Hey Jonny Great video, need your advice please. I'm opening up a Ltd company in the UK, will be a dropshipping store for UK customers. Hoping to move over to the middle east if Im successful in the future. Any thoughts? Thank you, stay cool
Hey Muhammed, I think your best option is Revolut Business. Purely because it's so good for multi-currency businesses, and if you move abroad with your company then you will likely need to exchange currencies, for example GBP to the UAE Dirham. Also with drop shipping, it is possible you'll be paying vendors/suppliers in foreign currency. Revolut Business also has a free account and with Monito's affiliate link you can get one month free to their paid subscription. I'd suggest getting that, and then after a month if you don't need the added paid benefits, just downgrade. Let me know if you have more questions, and please consider using our affiliate link (bit.ly/3I3E5Tg ) - Thank you! ^Jonny
Cool, thanks for sharing. I would consider opening a Revolut Business account (bit.ly/3I3E5Tg ). Mainly because it is free, has great FX rates for paying foreign vendors AND has in-built accounting and spending analytics. Let me know if you have any further questions and please consider using our affiliate link if you do choose Revolut (bit.ly/3I3E5Tg ). Thank you. ^Jonny
Hello, thank you so much for this amazing video. May I please ask a question. I'm an online teacher/content creator, (will also be selling physical products such as books in the future). I will be registering my business as an LLc with company house next month. I will be having students from around the world but highest concentration will be mainly UK & US, I also will be sourcing services from abroad such cheaper Editing and all. I am a very traditional person, I like to be able to walk into a physical place to discuss my issues so I'm really petrified with online banking but I'm willing to give a go if it will help my small online business. Sorry for my long write up, but based on the above information, may I please ask what will be the best and easiest business bank for me? Thank you so much for your response in advance 🙏🏾🙏🏾
Hey! Thanks for the details, the longer the write up the better as it helps me make a more informed recommendation. I suggest you consider opening a Revolut Business account. You'll get access to both GBP and USD account details which would work nicely for receiving payments in either currency. Also if you're sending payments to vendors that use currencies such as USD, it will be good to have access to great FX rates which Revolut provides. For example, if you want to source an editor from UpWork, you would have to pay in USD so having Revolut would be great in case you need to exchange GBP for USD to make the payment. I appreciate your concern and traditionalist perspective. But I can assure you that you can have faith in any of the companies that I've included in this video. There's plenty of security in place to protect your funds at these companies AND they typically have far better customer service than any of the traditional brick & mortar banks. In short, check out Revolut Business (bit.ly/3I3E5Tg) I think they'll be great for you, you can just start off with their free plan as that will be more than adequate. Good luck with the business! Also, that's an affiliate link, please consider using it if you decide to sign-up :) Thank you ^Jonny
@@Monitodotcom so in my head, I have replied you a thousand times 🤦🏾♀️ Thank you so much for taking your time for the amazing detailed reply. Really helpful. Thank you 🙏🏾🙏🏾
Hi there Johnny, great video and I greatly appreciate you taking the time to respond to individual questions. Massive respect! I’ve just started a business reselling pre-loved luxury goods and things are happening fast as I’m buying loads of inventory and overhead expenses abroad and equally having buyers from across the world as well. As a brand New UK Ltd business what bank would you recommend I use to help me? Thank you in advance 🌷
Hey! Congratulations on the business! Couple of questions before making a recommendation.. Are you purchasing goods from aboard in a foreign currency? Do you plan to sell good to International customers in British Pounds or would you eventually like to offer multiple currencies? This can be enticing for customers because it means they can pay in their local currency and don't have to worry about currency exchange, except you have to foot the bill. Speak soon. ^Jonny
Hi Jonny, I'm a UK resident, looking to start up an agency service-based ltd company with my friend - where most my clients will be paying in GBP (which will require invoicing). Possibly looking to expand in the near future to middle-eastern countries. An account with little to no interest fees.. What business bank account would you recommend I open up?
Hey Rameel! Thanks for your comment. I don't think there's too much to consider, a standard GBP account will suffice, but perhaps one that won't have hideous FX fees for receiving money in a foreign currency. I would recommend just opening a Starling Bank account (bit.ly/3gO6x29), it's free to open, they have a great app and customer service and when you're ready you can upgrade to their business tool kit account (7 a month) which has integrated accountancy software and VAT support. Just ensure you've registered your business first with HMRC/Companies House, and when you go to apply perhaps just mention that you'll be working with clients in the UK. I know you mentioned middle-eastern countries in the future, but if it isn't immediate then I wouldn't feel compelled to share that, it also may impact opening an account. Thanks and do consider using our affiliate link (bit.ly/3gO6x29) if you open an account with Starling. ^Jonny
Hey mate! Thanks for the video. Are these all for non uk residents available? If not which one can you suggest beside wise, revolut, payoneer and monzo? Kindly regards
HI jonny great video. im a newbie and i just decided to start a business, registered my company just yesterday with company house and my business will be operating/selling products in the usa only. which business bank account do you suggest in my case ?
Hey Adam, congrats on starting a business. As you'll be receiving USD, a USD bank account would be ideal. I'd suggest opening an account with Wise (go.monito.com/wise-business), although there's a one-off small fee when you open the account, you will get US bank account details that you can share with your customers or the platforms that you sell your products on. Wise is also a great choice when exchanging USD to GBP as they have very competitive rates, and I'm assuming at some point you'd want to exchange the dollars your business makes for pounds. Let me know if you have any more questions. ^Jonny
Hi, would you mind making a clip about what banks are offering an accounts whether business or personal for withdrawing forex profits? Unfortunately most banks in UK are reluctant to open accounts for forex traders whether business account or personal
Hey Jonny, please help… my client is an up and coming influencer in the UK ( 🇬🇧 based ). They’ve started getting brand deals and got some from the UK, US even CHINA… *mettle would’ve been the best option as it’s free but its only for UK transaction ( can’t be sent money from outside the UK )* which do you recommend they choose? & Yeah they’ve only just set up a company with hmrc
Hey! Great question. I'm assuming the brands they're working with, although international will be paying them in GBP? It feels only right that the brand should front the cost of FX and not your client. But if this could potentially be an issue in the future, then a multi-currency account would be better. I'd suggest going with Wise, you could share EUR or USD account details with the vendors and the influencer can convert non-sterling payments to GBP through the mid-market rate and only pay a very small fee. Although Wise Business has an upfront fee (£45), it is just a one-off payment and well worth it. ^Jonny
I have a business in the Uk but I don't live there it's very hard to work with payment gateways if you don't have a big bank and not wise, what should i do?
Thank you for your suggestion it is well appreciated. About the mid-market conversion rates, are they any ones with better conversion at all as I believe that may be quite high especially for me who’d be buying inventory at thrice a month. Also does it have the usual £85k limit as the other virtual banks as well? Final question; after the initial charge of £45 are they any other charges or fees I should look out for? Thank you so much Jonny and do pardon my many questions.🙏🏾🫶🏽
Well, the mid-market rate is as good as it gets, that's the rate banks use to trade foreign currency. Most money transfer companies or banks apply a markup to the mid-market rate, WISE doesn't and instead charges a small fee each time you convert, and depending on the currency this will usually start at around 0.33%. What do you mean by '£85k limit?' Are you referring to FSCS-protection? If so then WISE isn't FSCS-protected, more info here: wise.com/gb/blog/how-we-work-to-keep-your-money-safe-and-available-at-wise As mentioned, there are small currency conversion fees, I recommend checking their website for more info: wise.com/gb/pricing/business - All the best. ^Jonny
Hello Monito! Thanks for the video! I have a ltd company in UK, but I live in sweden, we want to sell on amazon and was looking for a good bank for it. Our suppliers are from china. Our customers are international. Which bank should be best?
Hey! Glad you found the video useful, although they're not a licensed bank, Revolut have a great business account for companies using a lot of foreign currency, especially to pay international vendors. They also have one of the cheapest POS % fees on the market. Have you looked at their business account? You will also likely have more chance being accepted as a non-UK resident and you'll get a free month trial with their premium account if you use our affiliate link 🙂 ^Jonny
Hey! So both Starling and Wise would be a great choice and relatively balanced in terms of costs. With Starling you’ll need to pay a monthly fee (£5/m) for the USD account, then when you exchange USD to GBP you’ll receive the mid-market rate and a .4% conversion fee. While Wise will only charge you an initial fee to open the account (£45) and after that you will pay a conversion fee each time you exchange USD to GBP and receive the mid-market rate. The fee you pay with Wise will reduce the more money you exchange, however to reduce this to .4% requires you to exchange $340,000 (wise.com/gb/pricing/business/send-money?sourceAmount=1000&sourceCcy=GBP&targetCcy=USD&tab=0) Check out that link above, it gives you good insight on how much it will cost to exchange currency with Wise Business. Starling is fixed at .4%, and unless you're going to exchange a lot then I think they're the better choice. As long as you're okay with the fee of £5/month or £60 per year. Hope that helps, do let me know if you have any further questions and let me know what you end up going with :) ^Jonny
I applied with Starling bank but they declined the account even though I have the best credit history(score) and everything was within their conditions?!? No explanation? Monzo customer services was not the best so gone with Tide bank...lets see how they do 🙂
That's very interesting, I've heard similar stories, Starling and Monzo can be quite strict, let me know how you find Tide, their Savings account is fantastic! ^Jonny
Hey!! Okay, so I’m still confused as to which bank would best suit my business. I’ve only just launched a Ltd company, only looking to sell in the uk really. I’m selling confectionary ect online and locally… which bank would best be suited for this? Thanks
I think for the reliability of great customer service, the fact that it's free and has some great business tools if and when you're ready to upgrade, then go for Starling Bank (bit.ly/3gO6x29). They're great with Ltd companies, just ensure when you do register that you're accurate & detailed in your application so you don't have any trouble getting accepted. Thanks! Let me know if you have any further questions. ^Jonny
Hi Johnny, I apologise but I’m starting new thread s cos you aren’t seeing my responses under the initial comment. yes but you asked me questions that would help you make a recommendation for me and I answered twice but haven’t received a response at all. I said that I would like to allow customers pay in pounds as well as US $ but this would be in 7 months or so. To the second question I am buying a lot of inventory in foreign currency.
