Setting up a business bank account in the UK can feel like a maze, especially when you're dealing with cryptocurrencies. There are so many options out there, and not all of them are friendly to crypto transactions. In this post, I'll share my thoughts on some of the best business banking options available, focusing on those that allow seamless integration with digital currencies.
What Makes a Good Business Bank Account?
Before we get into specifics, let's talk about what you should be looking for in a business bank account. First off, fees are crucial—try to find an account with minimal charges. Then there's transaction costs; you want to keep those as low as possible too. Another important factor is whether the bank integrates well with accounting software like Xero or QuickBooks. And let’s not forget about customer support; 24/7 availability is ideal.
Security is non-negotiable; make sure your bank is covered by the Financial Services Compensation Scheme (FSCS). Lastly, consider any additional features that could benefit your business operations.
The Contenders: Best Business Bank Accounts for Crypto
Now onto the fun part—let's compare some of the top UK business bank accounts and see how they stack up for crypto transactions.
Revolut
Revolut is a strong contender here. It allows you to buy and hold cryptocurrencies directly through its app and even offers cold storage for your digital assets. However, I’ve heard some complaints about their customer service being hit-or-miss.
Monzo
Monzo is another popular choice among small businesses. While it doesn’t allow direct crypto trading within the app, transferring funds to exchanges works fine. Just be aware that there’s a daily transfer limit of £10k.
Royal Bank of Scotland (RBS)
RBS has some strange restrictions—it lets you buy crypto but limits it to £1k per day! They also block credit card transactions related to crypto purchases, which seems excessive.
Barclays
Barclays has an interesting stance; it allows payments to crypto exchanges but was cautious enough to cancel a pilot program with Coinbase back in 2019!
Wirex
Wirex offers a more integrated approach by allowing users to make payments directly from their multi-currency accounts that include cryptocurrencies.
Orounda & Cashaa
These two are more niche but worth mentioning. Orounda specializes in serving businesses operating in cryptocurrencies, while Cashaa focuses specifically on Bitcoin services.
BCB Group
Not exactly a traditional bank but worth noting—BCB Group provides accounts tailored for companies operating in the digital asset economy.
Digital vs Traditional Banks: Who's More Crypto-Friendly?
Digital banks generally have fewer issues regarding crypto transactions compared to traditional ones. Revolut and Wirex stand out as excellent options if you're looking for direct trading capabilities without much hassle.
Traditional banks tend to be more restrictive due to regulatory pressures—just look at RBS and Barclays!
Summary
So there you have it! Choosing the right business bank account in the UK requires careful consideration of various factors, especially if you're involved in cryptocurrency transactions. By weighing these pros and cons and assessing your specific needs, you'll be better equipped to make an informed decision.
