What types of business bank accounts can I open online in Vanuatu?

In Vanuatu, a number of business bank account types can be opened online, allowing flexibility in this regard to meet various business needs. The major options available include:

1. Business Cheque Accounts: These are standard transaction accounts suitable for regular business operations. They also allow multi-channel access to deposits, withdrawals, and payments through ATMs, EFTPOS, cheques, and internet banking. This would serve very well for those businesses requiring regular cash flows.
2. Interest-Earning Business Cheque Accounts: This type of account is good for those businesses that can keep a higher balance and transact less on a daily basis. This operates like any regular cheque account but earns interest in its balance to build up money over time, yet it allows easy access to your money.
3. Foreign Currency Accounts: These account types target businesses that are involved in one way or another with international transactions. Companies, therefore, can hold multiple currencies and transact them. Such a type of account helps the companies to avoid frequent exchanges between the local currency and foreign currencies, thus minimizing currency risks. It's especially useful for companies dealing with foreign clients or suppliers.
4. Premium Savings Accounts: These accounts combine features of a savings account and a transactional account by offering competitive interest rates on balances with the availability of regular transactions. They will suit businesses willing to grow their funds but still operationally in need of access to them.
5. Term Deposit Accounts: Term deposits are a pretty safe investment avenue for any business entity willing to invest surplus funds, applying fixed interest rates over a set period of time. While access to funds is blocked during the term selected by an account holder, this kind of account offers a stable return and thus is ideal for very long-term financial planning.

Read more: Open Offshore Bank Account in Vanuatu

Most of these accounts for businesses can be opened online, and they require documents such as company registration details, identification of directors and shareholders, and proof of address. The requirements may vary between banks, so it will be better if you consult with the bank to confirm your eligibility and ensure the account type will answer or meet operational and financial requirements for business.