I'm sorry, but for some reason, I cannot see any of your responses to my original reply. I think it's important to plan ahead. If you anticipate being paid in USD then a USD bank account would be important, as well as the ability to exchange currencies at a low cost. Plus you're buying inventory in foreign currencies, which is another reason for low-cost currency exchange. WISE Business sounds like the best account. You'll be able to exchange currencies at the real, mid-market rate, and get access to USD account details to receive payments, and because your business is LTD and controlled in the UK then you should get access to WISE Interest which has some pretty competitive rates for GBP and USD. Let me know if you have further questions and if you do go ahead with WISE Business then please consider using my affiliate link: bit.ly/3XRB0fW There is a one-off fee but unlike most business accounts there isn't an on-going monthly fee.
Hi Johnny! Thank you for such a great video. I'm looking to launch my own small business in a few months and I'm looking for a free bank - I have tried Starling but they keep sending the same questions about the business set up and I'm getting a bit fed up with the back and forth in trying to set up the account. Bit more about the business: - stationery business (ltd company) - buying stock from overseas - customers will be both UK and intl I've also heard Starling do not allow accountant access which is also putting me off as this is something I'd definitely like to have. What would you recommend?
Hey Maria! You're very welcome. I would veer towards Revolut Business, you're going to get fantastic FX rates for purchasing from international vendors, so if they're using USD or Chinese Yuan then you can exchange GBP at basically the mid-market rate and pay very little or maybe even zero fixed fees. That alone is a great reason and will save you A LOT on FX fees in the future, particularly as you scale. Also, Revolut has some really competitive payment processing fees, which that will help keep your costs down. Revolut Business is also likely to onboard you quickly and ask fewer questions. If you have any more questions, feel free to ask, and if you do fancy trying Revolut Business then please consider using my affiliate link (bit.ly/3I3E5Tg) - You'll also get a free month for one of their paid plans. That way you can test it out and if you don't want to pay you can either downgrade to free or cancel entirely. Thanks! ^Jonny.
Hey Jonny, I’ve waiting for a response/suggestion. Are you seeing my replies at all? Because after I send them I can’t seem to see them in the comments section or in the thread of our conversation. Please let me know. Thank you 🙏🏾
Hi Jonny, You’ve been the nicest person to reply to all the comments. Thank you for that. I have a business set up in the UK and I’m expanding to multiple countries like Dubai, Australia, Singapore and more. As my business will be operated fully from India but my earnings will be made in multiple currencies which business bank account would you suggest ? Also, can you please suggest the best for UK specific as well? I live in London and I’m trying to open one right now. Thank you
Hey! I would suggest WISE (bit.ly/3XRB0fW) for your multi-country / multi-currency bank account, you'll get loads of different currency accounts and if you do want to exchange money to one currency like GBP then you'll get the mid-market rate. There is also a one-off fee with WISE and nothing else which I think is great! For UK specific, I like Tide A LOT, they have a great savings account (4.33%) and fantastic in-built accounting software. You also get £50 cash back when you open an account, just make sure to use the link: bit.ly/3WvhWTJ Let me know if you have any questions, thank you. ^Jonny
Hi Johnny :) in your opinion what would be the best business account for an e-commerce related business (Amazon fba) . I just registered my business yesterday.
Hey! Congratulations on registering your business. I would go with WISE, purely because I'm aware of other FBA businesses using WISE so we know it works. It is also a great account, there is a one-off cost but the account itself has multi-currency features, interest accounts for savings and the ability to add team members. Definitely consider WISE, and if you do please consider using our affiliate link (bit.ly/3XRB0fW) Thank you ^Jonny
Nice video man, I am looking to start amazon fba would you say Payoneer is a good bank to receive money from Amazon America and to make transactions to china manufacturers?
Absolutely, you'll get GBP (and USD, EUR) local account details so you can use that to get paid, just like a regular bank account in the UK. Once you're paid you can then just transfer how much you wish to pay yourself into your personal current account. No problem, if you do decide to sign-up please consider using my affiliate link (bit.ly/3bHaove). Let me know if you have any more questions. ^Jonny
Hi, Monito, thanks alot for your videos, really useful. Pls in a simple terms of my situation, I started an online e commerce business, products gotten in dollars from d US ...but am to sell via my own website via online.. am based in UK, but hope to cover the whole of Europe like people can order from my website from Ireland, Germany, Scotland and so bearing in mind we have different currencies but will like my money arriving my account in gbp, PLS what's the best bank to go for with less possible charges? Will appreciate ur response and advice on this.
No worries. I would recommend opening a business bank account with Starling. You'll be able to pay your suppliers in the US with international dollar payments at the mid-market rate with just a small fee (0.4%). You will be able to receive payments in GBP and also integrate your account with various accounting software. It is also free, FSCS-protected and has great customer service. Hope that helps, and if you do decide to sign-up with Starling, please use my affiliate link (bit.ly/3gO6x29) - Thank you in advance! ^Jonny
Hi Johnny, I am looking to launch a Ltd company structure, selling digital assets on multiple online marketplaces and possibly my own site long term. I am based in the UK but could move to Middle East in the future depending on success. What business account would you suggest for selling digital assets only online as I most likely won’t have any suppliers to pay etc. thanks.
Hey Faizan! I would suggest opening a Revolut business account. They'll probably be the most versatile in case you move abroad in the future, and friendlier towards digital products. They're also great for e-Commerce and for integrating accounting software. Just make sure to register your business before applying for the account as that'll help speed up the process. Let me know if you have any more questions and if you do sign up with Revolut, please consider using our affiliate link (bit.ly/3I3E5Tg). Thank you! ^Jonny
Hi, I’m a UK resident with a small business I do from home. I want to open a business account, do I need to register the business with HMRC before opening the account?
Yes you will. If you're self-employed you'll need to register with HMRC, and if you plan to do anything else such as open a LTD company then you need to register with Companies House (www.gov.uk/set-up-limited-company). ^Jonny
Hi jonny, I'm starting a small business selling photos on the streets of london. I'm a uk resident. I want to use sumup to accept payments of around £10 per sale. I havent register as a business yet but plan to. I dont plan on needing to tranfer money internationally. I do want to accept payments off tourists paying with cards that are international. My question is what account wouod best suit this small business. Thanks
Hey Jake. I would suggest opening a Starling business account, either a sole trader account or a limited company account (depending on which you register as.. We have a written article if you need help or advice on this: bit.ly/3yv1uK0) Starling has a partnership with SumUp which will make taking payments more convenient and you can deposit any cash payments you receive at the Post Office. The account is also free to open (never any monthly fees), highly rated and international payments won't be a problem as the currency conversion and any fees will be handled by your customer's bank. And if you do decide to sign-up please consider using my affiliate link (bit.ly/3I3E5Tg). Thank you in advance and do let me know if you have any questions. ^Jonny
Starling is useless if you want to add add an account holder who ismt a director, just wasted time settingup an account to find.this out. Totally not suitable for my small business
Hey mate. Sorry for the late reply! Have you looked at any other alternatives? Revolut Business allow multiple user access and I don't believe they have to be visible on Companies House (like Starling). ^Jonny
I live in the U.K. and starting up a side business, most of my clients will be paying in US dollars. Can someone please explain which of these banks accepts payments in dollars because I’m currently with Monzo but I don’t think they accept payments in dollars?
Hey Ryan, if you were to open a Wise Business account (£45 one-off payment), you would receive a number of local account details, including US bank details. You could share these with your clients and then they would be able to pay you in USD into the account. When you're ready you could exchange USD to GBP at the mid-market rate and for just a small conversion fee. This to me seems like the most sensible and cost-effective way for you to receive payments. Let me know if you have any further questions and if you sign up, please consider using my affiliate (bit.ly/3XRB0fW). Thank you ^Jonny
Hi Dear, great video thank you for that - The only thing I'm not sure about is which option is best for a non-resident UK company, any advise on this part?
@@Monitodotcom i have the same question I'm based in ireland, have uk ltd company and want to start on amazon, i was trying to register with starling but it was asking for my residential uk adress, thanks in advance.
