- I echo others here. Starling and Wise are great for biz accounts.
- Highly recommend Starling. Very easy to set up 'spaces' to set aside money for tax etc.
- Wise (transferwise) is awesome. Been using it issue-free since 2017.
- Great question @Emily-Jayne Nolan, I've just sent you a DM!
- I mentioned industry wide codes of practice for banks - particularly 'push' scams they are actually called 'Authorised Push Payment' scams, also called APP scams.You can check who has signed up to this voluntary code and who has not, check here :- on the lending standards board site and click on 'view registered firms'.https://www.lendingstandardsboard.org.uk/There are sections for business and personal banking - makes interesting reading because of who is not there. If a bank has not signed up to the code I'd avoid them, if you have been scammed you realy don't want to be flying solo having lost your money.The Lending Standards Board do this through the Payment Standards Regulator and their 'Contingent Rembursement Model (CRM) Code' . I checked because it did not make sense to me.Sorry to be so pedantic and detailed.
- Thank you everyone for your replies!! Been really helpful to see!
- Mettle! It’s completely free and easy to use/track where your money is going I highly recommend x
- Just to be clear, my point on payments is about you paying suppliers in$ - so if you are using someone who needs to be paid in dollars. Rather than the other way round.
- Starling for me too! I picked it in the beginning mostly because it's free and I liked the app, it does pretty much the same job as Monzo in terms of receipts and invoicing (if you get the full accounting toolkit which I think is an extra few quid /mo), and I've found it easy to receive payments in $ too. I definitely prefer the UX to Monzo's, so I use that for my personal pay only.
- I'm using starling and so far no regrets. I have clients who pay me in Euros and Dollars and it's always very fair on the currency conversions and delays... (they are part of the FSCS scheme and the Contingent Reimbursement Model (CRM )
- I have moved my business account from HSBC to Lloyds in the last 3 months, I can recommend Lloyds.From a business perspective you need to check foreign payment facilities - international payments through Monzo are very limited – for example you won't be able to pay an editor in India that’s why I did not go with them.Some of the challenger banks - particularly Tide have been reported as not supporting account holders in the event of push fraud, that’s where a scammer convinces someone to transfer money to another account, a restaurant recently lost £50k that way and in the end they had to close the business because of lack of cash, there is a code of practice that requires banks to refund the money in the event of push fraud in most circumstances. You need to be sure that they have signed up to all the banking codes, including the voluntary ones - not all have, particularly the challenger banks.
- @Emma Alexander ooh okay - Thank you ! I will drop you a message :) x
- @Laiz Cogo Thank you!! I use Monzo for personal so I guess it would make sense to use them - gonna take a look!
- I am a huge fan of Starling and have been with them for over 5 years now. Happy to chat more about the benefits in DM
- Hi Emily. As a sole trader I am now using Monzo Business and I am really happy with the features. You can send your invoices and keep the receipts on the app. :)
- @Juan Carlzon yea sorry that wasn't very clear! Oooh okay, will take a look at them! thank you
- Are you asking about bank accounts? 🤔 Have a look at Wise (formerly transferwise) recommendable if you work with several currencies.
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