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Thread: UK bank account

  1. #61
    justbookies is offline Private Member
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    Quote Originally Posted by EssexRed View Post
    Absolutely this is pool betting, we are in the process of going for our licence with the gambling commission, with a plan to launch in July this year. Posted in this thread as I spoke with Santander who were not interested as this was classed as betting, so concerned we will not have much luck with other bank operators, despite the business being a pool of money, not targeted at odds betting and will be raising and helping to raise money for grass roots football teams.

    Apologies if this was not the correct thread, if you can suggest another as a newbie to the site, then that would be great.
    There are lots of betting operators (even think of the thousands of little on-course / point-to-point bookmakers) in the UK - and they do all have bank accounts and the online operators have merchant services accounts for credit cards. So not sure why you are so negative if you are going to be a licensed operator. It used to be (when I was an operator many years ago) that a lot of banks swerved operators and a couple of them cornered the market. Things may have changed, but I doubt it. The banks that serviced all the online betting companies when I was doing it were Barclays and RBS, but make sure you get to speak to their specific departments / contacts for betting operators. Remember with banks the left hand has no idea what the right hand is doing . . if you just contact your local branch then you are likely to be shown the door. It is all about speaking to the right person.
    PS: They will likely want you to be licensed before they open the account.

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  3. #62
    benl12 is offline Private Member
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    I just signed up with these

    https://www.paywithfire.com/business/

    Only 49p or 49 cents a transaction. Set up was easy as. Can't remember whether they asked what I did but if they did, I said online marketing.

  4. #63
    dan
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    Default A UK Gambling Comission license won't help get bank account for you UK Ltd company

    I think this is a very useful thread for anyone looking to run a gambling related (or straight gambling) business in the UK to show the problem the industry has from the UK banks. This comment is in immediate response to the above who suggests that obtaining a Gambling Commission license to operate in the UK will then allow you to open a UK business bank account. It won't I promise you. You will be shown the door and you will be left startled and the sheer hypocrisy of the banking system in the UK. Below is my experience (taken from an old post):

    This post is for anyone looking at setting up/starting an licensed online business in the UK. It details our experience and the eventual demise of the business in the summer of 2012.


    Our company held a license from the UK Gambling Commission to offer gambling services online to UK customers. As a business we had been in existence for over 8 years and had a UK based bank account for that time. Our gambling website was a new venture however and our business previously was not in the betting/gambling industry.


    Have secured a license and developed our website and platform we applied to our current banking providers to upgrade our account to enable us to more easily handle payments from UK customers. Our bank turned us down and stated that they did not need to give us a reason for the refusal.


    We in the meantime applied in person (i.e. meeting local business bank managers) to all the major British High St banks (RBS/Natwest, Barclays, Lloyds and HSBC) to open a business bank account. We were not seeking or required any type of finance or loan, merely a banking facility to enable us to operate as a business in the UK (like any other small business).


    All these meeting were initially very positive but all were subject to the application being sent off and approved by the respective 'commercial risk' departments within the banks. The applications were all turned down. We asked all to tell why they felt they could not open an account for us and they all were very circumspect. In fact, despite being requested, they all failed to deliver a response in writing/email. They told us via phone calls. Most tended to say something like "we do not want to be associated with gambling companies at this time". A couple also stated that the refusal had nothing to do with our business, it's viability or it's owners.


    As a company we were solvent and had sufficient funds to enable us to launch the website and see us through our first year of trading. Our business presented no risk in terms of it's gambling format because of the exact type of gambling we were licensed to do.


    Meanwhile we received a letter from our current banking provider to inform us they were closing our account. We had two months notice and they stated they did not have to give us a reason for closing our account.


    In July our account closed and we had no alternative but to cease trading. The company is now dormant. Our UK Gambling Licence was due to be renewed in September but we decided it was pointless. The project is dead.


    We spoke to our local MP who wrote to the Government minister concerned. We have received one response saying that it was not 'appropriate' for the Government to interfere in the decisions of 'commercial organisations'. We have responded to this by reminding the Government that at least two of these banks are effectively owned by the Government. We are awaiting a further response.


