Small business banking: are great customer service and international wire transfers mutually exclusive?
October 5, 2012 11:06 AM Subscribe
Seeking new bank for our growing small business. Our priorities are great customer service and seamless international wire transfers.
posted by paddingtonb to Work & Money (6 answers total) 2 users marked this as a favorite
I'm looking for recommendations for customer-service oriented banks with a branch in San Francisco.
My business partner and I prefer credit unions and small banks for our personal use due to the lower fees, great customer service, and the fact that the money gets reinvested in our local community.
However, a growing percentage of our business comes from international clients who want to pay via wire transfer. This has proven to be a cluster f*** with our current bank (New Resource Bank), because they receive the funds via an intermediary (Wells Fargo). We've had screw-ups with nearly every transfer and have had a number of payments returned to our clients due to them being labelled incorrectly, or something. It's happened with enough different clients that we are pretty sure it's our bank that is the problem, not our clients being dumb.
So we're looking for a bank with that small town feel that is big enough to be able to handle international wire transfers directly.
I'd love suggestions for banks that provide good service to small businesses, and/or can handle international payments seamlessly. I recognize that getting both together may not be possible, but that's our starting point.
Bonus questions: Is there something in US banking regulations that makes wire transfers so much more difficult here then they are in Europe? Do we need a massive bank in order to get those seamless transfers we need?