Business Bank Account

[wilksy61]

I wonder if anyone can help me with regards to opening a new business bank account for both Sterling a Euro's as I am having absolutely no luck at present.

Brief background, I currently have a business that has both Sterling and Euro accounts and turns over circa £2M, mostly in sterling sales, I wish to set up a new business in property but keep it separate from my current business.

I have registered my new business with companies house and have a reasonable amount of funds (Euros) currently sat in my Accountants client account, the funds I have are from the sale of some assets which is documented and signed for by the business that has bought these assets.

However I just cannot get a bank account, Starling have declined stating that "my business falls outside the scope of businesses that they are able to support", Lloyds have said that i need to have a €3M turnover which I will not have although my other business does bank with Lloyds and has nowhere near a €3M turnover.

I cant be the only person trying to get a bank account so does anybody have any suggestions that I can try.

[MustangGT]

Have you tried Revolut?

[F31Simon]

Would second Revolut business, helped me when nobody else would.

[Ari]

I'd suggest avoiding Barclays at all costs!

[wilksy61]

Thanks for the Revolut heads-up, I've started the process but need to have a few things to hand, can you tell me which service you chose, the free one looks ok to me but are they more likely to accept me if I have a paying service.

[ecs]

Revolut isn't actually a bank (in the UK) so there's no FSCS protection; I think they have banking licenses elsewhere though. They're similar to Wise in that they're good for transferring money about the place, but you should probably think twice about keeping lots of cash in there.

I run a UK and an overseas business and use Wise a lot for international payments; however once the money has landed in the Wise account, it gets paid into an actual bank.

[alfabeat]

I have just opened a WISE account (£ and Euros) for my business, as the interest rates on credit balances is far better than I have been getting at Natwest. I am sort of tempted to start using it as my main trading account as opposed to a savings account for the business, as it is just so easy to use and you have a proper account number etc.