Hey Fawad. Unfortunately Starling isn't available in Ireland. However.. have you looked at Revolut Business? They're now a licensed bank in Ireland so you have deposit protection and their business account gives you access to a GBP account which you could use if you're trading in £ on Amazon. Definitely check them out! We also have an affiliate link if you decide to :) go.monito.com/revolut-business Many thanks! ^Jonny
@@MonitodotcomI have the same situation but I am Based in Sweden, The amazon account we will open is amazon UK, but amazon listings are shown on other amazon sites, like Sweden and other in europe. Which bank Will suit us?
What would be the best bank account for a shopify store that wants to receive payments from customers in the US/Europe and then pay suppliers in China. (My company is already registered with company house).
Hey Indriya! So you'll be receiving/making payments in various currencies so you'll absolutely want multi-currency functionality and good exchange rates. I'd suggest Revolut Business (bit.ly/3I3E5Tg ) You can receive, hold and exchange over 30 currencies and set up as many sub-accounts in each currency. Also when you need to pay suppliers you can easily exchange those currencies for the Chinese Yuan and send it across. Most importantly, Revolut uses great exchange rates so you won't lose out on hidden fees when exchanging currencies and making foreign payments. Hope that helps and let me know if you have any other questions :) ^Jonny
Hey Dee & Tee! Can I ask you what your RUclips niche is? I might just be able to recommend an account for you without making a video 😊 Good luck with the channel! ^Jonny
Hi, Johnny. I want an account that has a free accountant or software, and I can transfer my money without charge and accept payment and take over the phone and / or Internet, free of charge
Hi Jonny, I’ve been scrolling for 10 mins now, great video, but I’d like your advice on my own personal circumstance. I’ve just started a Ltd company and I’m going to be a sales consultant for UK/US companies. I work remote and like to be able to travel in the future and take my work with me. I’m based in the UK currently. Invoicing would be nice, but not required since I’m already paying for an accountancy firm to do my bookkeeping, however I might stop using this service in the future. Please may I have some advice on the best business bank account to use? They all seem like good to me 😂🤷♂️. One thing I’d like to note is I would want to invoice someone in the Philippines for investing services at the end of the year. Thanks a lot!
Hey! That's a great point, they're all really good! Haha! From what you've told me, earning from UK/US so potentially GBP/USD, little need for invoicing or accounting then I'd look at international banking/transacting as our main priority. To me WISE stands out. You could get GBP and USD account details so you can share them with the companies you consult for, and they can pay you in their native currency. WISE also has fantastic exchange rates which you can use for exchanging USD to GBP. I have a WISE business account and it's great, I use it alongside Tide and Barclays. WISE also has some great interest earning accounts so if you don't want to exchange your USD to GBP you can leave it earning interest. Let me know if you have any more questions, I'm here to help, and if you do decide to use WISE please consider using my affiliate link (bit.ly/3XRB0fW). Thanks ^Jonny
@@Monitodotcom Hey Jonny, thanks for the reply. I tried to, but instead I'm on a waiting list. What's the next best bank you'd recommend for my situation? Drop the link too!
Opening any bank account whether its from Monzo or HSBC shouldn't affect your credit score. It may temporarily lower it (www.experian.co.uk/consumer/guides/what-affects-score.html) but it will recover. If you open lots of accounts quickly then that may mean your credit score isn't able to recover fast enough. ^Jonny
Hey John, kamusta! It is hard to say, without knowing more info about your company. Starling can be strict, but there may be other banks available that will be more inclined to accept, for example, Monzo. Can I just confirm, do you hold a British passport? And do you have proof of address in the UK? ^Jonny
@@Monitodotcom hi! So nice of you knowing a little bit of tagalog🙏🏽 but yes I am a British citizen and I do have an address here. I’ve been here for about 18 years😅
@@Monitodotcom I’ve also sent documents like a detailed business plan and even proof of me with invoices of payments to suppliers from shenzeng, China.
It is really impossible to know why they rejected you, I'm sorry though, and if it is any consolation A LOT of people have told me they've been rejected. Have you considered trying Monzo? ^Jonny
Hi Jonny, I'm in Australia and opening an ecommerce brand. As I focus marketing on social media, the majority of customer would be worldwide. What business bank account would you recommend I open up? Thank you in advance!!
Hey! As you're in Australia why not consider opening a WISE business account (wise.com/au/business/)? They require a one-off payment, after that, there's no monthly fee. You'll also be able to receive payments in various currencies in case your clients want to pay you in their local currency. ^Jonny
You would need to share your company documents so that whatever name the business is registered as will be the name used for the account. Is this what you meant? I didn't really understand your question. ^Jonny
Hi Jonny, I live in the uk and have created a limited company already. I have a website with wix which is the only place i sell the items, but they are all digital so anybody in the world can purchase the items. What do you think would be the best suited bank account for me?
Hey Sam. Your Wix website store currency will be GBP, so customers will take care of any foreign exchange payments themselves. Therefore, you just need a business account that will accept GBP payments. I'd suggest opening a Starling Business account. It's free to open and they've got good customer service (not that you'll probably need to use it!). Let me know if you have any more questions, and please consider using my affiliate link (bit.ly/3gO6x29) if you do decide to open an account. ^Jonny
Hi Most recently I register my businesses. And now I need a business account. But here's the problem, I want a free account and I'm a non-resident person. Can you help me to find a bank for me?
Why don't you try Revolut Business, it's great and also free. You also don't need to be a UK resident, as long as your business is registered in the UK and you can show proof of your company address (blog.revolut.com/open-business-account-online/). If you do decide to register please use our affiliate link via: bit.ly/3g3HBjh - Also don't hesitate to ask more questions :) ^J
Hey Abbas! We do have a promo code: bit.ly/3WvhWTJ - With that code you should receive £50.00 in your account when topping up for the first time. Let me know if you have any issues. Cheers! ^Jonny
Hi Jonny, I am a UK university student that is studying abroad in the US for the next 11 months. In your opinion, which debit card would be best to use abroad? Wise seems to be the best option as I can hold actual USD in the account, however I like the unlimited free atm withdrawals with Starling. Also, say I go to a Walmart and pay using my Starling card with GBP, what fees will I be charged? Will it automatically convert to USD using MasterCard's exchange rate? Many thanks & keep up the vids, Ewan. :)
Hey Ewan, that's a good question. Why not use both? You can open both accounts very quickly and easily. Use Wise as your day to day spending card and Starling when you need to make large cash withdrawals. I would suggest depositing GBP into your Wise account and exchanging a large amount to USD, or whatever you want to budget on a weekly/monthly/term basis. That way you have your Wise account loaded with USD and you can spend freely without any fees. If you think you may need to withdraw a lot of cash and you have GBP in your Wise account you could easily transfer that to your Starling account to withdraw. Remember with Wise you can withdraw up to £200 fee-free per month, so if you think you'll need more just make sure you have it as GBP so you can move it into your Starling account to withdraw without paying any fees. Summary: If you were to choose just one and cash withdrawals are important than Starling is the best option, but if you can stomach only having £200 fee-free per month then Wise is the better choice but only marginally. ^Jonny
Hey Hisham. No worries, glad you found the video useful. I had a brief look at their website and prices. For international payments, they look expensive, even their most expensive plan (scale) charges €9.99 for an international transfer. There are definitely cheaper providers and I'd suggest if you are going to make an international transfer that you use www.monito.com - We'll be able to tell you who the cheapest and best provider is and I'm 99% certain that you'll find a more competitive price than WAMO. Hope that helps ^Jonny
Hi Jonny you OK bro? Great content. I started a Uk business but I buy my products from abroad i.e china and I sell it on my website here in the UK to world wide. so I can get orders from United Staes, France, Canada etc what bank would be best for this?
Hey! Thanks for the comment. Are you just receiving payment in GBP? So are the customers in other countries taking care of the currency conversion and paying you in pounds? ^Jonny
@Monitodotcom thanks for the reply. Great video keep it up bro. You mentioned in a previous video that you had an business and an EU account which made it easier for the customers to pay and you just transferred it to your gbp account. Is that something I can do without a starling back account. I know they charge £2 a month seems like a convenient thing but unfortunately I didn't get that account. Any advice on this?
Yeah, I used to have a Shopify store in multiple currencies. So if people were from the EU, they'd be redirected to our EU website and would pay in euros. Those euros would be deposited into a EUR account which I would then exchange for GBP at a later date. That is something you can do with a Starling EUR account, you can also open the account later you don't need to get it when you sign-up, and it is very easy to open. Have you got your Starling account yet? ^J
@Monitodotcom thanks for the reply brother. Unfortunately they rejected my application so couldn't open a business account with them. Something about a risky business. ( I sell women's handbags 👜) maybe it's just a new startup. Is there a tip or advice you can give if there's an alternative I can do something similar to this? Again if I kept the normal UK store it hinders people away from buy in gbp and the extra fees that would have been involved.
Is Starling or Tide better when it comes to their accounting software? I am looking to start an e-commerce business as a sole trader and want to keep my accounting as easy and cheap as possible.
Hey Prabz. I can't give you an answer based on my own experiences, as I have only used Starling's business accounting software. Looking at both websites, I think they're pretty equal in their benefits. They both handle VAT, automate expenses and manage invoices. They are also equally priced. Starling's business toolkit is £7, and Tide £6.99 / month. I think I'd consider other benefits when making the decision on who to bank with. Let me know if you have any further questions. ^Jonny
@@Monitodotcom Hi Jonny, would you say Starling's business toolkit would be sufficient for accounting/bookkeeping or would you recommend the use of Xero?
