bank refusing to open bank account

viztopia

hi - we have set up a new company to trade in the UK and have approached a Irish bank to set up a sterling bank account and they have refused. We are not looking for an overdraft or anything and none of the directors are restricted in any way. is the bank obliged to tell me why? all we received was an email basically saying no!

jimmii

Do you have a credit history here? To get the actual answer instead of speculation you will obviously have to get in touch with them. I doubt they are obliged to tell you why i'm sure they can just quote for security reasons they can't divulge the account opening process or something like that!

jimmii

sugarman wrote: »

Which bank? I don't know of any who offer sterling accounts, or any other currency than euro for that matter.

I would imagine most do we use AIB I would thought the others have something similar.

CramCycle

Would Paypal work, no experience of the matter but I do know that I have essentially a multi-currency account with them, with different balances in different currencies.

Graham

viztopia wrote: »

hi - we have set up a new company to trade in the UK and have approached a Irish bank to set up a sterling bank account and they have refused. We are not looking for an overdraft or anything and none of the directors are restricted in any way. is the bank obliged to tell me why? all we received was an email basically saying no!

You don't mention what country the company is registered.

How are you intending to receive payments, credit card, bank transfer?

I'm assuming the company already has a bank account, have you approached your existing bankers?

viztopia

Graham wrote: »

You don't mention what country the company is registered.

How are you intending to receive payments, credit card, bank transfer?

I'm assuming the company already has a bank account, have you approached your existing bankers?

the company is registered with the CRO here in Ireland but its main trade will be in England. payments will be received by bank transfer. as it is a new company it has no existing bank account. the bank is UB and it was chosen as it has a network in the UK if we ever have to open a bank account there.

lakill Farm

viztopia wrote: »

the company is registered with the CRO here in Ireland but its main trade will be in England. payments will be received by bank transfer. as it is a new company it has no existing bank account. the bank is UB and it was chosen as it has a network in the UK if we ever have to open a bank account there.

I can guarantee you its because they see it as a lost opportunity to profit from currency fx

BOI use to say that it needed 50k sterling activity In the account per year before they would consider opening one. That's a while ago, maybe 10 years

why not tip up to northern Ireland to an Ulster bank branch and open the account up there?

Graham

viztopia wrote: »

the company is registered with the CRO here in Ireland but its main trade will be in England. payments will be received by bank transfer. as it is a new company it has no existing bank account. the bank is UB and it was chosen as it has a network in the UK if we ever have to open a bank account there.

You might find it easier to approach one of the banks to open a normal business account (Euro) and ask for a sterling account at the same time. I wonder if just asking for a sterling account on its own is the issue.

Glenalla

viztopia wrote: »

hi - we have set up a new company to trade in the UK and have approached a Irish bank to set up a sterling bank account and they have refused. We are not looking for an overdraft or anything and none of the directors are restricted in any way. is the bank obliged to tell me why? all we received was an email basically saying no!

BOI offered me a sterling account yesterday even though my business in here

Duckett

Are you a client or potential client of EI? - if so then talk to their Banking Relationships team