    We also re-iterated to them that we know we are not an isolated case. The UK banks are routinely refusing banking services to legitimate UK businesses in gambling industry and failing to provide any explanation.
    This was 2012. Nothing has changed since then. If you are a small operator/new business (an online gambling business) you will not get a bank account for your Ltd company to operate in the UK, even if you are fully licensed by the Gambling Commission to operate that business in the UK. You will not get any help from the Government or any state body - you are wasting your time trying to set up a gambling business in the UK.

    Of course if you have a check for 1 million it will probably open those doors. Or if you have someone high in the banking industry who is part of the business, also that might work. For any small innovative, entrepreneur trying to break into the closed shop of the online UK gambling industry - you will be shafted.

    As you can tell I still have bitterness about all this... - although to be fair more research on my part could have avoided going as far down the path as I went before being shafted - so I hope this serves as a warning to any other aspiring entrepreneurs in the UK looking to start an online gambling business.

    And finally the reason our UK banks are blocking legitimate UK businesses?

    It is down to US laws and protectionism, and their threat to prosecute banks who transact online gambling payment. The UK banks do the US bidding, and the UK politicians are complicit.

  5. #64
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    My UK Ltd still doesn't have a bank account.

    NatWest said they don't even open accounts for owners who aren't residents.
    I submitted all documentation to RBS - flew to London twice - and they aren't returning my emails anymore and aren't responding to support tickets.
    I got in touch with a Barclays representative who said he's busy for the next three months so I decided to end all communication.

    I obviously need a bank account so I can start trading and so my accountant can actually do the thing I'm paying him to do.
    Getting a bit desperate here - what are my options?

    How do you even open a bank account? Do you walk right in, do you call, do you set up an appointment, do you apply online and wait for a call? How do these people operate?

    The problem in my case isn't gambling as I'm opening an account for a "real" business, the problem is that I'm a non-resident.

  6. #65
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    Quote Originally Posted by DanHorvat View Post
    My UK Ltd still doesn't have a bank account.

    NatWest said they don't even open accounts for owners who aren't residents.
    I submitted all documentation to RBS - flew to London twice - and they aren't returning my emails anymore and aren't responding to support tickets.
    I got in touch with a Barclays representative who said he's busy for the next three months so I decided to end all communication.

    I obviously need a bank account so I can start trading and so my accountant can actually do the thing I'm paying him to do.
    Getting a bit desperate here - what are my options?

    How do you even open a bank account? Do you walk right in, do you call, do you set up an appointment, do you apply online and wait for a call? How do these people operate?

    The problem in my case isn't gambling as I'm opening an account for a "real" business, the problem is that I'm a non-resident.
    If you are a UK resident wanting to open a business bank account for something that isn't perceived as a "dodgy" industry, you make an appointment (could be done via applying online, or calling their business banking team, or walking into a branch - depending on the bank), fill out some forms and pretty much get it done there and then. Obviously if you want credit it is a more difficult process. You do have to go to the branch in person. If more than one person is a significant owner or needs to be a signatory on the account, have a card etc. then all those people have to go to the branch. Can't help on the non resident front I'm afraid, but I'm almost certain you'd have to open the account in person.
    Head of Affiliates at Digital Fuel

  7. #66
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    May i ask why you need a UK bank account? - A UK company can open a bank account in any country were UK documentation is accepted. In theory, you could try something like the Sparkasse in Malta (Austrian Sparkasse) - It will just depend on whether they think the business is interesting to them (fees).

    Quote Originally Posted by DanHorvat View Post
    My UK Ltd still doesn't have a bank account.

    NatWest said they don't even open accounts for owners who aren't residents.
    I submitted all documentation to RBS - flew to London twice - and they aren't returning my emails anymore and aren't responding to support tickets.
    I got in touch with a Barclays representative who said he's busy for the next three months so I decided to end all communication.

    I obviously need a bank account so I can start trading and so my accountant can actually do the thing I'm paying him to do.
    Getting a bit desperate here - what are my options?

    How do you even open a bank account? Do you walk right in, do you call, do you set up an appointment, do you apply online and wait for a call? How do these people operate?

    The problem in my case isn't gambling as I'm opening an account for a "real" business, the problem is that I'm a non-resident.

