Reply to: Business Savings Accounts - BFC Bank?

[northernladuk]

Applied for Natwest online, how do I make sure the currencies are included too?

Thanks

Tick the Currencies are included box.

[TechRiskPartners]

Natwest

Any Bank account will accept payments in any currency - it will just get converted into GDP if you don’t have that currency account set up


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Applied for Natwest online, how do I make sure the currencies are included too?

Thanks

[SuperLooper]

Transferwise won't work as your main bank account - they're not covered by FSCS and they don't offer many traditional banking services - but they work great for transferring money between a bunch of different currencies. Their borderless account will allow you to hold and spend funds in GBP, EUR, USD and a few others, and they will offer cheap transfer between loads of other currencies too.

Bye bye bank fees, hello world. - TransferWise

No connection other than being a happy customer.

[GhostofTarbera]

Any Bank account will accept payments in any currency - it will just get converted into GDP if you don’t have that currency account set up


Sent from my iPhone using Contractor UK Forum

[TechRiskPartners]

Which Bank Account Please?

Hi

A Newbie here, Risks/Controls Specialist (globally known) and have clients from UK, NL and UAE as of now.

So looking for a business account which can accept multi-currency (GBP, Euro and UAE Dirhams for the time being). I will also be paying some off-shore Firm in India in INR too. So looking a current account to start with, personally bank with Natwest. Accountant mentions Natwest too, but trying to pick your brains too.

Also a recommendation for a business credit card which gives decent rewards as I travel a lot for work (1 day per week to Amsterdam definitely and 1-2 days trip to UAE in BA business class monthly) so my monthly expenses I am projecting more than £4-5K at least.

Thanks in advance, again apologies for silly questions.

[ddogg]

EZREMIT and BFC Exchange.

Yea looks like they have been around quite a while in the FX space. They are guaranteed by FCA so 85k would be safe enough..

[WTFH]

Interesting. What were they called before?

EZREMIT and BFC Exchange.

[lumalist]

They've been around since 2003, although only changed their name to BFC Bank in 2016.

Interesting. What were they called before?

[WTFH]

...the bank is very new ...

They've been around since 2003, although only changed their name to BFC Bank in 2016.

[lumalist]

Looking at the state of their website I don't think I'd touch them with a bargepole either.

Fixed Term Deposits - BFC Bank

Ha, yes it isn't the slickest of websites...

[lumalist]

Not come across BFC before but their basic requirements page states a min turnover of £5m (Link).

Aldermore tend to be frequently mentioned, quick comparison on the Link here as well.

I've been in touch with them and they've lifted the £5million turnover requirement. The website is due to be updated.

They are also registered with the PRA and thus covered by the FSCS. Saying that I think it's the fact that there's no online access to the account, the bank is very new and I can't find any real reviews online that's making me nervous.

[WTFH]

Looking at their accounts, they made a loss of £6million last year, an improvement on the previous year when it was £6.5million

https://document-api-images-prod.s3....5b5ec34494a041

[northernladuk]

Not come across BFC before but their basic requirements page states a min turnover of £5m (Link).
.

Looking at the state of their website I don't think I'd touch them with a bargepole either.

Fixed Term Deposits - BFC Bank

[Dom at Fox Bartfield]

Banks

Not come across BFC before but their basic requirements page states a min turnover of £5m (Link).

Aldermore tend to be frequently mentioned, quick comparison on the Link here as well.

[northernladuk]

Aldermore is mentioned regularly on here and from what I remember quite a few people use them. Dunno about BFC.

In google type the following.

aldermore site:forums.contractoruk.com

You'll get all the threads where Aldermore is mentioned.