Business Account Under 18?

[JoeTech]

Hello,

What banks offer a business account for a person under 18?

I need a bank account that offers a check book as well to pay my suppliers as they prefere a check and to keep my finance seperate for ease of accounting.

Thanks

 

[StevensOnln1]

No UK banks have ever offered anyone a check book but they do give out cheque books, although whether they would to someone under 18 is a different question. Won't these suppliers accept payment via internet banking? You'll probably find it easier to open a business account which gives you internet banking and a debit card - Natwest used to do a foundation business account which worked like that although I don't know if it is still available.

 

[JoeTech]

I have asked the suppliers about online payment and they said no they either want check or postal order.

 

[tony84]

Do a postal order?

The suppliers will not accept debit card payments?

In all honesty, I think I would be more concerned that they would not accept debit/creditcard payments. Im not doubting you for one minute, but I have never come across a supplier who will not accept cash or debit/credit card.

 

[JoeTech]

Do a postal order?

The suppliers will not accept debit card payments?

In all honesty, I think I would be more concerned that they would not accept debit/creditcard payments. Im not doubting you for one minute, but I have never come across a supplier who will not accept cash or debit/credit card.

It costs to use a postal order eg added fees. They say that it will cost them to much to use card payments it is a chinese supplier and that the currency can fluxuate between banks. It confuses me so I just accept what they are telling me

 

[StevensOnln1]

Are you saying that they want you to send a cheque to China?

 

[JoeTech]

Are you saying that they want you to send a cheque to China?

Yes or a Postal Order

 

[tony84]

Currency can fluctuate. If anything a cheque is worse as it would need to be posted so the currency can change in a few days. Debit/Credit card is the same day.

If your in business, dont just accept anything. Question it, if the answers provided are not good enough do not be afraid to walk away. If they are a genuine business they will want your business just as much as you want their products. You need to understand everything and if you do not, it can cause problems down the line.

Can you not ask if they have any British wholesalers? Your mark up will not be as good but it may work for the interim until you are over 18.

Personally, to me it sounds like a bit of a mickey mouse outfit. What large manufacturers do not accept debit/credit cards.

 

[e-vulture]

Surely they can accept a bank transfer if they can accept a cheque ?

 

[paulears]

If they are in China, I would NOT expect a cheque drawn on a UK bank to be that much use, because the clearing system doesn't work - they cannot bank it, it would have to be returned to the UK and the funds cleared into a UK based account of the beneficiary, which is clearly impossible, unless the Chinese company has a UK arm. The Post Office web site also confirms a postal order is not acceptable in china - there is a list of countries on their web site but china is not on it.

If you have a current account, then your bank can transfer money to the chinese company via Swift, or Iban - there is a charge for this, which is quite high sometimes - £25-35 seems typical including currency conversion. If you really want to buy from China, and they don't have credit/debit card facilities (which are only usually used by the small businesses) then you need to use proper business services - which require you to maybe even have a business account. I paid over a grand today to one Chinese company via debit card, but another for just £200, meant a proper transfer and a £25 charge, using Swift.

Big chinese companies do NOT take cards - that isn't how it's done.

 

[ams_uk]

RBS set me up a business bank account at the age of 13 as they insisted I was using my kids current account to make money on eBay, by default I was sent a cheque book. I had to have a meeting with the local business account manager. It was convenient to be able to write checks for a couple of years I must admit but after 2 years they started charging me and I never actually used it, so I closed it and got a refund plus they admitted that they'd made a stupid decision to allow that to happen.

I remember that in the meeting the system wouldn't allow it because of my DOB (the account comes with a credit card by default) but he found a way around it by filling in a form manually (without getting me the credit card, that'd have been even more irresponsible ha!).

Anyway, try RBS as they let me have one - you can tell them my story, although they will struggle to believe it as the customer service rep never did over the phone until they took my details and saw it with their own eyes.