Opening any business bank account for a prize give away business will be challenging where ever you look.
The biggest issue opening a business bank account for a prize give away business is normally down to the association to the world of gambling and gaming.
As such the main high street banks simply have not have appetite for such business activity, even if there is no real gambling or gaming activity.
So the question is, if the mainstream or high street banks won’t help, who will?
Well your options will be limited to either using an offshore business account or a UK based specialist payment provider.
Whilst the offshore provider will ordinarily be happy to accept, the issue is more to do with collecting payments from the UK.
Any offshore provider will not have direct access to a UK sort code & account number, meaning you could incur more charges.
As local Faster Payments are quite standard with UK providers, they are not always available for offshore providers.
As such, all your payments could be classified as International payments, which are considerably higher than UK faster payments.
So ideally you would be much better off with a UK FCA Regulated based provider in order that your transaction charges will be much lower.
However if the high street banks won’t accept your application, then you would need to find an alternative, but a UK based one.
There are a number of new Fin-tech companies offering business banking, however as they often back their systems into a high street bank, they too will most likely decline your application.
So are there any options to open business bank account for a prize give away business?
In short, yes there will be options however your options will be limited and you will not always have the luxury of choice.
With that in mind and the fact that every application is based on an individual basis, we would suggest you submit your details and allow us to see if we can get a decision in principle.
If we could find a UK provider who will accept your business in principle, you can then decide if this is something you would wish to proceed with.
With options for a business bank account for a prize give away business so limited, compromise must be at the heart of your decision.
Contact extra Direct on 020 3286 3929 or Apply Online