New business venture - which business bank account?
Discussion
I am starting a new business venture shortly, importing from India and initially selling via Ebay/Amazon and via pop up shop. Eventually I hope the business will expand to a dedicated website driven by selected posts on instagram and twitter.
I need a business bank account. It seems that banks don't want to help create an account as my limited company has two shareholders (50/50), me and my lovely wife. The account must be compatible with WorldPay as I hope to use their online services to collect payments from my dedicated website as well as the possibility of hiring and using a car machine from them. Occasionally I will need to deposit cash takings into the account.
Can anyone recommend me a bank account?
So far I have spoken to friends:
Lloyds, Barclays, HSBC - useless. An unknown is Metro bank - anyone with any views?
Any/all help appreciated.
I need a business bank account. It seems that banks don't want to help create an account as my limited company has two shareholders (50/50), me and my lovely wife. The account must be compatible with WorldPay as I hope to use their online services to collect payments from my dedicated website as well as the possibility of hiring and using a car machine from them. Occasionally I will need to deposit cash takings into the account.
Can anyone recommend me a bank account?
So far I have spoken to friends:
Lloyds, Barclays, HSBC - useless. An unknown is Metro bank - anyone with any views?
Any/all help appreciated.
This question pops up often and I think the consensus is that it is a case of picking the least st rather than looking for the best.
We use HSBC and I have no issue with them but we don't really need to test them. We pay money in, pay money out, have a commercial credit card and thats it. We opened a dollar and Euro account recently which was painless and efficient.
We use HSBC and I have no issue with them but we don't really need to test them. We pay money in, pay money out, have a commercial credit card and thats it. We opened a dollar and Euro account recently which was painless and efficient.
Thank you all - I love this community!
Some really good suggestions there. I also recieved a couple of PMs on this subject - so thanks all.
I had thought of Handlesbanken - but they do not appear to like the risk of new businesses. I had ranked them highly in my list, just under Coutts bank! But alas, my meagre income is not worth them considering.
I am in the process of setting up an account with Tide. My one and only issue would be that I may occasionally be selling some of my stock at pop up stalls. Whilst I am considering an account with Worldpay (to help collect internet payments via my dedicated website as well as the possibility of hiring a handheld card machine) i may still get some old school buyers (due to the nature of my products) who like to pay in cash.
As Tide have no high street branches - how do businesses handle this? Can i pocket the cash and write my business a cheque or transfer from my own family bank account to my Tide account? I am worried that for Audit and tax reasons this could look like fraud.
Any help appreciated.
Some really good suggestions there. I also recieved a couple of PMs on this subject - so thanks all.
I had thought of Handlesbanken - but they do not appear to like the risk of new businesses. I had ranked them highly in my list, just under Coutts bank! But alas, my meagre income is not worth them considering.
I am in the process of setting up an account with Tide. My one and only issue would be that I may occasionally be selling some of my stock at pop up stalls. Whilst I am considering an account with Worldpay (to help collect internet payments via my dedicated website as well as the possibility of hiring a handheld card machine) i may still get some old school buyers (due to the nature of my products) who like to pay in cash.
As Tide have no high street branches - how do businesses handle this? Can i pocket the cash and write my business a cheque or transfer from my own family bank account to my Tide account? I am worried that for Audit and tax reasons this could look like fraud.
Any help appreciated.
Gassing Station | Business | Top of Page | What's New | My Stuff