Business bank account for raffle/competition business

[Kaps N]

Hi All

Newbie here, so hopefully ive posted in the correct area. Anyway I am currently in the process of starting a UK based raffle/competition business run through my website. However I am really struggling to find a bank to facilitate a business bank account. I have approached Monzo, Starling and Revolt banks who have all rejected my business bank applications.

Has anyone had any experience in this field and which bank did you go with

Any advise would be much appreciated

 

[japancool]

Do you have a license from the Gambling Commission?

 

[Kaps N]

No gambling licence as I am a skilled based competition website.

 

[NickGrogan]

UK based raffle/competition business

I'd be careful calling it a raffle then. Language like that is going to make it very hard to get an account.

What reason did they give?

 

[antropy]

I'd be careful calling it a raffle then. Language like that is going to make it very hard to get an account.

I agree, in business and professional life, using precise terminology is pretty important if you don't want unintended consequences.

Paul.

 

[Kaps N]

Yes, when applying for business bank accounts I am very conscious with the terminology. But at the same time when providing details of my business model I have to be very clear and honest etc.

The banks who have rejected my applications do not give any reasons

 

[mark707]

Yes, when applying for business bank accounts I am very conscious with the terminology. But at the same time when providing details of my business model I have to be very clear and honest etc.

The banks who have rejected my applications do not give any reasons

Hi Kaps N, did you get this issue resolved? I am facing the same problem.

Thanks
Mark

 

[fisicx]

The banks who have rejected my applications do not give any reasons

That's because it's a high risk activity. If you were a local sports club you could get an account and them pay in the taking from the weekly bingo, spot the ball competition. But a business whose sole purpose is an online competition is going to trigger all sorts of automated alarms. You were probably rejected by an algorithm not a person.

 

[Ozzy]

Have you tried someone like this?
https://www.equaze.com/gaming-and-gambling

I think your business model will fall into the same pot as gambling and sports gaming, so you'll need a specialist provider.

 

[Simon-TP]

Hi All

Newbie here, so hopefully ive posted in the correct area. Anyway I am currently in the process of starting a UK based raffle/competition business run through my website. However I am really struggling to find a bank to facilitate a business bank account. I have approached Monzo, Starling and Revolt banks who have all rejected my business bank applications.

Has anyone had any experience in this field and which bank did you go with

Any advise would be much appreciated

The options are very limited these days as more banks pull the sector. However, we've had quite a few successful competitions start-ups doing decent volumes and when they started out they got accepted by Cashplus. In addition you could look at Coconut and ANNA.

 

[Kaps N]

Hi Kaps N, did you get this issue resolved? I am facing the same problem.

Thanks
Mark

Hi Mark

Unfortunately I had to put my business venture on hold for a short while but I am now fortunately able to start looking into this again to get things moving forward. To date I have not had any success and was wondering if you have made any progress in finding a suitable business bank account?

 

[Simon-TP]

Hi Mark

Unfortunately I had to put my business venture on hold for a short while but I am now fortunately able to start looking into this again to get things moving forward. To date I have not had any success and was wondering if you have made any progress in finding a suitable business bank account?

We have had clients find success with Cashplus, Transferwise and ANNA recently. Have you tried any of those?

This is also useful for starting out in the competitions/raffle space: http://www.gridlaw.com/how-to-start-a-prize-competition-business-in-9-easy-steps/

 

[RightGlobalGroup]

Anyone seeing this will know the pain of waiting weeks wasting time with the major mainstream banks. I would save wasting time and forget about them. There is literally two choices you have, they do have slightly higher fees but your options are limited.

The banks will need to see a website so they can see if your compliant.

 

[SteveWestropUK]

Raffle and Competition are very different things, with raffles requiring a licence and having other regulations around them. Because of this though, a lot of organisations are trying to get round the regulations by running a 'competition' as a cover for a raffle, as asking a simple question as part of the entry process exploits a technical loophole.

You'll likely find that, whether you're exploiting the loophole or not, your application will be affected by those who have and be treated with suspicion I'm afraid.

 

[Marco1997]

I'd be careful calling it a raffle then. Language like that is going to make it very hard to get an account.

What reason did they give?

Hi mate, just come across your comment im currently struggling with this, revolut just turned me down by the sounds of what people are saying my terminology seems to be the issue, could you explain to me what i should say to banks in order to open a business account as im abit stuck? Thanks in advance!

 

[Marco1997]

Hi All

Newbie here, so hopefully ive posted in the correct area. Anyway I am currently in the process of starting a UK based raffle/competition business run through my website. However I am really struggling to find a bank to facilitate a business bank account. I have approached Monzo, Starling and Revolt banks who have all rejected my business bank applications.

Has anyone had any experience in this field and which bank did you go with

Any advise would be much appreciated

Hi mate, in the exact same boat did you find the solution to this? Could you drop me a message or reply to this as im very stuck myself