Taking care of business operations and finances is a major undertaking and a massive task. Which comes with its own specific set of rules, principles, and responsibilities. This leaves no surprise that most top banks, including NatWest Bank. Offer personalized business accounts, whether you are a sole trader or a multinational.
The NatWest online services offer a wide range of bank services.
With The UK Time, let’s find out what commercial banking services NatWest UK offers to UK businesses and organizations and which one of their account plans might be the best for you.
NatWest Business Banking
Like most other banks, NatWest bank offers various business account types, depending on the type and size of the concerned business. Without a doubt, NatWest online banking UK is just one option out of many banks.
Let’s have a look over the variety of accounts with NatWest business banking to determine what suits you best is.
The account is called the startup account.
NatWest online banking register for startup accounts might offer you 18 months of free NatWest business banking, in addition to a Visa debit card, along with many more perks like direct access to the accounting software – all free of charge.
You can access mobile banking through the NatWest application.
Up nest is the business account category which is suitable for businesses with a £2 million annual turnover – ideally for medium to small-sized businesses. The details for this account are the same as those of the startup account – with the business account, you still get a Visa debit card, Nat West online banking services, free accounting software, and more features, perks, and benefits at all NatWest branches.
You can only pay for the services that you want to use, and there is no minimum money fee.
Things get a bit different if your business has more than £2 million annual turnovers; for such accounts, NatWest online banking register a commercial account – which offers more personalised banking services and perks.
With a commercial NatWest UK account, you will have your relationship manager and have access to multiple special products, including a commercial credit card, a different NatWest online banking UK service called the Bank line, and assistance with overseas trade via import/export management, to name a few.
If you are running a nonprofit such as a charity, society, or a club, the NatWest Bank community account might be the best way for you.
With NatWest online banking register for a community account, you might be able to get free banking if your annual turnover is below £100,000, or – same as the startup account you can get 18 months for free if your organization is new.
When you receive a lot of cash or cheques, this account is perfect because it comes with a chequebook and a book for paying in.
If you run a nonprofit with an annual turnover of more than $2 million, you will need a commercial account.
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Requirements for NatWest UK Business Account
You will need to meet the criteria for the basic startup account.
- Your age should be over 18.
- You own or direct the business that you are looking for.
- NatWest online banking UK requires a registered business address in the UK, Isle of Man, Channel Islands, or Gibraltar, or at least you must be registered there for tax.
- You must not have received a county court judgement or a court decree in order for a declaration of bankruptcy to be in your name.
You need to tell certain information to NatWest for a business account.
The bank will need you:
- There is a name.
- There is a date of birth.
- The contact details are listed.
- The address is listed.
“All directors, partners, and other signers of the bank’s agreements are required to provide this information.”
Information about your registration, company number, and complete information of any country that you or your business is registered in will be required by you if you are a limited company.
As you know and might expect, registering a commercial account with Nat West Online Banking or with any other bank gets a bit more complex, and you would need to offer a bit more details, including financial information about your business.
Things also get a bit different for the community account opening too, where most NatWest branches will require different information depending on the sort and type of your organization – like a registered charity or a church, for example. These might also request you for some other documents, so it is better to be ready:
Payment details overseas.
If your organization sends money overseas you will need to provide transaction details.
The statements are from the bank
Bank statements should be kept handing while visiting NatWest Branches if your organization or business is transferring from another bank.
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How can you open a NatWest business account?
For easy business account opening, you can apply online with Nat West online banking. This procedure is, however, dependent on exactly what type of NatWest business account you want to open. However, the following guide below will set you up with most cases.
- You need to figure out which account you need to open first.
- The account is called the startup account.
- The account is for community.
- The account is for commercial purposes.
- It is a good idea to prepare all the documents you need from other stakeholders.
Start Process Online
NatWest and Bank of Scotland online services let you do this for all types of business accounts. This, however, might take some time. As NatWest Bank will need to check/verify your details and may also get in touch with you to re-confirm some information.
Once the bank confirms everything, your account will be set up quickly and everything will be ready to go.
What is the fee for a NatWest business account?
You might be eligible for free business accounts with NatWest or the Bank of Scotland online – at least for 18 months if you are a startup with a lower projected turnover or a community/trust organisation.
These are fees that you will have to pay.
NatWest International Transaction Fees
The non- sterling transaction fee is 2.5% of the total charge.
- There are cash withdrawals.
- Purchase of currency
- “Purchase of travelers’ cheques outside of the UK.”
- Payments are made using a foreign currency.
International payments are mostly an area where the bank fees can get extremely high, and not only with NatWest. If your business or organisation does a lot of international transactions, you should think about it. When you are just beginning to do business, the fee for international transfers can have a huge impact on your balance sheet.
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Can you pay a cheque in online NatWest
“There are multiple ways to send and receive money online, even though you can’t pay in a cheque with online banking. If you want to find out how you can make a payment and pay someone digitally, get in touch with the bank and speak with a representative. There are limits and criteria that apply.”
Can I pay a cheque in online NatWest
Unfortunately, paying a cheque online with Natwest online banking is not possible. However, there are ways you can send or receive money online, and get in touch with the representatives for more information.
How to get bank statement online NatWest
If you need paper/hard copies of the online statements for your savings, commercial, or current accounts, you can save and print the PDF versions, which are available to you 24/7.
When the latest statement is available, you will also get an email.
How much can I transfer online NatWest?
There are no daily limits on the number of transfers you can make.
Getting yourself a banking option that works for you is important, so you can put your focus on your business. While making a decision for the ideal account for business, thorough research is a must as the benefits, features, and costs vary from type to type and bank to bank
NatWest and Bank of Scotland offer a range of account options with different types of benefits that are designed to fulfill your business and operational needs. Let us know if you had a great experience opening a business account at NatWest.