Hi Jonny! Firstly, thank you so much for such a comprehensive video, you can really tell how much time and effort you've put into creating it :) I have a question if you don't mind: So I just registered my limited company in the UK. I will be selling clothing via my website and people will be able to purchase worldwide. I currently live in the UK but will be moving to the US later on this year. Can you please recommend me a business bank account for my particular situation? Thanks in advance!
@@Monitodotcom Oh bless you for your quick response! In theory, yes, I'll be moving there permanently... but it depends on how well the business goes I suppose! But the idea is to take it there since I think it has its best chances of success in the US market.
I'm sorry for my late response, I didn't see that you had replied. As you mentioned the product having potential for success in the US market then I would lean towards an account that has multi-currency features. Starling Bank offers a USD account, which you could eventually open if you wanted to receive payments in USD. Their basic account also has no monthly fees, integrates with accounting software, and has no fees abroad. This means while you're in the US, you could use your Starling card to transact and withdraw money. I think this would benefit you the most. Let me know if you have any further questions and if you do decide to join Starling Business then please consider using my affiliate link (bit.ly/3gO6x29). Thank you ^Jonny
Hi, Jonny. I have developed a product to sell in Spain UK and USA mainly for a niche sport. I have PayPal set up on my website but need a business bank account attached to it which would be best? as obviously fees to PayPal, and a bank account will also have fees, i need to try to keep costs of these charges as low per transaction as possible. But happy to pay for the best account to use in synch with PAYPAL
Hey Shaun, the issue I take with using PayPal for foreign transactions is that their exchange rates are horrible. Firstly, do you know if you'll be receiving EUR, USD and GBP payments? And also are you based in the UK? ^Jonny
@Monito Hi, thanks for getting back to me. The coaches or academies that mainly I think that will be buying the product will be from USA Spain and the UK. I really have never sold anything before internationally. I only sold my coaching services to the people in the UK where I live. I really have no idea how to do this financial side of things. I was going to have PayPal and link a business account to PayPal. So take all payme ts via PayPal, then every week, transfer money over to the British business banking account, then do the accounting that way.
No worries Shaun. It isn't as complicated as you may think, I personally ran an e-Commerce company selling products around the world and it was really simple (and I'm a dummy!). Have you considered using a platform like Shopify to sell your products? Their template websites can look really professional and they will give you a number of payment processing options including PayPal. As you'll likely be receiving GBP and your customers will be handling the currency conversion fees, I'd suggest going with Starling Business. Firstly, and most importantly it's free. But also it has some great integrations including SumUp which I actually prefer to PayPal. It is a payment processing platform that you can use to receive payments for your products. It's really smart at managing invoices, transactions, refunds etc. I think Starling would be the best choice, you'll obviously need to have registered as a business and they have a business account for either LTD companies or sole traders. Let me know if you have more questions Shaun, and please consider using my affiliate link (bit.ly/3gIzKM0) if you decide to register for Starling. ^Jonny
@Monito Thank you very much for the advice. Will look into all of that. I got a bespoke website made for my product, but I'm sure Sum up can be added, and yes, I will look at starling Bank. Many thanks, Shaun. much appreciated
Hey nik. Without knowing much about your company I'd say *Starling Bank* . It is an all-round great business account with a ton of features, it's FSCS-protected and gives you the option of opening EUR and USD accounts if necessary. It also integrates easily with accounting software and has the business toolkit feature that you could subscribe to once you're properly up and running. ^Jonny
@@Monitodotcom i will form a uk ltd company in the near future . Just saw your Starling Business Account Review . I am your newest subscriber ;) Thanks again !
The 0.20p fee for account transfers on Tide. Does this include someone purchasing a product on your shopify and you being paid? Or if you buy something on your card? Or is it just if you send or receive money via online banking?
Hey Harry. Basically any transfer in and out of your Tide account. Let's say you deposit money earned from your Shopify store into your business account, this would incur a charge of 20p. Or if you pay an invoice from a vendor via your Tide account, that would also incur a .20p charge. That's with the free account, with the next tier (Plus) you get 20 free transfers per month. Hope that helps, let me know if you have any further questions. ^Jonny *P.S If you do register for Tide, use our affiliate link as you'll get £50 for free :) 👉 bit.ly/3WvhWTJ *
@Monito: Hi, first of all thanks for this great video. I have a quick question. I just opened my limited IT company based in the UK but I live in SPAIN. I am the only person working in the company. I will mainly get payment from europe. maybe in the future from UK which means I will then register for tax. I will received payment, pay bills via automated order and a few times use the card for expense. Just wondering is Revolut or Wise more suitable in my case? Thanks in advance for your answer
Hey! Glad you found the video useful. In my opinion, I would recommend Revolut. With both Revolut and Wise you'll get EUR and GBP accounts so that's taken care of, but Revolut will also give you access to more business tools. Not only that but when you scale and you're ready to pay for a business account, Revolut Grow (£25/month) will give you £10,000 of fee-free currency exchange which will coincide nicely with receiving GBP payments. You can then exchange that GBP for EUR for free (up to £10,000). You won't get this Wise. That would obviously be later on but it's definitely a good thing to prepare and future-proof your business against currency exchange costs. Hope this helps, please do use our affiliate link (bit.ly/3I3E5Tg) if you decide to sign-up with Revolut. Thank you and let me know if you have any further questions. ^Jonny
Hi Jonny, I am from India and right now I am in the UK on a dependent visa. I want to start my own business by selling on Etsy, Instagram, and Facebook. Ideally, all customers will be from different countries, so, in this case, which business account will be suitable for me?
Hi Uttam. If you intend for your Etsy shop currency to be in pounds then a GBP business account will be a must. I'm assuming by selling on Facebook and Instagram you mean you'll be promoting your Etsy shop there? Therefore, customers will checkout via Etsy? Also, have you registered a limited company yet with HMRC? Thanks ^Jonny
@@Monitodotcom Yes, I will be promote my Etsy store in facebook and Instagram but I haven't registered in HMRC in this case which business account is will be best for me??
In order to open a business account, you will need to register your business with HMRC, you don't need to be a UK tax resident to do this. We have a great article that you may find useful: www.monito.com/en/wiki/how-to-set-up-a-company-in-the-uk Once you're registered I would suggest opening a Starling business bank account, they're easily one of the best all-round business bank accounts and should provide you with everything you need. ^Jonny
![Cody Johnson - I'm Gonna Love You (with Carrie Underwood) [Official Music Video]](http://i.ytimg.com/vi/yy9PuYMU29g/mqdefault.jpg)
Do what I do,
Create the latest free business account.
THEN
when they start charging you,
LEAVE and go to the next free one.
Never be loyal to a bank
Hey Jonny
Great video, need your advice please. I'm opening up a Ltd company in the UK, will be a dropshipping store for UK customers. Hoping to move over to the middle east if Im successful in the future. Any thoughts?
Thank you, stay cool
Hey Muhammed, I think your best option is Revolut Business. Purely because it's so good for multi-currency businesses, and if you move abroad with your company then you will likely need to exchange currencies, for example GBP to the UAE Dirham.
Also with drop shipping, it is possible you'll be paying vendors/suppliers in foreign currency. Revolut Business also has a free account and with Monito's affiliate link you can get one month free to their paid subscription. I'd suggest getting that, and then after a month if you don't need the added paid benefits, just downgrade.
Let me know if you have more questions, and please consider using our affiliate link (bit.ly/3I3E5Tg ) - Thank you! ^Jonny
@@Monitodotcom Thank you for your reply much love Jonny very helpful. I must invite you out to wherever I end up when I make it lol i'll be in touch
Hi I’m opening a wholesale Amazon business which one would you recommend me thanks 🙏
Hey Nargis! May I just begin by confirming which country you're from? Thanks. ^Jonny
@@Monitodotcom sure from the uk 🇬🇧🥰
Cool, thanks for sharing. I would consider opening a Revolut Business account (bit.ly/3I3E5Tg ). Mainly because it is free, has great FX rates for paying foreign vendors AND has in-built accounting and spending analytics. Let me know if you have any further questions and please consider using our affiliate link if you do choose Revolut (bit.ly/3I3E5Tg ). Thank you. ^Jonny
@@nargisjamaitaleb3a287 did you started fba?
Hello, thank you so much for this amazing video. May I please ask a question. I'm an online teacher/content creator, (will also be selling physical products such as books in the future). I will be registering my business as an LLc with company house next month.
I will be having students from around the world but highest concentration will be mainly UK & US, I also will be sourcing services from abroad such cheaper Editing and all.
I am a very traditional person, I like to be able to walk into a physical place to discuss my issues so I'm really petrified with online banking but I'm willing to give a go if it will help my small online business.
Sorry for my long write up, but based on the above information, may I please ask what will be the best and easiest business bank for me? Thank you so much for your response in advance 🙏🏾🙏🏾
Hey! Thanks for the details, the longer the write up the better as it helps me make a more informed recommendation. I suggest you consider opening a Revolut Business account. You'll get access to both GBP and USD account details which would work nicely for receiving payments in either currency. Also if you're sending payments to vendors that use currencies such as USD, it will be good to have access to great FX rates which Revolut provides. For example, if you want to source an editor from UpWork, you would have to pay in USD so having Revolut would be great in case you need to exchange GBP for USD to make the payment.
