When you’re running a business, the last thing you need is time-consuming processes to manage your finances, so if you’re looking for a suitable business bank account, you’ve come to the right place.
I’m putting three contenders under the microscope: Monzo Business, Revolut Business, and Starling Business.
All three banks are based in the self employed data United Kingdom and are FCA registered.
All three banks offer free accounts, which are ideal for new businesses.
You can transfer and exchange money with Revolut and Starling. With Revolut offering the most with 25+ currencies compared to Starling’s 20
What is Monzo Business?
Monzo vs Revolut vs Starling
As the introduction suggests, Monzo is a fully FCA regulated UK bank with offices in London, Cardiff and San Francisco. Founded in 2015. Monzo Business officially launched in 2021 and won Best Business Banking Provider at the 2022 British Banking Awards.
Monzo is aimed at small brands; its eligibility show discounts and offers criteria state that sole proprietors and directors of UK-registered and. UK-based limited companies can apply for a Monzo account. You can also apply if you are a UK tax resident (and not resident in any other country).
To date, more than a quarter of a million businesses have signed up for Monzo.
What is Revolut Business?
Monzo vs Revolut vs Starling
Revolut launched its personal banking accounts in 2016, with Revolut Business following quickly a year later. It is registered with the Financial Conduct Authority (FCA). It also has encryption (though it is not protected).
Revolut’s big selling point is that it aims to offer businesses a single place to manage all their finances. It’s also worth noting that companies can hong kong phone number make and receive financial transactions in over 25 currencies from over 100 countries.
The UK’s first 100% digital bank, Starling Bank , is also based in the UK with branches in London, Cardiff and Southampton. Again, it is regulated by the FCA and its first accounts were launched in 2016. Fast forward five years and there were 475,000 merchant accounts.
Starling customers can open personal and business accounts, apply for loans and overdrafts, and transfer money between 36 countries.