Hi all,
I’ve got a Monzo personal account but want to switch my business account away from NatWest (the Business Banking Switch programme). With Monzo not being ready yet I’ve just tried Starling but their onboarding process is asking me for a surprising amount of information, some of which I don’t think is relevant.
What is the situation with Monzo - do they ask for things like names of clients, personal LinkedIn profiles?
Thanks.
Could you please provide some example what information do you think is not relevant for the bank to know?
Names of clients, names of suppliers, personal LinkedIn profiles, business plans. Just to be clear, it’s Starling asking for this - was just interested what Monzo Business asks for by way of comparison as I’ll probably just wait for that to come online now.
That does seem a bit excessive to open a Business Account.
I never had to do anything like that when I opened one, albeit about 10 or so years ago!
Thanks, I thought the same and told them to leave it!
Monzo asked relevant questions about company registration details, persons with significant control, turnover, time in business, type of business activities etc. As far as I can recall everything was relevant to account opening but they certainly didn’t ask for names of clients or a business plan.
I’ve opened account in Starling just couple of weeks ago and wasn’t asked such questions. Had same type of questions as mentioned by @projectfortytwo
I would be interested to find out the requirements as well.
I was surprised to read exactly same situation with Starling. I attempted to open business account with Starling for my consulting business - they demanded information about my clients. I cannot possibly supply that due to NDAs.
Surprisingly both HSBC and Barclays are a lot more reasonable but also more expensive so I’d like to find something simpler and cheaper.
I wonder if Monzo also requires information I cannot possibly disclose to open a business account or are they on a more reasonable side.
Cannot test this at the moment as Monzo business account onboarding seems to be broken.
Comments from @projectfortytwo are consistent with my experience opening Monzo biz account. These questions appeared to relevant queries for the basic stage of opening a biz account. They also appeared focused on keeping-it-simple = sufficient to help Monzo confirm suitability, whilst offering good experience to the new customer.
If I were to request overdraft (or other financial instrument) then I would anticipate additional queries to justify my request - which might overlap with some of the queries mentioned by @oldgamer in terms of Starling’s on-boarding quiz.
…initially could not locate info on business account switching on Monzo business account page, FAQ, nor in Monzo Community pages. Was looking for “migrating business account” to determine if there is a facilitated process for migrating business account to Monzo from another UK bank.
Found information via Monzo App, rather than Monzo website!
There was good information on the Monzo App for this exact topic, and pointed to video https://www.youtube.com/watch?v=VEBpTjpBFpM
Deem this meaningful for contributing towards smooth(er) transition of business banking account setup. From the “Current Account Switch Service” there are restrictions that apply (e.g. <50 employees and <6.5M GBP annual revenue). See https://www.currentaccountswitch.co.uk/
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