Types Of Bank Accounts
These accounts are typically online-only and have very limited physical or in-person interaction. Fintechs have sprung up in recent years as an alternative to ‘traditional’ banks and have proved very popular with some companies.
Regulated by the Financial Conduct Authority (FCA) and Electronic Money Institution licence, among the selling points of fintech accounts is the short turnaround on opening an account, with 1-2 weeks the typical timeframe upon completion of our setup processes – including KYC (know your client) and AML (anti-money laundering checks).onboarding.
Unlike a client trust account, fintechs also offer access to your own account through online banking, which can also be fully integrated with Xero, as well as offering multiple currency accounts – GBP and USD, AUD, NZD primarily, often with foreign currency conversion fee of 0.5% at inter-bank rate (this is on average 1/5 of the cost using a High St bank), with no wire transfer fee or other bank fees.
Companies using a fintech account will also get the option of using a direct debit facility as well as virtual company visa debit cards and expense cards for staff.
For further information on our fintech facility, please get in touch here.
Our clients are often running around trying to get bank accounts open, wasting very valuable time which they could have used to focus on their business. Fintech Bank Accounts alleviate the strain and burden of operating across borders. Business accounts with associated functions will be absolutely paramount to the success of companies wanting to expand to the UK or Australia and New Zealand.