Whilst it can be a challenge finding a bank account for money transfer business, there are some online options available.
Although none of the high street banks have an appetite to open a bank account for money transfer business, there are some fully FCA regulated alternatives which will.
So whilst you may need to compromise on certain things, you will always be able to have access to a UK GBP account.
With this account you can always expect to have access to your own sort code & account number.
This will allow you to make and receive faster payments, transacting payments within the UK exactly the same as if you had a mainstream bank account.
As long as you are fully regulated and authorised by the FCA then there will be some online options available.
So how will an online account differ from a high street account?
The key differences will be that you will not have access to a branch network, so there’s no physical bank to visit.
The other difference is, you will almost certainly NOT be able to deposit any cash or cheques into your account.
As an online banking facility you will only be able to transact electronically.
This will always include online transactions and debit card transactions via your card processor, all of which will be credited directly into your account.
Whilst these this type of bank account for money transfer business is not ideal in every sense, they can be a very good compromise.
Also with so few other options available for a money transfer business, it would be worth considering this until something better becomes available.
Would you like to know what your options bank account for money transfer business
For more information about opening a bank account for money transfer business,
please contact us on 020 3286 3929
Alternativelycomplete your details online
and one of our specialist advisers will report back with your options – Apply Here