Description of the optimisation of flows and expenses
Application
MultiLine functionalities at international level: the functionalities of MultiLine allow a business to immediately view all bank accounts abroad using a single connection.
Expenses
- cost of opening an account abroad: depends on the bank;
- cost of subscribing to the MultiLine service: depends on the bank;
- transfer fees: depend on the offer made by the bank in question.
Set-up times
The set-up time varies depending on different criteria including, for example, the structure of the group of businesses and its needs, the bank in question, the number of countries involved and also the bank’s local procedures in the different countries in question, etc.
Advantages and disadvantages
Advantages
- simplified opening of accounts abroad as the domestic bank can provide its subsidiaries with information on the customer;
- consultation of foreign bank accounts and initiation of payment orders with the same MultiLine tool;
- payment transactions carried out abroad are subject to the local rates which, in principle (even despite the SEPA), are always more favourable than the rate applied to international payments;
- reduction in transfer fees by repatriations of funds grouped together on the parent company’s main (domestic) account;
- transfers are carried out between the different accounts on the same day without loss of value date;
- favourable fixed rate for all transfers from one group account to another (possibly on transfers to third parties).
Disadvantages
Opening an account with a subsidiary of an international bank involves full identification and verification of the business’ data.
