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 personalised business accounts, whether you are a sole trader or a multinational.
In the UK, the NatWest online services are comprehensive.
With The UK Time, let’s find out what commercial banking services NatWest UK offers to UK businesses and organisations 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 was startup.
The startup account is 888-739-5110
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 NatWest’s 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 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’ll need a commercial account.”
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Requirements for NatWest UK Business Account
For the basic startup account, you will need to meet certain criteria.
- Your age should be over 18 years.
- You own or direct the business for which you are seeking an account.
- 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 to have a declaration of bankruptcy in your name.
You need to tell certain information to NatWest for a startup or a business account.
The bank will need you.
- It is the date of birth.
- Contact details can be found here.
- There is a address.
“All directors, partners, and other signers of the bank’s contract 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.
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:
The payment details for overseas.
“If your organization sends money overseas, you’ll have to provide overseas payment/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 what account you need to open.
- The account was startup.
- There is a community account
- The account is called the Commercial Account.
- 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, the bank will set up your account 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.
There are some fees you will have to pay.
NatWest International Transaction Fees
The fee is 2% of the total transaction charge.
- Cash withdrawals can be done with cash.
- Purchase of money.
- “Purchase of travelers’ cheques outside of the UK.”
- Payments made in a foreign currency.
International payments are mostly an area where the bank fees can get extremely high, and not only with NatWest. Suppose your business or organisation does a lot of international business. The fee for international transfers can have a huge impact on your balance sheet when you are just beginning to do business.
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Can you pay a cheque in online NatWest
There are multiple ways to receive and send money online, even though you cannot 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 today. There are limits and some criteria.
Can I pay a cheque in online NatWest
Unfortunately, paying a cheque online with Natwest online banking is not possible; however, there are other ways to send or receive money online.
How to get bank statement online NatWest
If you need paper/hard copies of the online statements for your savings, commercial, or current accounts or credit cards, you can save and print the PDF versions that are available to you 24/7.
“When your latest statement is available, you’ll also get an email.”
How much can I transfer online NatWest?
There are no limits on the number of transfers that 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 differ 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 its operational needs. Let us know if you had a good experience opening a business account at NatWest.