  8. #67
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    Quote Originally Posted by Syndicate View Post
    May i ask why you need a UK bank account? - A UK company can open a bank account in any country were UK documentation is accepted.
    While that's true - a UK company can open accounts almost anywhere ... ease of use principals suggest that opening a local bank account for a local company makes sense in a first world country.

    We use local accounts for easy transactions - credit cards, bill pay, etc, and have three offshore accounts in forex to make it easy for partners and clients to pay invoices and commissions.

  9. #68
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    Yes - I accept what you say and in an ideal world that's the way to go. However, it's not easy to open non resident accounts in the UK, and the ones available are usually limited services. I was just saying this because if you are overseas, their might be easier methods that are practical dependent on your situation!

    Quote Originally Posted by TheGooner View Post
    While that's true - a UK company can open accounts almost anywhere ... ease of use principals suggest that opening a local bank account for a local company makes sense in a first world country.

    We use local accounts for easy transactions - credit cards, bill pay, etc, and have three offshore accounts in forex to make it easy for partners and clients to pay invoices and commissions.

  10. #69
    justbookies is offline Private Member
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    Quote Originally Posted by TheGooner View Post
    and have three offshore accounts in forex to make it easy for partners and clients to pay invoices and commissions.
    I thought all anyone needed was a bitcoin wallet and an exchange that doesn't steal its clients money (it's that last bit I am finding hard to crack)

  11. #70
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    Quote Originally Posted by Syndicate View Post
    May i ask why you need a UK bank account?
    Good question. Part of the answer must lie in the appeal of having a business card of a high street bank.

    Quote Originally Posted by Syndicate View Post
    A UK company can open a bank account in any country were UK documentation is accepted.
    You're absolutely right. As a matter of fact, I can open a non-resident business account in my own country, no questions asked. And it seems that's the only option other than getting a UK director who'd then do things the UK way.

  12. #71
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    going bank to the original topic, and an update to my last post on this thread, I can recommend Metro Bank. They were relatively fast and opened an account np.

  13. #72
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    I applied online yesterday, waiting for the call, so we'll quickly have an answer can you open a non-resident account with Metro.

  14. #73
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    yes you can i believe (as one of us is non uk resident) but ....only have experience of having the bank account associated with a UK company unsure of any other way unfortu..

  15. #74
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    Quote Originally Posted by DanHorvat View Post
    I applied online yesterday, waiting for the call, so we'll quickly have an answer can you open a non-resident account with Metro.
    .. still waiting on that call ?

    Seriously though, after four years - what's the latest advice on UK banks accepting affiliate marketing businesses with gambling connections ?

  16. #75
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    Also it would be very helpful for me if anyone can recommend me the best option for UK banks or EMI ( Electronic money institution) with gambling affiliate marketing.
    Thank you.
    James / Clicking Media Group
    www.bestcasinos.mobi
    www.onlinecasinos.jp.net

  17. #76
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    Quote Originally Posted by casinovegas View Post
    Good in principle but I don't want to lie and when they ask for a business plan, business proof (websites etc) I would look a fool to then say ehh well in fact I lied and it is gambling. My sole trader account is with Barclays but they won't open an affiliate account under a ltd company. I'm trying Lloyds but they are very slow. With the country being the way it is they should be jumping for your business, bot me chasing them.
    I suggest not lying to anyone. That would be a no-no. However, realize that the banks have little or no tolerance for gambling on pretty much any level. So, if you are an online marketer, which you are, then declare that is your profession. Make a professional website about your marketing (no need to mention gambling). Disclose your services in general terms. etc.. Make that your professional appearance. Who knows, tomorrow you might be marketing rubber widgets.

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  19. #77
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    Quote Originally Posted by gamblingvista View Post
    Also it would be very helpful for me if anyone can recommend me the best option for UK banks or EMI ( Electronic money institution) with gambling affiliate marketing.
    Thank you.
    I see you are based in London, Metro without a doubt.

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  21. #78
    ddm
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    Quote Originally Posted by TheGooner View Post
    Why tell them that it's gambling? Just say "online marketing".
    I did this, UK . no problem ^
    retired from GPWA.
    gg.

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