1 business - 2 business bank accounts allowed?

[affily]

Hi, I currently use one bank for my business. The trouble I have with this bank is they do not seem to be good at paying in foreign cheques. The cheques go missing and I do not like the amount they charge.

I really want to keep this account though as I have a lot of automated outgoing payments set up and a getting rid of the bank account would mean a lot of playing around with paypal which I do not really want to do.
Apart from the foreign cheque issues they have been ok but as more foreign cheques come in it is becoming a problem.

So I am wondering if anyone knows if there is any issues with opening a second bank account for the same business. I will mainly use this to pay in the foreign cheques and maybe some of the income from the u.k

Thanks for your time,
Adam

 

[elaine@cheapaccounting]

the business can have as many bank accounts as you want

 

[Zara Accountancy]

Your second account can also be setup in the foreign currency which you receive the cheques in thus reducing your exposure to foreign currency exchange risk.

 

[MikeJ]

We have sterling, US and Euro bank accounts, though we generally get electronic transfers rather than cheques. Doing this greatly reduces our transaction charges when converting to sterling, as we wait until we have a decent amount and then do a large conversion.

 

[affily]

We have sterling, US and Euro bank accounts, though we generally get electronic transfers rather than cheques. Doing this greatly reduces our transaction charges when converting to sterling, as we wait until we have a decent amount and then do a large conversion.

Do you use one bank for all this or do you use different banks. I just spoke to one bank and they said most banks do not like it when 1 business has 2 different bank accounts from different banks.

The operator said I would need to speak to someone else in the bank to see if they will allow it. I do not really see why it should be a problem.

 

[MikeJ]

They're all with RBS. It's never been an issue with them.