I appreciate your concern and traditionalist perspective. But I can assure you that you can have faith in any of the companies that I've included in this video. There's plenty of security in place to protect your funds at these companies AND they typically have far better customer service than any of the traditional brick & mortar banks.
In short, check out Revolut Business (bit.ly/3I3E5Tg) I think they'll be great for you, you can just start off with their free plan as that will be more than adequate. Good luck with the business! Also, that's an affiliate link, please consider using it if you decide to sign-up :) Thank you ^Jonny
@@Monitodotcom so in my head, I have replied you a thousand times 🤦🏾♀️
Thank you so much for taking your time for the amazing detailed reply. Really helpful. Thank you 🙏🏾🙏🏾
Hi there Johnny, great video and I greatly appreciate you taking the time to respond to individual questions. Massive respect! I’ve just started a business reselling pre-loved luxury goods and things are happening fast as I’m buying loads of inventory and overhead expenses abroad and equally having buyers from across the world as well. As a brand New UK Ltd business what bank would you recommend I use to help me? Thank you in advance 🌷
Hey! Congratulations on the business! Couple of questions before making a recommendation..
Are you purchasing goods from aboard in a foreign currency?
Do you plan to sell good to International customers in British Pounds or would you eventually like to offer multiple currencies? This can be enticing for customers because it means they can pay in their local currency and don't have to worry about currency exchange, except you have to foot the bill.
Speak soon. ^Jonny
Hi Jonny,
I'm a UK resident, looking to start up an agency service-based ltd company with my friend - where most my clients will be paying in GBP (which will require invoicing). Possibly looking to expand in the near future to middle-eastern countries. An account with little to no interest fees..
What business bank account would you recommend I open up?
Hey Rameel! Thanks for your comment. I don't think there's too much to consider, a standard GBP account will suffice, but perhaps one that won't have hideous FX fees for receiving money in a foreign currency. I would recommend just opening a Starling Bank account (bit.ly/3gO6x29), it's free to open, they have a great app and customer service and when you're ready you can upgrade to their business tool kit account (7 a month) which has integrated accountancy software and VAT support.
Just ensure you've registered your business first with HMRC/Companies House, and when you go to apply perhaps just mention that you'll be working with clients in the UK. I know you mentioned middle-eastern countries in the future, but if it isn't immediate then I wouldn't feel compelled to share that, it also may impact opening an account. Thanks and do consider using our affiliate link (bit.ly/3gO6x29) if you open an account with Starling. ^Jonny
Hey, I’m a content creator which bank account would be best for me?
Hey! To confirm, are you based in the UK? And have you registered as a sole trader or LTD company? ^Jonny
Hey mate! Thanks for the video. Are these all for non uk residents available? If not which one can you suggest beside wise, revolut, payoneer and monzo?
Kindly regards
No worries! WISE, Revolut and Payoneer all work with businesses who don't reside in the UK. Can I ask where you're based? ^Jonny
Revolte doesn’t allow non Uk residents. 😢
HI jonny great video. im a newbie and i just decided to start a business, registered my company just yesterday with company house and my business will be operating/selling products in the usa only. which business bank account do you suggest in my case ?
Hey Adam, congrats on starting a business. As you'll be receiving USD, a USD bank account would be ideal. I'd suggest opening an account with Wise (go.monito.com/wise-business), although there's a one-off small fee when you open the account, you will get US bank account details that you can share with your customers or the platforms that you sell your products on.
Wise is also a great choice when exchanging USD to GBP as they have very competitive rates, and I'm assuming at some point you'd want to exchange the dollars your business makes for pounds. Let me know if you have any more questions. ^Jonny
Hi, would you mind making a clip about what banks are offering an accounts whether business or personal for withdrawing forex profits?
Unfortunately most banks in UK are reluctant to open accounts for forex traders whether business account or personal
Hello dear I am from Pakistan and I own business virtually Ltd in UK but I am getting resident permit issue in revolut business account please help me
Hey Jonny, please help… my client is an up and coming influencer in the UK ( 🇬🇧 based ). They’ve started getting brand deals and got some from the UK, US even CHINA… *mettle would’ve been the best option as it’s free but its only for UK transaction ( can’t be sent money from outside the UK )* which do you recommend they choose?
& Yeah they’ve only just set up a company with hmrc
Hey! Great question. I'm assuming the brands they're working with, although international will be paying them in GBP? It feels only right that the brand should front the cost of FX and not your client. But if this could potentially be an issue in the future, then a multi-currency account would be better. I'd suggest going with Wise, you could share EUR or USD account details with the vendors and the influencer can convert non-sterling payments to GBP through the mid-market rate and only pay a very small fee. Although Wise Business has an upfront fee (£45), it is just a one-off payment and well worth it. ^Jonny
@@Monitodotcom thanks J, very precise and in detail answer. 🤝
No problem at all, if your client does decide to sign up we do have an affiliate link (go.monito.com/wise-business) - Thank you. ^J
I have a business in the Uk but I don't live there it's very hard to work with payment gateways if you don't have a big bank and not wise, what should i do?
So are you looking to take payments from UK residents? ^Jonny
Thank you for your suggestion it is well appreciated. About the mid-market conversion rates, are they any ones with better conversion at all as I believe that may be quite high especially for me who’d be buying inventory at thrice a month. Also does it have the usual £85k limit as the other virtual banks as well? Final question; after the initial charge of £45 are they any other charges or fees I should look out for? Thank you so much Jonny and do pardon my many questions.🙏🏾🫶🏽
Well, the mid-market rate is as good as it gets, that's the rate banks use to trade foreign currency. Most money transfer companies or banks apply a markup to the mid-market rate, WISE doesn't and instead charges a small fee each time you convert, and depending on the currency this will usually start at around 0.33%.
What do you mean by '£85k limit?' Are you referring to FSCS-protection? If so then WISE isn't FSCS-protected, more info here: wise.com/gb/blog/how-we-work-to-keep-your-money-safe-and-available-at-wise
As mentioned, there are small currency conversion fees, I recommend checking their website for more info: wise.com/gb/pricing/business - All the best. ^Jonny
Hello Monito! Thanks for the video! I have a ltd company in UK, but I live in sweden, we want to sell on amazon and was looking for a good bank for it. Our suppliers are from china. Our customers are international. Which bank should be best?
Hey! Glad you found the video useful, although they're not a licensed bank, Revolut have a great business account for companies using a lot of foreign currency, especially to pay international vendors. They also have one of the cheapest POS % fees on the market. Have you looked at their business account? You will also likely have more chance being accepted as a non-UK resident and you'll get a free month trial with their premium account if you use our affiliate link 🙂 ^Jonny
please can you do a video on client deposit bank account feature and which retail bank offer this feature??
Hi Jonny, In your opinion what would be the best business account for exchange dollars into pounds with a ltd company?
I’m thinking between wise or starling
Hey! So both Starling and Wise would be a great choice and relatively balanced in terms of costs.
With Starling you’ll need to pay a monthly fee (£5/m) for the USD account, then when you exchange USD to GBP you’ll receive the mid-market rate and a .4% conversion fee.
While Wise will only charge you an initial fee to open the account (£45) and after that you will pay a conversion fee each time you exchange USD to GBP and receive the mid-market rate.
The fee you pay with Wise will reduce the more money you exchange, however to reduce this to .4% requires you to exchange $340,000 (wise.com/gb/pricing/business/send-money?sourceAmount=1000&sourceCcy=GBP&targetCcy=USD&tab=0)
Check out that link above, it gives you good insight on how much it will cost to exchange currency with Wise Business.
Starling is fixed at .4%, and unless you're going to exchange a lot then I think they're the better choice. As long as you're okay with the fee of £5/month or £60 per year.
Hope that helps, do let me know if you have any further questions and let me know what you end up going with :) ^Jonny
I applied with Starling bank but they declined the account even though I have the best credit history(score) and everything was within their conditions?!? No explanation? Monzo customer services was not the best so gone with Tide bank...lets see how they do 🙂
That's very interesting, I've heard similar stories, Starling and Monzo can be quite strict, let me know how you find Tide, their Savings account is fantastic! ^Jonny
Hey!! Okay, so I’m still confused as to which bank would best suit my business. I’ve only just launched a Ltd company, only looking to sell in the uk really. I’m selling confectionary ect online and locally… which bank would best be suited for this? Thanks
I think for the reliability of great customer service, the fact that it's free and has some great business tools if and when you're ready to upgrade, then go for Starling Bank (bit.ly/3gO6x29). They're great with Ltd companies, just ensure when you do register that you're accurate & detailed in your application so you don't have any trouble getting accepted. Thanks! Let me know if you have any further questions. ^Jonny
Hi Johnny,
I apologise but I’m starting new thread s cos you aren’t seeing my responses under the initial comment.
yes but you asked me questions that would help you make a recommendation for me and I answered twice but haven’t received a response at all. I said that I would like to allow customers pay in pounds as well as US $ but this would be in 7 months or so. To the second question I am buying a lot of inventory in foreign currency.
I'm sorry, but for some reason, I cannot see any of your responses to my original reply.
I think it's important to plan ahead. If you anticipate being paid in USD then a USD bank account would be important, as well as the ability to exchange currencies at a low cost. Plus you're buying inventory in foreign currencies, which is another reason for low-cost currency exchange.
