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
For businesses, it’s important to separate out finances to easily track expenses. A payroll account provides just that: a means to monitor how much you spend on employee wages.
Opening a payroll account can help save you time and better manage your company finances. You can even pay international employees from a single source, so you shouldn’t have to shift funds around when every payday comes around.
Pay employees abroad on time and using the mid-market rate | |
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A payroll account is a type of checking account that businesses can use solely to pay employee wages.
It can make the separation of business funds clear, and ensure there’s always money in the business to pay employees.
The main reason for a separate payroll bank account is to clearly define and separate your business funds.
While it’s not a requirement to set up a payroll account for your business, it can be beneficial when payroll is a significant component of the business.
What is a separate payroll account used for?
One of the biggest challenges for business owners is managing cash flow and balancing the books to support sustainable growth. With a payroll account, you can keep track of a significant outgoing cash flow source.
The payroll account can also help you give the reins over to the accounting department. They don’t need to access the main business account to retrieve the funds for employee wages.
Main account reciliation is another benefit of having a payroll account. It becomes easier to log expenses under various categories and file taxes as pertains to the money used for payroll.
There are various benefits to having a separate payroll account, but it can also bring drawbacks:
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Extra main business account security - When you create a separate payroll account, you reduce the paper trail of your main business account. As such, you can keep your main business account number secret when printing payroll checks.
Straightforward reconciliation - With an account dedicated only to payroll, it becomes much easier to reconcile payroll tax accounts.
Easy record keeping - When everything related to payroll is confined to a single account, maintaining records for individual employees is more straightforward.
Additional banking fees - Setting up an extra business account for payroll will typically incur additional fees. You might have to pay a monthly maintenance fee, for example.
Multiple account management - Balancing several accounts can be challenging, especially for rapidly-growing small businesses.
It’s easy to set up a payroll account with Wise Business. Save yourself a trip to the bank to wait in line and create your account online today.
Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. There are no monthly fees to pay, and setting up an account is free in the US.
Pay employees on time and
at the mid market rate
With a Wise Business account you can pay employees all around the world. Send up to 1,000 international payments at once in just a few clicks.
🔍 Discover more payroll providers: Global Payroll Providers for small business |
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*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.
Whether you’re paying, receiving, or spending, managing multiple currencies should be the least of your worries. The following multi-currency accounts include n
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