We are often asked how can we open a business account for a bureau de change as none of the high street banks will.
As such, even those businesses who have been trading for some time can often find their business account being closed.
So what are the options to open a business account for a bureau de change?
As none of the mainstream banks will accept an application, your only options will be either looking for an offshore bank or a UK based online provider.
It is always better to use a UK based business account, as with an offshore facility the transaction costs and time to transact can be expensive.
So often a UK based online business account is not just the only option but also the best choice.
If you open a business account for a bureau de change with an online provider, what will it offer?
Of those that will accept an MSB type business, their key requirements will be that they will need to be FCA registered and the transactions will need to be electronic.
Every account will have a UK sort-code & account number with online banking facilities.
The cost to open and run such an account will almost certainly be higher, however, the fact that they will allow you to open a business account for a bureau de change, is quite significant.
Without banking facilities a business will struggle to survive so opening an online business account will be a good option until a better alternative becomes available.
If you need to open a business account for a bureau de change and would like to see what options are available, please contact us on 020 3286 3929 or Apply Here.