WISE Business sounds like the best account. You'll be able to exchange currencies at the real, mid-market rate, and get access to USD account details to receive payments, and because your business is LTD and controlled in the UK then you should get access to WISE Interest which has some pretty competitive rates for GBP and USD.
Let me know if you have further questions and if you do go ahead with WISE Business then please consider using my affiliate link: bit.ly/3XRB0fW
There is a one-off fee but unlike most business accounts there isn't an on-going monthly fee.
Hi Johnny! Thank you for such a great video.
I'm looking to launch my own small business in a few months and I'm looking for a free bank - I have tried Starling but they keep sending the same questions about the business set up and I'm getting a bit fed up with the back and forth in trying to set up the account. Bit more about the business:
- stationery business (ltd company) - buying stock from overseas
- customers will be both UK and intl
I've also heard Starling do not allow accountant access which is also putting me off as this is something I'd definitely like to have. What would you recommend?
Hey Maria! You're very welcome.
I would veer towards Revolut Business, you're going to get fantastic FX rates for purchasing from international vendors, so if they're using USD or Chinese Yuan then you can exchange GBP at basically the mid-market rate and pay very little or maybe even zero fixed fees. That alone is a great reason and will save you A LOT on FX fees in the future, particularly as you scale. Also, Revolut has some really competitive payment processing fees, which that will help keep your costs down. Revolut Business is also likely to onboard you quickly and ask fewer questions.
If you have any more questions, feel free to ask, and if you do fancy trying Revolut Business then please consider using my affiliate link (bit.ly/3I3E5Tg) - You'll also get a free month for one of their paid plans. That way you can test it out and if you don't want to pay you can either downgrade to free or cancel entirely. Thanks! ^Jonny.
Hey Jonny,
I’ve waiting for a response/suggestion. Are you seeing my replies at all? Because after I send them I can’t seem to see them in the comments section or in the thread of our conversation. Please let me know. Thank you 🙏🏾
Hey buddy, thanks for the nudge but I did reply to your original comment and over a week ago 😅 Can you not see it? It’s still there. ^J
Hi Jonny,
You’ve been the nicest person to reply to all the comments. Thank you for that.
I have a business set up in the UK and I’m expanding to multiple countries like Dubai, Australia, Singapore and more.
As my business will be operated fully from India but my earnings will be made in multiple currencies which business bank account would you suggest ?
Also, can you please suggest the best for UK specific as well? I live in London and I’m trying to open one right now.
Thank you
Hey! I would suggest WISE (bit.ly/3XRB0fW) for your multi-country / multi-currency bank account, you'll get loads of different currency accounts and if you do want to exchange money to one currency like GBP then you'll get the mid-market rate. There is also a one-off fee with WISE and nothing else which I think is great!
For UK specific, I like Tide A LOT, they have a great savings account (4.33%) and fantastic in-built accounting software. You also get £50 cash back when you open an account, just make sure to use the link: bit.ly/3WvhWTJ
Let me know if you have any questions, thank you. ^Jonny
Hi Johnny :) in your opinion what would be the best business account for an e-commerce related business (Amazon fba) . I just registered my business yesterday.
Hey! Congratulations on registering your business. I would go with WISE, purely because I'm aware of other FBA businesses using WISE so we know it works. It is also a great account, there is a one-off cost but the account itself has multi-currency features, interest accounts for savings and the ability to add team members. Definitely consider WISE, and if you do please consider using our affiliate link (bit.ly/3XRB0fW) Thank you ^Jonny
Nice video man, I am looking to start amazon fba would you say Payoneer is a good bank to receive money from Amazon America and to make transactions to china manufacturers?
Thanks! For sure, that's exactly what Payoneer is built for, I think that's your best option!
@@Monitodotcom thank you for your reply! I am based in the uk is that fine
Absolutely, you'll get GBP (and USD, EUR) local account details so you can use that to get paid, just like a regular bank account in the UK. Once you're paid you can then just transfer how much you wish to pay yourself into your personal current account. No problem, if you do decide to sign-up please consider using my affiliate link (bit.ly/3bHaove). Let me know if you have any more questions. ^Jonny
@@Monitodotcom Thank you I will for sure use your affiliate link if I decide to sign up !
Thank you!
hey Jonny,
Amazing video really help me to choose the right account for me.
keep up with the videos, you really engage with the audience.
thanks
Thank you Jonathan! That's really kind of you to say and I'm glad I've been able to help you in some way. ^Jonny
Hi, Monito, thanks alot for your videos, really useful.
Pls in a simple terms of my situation, I started an online e commerce business, products gotten in dollars from d US ...but am to sell via my own website via online.. am based in UK, but hope to cover the whole of Europe like people can order from my website from Ireland, Germany, Scotland and so bearing in mind we have different currencies but will like my money arriving my account in gbp, PLS what's the best bank to go for with less possible charges? Will appreciate ur response and advice on this.
No worries. I would recommend opening a business bank account with Starling. You'll be able to pay your suppliers in the US with international dollar payments at the mid-market rate with just a small fee (0.4%). You will be able to receive payments in GBP and also integrate your account with various accounting software. It is also free, FSCS-protected and has great customer service. Hope that helps, and if you do decide to sign-up with Starling, please use my affiliate link (bit.ly/3gO6x29) - Thank you in advance! ^Jonny
Hi Johnny, I am looking to launch a Ltd company structure, selling digital assets on multiple online marketplaces and possibly my own site long term. I am based in the UK but could move to Middle East in the future depending on success. What business account would you suggest for selling digital assets only online as I most likely won’t have any suppliers to pay etc.
thanks.
Hey Faizan! I would suggest opening a Revolut business account. They'll probably be the most versatile in case you move abroad in the future, and friendlier towards digital products. They're also great for e-Commerce and for integrating accounting software. Just make sure to register your business before applying for the account as that'll help speed up the process. Let me know if you have any more questions and if you do sign up with Revolut, please consider using our affiliate link (bit.ly/3I3E5Tg). Thank you! ^Jonny
Hi, I’m a UK resident with a small business I do from home. I want to open a business account, do I need to register the business with HMRC before opening the account?
Yes you will. If you're self-employed you'll need to register with HMRC, and if you plan to do anything else such as open a LTD company then you need to register with Companies House (www.gov.uk/set-up-limited-company). ^Jonny
Hi jonny, I'm starting a small business selling photos on the streets of london. I'm a uk resident. I want to use sumup to accept payments of around £10 per sale.
I havent register as a business yet but plan to. I dont plan on needing to tranfer money internationally. I do want to accept payments off tourists paying with cards that are international.
My question is what account wouod best suit this small business.
Thanks
Hey Jake. I would suggest opening a Starling business account, either a sole trader account or a limited company account (depending on which you register as.. We have a written article if you need help or advice on this: bit.ly/3yv1uK0)
Starling has a partnership with SumUp which will make taking payments more convenient and you can deposit any cash payments you receive at the Post Office. The account is also free to open (never any monthly fees), highly rated and international payments won't be a problem as the currency conversion and any fees will be handled by your customer's bank.
And if you do decide to sign-up please consider using my affiliate link (bit.ly/3I3E5Tg). Thank you in advance and do let me know if you have any questions. ^Jonny
Starling is useless if you want to add add an account holder who ismt a director, just wasted time settingup an account to find.this out. Totally not suitable for my small business
Hey mate. Sorry for the late reply! Have you looked at any other alternatives? Revolut Business allow multiple user access and I don't believe they have to be visible on Companies House (like Starling). ^Jonny
Hi Johnny, great video, just one thing to be aware of; the union jack was the wrong way around!
That's a great point, thanks mate - I can't believe I did that!! ^Jonny
Revolut ad before the video started lol
And Monzo for me 😂
I'm leaving revolut because they been granted a UK license 2 days ago
I live in the U.K. and starting up a side business, most of my clients will be paying in US dollars. Can someone please explain which of these banks accepts payments in dollars because I’m currently with Monzo but I don’t think they accept payments in dollars?
Hey Ryan, if you were to open a Wise Business account (£45 one-off payment), you would receive a number of local account details, including US bank details. You could share these with your clients and then they would be able to pay you in USD into the account. When you're ready you could exchange USD to GBP at the mid-market rate and for just a small conversion fee. This to me seems like the most sensible and cost-effective way for you to receive payments. Let me know if you have any further questions and if you sign up, please consider using my affiliate (bit.ly/3XRB0fW). Thank you ^Jonny
Hi Dear, great video thank you for that - The only thing I'm not sure about is which option is best for a non-resident UK company, any advise on this part?
Thanks! May I ask which country your business is located in? ^Jonny
@@Monitodotcom i have the same question I'm based in ireland, have uk ltd company and want to start on amazon, i was trying to register with starling but it was asking for my residential uk adress, thanks in advance.
Hey Fawad. Unfortunately Starling isn't available in Ireland. However.. have you looked at Revolut Business? They're now a licensed bank in Ireland so you have deposit protection and their business account gives you access to a GBP account which you could use if you're trading in £ on Amazon. Definitely check them out! We also have an affiliate link if you decide to :) go.monito.com/revolut-business
Many thanks! ^Jonny
@@MonitodotcomI have the same situation but I am Based in Sweden, The amazon account we will open is amazon UK, but amazon listings are shown on other amazon sites, like Sweden and other in europe. Which bank Will suit us?
