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Client trouble opening a bank account

Client bankrupt few years ago with one CCJ on credit record

Client (Ltd) just started a new business - Sole Director/Employee

Director Bankrupt a few years - set up a Nat West foundation account for himself but cannot open a Nat West business account due to the CCJ - not in a position to clear the CCJ either. Do not understand the logic why allow a personal account but not business

Requires a business bank account ideally in USD if not then at least can carry out currency conversion on receipts and payments

Any recommendations.  I am not sure Tide or Acorn offer currency accounts or carry out currency conversions 

 

 

 

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19th Jan 2018 17:16

Bless me, Jim.

You don't half pick 'em.

You're like a problem-magnet.

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to lionofludesch
19th Jan 2018 17:43

I wish I was a babe magnet instead of a problem magnet :-)

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By DJKL
19th Jan 2018 19:54

Would Paypal work? Expensive but maybe easier to open.

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to DJKL
19th Jan 2018 21:52

Yes but not ideal and depends on on customer agreeing to pay via paypal and them having a paypal account.

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19th Jan 2018 20:11

Cashplus will probably fit the bill. Easy online application and I believe they can accept international transfers in USD.

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to Sheepy306
19th Jan 2018 21:51

Called them but some of my clients customers are in Africa and they do not accept USD payments from Africa.

Only other option is Acorn and just waiting for them to revert.

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19th Jan 2018 22:08

How about:

1. For those problem customers, get them to pay it into his personal account, then transfer it into the business account
2. Change the ownership/directorship of the company into his wife/child/dog/uncle/cousin for the timebeing

I imagine that the priority is to simply get something sorted ASAP so as not to inconvenience the customer and then to find a better solution thereafter, so Paypal may still be an option.
If it's a good relationship with the African client, then can they use https://transferwise.com/ , which would be a cheap option and money presumably arrives in £'s.

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to Sheepy306
20th Jan 2018 10:15

Sheepy306 wrote:

How about:

1. For those problem customers, get them to pay it into his personal account, then transfer it into the business account
2. Change the ownership/directorship of the company into his wife/child/dog/uncle/cousin for the timebeing

I imagine that the priority is to simply get something sorted ASAP so as not to inconvenience the customer and then to find a better solution thereafter, so Paypal may still be an option.
If it's a good relationship with the African client, then can they use https://transferwise.com/ , which would be a cheap option and money presumably arrives in £'s.

Would not recommend for customers to pay into his personal account. It's against the banks terms and conditions to use personal accounts for business, and the bank is likely to make a move to close the account if they find this out.

From the banks point of view, it's unfortunate but the client does seem to be a risk, with the CCJ and a sizeable chunk of payments coming from Africa

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19th Jan 2018 22:29

Revolut business account ? No idea of their conditions or restrictions but may be worth looking at.

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20th Jan 2018 10:45

Have a look at Tide.co Its an online business account that runs from an app but you also get a debit card. Cashplus also an option but they charge 99p per transfer (FPS etc) after the first 5 in every month.

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to legerman
20th Jan 2018 17:02

Tide cannot operate international payments. They are planning to implement currency conversation and currency accounts some point

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20th Jan 2018 11:57

Africa, CCJ ... oh Jim!

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