Cashplus is a technologically innovative bank that offers a wide range of banking solutions for its customers in the UK. Being the best alternative to high street banks, Cashplus business account is well suited for small businesses. It suffices the banking needs of small enterprises and startups.
Established in 2005, Cashplus is pretty straightforward, you can create an account here within 4 minutes. This 24/7 online current account offers almost all online banking services that a traditional street bank provides.
In this post, we’ll look at the features and perks of the Cashplus business account. And, we’ll also uncover the charges of using this account and how it is better than traditional banks.
Let’s kick off with its offers.
What Cashplus Business Account Offers?
Cashplus provides a current account for businesses that is easy, time-saving, and simple to use. Typically, it offers the following services:
- Round the clock account management via mobile app
- The current account, prepaid debit and credit cards
- Quick availability of account number and sort code
- Instant Online Decision
- Quick payments
- Integration with accounting software
- One fixed annual fee
- Pay and withdraw money at the Post Office.
The best part of this account is it doesn’t need any credit history. You can create one with a fast online application without worrying about the credit history. After applying, you can get an instant decision and will be provided with the account number and sort code right away.
Does it Offer a Business Debit/ Credit Card?
After the approval of your application, you’d be provided with a master card within 3 to 5 days. Additionally, this will be personalised with your company name.
If you need a Cashplus business credit card, you can apply for it. It has an annual percentage rate of 29.9% (that may change) and there are no annual fees. This card allows an initial credit limit of up to £3,000. Moreover, you can also get up to 56 days’ interest-free credit, as long as you pay in full each month.
Cashplus offers a contactless credit card accepted in over 26 million locations worldwide and provides flexible repayment options and itemised billing. This helps you to track and manage your business expenses easily. In addition, Cashplus allows you to add up to 20 additional business expenses cards to your account.
Does it Allow you to Make International Payments?
Making international payments through Cashplus business account is a bit costly and complicated process. Cashplus offers inbound international payment services for business customers but only if the transfer amount is in GBP or Euro. For it, you first need to have your SWIFT or IBAN code to provide information to their customer service.
Moreover, you always need to pay a fixed amount for international payments, without considering the amount of money you’re receiving or sending. One of the major problems with Cashplus business account is the sending of one currency to another currency’s account. For instance, if you have sent your USD to the Cashplus Euro account. You have to pay currency conversion fees that mean you’ll receive less than what is sent.
Though you can send your money abroad with Cashplus, but it’s a little bit tricky. While sending your money abroad, you have the choice to add a Euro or USD travel card without any charges. This mean, you can send money to US and many other countries of Europe with the help of card payments.
Cost and Charges of Cashplus Business Account
Cashplus business bank account is simple to use and its charges are easy to understand. Following are the charges of Cashplus Business account:
|Card Issue Fee||Free|
|Account Fee||£69 per year|
|UK Purchases (£)||Free|
|Electronic Payments and Transfers (including Standing Orders)||First 3 each month: Free
Then: £0.99 each
|Depositing with Cash at UK Post Offices||0.3% fee will apply to the total amount paid in (minimum £2)|
|Deposit by Bank Transfer||Free|
|ATM withdrawals (UK)||£2.00|
|ATM withdrawals (Non UK)2||£3.001|
Quick Wrap Up
To sum up, we have discussed everything that you need to know about Cashplus business account. You need to know that Cashplus business bank account offers almost all the online services of traditional business banks from online payments to transfers. In addition, it is best suited for you if you’re looking for the main features of a business bank account with a poor credit history.
Disclaimer: This blog is intended to provide general information on Cashplus business bank account.