Hello. I have a company in the UK, but I do not reside there.That is, non-resident.Which bank account can I open?
Hey Dex, where do you reside? ^Jonny
What would be the best bank account for a shopify store that wants to receive payments from customers in the US/Europe and then pay suppliers in China. (My company is already registered with company house).
Hey Indriya! So you'll be receiving/making payments in various currencies so you'll absolutely want multi-currency functionality and good exchange rates.
I'd suggest Revolut Business (bit.ly/3I3E5Tg ) You can receive, hold and exchange over 30 currencies and set up as many sub-accounts in each currency. Also when you need to pay suppliers you can easily exchange those currencies for the Chinese Yuan and send it across.
Most importantly, Revolut uses great exchange rates so you won't lose out on hidden fees when exchanging currencies and making foreign payments. Hope that helps and let me know if you have any other questions :) ^Jonny
Can you do a review of Kroo bank account please 🙏
Sure José, Kroo look really interesting. I've applied for early access so if that's approved I'll definitely review the account. ^Jonny
Thank you so much
Hi Johnny,
Could you do a video: Best UK Bank Accounts for a RUclipsr.
Thanks
Hey Dee & Tee! Can I ask you what your RUclips niche is? I might just be able to recommend an account for you without making a video 😊 Good luck with the channel! ^Jonny
Hi, Johnny. I want an account that has a free accountant or software, and I can transfer my money without charge and accept payment and take over the phone and / or Internet, free of charge
Hey Noor. Hope you're well. May I ask where your company is based? ^J
Hi Jonny, I’ve been scrolling for 10 mins now, great video, but I’d like your advice on my own personal circumstance.
I’ve just started a Ltd company and I’m going to be a sales consultant for UK/US companies. I work remote and like to be able to travel in the future and take my work with me. I’m based in the UK currently. Invoicing would be nice, but not required since I’m already paying for an accountancy firm to do my bookkeeping, however I might stop using this service in the future.
Please may I have some advice on the best business bank account to use? They all seem like good to me 😂🤷♂️. One thing I’d like to note is I would want to invoice someone in the Philippines for investing services at the end of the year. Thanks a lot!
Hey! That's a great point, they're all really good! Haha!
From what you've told me, earning from UK/US so potentially GBP/USD, little need for invoicing or accounting then I'd look at international banking/transacting as our main priority. To me WISE stands out.
You could get GBP and USD account details so you can share them with the companies you consult for, and they can pay you in their native currency. WISE also has fantastic exchange rates which you can use for exchanging USD to GBP.
I have a WISE business account and it's great, I use it alongside Tide and Barclays. WISE also has some great interest earning accounts so if you don't want to exchange your USD to GBP you can leave it earning interest.
Let me know if you have any more questions, I'm here to help, and if you do decide to use WISE please consider using my affiliate link (bit.ly/3XRB0fW). Thanks ^Jonny
@@Monitodotcom Hey Jonny, thanks for the reply. I tried to, but instead I'm on a waiting list. What's the next best bank you'd recommend for my situation? Drop the link too!
But when I go to Revolute it says business account is not available for sole trader
For sole traders I would suggest getting Revolut Pro which is conected to a normal Revolut personal account. ^Jonny
All these internet mobile banks like Monzo doesn’t affect much on your credit score are they?
Opening any bank account whether its from Monzo or HSBC shouldn't affect your credit score. It may temporarily lower it (www.experian.co.uk/consumer/guides/what-affects-score.html) but it will recover. If you open lots of accounts quickly then that may mean your credit score isn't able to recover fast enough. ^Jonny
Hi Jonny, I’ve been rejected by starling business account for my limited company. Do you know if there’s any reason to this???
Hey John, kamusta! It is hard to say, without knowing more info about your company. Starling can be strict, but there may be other banks available that will be more inclined to accept, for example, Monzo. Can I just confirm, do you hold a British passport? And do you have proof of address in the UK? ^Jonny
@@Monitodotcom hi! So nice of you knowing a little bit of tagalog🙏🏽 but yes I am a British citizen and I do have an address here. I’ve been here for about 18 years😅
@@Monitodotcom I’ve also sent documents like a detailed business plan and even proof of me with invoices of payments to suppliers from shenzeng, China.
It is really impossible to know why they rejected you, I'm sorry though, and if it is any consolation A LOT of people have told me they've been rejected. Have you considered trying Monzo? ^Jonny
Hi Jonny, I'm in Australia and opening an ecommerce brand. As I focus marketing on social media, the majority of customer would be worldwide. What business bank account would you recommend I open up? Thank you in advance!!
Hey! As you're in Australia why not consider opening a WISE business account (wise.com/au/business/)? They require a one-off payment, after that, there's no monthly fee. You'll also be able to receive payments in various currencies in case your clients want to pay you in their local currency. ^Jonny
Amazing!
Thanks!
Hi, Is there any way to open a bank account using a nickname/side business name of your choice for your personal business?
You would need to share your company documents so that whatever name the business is registered as will be the name used for the account. Is this what you meant? I didn't really understand your question. ^Jonny
Hi Jonny, I live in the uk and have created a limited company already. I have a website with wix which is the only place i sell the items, but they are all digital so anybody in the world can purchase the items. What do you think would be the best suited bank account for me?
Hey Sam. Your Wix website store currency will be GBP, so customers will take care of any foreign exchange payments themselves. Therefore, you just need a business account that will accept GBP payments. I'd suggest opening a Starling Business account. It's free to open and they've got good customer service (not that you'll probably need to use it!). Let me know if you have any more questions, and please consider using my affiliate link (bit.ly/3gO6x29) if you do decide to open an account. ^Jonny
very informative video, thank you very much.
No problem Farah, glad you found it useful! ^Jonny
Hi
Most recently I register my businesses. And now I need a business account. But here's the problem, I want a free account and I'm a non-resident person. Can you help me to find a bank for me?
Hi Ador. Sure I can help, may I first ask which country are you based in? ^Jonny
@@Monitodotcom Hi Jonny,
Thanks for your reply. I'm from Bangladesh but my businesses is registered in the UK.
Why don't you try Revolut Business, it's great and also free. You also don't need to be a UK resident, as long as your business is registered in the UK and you can show proof of your company address (blog.revolut.com/open-business-account-online/). If you do decide to register please use our affiliate link via: bit.ly/3g3HBjh - Also don't hesitate to ask more questions :) ^J
Hi @@Monitodotcom
Can you please give me another affiliate link? Bit.ly is blocked by my ISP.
Thanks for your help.
@@Monitodotcom
What about my address? And address verification?
Hi Johnny, do you have a promo code for tide? thanks
Hey Abbas! We do have a promo code: bit.ly/3WvhWTJ - With that code you should receive £50.00 in your account when topping up for the first time. Let me know if you have any issues. Cheers! ^Jonny
Can a uk ltd work with only a wise business account and not an account from ordinary banks like HSBC?
Absolutely Nik, It functions in just the same way and you can use it to make and receive payments. ^Jonny
@@Monitodotcom Thanks!
Hi Jonny, I am a UK university student that is studying abroad in the US for the next 11 months. In your opinion, which debit card would be best to use abroad? Wise seems to be the best option as I can hold actual USD in the account, however I like the unlimited free atm withdrawals with Starling. Also, say I go to a Walmart and pay using my Starling card with GBP, what fees will I be charged? Will it automatically convert to USD using MasterCard's exchange rate? Many thanks & keep up the vids, Ewan. :)
Hey Ewan, that's a good question. Why not use both? You can open both accounts very quickly and easily. Use Wise as your day to day spending card and Starling when you need to make large cash withdrawals.
I would suggest depositing GBP into your Wise account and exchanging a large amount to USD, or whatever you want to budget on a weekly/monthly/term basis. That way you have your Wise account loaded with USD and you can spend freely without any fees. If you think you may need to withdraw a lot of cash and you have GBP in your Wise account you could easily transfer that to your Starling account to withdraw.
Remember with Wise you can withdraw up to £200 fee-free per month, so if you think you'll need more just make sure you have it as GBP so you can move it into your Starling account to withdraw without paying any fees.
Summary: If you were to choose just one and cash withdrawals are important than Starling is the best option, but if you can stomach only having £200 fee-free per month then Wise is the better choice but only marginally. ^Jonny
Helo Jonny, thank yu for this explanation.
Is WAMO a good solution too for international payments ?
Hey Hisham. No worries, glad you found the video useful.
I had a brief look at their website and prices. For international payments, they look expensive, even their most expensive plan (scale) charges €9.99 for an international transfer. There are definitely cheaper providers and I'd suggest if you are going to make an international transfer that you use www.monito.com - We'll be able to tell you who the cheapest and best provider is and I'm 99% certain that you'll find a more competitive price than WAMO. Hope that helps ^Jonny
Do I need to be registered on Company house to get the revolut business account?
Yes you'll need to be a registered business to open a Revolut account OR set up as a sole trader so registered for Self Assessment.
Thanks a lot 🙏🏼
Hi Jonny you OK bro? Great content. I started a Uk business but I buy my products from abroad i.e china and I sell it on my website here in the UK to world wide. so I can get orders from United Staes, France, Canada etc what bank would be best for this?
