Can I use Monzo for business?


(Connor Flintoft) #1

Hello everyone

I’ve been trying to set up a business bank account with so many banks, even though my business will function like a normal business and is fully registered it has an element of cryptocurrency involved and so many banks don’t seem to want to help.

Would Monzo be able to help with that?

Thank you

Connor


#2

I’m afraid Monzo don’t offer business accounts, whether or not crypto is involved.

Have you considered Starling Bank?


#3

That will be an issue with most banks, although if you declare it, some of the big brands allow it.

If you are using Monzo then you are using a personal account for business purposes, not many banks allow that either.


(Connor Flintoft) #4

I’ll have a look at it soon thank you, I’ve not heard of it


(Connor Flintoft) #5

Which brands will allow it? I’ve contacted so many that they don’t seem to want to help


#6

Barclays do and so do Lloyds.


(Connor Flintoft) #7

I tried both and they declined, is there anything else I can do?


(Rachel Raybould) #8

Have you tried Metro?


(Connor Flintoft) #9

They don’t allow it either


(Jorge) #10

Revolut do business accounts and crypto


#11

What you have to bear in mind, is a decision to open an account is often down to the person you speak to, many might not know the policy so reject an account.

So some people won’t have a problem others will. You also haven’t really explained much so its impossible to know what exactly you want from an account, if so many are rejecting, then maybe its what you are wanting to use the account for that is the issue.


(Connor Flintoft) #12

Apparently they don’t like businesses that deal with that


(Connor Flintoft) #13

I just need a regular business current accout for the business but my business has a crypto element and that’s what puts them off but I like your idea.


(Mo) #14

What about Revolut? They allow crypto currencies on personal accounts, so there may be something for businesses?


(Connor Flintoft) #15

I checked them and they don’t deal with businesses that are involved with crypto :frowning:


(Gareth) #16

Cryptocurrency companies forced to bank outside UK (FT.com)

However, banks are keeping their distance, worried by the fact that cryptocurrencies are commonly used by criminals to trade illicit goods on the “dark web”. A few countries, including Japan and Gibraltar, have created rules for cryptocurrencies, but they remain unregulated in many parts of the world, including much of Europe.
“When you look on the dark web, everything there is being paid for with cryptocurrencies,” said one UK bank boss. “You don’t know who is transferring money in and out. If cryptocurrency goes to Iran and we’re involved then I get shut down.”


#17

Hey @Flinty94,
I run a crypto related business and I understand your pain.
Try Faireverywhere. They on-board crypto businesses.
Peace