Traditional banking is often described as a bank that has a physical presence with a local banking license. These banks have been around for a very long time, have physical branches and offices in multiple places and many employees around the world. They mainly provide in-person banking and financial services such as opening a bank account and conducting a bank transfer. Over the past two decades, digital banking has disrupted traditional banking. Nowadays, most major banks around the world have a digital function. These banks have introduced online banking to adapt and keep up with the changes.

Digital Banking involves the digitalisation of traditional banking products, processes and operations to serve customers through online platforms. Customers can easily conduct simple banking activities digitally through banking apps and web platforms on their devices. With the introduction of digital banking, customers can now access and manage all traditional services without the need to visit a physical bank branch. This saves them the hassle and offers greater convenience. Traditional banking requires a lot of paperwork, while digital banking is paperless and operated through an online platform.

On the other hand, virtual banking is newer and more disruptive. In the past few years, many SMEs and cross-border companies opted for virtual banks when expanding abroad due to accessibility, flexibility, convenience and much more. SMEs often struggle to create a foreign bank account due to the onerous requirements by the banks. These major traditional banks charge ridiculously high fees for international transfers along with slow processing time and complicated procedures. Moreover, these banking transactions must take place during business hours, which may potentially cause delays. The introduction of virtual banking has taken the banking industry and financial sector by storm.

Virtual banking, a form of banking driven by FinTech innovations, exists fully online. These virtual banking service providers have no physical branches within a community or country. Everything can be operated virtually. From registering an account to day-to-day transactions and operations, customers do not need to interact with anyone in-person. Virtual accounts offered by fintech companies like the TranSwap Global Bank Account are designed to remove barriers and pave the way for SMEs to grow internationally.

The Global Bank Account allows our customers access to a free virtual bank account in Singapore, United Kingdom, United States, the European Union, Hong Kong, Indonesia and more. Additionally, our customers are also able to enjoy numerous benefits such as: 1. Flexibility: Everything is instant. You can pay, receive and hold up to 34 currencies anytime and anywhere. 2. Save on FX costs: You can easily convert and hold the currency when the exchange rate is in your favor. As a business owner, you spend less time worrying about currency fluctuations and unreasonable conversion fees. Instead, spend more time on growing the business and gaining an upper hand in managing foreign exchange volatility. 3. Centralized Account: You can save the hassle of juggling between multiple bank accounts to make global transfers. Our customers can access and track business finances anywhere in one single platform. You can make money transfers on the go. 4. Effective and convenient: For businesses looking to expand abroad, this would be a hassle-free alternative to securing local bank accounts in each country of operation. Need to pay a supplier in Singapore? Have a client in Hong Kong? You can manage cash flow smoothly and bolster your competitive advantage in local markets by paying and receiving money in local currency. 5. Cost-Effective: You can easily make international transactions with zero hidden costs and not having to maintain a minimum account balance. 6. Improved Digital Banking Experience: You never have to visit a physical branch and everything is paperless. You can avoid complicated forms or slow procedures. 7. Safeguarded Funds: As a global fintech company, TranSwap is regulated and licensed to handle money by central banks and regulators around the world. All funds are securely held with major global financial institutions. Most importantly, a global account makes it simple to ‘Go Global’. Ambitious business owners can now easily deal with international customers, suppliers and partners. For many SMEs and startups, a global account can act as a catalyst for global expansion.

Register for a ABC Gold Member Account in 4 Simple Steps: 1. Sign up for a ABC Gold Member account 2. Submit Form 3. Wait 2 business days for your account to be processed. 4. Your global account is ready! You can start paying, receiving and collecting money from anywhere in the world. If you are thinking about expanding and taking your business to the next level, opening a global bank account is a good start. It offers flexibility, functionality, transparency, accessibility, and cost-effectiveness. XXXX’s multi-currency global account is easy to register and it only takes a few minutes to set up. Click on "Apply to be ABC Gold Member" Now.