Moving external business account to a new Monzo account

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1

Hi there,

My Dad currently has a business account with a different bank. Unfortunately, due to ill health he is selling his business and will soon need a personal current account. I’ve tried searching for whether this is can be done with the current account switch service, but I am not finding concrete answers. Is there a simplified way of doing this, or would it be a case of setting up a personal account and then transferring the cash in? I’d rather not do that, however, as we’d have to setup all the direct debits etc again.

Thanks in advance!

2

You can’t transfer business accounts to personal accounts. The business would need to be wound down if no longer continuing and all assets transferred appropriately.

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3

Thank you Carlo - it was just a sole trader account and the business has now been sold (and the sale completed on).

We may end up just opening a new personal account and transferring the balance, but that may be a bit of a headache… but nevermind! Thanks!

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