Hey! Thanks for the comment. Are you just receiving payment in GBP? So are the customers in other countries taking care of the currency conversion and paying you in pounds? ^Jonny
@Monitodotcom thanks for the reply. Great video keep it up bro. You mentioned in a previous video that you had an business and an EU account which made it easier for the customers to pay and you just transferred it to your gbp account. Is that something I can do without a starling back account. I know they charge £2 a month seems like a convenient thing but unfortunately I didn't get that account. Any advice on this?
Yeah, I used to have a Shopify store in multiple currencies. So if people were from the EU, they'd be redirected to our EU website and would pay in euros. Those euros would be deposited into a EUR account which I would then exchange for GBP at a later date.
That is something you can do with a Starling EUR account, you can also open the account later you don't need to get it when you sign-up, and it is very easy to open. Have you got your Starling account yet? ^J
@Monitodotcom thanks for the reply brother. Unfortunately they rejected my application so couldn't open a business account with them. Something about a risky business. ( I sell women's handbags 👜) maybe it's just a new startup. Is there a tip or advice you can give if there's an alternative I can do something similar to this? Again if I kept the normal UK store it hinders people away from buy in gbp and the extra fees that would have been involved.
Nice
Thanks!
I sould be living in UK, right?
Potentially if you’re looking for one of these providers to be your business bank account. Where are you based now? ^Jonny
Is Starling or Tide better when it comes to their accounting software? I am looking to start an e-commerce business as a sole trader and want to keep my accounting as easy and cheap as possible.
Hey Prabz. I can't give you an answer based on my own experiences, as I have only used Starling's business accounting software. Looking at both websites, I think they're pretty equal in their benefits. They both handle VAT, automate expenses and manage invoices. They are also equally priced. Starling's business toolkit is £7, and Tide £6.99 / month. I think I'd consider other benefits when making the decision on who to bank with. Let me know if you have any further questions. ^Jonny
@@Monitodotcom Hi Jonny, would you say Starling's business toolkit would be sufficient for accounting/bookkeeping or would you recommend the use of Xero?
having used it, I would say it is more than sufficient. My e-Commerce business had a turnover of around £300,000 and that was fine. ^Jonny
Yes stay away from Tide, go with starling
i want to open my account in uk you will help me
Of course Harsh, how can I help?
Hi Jonny! Firstly, thank you so much for such a comprehensive video, you can really tell how much time and effort you've put into creating it :)
I have a question if you don't mind:
So I just registered my limited company in the UK. I will be selling clothing via my website and people will be able to purchase worldwide. I currently live in the UK but will be moving to the US later on this year.
Can you please recommend me a business bank account for my particular situation? Thanks in advance!
Hey! Glad you found the video useful, and thank you for your positive feedback 🙂 Is the move to the US going to be permanent? ^Jonny
@@Monitodotcom Oh bless you for your quick response! In theory, yes, I'll be moving there permanently... but it depends on how well the business goes I suppose! But the idea is to take it there since I think it has its best chances of success in the US market.
I'm sorry for my late response, I didn't see that you had replied. As you mentioned the product having potential for success in the US market then I would lean towards an account that has multi-currency features. Starling Bank offers a USD account, which you could eventually open if you wanted to receive payments in USD. Their basic account also has no monthly fees, integrates with accounting software, and has no fees abroad. This means while you're in the US, you could use your Starling card to transact and withdraw money. I think this would benefit you the most.
Let me know if you have any further questions and if you do decide to join Starling Business then please consider using my affiliate link (bit.ly/3gO6x29). Thank you ^Jonny
Hi, Jonny. I have developed a product to sell in Spain UK and USA mainly for a niche sport. I have PayPal set up on my website but need a business bank account attached to it which would be best? as obviously fees to PayPal, and a bank account will also have fees, i need to try to keep costs of these charges as low per transaction as possible. But happy to pay for the best account to use in synch with PAYPAL
Hey Shaun, the issue I take with using PayPal for foreign transactions is that their exchange rates are horrible. Firstly, do you know if you'll be receiving EUR, USD and GBP payments? And also are you based in the UK? ^Jonny
@Monito Hi, thanks for getting back to me. The coaches or academies that mainly I think that will be buying the product will be from USA Spain and the UK. I really have never sold anything before internationally. I only sold my coaching services to the people in the UK where I live.
I really have no idea how to do this financial side of things.
I was going to have PayPal and link a business account to PayPal. So take all payme ts via PayPal, then every week, transfer money over to the British business banking account, then do the accounting that way.
No worries Shaun. It isn't as complicated as you may think, I personally ran an e-Commerce company selling products around the world and it was really simple (and I'm a dummy!). Have you considered using a platform like Shopify to sell your products? Their template websites can look really professional and they will give you a number of payment processing options including PayPal.
As you'll likely be receiving GBP and your customers will be handling the currency conversion fees, I'd suggest going with Starling Business. Firstly, and most importantly it's free. But also it has some great integrations including SumUp which I actually prefer to PayPal. It is a payment processing platform that you can use to receive payments for your products. It's really smart at managing invoices, transactions, refunds etc. I think Starling would be the best choice, you'll obviously need to have registered as a business and they have a business account for either LTD companies or sole traders. Let me know if you have more questions Shaun, and please consider using my affiliate link (bit.ly/3gIzKM0) if you decide to register for Starling. ^Jonny
@Monito Thank you very much for the advice.
Will look into all of that.
I got a bespoke website made for my product, but I'm sure Sum up can be added, and yes, I will look at starling Bank.
Many thanks, Shaun. much appreciated
No problem Shaun, do share the URL when you're ready to launch I'd love to see it! Good luck with the business. ^Jonny
Of the 4, which 1 you recommend for a new ltd ? Thanks
Hey nik. Without knowing much about your company I'd say *Starling Bank* . It is an all-round great business account with a ton of features, it's FSCS-protected and gives you the option of opening EUR and USD accounts if necessary. It also integrates easily with accounting software and has the business toolkit feature that you could subscribe to once you're properly up and running. ^Jonny
@@Monitodotcom i will form a uk ltd company in the near future .
Just saw your Starling Business Account Review .
I am your newest subscriber ;)
Thanks again !
Cheers nik! Good luck with the business and let me know if you have any further questions. ^Jonny
The 0.20p fee for account transfers on Tide. Does this include someone purchasing a product on your shopify and you being paid? Or if you buy something on your card? Or is it just if you send or receive money via online banking?
Hey Harry. Basically any transfer in and out of your Tide account. Let's say you deposit money earned from your Shopify store into your business account, this would incur a charge of 20p. Or if you pay an invoice from a vendor via your Tide account, that would also incur a .20p charge. That's with the free account, with the next tier (Plus) you get 20 free transfers per month. Hope that helps, let me know if you have any further questions. ^Jonny
*P.S If you do register for Tide, use our affiliate link as you'll get £50 for free :) 👉 bit.ly/3WvhWTJ *
hi is sum up okay as a buisness bank account for a limited company
Best video on this topic thanks so much!
Thank you Annie! ^Jonny
@Monito: Hi, first of all thanks for this great video. I have a quick question. I just opened my limited IT company based in the UK but I live in SPAIN. I am the only person working in the company. I will mainly get payment from europe. maybe in the future from UK which means I will then register for tax. I will received payment, pay bills via automated order and a few times use the card for expense. Just wondering is Revolut or Wise more suitable in my case? Thanks in advance for your answer
Hey! Glad you found the video useful. In my opinion, I would recommend Revolut. With both Revolut and Wise you'll get EUR and GBP accounts so that's taken care of, but Revolut will also give you access to more business tools. Not only that but when you scale and you're ready to pay for a business account, Revolut Grow (£25/month) will give you £10,000 of fee-free currency exchange which will coincide nicely with receiving GBP payments. You can then exchange that GBP for EUR for free (up to £10,000). You won't get this Wise.
That would obviously be later on but it's definitely a good thing to prepare and future-proof your business against currency exchange costs. Hope this helps, please do use our affiliate link (bit.ly/3I3E5Tg) if you decide to sign-up with Revolut. Thank you and let me know if you have any further questions. ^Jonny
Hi Jonny, I am from India and right now I am in the UK on a dependent visa. I want to start my own business by selling on Etsy, Instagram, and Facebook. Ideally, all customers will be from different countries, so, in this case, which business account will be suitable for me?
Hi Uttam. If you intend for your Etsy shop currency to be in pounds then a GBP business account will be a must. I'm assuming by selling on Facebook and Instagram you mean you'll be promoting your Etsy shop there? Therefore, customers will checkout via Etsy? Also, have you registered a limited company yet with HMRC? Thanks ^Jonny
@@Monitodotcom Yes, I will be promote my Etsy store in facebook and Instagram but I haven't registered in HMRC in this case which business account is will be best for me??
In order to open a business account, you will need to register your business with HMRC, you don't need to be a UK tax resident to do this. We have a great article that you may find useful: www.monito.com/en/wiki/how-to-set-up-a-company-in-the-uk
Once you're registered I would suggest opening a Starling business bank account, they're easily one of the best all-round business bank accounts and should provide you with everything you need. ^Jonny
@@Monitodotcom Thank you so much 🙌🙌🙌 for helping me and such a great videos. Thanks again