Everything About Opening a Business NatWest Online Account

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. 

In the UK, the NatWest online services are comprehensive.

With Biz Media Fire, 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 was started by a startup

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 mobile application.”

Business Account

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.

Commercial Account

Things get a bit different if your business has more than £2 million in annual turnovers; for such accounts, NatWest online banking registers a commercial account – which offers more personalized 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. 

Community Account

If you are running a nonprofit such as a charity, society, or 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 book for paying in and a checkbook.

“If you run a nonprofit with an annual turnover of more than $2 million, you’ll have to get a commercial account.”

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Requirements for NatWest UK Business Account 

The basic startup account requires you to meet certain criteria.

    • The age you should be is over 18 years.
    • You own or direct the business.
  • 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 judgment 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 business account.

Personal Information 

The bank is going to need you.

  1. The name was given.
  2. There is a date of birth.
  3. Contact details can be found here.
  4. There is an address.

“All directors, members, partners, and other signers of the bank’s agreement are required to provide this information.”

Registration 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 for some other documents, so it is better to be ready:

Governing Documents

  1. Payment information for overseas.

If your organization sends money overseas you will need to provide transaction details.

  1. The bank statements are for the bank.

Bank statements should be kept handed in 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 was started by a startup
  • The account is called the Community Account.
  • There is a commercial account.
  • It is best to get all the information you need from other people.

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. 

Everything will be ready to go when the bank confirms everything.

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 organization. 

These are fees you will have to pay.

NatWest International Transaction Fees

The total transaction charge includes the non-sterling transaction fee.

Including; is included.

  • Cash withdrawals can be made with cash.
  • Purchase of foreign currency.
  • “Purchase of travelers’ cheques outside of the UK”
  • The payments were made in a foreign currency.

“International payments are listed as an area where the bank fees can get very high, and not only with NatWest. If your business or organization does a lot of international transactions, you might be interested in this. The fee for international transfers can make a huge impact on your balance sheet when you’re just starting to do business.”

Stay tuned for the latest updates and news.

Can you pay a cheque online at 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, talk to a representative today. There are limits and a few criteria.

Can I pay a cheque online at 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 you can get in touch with the representatives for more information.

How to get bank statements 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. Which are available to you 24 hours a day with your online banking services.

When your latest statement is available, you will also get an email.

How much can I transfer online to NatWest?

There are no limits on the number of transfers you can make.

Closing Remarks 

If you want your business to succeed, you need to get yourself a banking option that works for you. 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 the needs of your business. Let us know if you had a good time opening a business account at NatWest.

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