For a while, it made a lot of sense for Freelancers to stick to traditional banking services. Almost all the banks in Belgium were offering pretty much the same services, and many people feel it is easier to stay with their current bank vs seeing if a better option exists. However, in 2020, your bank shouldn’t just be a virtual vault for your money. It should be a real partner for your business and work on your behalf to deliver financial security. The good news is there are brand new banking solutions in Belgium today, specifically designed for Freelancers’ needs. One such solution is Aion Bank and as part of our exclusive partnership, we are offring to our i-Lance users 6 months of free Business Premium Membership. Click HERE to take advantage of this offer:
In our article, you will find tips on the things you should consider when choosing the right banking partner.
Cost of Services
It might seem obvious, but people often overlook their banking fees, because they are hidden in most cases. As a busy entrepreneur, you rarely have the time to study and compute the fees that banks charge for your accounts and transactions. And after all, I don’t see the fees, so they must not be that much. The time has come to reconsider how we look at banks. A few banks began to challenge the status quo and provide their clients with a different business model. For instance, Aion Bank, the new full-service digital bank, provides all of its services for a fixed monthly fee, without any limitations. Take a moment to compute everything you pay at your current bank. You will be surprised how much profit your bank is taking from your business.
Reliability
There are many offshore virtual banks trying to lure Freelancers into opening a low-cost digital account. However, how many of these institutions are fully licensed in Belgium, approved by European financial authorities, and follow all the financial regulations? It is extremely important to check that the entity you bank with has all the necessary accreditations, authorization, and is being scrutinized and audited by financial regulation authorities. Unlike other digital banking solutions, Aion Bank has a Belgian banking license and is supervised by the FSMA. Moreover, your funds and savings are subject to the guaranteed deposits up to 100,000 EUR like at any other traditional financial institution.
Client Onboarding and Processes
In the age of digital, we all want things fast and not waste any minute of our lives. But why don’t we have the same level of expectations from the banking sector? The nature of being a Freelancer means when business is won, you need banking services fast. With Aion Bank you can open your professional or personal account in a matter of minutes and make all transactions in the phone app, without the need to visit a physical branch. Shouldn’t all banks offer that to Freelancers?
Internationality
Most Belgian Freelancers are digital nomads. All they need to work is their computer, a reliable Internet connection, a comfortable and calm place to work and drinks. Most of the time, Freelancers work with clients from all over the world, receiving payment in different foreign currencies and wiring funds from international banks. That’s where traditional banks charge the heaviest transaction fees! Aion Bank’s subscription includes multi-currency accounts in EUR, USD, GBP and CHF with unlimited currency exchanges at the interbank rate, without any spread or commission. On top of that, if you travel a lot, the good news is that you can also withdraw cash from worldwide ATMs for free.
Smart Extra Tools for Freelancers
As a Freelancer, you know that budgeting, accounting, invoicing, and all the other “funny” administrative tasks can be overwhelming and take a huge part of your time. Today, a lot of mobile and web applications exist to simplify all these administrative aspects of the life of Freelancers. But, what if your bank could do this too? That’s where you really realize that some banks are specifically designed for Freelancers and actually do understand their daily struggles! Aion Bank makes the life of Freelancers easier with its BusinessMax suite. It includes invoicing, expense tracking VAT estimations, and easy file downloads compatible with your accountant’s digital software. All these features are already included in your basic bank subscription, which means that you can centralize all your financial admin work in one single app and also save money on other app subscriptions. What’s more, Aion Bank has a partnership with BDO, the leading international accountancy and business advisory firm. For a small extra monthly subscription fee to BDO, you get a dedicated BDO accountant who will take care of your end-to-end business bookkeeping. And that’s what we, at i-Lance consider as a real gamechanger!
Credit Access for Freelancers
As a Freelancer, you certainly know it can be a struggle to get access to credit in Belgium. Traditional bankers rarely understand your business and fail to accurately assess your credit risk. Therefore, it is crucial to find a banking partner who understands Freelance clients and is used to working with them. That’s the case of Aion Bank. You can easily apply for an unsecured business loan directly through the mobile app. Their processes are fully digital and simple. You receive the decision within 1 business day and can apply for up to 100,000 EUR in loan.
Conclusion
It becomes crucial for Freelancers to find business partners that understand their unique business needs and have products that are specifically designed for them. Banks are no exception. As traditional banks only started to realize all the potential of Freelance clients, banks like Aion Bank have built their whole business model around the Freelance movement. At i-Lance, we believe it is extremely important that the Freelance community choose services that are tailored to their needs. And Aion Bank is one of them. As part of our exclusive partnership with Aion Bank, we are offering you 6 months of free Business Premium Membership subscription. Click HERE to subscribe:
