you’ll have to shop around to find the best alternatives.
There are plenty of banks out there, both physical and online, with business accounts. To save you the effort of tracking them down, this post will cover some of the top options for business banking.
If your company needs a solution for international transfers, then Wise Business could be the best option. Banks will often charge monthly fees, and setting up can be a hassle. As a business owner, every dollar (and second!) counts.
Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to 160+ countries.
With Wise Business, you can pay invoices with the exchange rate in 160+ countries, even from your phone or app. 50% of payments are instant or arrive in an hour. You can also save money on international payroll, employee reimbursements, or recurring payments. Not to mention saving hours of admin time.
You can set up an account for free in the US and enjoy the features of Wise Business. You can also choose to pay a one-off fee to access multiple international account details like an IBAN, sort code, routing number, and more.
Open a Wise Business account online
Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information. Transaction speed claimed depends on individual circumstances and may not be available for all transactions. Eligibility is subject to verification of customers' identity.
We live in a digital age in which everything is available at our fingertips. Yet, there’s still something special about brick-and-mortar stores.
Unless you think online bots are a good replacement for humans, go to a bank branch for a personal customer experience.
In-person, you can talk through your options in excruciating detail if you need to. This way, you can feel comfortable about your decision. You can ask all the questions you have and get the answers straight away. This can be reassuring, and it’s a great way to make sure you don’t get caught out with hidden fees.
With a physical bank, you may not be able to work with businesses outside of the country. This might be an issue if you plan on dealing with employees and customers on an international scale.
Bank | Top features | Best for |
---|---|---|
Bank of America Business Fundamentals Checking³ |
| New small businesses |
Chase Business Complete Banking⁴ |
| Military members looking to waive fees |
Capital One Spark Business Basic Checking⁵ |
| Managing business cash flow |
You can open a business account online in a few clicks, which is ideal if you prioritize convenience. If you lead a busy life, using an online banking service can save you a lot of time.
You can also read this guide to find out how to open a business account online.
Of course, the downside to using an online banking service is that you miss out on the personal touch. If you have doubts or questions, your only options will be calls, text-based chat, and online help bots. This is far from the personal customer experience you get with physical banks.
Rather than driving to the bank and waiting in line, check out these online banking services to see if they're a good fit.
Online banking service | Top features | Best for |
---|---|---|
BlueVine Business Banking⁹ |
| A fast and easy banking account setup |
Axos Business Interest Checking¹⁰ |
| Perks and accruing interest |
USAA offers excellent deals for service members, but there’s no business account, unfortunately.
If you’re in the military, and you’re trying to find the best account for your business, there are alternatives. Here are some of the other military banking options to consider for your business.
Military business account | Top features | Best for |
---|---|---|
Navy Federal Credit Union Business Checking⁶ |
| Active military officer, veterans, and those who work in the Department of Defense |
Security Service Federal Credit Union Business Checking⁷ |
| Security and low fees |
Armed Forces Bank Business Banking⁸ |
| Scaling your business and finding the perfect account for the size of your company |
All businesses are different, so look for an account that suits the needs of your business. While one business account might be widely-praised, it doesn’t mean it’s the best option for you.
You’ll need to think long and hard about which business account is right for your company. If you don’t, you can expect high fees and opening deposits, and wish you’d gone with one of the alternatives.
There are many factors to consider, such as limits on the account, ATM access, and the interest rate. Crunch the numbers and choose a business account that allows your company to thrive.
The opening deposit refers to how much you need to deposit when you open the account. While some business accounts will be free to set up, many will require you to invest an initial sum of money.
There are a couple of fees associated with business accounts. There are monthly fees and extra fees. Keep an eye out for business accounts that let you waive the fees in various ways, especially if you’ve served in the military.
Limits can affect how much you can deposit and how many transactions you can make. Find an account that won’t restrict how you manage your business’ finances.
There may be ATM fees with the business account. Plus, see if there are withdraw and deposit cash, and which ATMs you can use your business account with.
The best business accounts offer high interest rates. Though, there may be a minimum balance necessary and higher fees with these accounts.
If you do business with customers around the world, you’ll need an account that gives you the best global fees and security.
The Wise business account is great for doing business on an international scale. You can pay invoices, manage your business finances, and pay and receive money without large fees.
With the Wise business account, you’ll always get the mid-market exchange rate. There are no hidden fees and the transfer fees are transparent.
But don’t just take our word for it. Opening a Wise business account is free, and easy to do, so you can try it out for yourself.
Some key features of Wise Business include: |
---|
|
Sources:
Sources checked 3 March 2021
*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.
Set up Venmo for your business in just a few steps. Our complete guide explains the process and benefits of accepting payments via Venmo.
Looking for the best European business bank accounts? Find the best banks and non-banks for your business, as well as their prices, fees, and requirements.
This First Citizens Business Bank review will cover all you need to decide if it's the best choice for your business!
Oxygen Business Account review will cover all you need to decide if it's the best choice for your business!
This Santander Business Checking review will cover all you need to decide if it's the best choice for your business!
This Citizens Bank Business Checking review will cover all you need to decide if it's the best choice for your business!