| Páginas no tópico: < [1 2 3 4] | UK bank account for a company Tópico cartaz: Merab Dekano
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| Not a business account?? | Jun 12, 2015 |
Merab Dekano wrote: Richard Foulkes wrote:
"With Monese, you can open a UK banking account on your mobile in minutes, regardless of your citizenship".
It hasn't launched yet, so the phrase 'watch this space' applies! Looks promising. I’ll have a look. Let’s see what comes out of it. My first impression is “too good to be true”, but who knows. By the way, it's not about "citizenship" (I'm Spanish, thus EU citizen) but about your residence.
Does seem a bit too easy, doesn't it?
Worth noting that what they don't say on their own website (although you can deduce it from what is not said), and which the Tech Crunch article linked to confirms, is that there will be transaction fees. Obviously they need to generate revenue somehow... (That said, many business accounts also have transaction fees.)
I also wonder :
a) what other businesses would think of payments to and from such an account - how easy they would be to operate? - would you get an IBAN number? - after all, one of the intangible benefits of being a limited company is the more professional image it projects, and not having an account with a recognised bank might jeopardise that.
b) could you pay HMRC from it?
Still, it might be useful to others reading this thread who need a personal account, if nothing else.
[Edited at 2015-06-12 14:09 GMT]
| | | | Merab Dekano 
Espanha
Membro (2014)
inglês para espanhol
+ ...
CRIADOR(A) DO TÓPICO | Let's find out | Jun 12, 2015 |
Charlie Bavington wrote: Merab Dekano wrote: Richard Foulkes wrote:
"With Monese, you can open a UK banking account on your mobile in minutes, regardless of your citizenship".
It hasn't launched yet, so the phrase 'watch this space' applies! Looks promising. I’ll have a look. Let’s see what comes out of it. My first impression is “too good to be true”, but who knows. By the way, it's not about "citizenship" (I'm Spanish, thus EU citizen) but about your residence. Does seem a bit too easy, doesn't it? Worth noting that what they don't say on their own website (although you can deduce it from what is not said), and which the Tech Crunch article linked to confirms, is that there will be transaction fees. Obviously they need to generate revenue somehow... (That said, many business accounts also have transaction fees.) I also wonder : a) what other businesses would think of payments to and from such an account - how easy they would be to operate? - would you get an IBAN number? - after all, one of the intangible benefits of being a limited company is the more professional image it projects, and not having an account with a recognised bank might jeopardise that. b) could you pay HMRC from it? Still, it might be useful to others reading this thread who need a personal account, if nothing else. [Edited at 2015-06-12 14:09 GMT]
Thanks, Charlie. Those are the questions I will ask them; there is a support email address. Will keep you posted.
| | | | | | Merab Dekano
Espanha
Membro (2014)
inglês para espanhol
+ ...
CRIADOR(A) DO TÓPICO
Thanks, Charlie. No, not me. I can find no better forum that this one to ask this kind of questions.
On the other hand, the person in the referred post said it was virtually impossible for them to go to the UK to attend a meeting with the bank. I cannot possibly understand why a person who is based in Spain may find it “virtually impossible” to visit the UK. I have a meeting with a UK-based bank who already received copies of all documents they requested. I will have the originals with me during the meeting on June 25th. I do not find is impossible nor do I find it inappropriate or disproportionate to meet with my future bank.
Money laundering might be an issue for them, yes, but if the person shows up, proves their residence in any EU Member State, proves the existence of their company in the UK, has no “bad” credit history and can actually speak English, I do not think there should be any further complications. I might be slightly more optimistic here, but I just called, made an appointment, provided all necessary papers and will be physically showing up for the meeting; that simple. I do not think this is “over the top” if you are serious about your business. You do not have to do it every week, do you? And it’s been a while I’m not eating “English breakfast”, so as we say in Spanish, “no hay mal que por bien no venga”.
As for the webinar, I was working on an assignment and only managed to join it when it was almost over. Good to hear that I did not miss a lot.
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Merab Dekano
Espanha
Membro (2014)
inglês para espanhol
+ ...
CRIADOR(A) DO TÓPICO | Small update | Jun 29, 2015 |
UK business bank account is now operative. I did have to physically show up at the branch in London. Not that I fancied spending 200+ EUR on the trip, but I cannot complain; I only had to do it once.
I’ve also received a letter from the HMCR and registered for company tax on their web. "Administration" is over, untill the time I will have to file returns to Companies House and pay company tax to HMCR (one year ahead).
Xero seems to be excellent accounting system. The... See more UK business bank account is now operative. I did have to physically show up at the branch in London. Not that I fancied spending 200+ EUR on the trip, but I cannot complain; I only had to do it once.
I’ve also received a letter from the HMCR and registered for company tax on their web. "Administration" is over, untill the time I will have to file returns to Companies House and pay company tax to HMCR (one year ahead).
Xero seems to be excellent accounting system. They have three products and only the “top-end” one has multiple currency functionality. The only thing I do not like about it is the price (about 40 pounds a month), but it seems to be the best known accounting system amongst UK-based accountants. After all, I can deduce those expenses. I do not rule out dropping it if I find more reasonable option with multicurrency functionality.
The Monese customer support replied they will start with personal bank accounts when they go live. Business accounts will follow, but they could not give me any timeline. Since I already have business account, I will probably sign up for a personal one.
Thanks once again to everybody for your support and valuable information. ▲ Collapse
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