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Business Banking

Guide

Open a business bank account

Separate your business money from your personal money before it becomes a tangled, stressful mess.

8 min read·8 steps
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  1. Decide if you need one now

    If you're taking payments, paying expenses, or registered as a business, you need a separate account. Even freelancers benefit, it makes bookkeeping simpler and looks more credible.

  2. Gather what you'll be asked for

    Requirements vary by bank and country, but most want proof of identity, proof of address, and some form of business registration. Check the specific list before starting.

  3. Compare a traditional bank against a digital-first provider

    Traditional banks offer in-branch support and loans, but more paperwork and fees. Digital-first providers are faster and cheaper, but may lack in-person support as you grow.

  4. Check the fee structure closely

    Look past the 'free account' headline. Compare monthly fees, transaction limits, and charges for withdrawals or international transfers.

  5. Look for the tools you'll actually use

    Good options save hours a month: automatic expense categorisation, built-in invoicing, receipt capture, and easy export to your bookkeeping software.

  6. Apply and expect a short wait

    Digital applications can approve in minutes to a few days; traditional banks take longer and may need a branch visit. Have your documents ready digitally.

  7. Move all business activity over immediately

    Route every sale, invoice, and expense through the new account from day one. Don't keep splitting activity with the old personal account.

  8. Talk to an accountant about your specific setup

    Rules for banking, taxation, and reporting differ by country and business structure. A local accountant can confirm you're set up correctly, this guide is a starting checklist, not a substitute.

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