Business bank recommendation.

[Daybooks]

Anyone able to recommend, based on their actual usage not belief, of a bank that provides internet banking with all of the following?:

• Import of payment files in GBP
• Import of payment files in non sterling
• Scheduling of future dated payments in GBP
• Scheduling of future dated payments in non sterling
• Bulk payments (i.e. two or more payments as one submission) with future dating in GBP
• Bulk payments (i.e. two or more payments as one submission) with future dating in non sterling
• Security features allowing as a minimum dual authorisation.

Import should support csv files. Scheduling of future dated payment means setting up now for a future date with no further intervention. It does not mean setting up now and saving and then releasing on the day required (as one of the banks only offers).

Most of the online information is often unclear – generally take as doesn’t provide it – therefore appreciate any real user evidence before wasting too much time on false promises.

Pretty much ruled out the so-called challenger banks as they seem to have all of these features on the way! Some for many years.

Cheers

 

[NickZ]

You have to go shopping.
The sterling you only get in the UK, that limits your choices

 

[Paul Kelly ICHYB]

What do you mean by import of payment files?

You might be better off using a system that manages these transaction for your bank account (if it exists).

 

[mahad]

HSBC or Lloyds Bank if you're ok working with traditional banks, but if that's just not your cup of tea then try Revolut Business, these can provide with all if not more stuff for you

 

[Daybooks]

HSBC or Lloyds Bank if you're ok working with traditional banks, but if that's just not your cup of tea then try Revolut Business, these can provide with all if not more stuff for you

What was your experience like when using HSBC and Lloyds for each of the specifics I had listed please?

Similarly have you used these facilities on Revolut as from what I can see they do not exist?

 

[mahad]

What was your experience like when using HSBC and Lloyds for each of the specifics I had listed please?

Similarly have you used these facilities on Revolut as from what I can see they do not exist?

I don't have THAT much experience with HSBC and Lloyds but here is what I can tell you from the time I've worked with them:

All of them offer making batch payments quicker by uploading files with all the details.
You can schedule payments in advance or do bulk payments with scheduling no worries on Security cause they got you covered and can be stress free.

However HSBC focuses on global reach while Lloyds focuses on UK bussineses. HSBC offers a comprehensive suite of solutions beyond internet banking, while LLoyds is often known for offering competitive rates and fees compared to other traditional banks. HSBC is a strong bank with high reputation and Lloyds has physcal branches all over.

As for Revolut, I thought you might want to use that for great exchange rates.

 

[neilsolaris]

Sorry to jump in, but I'd be very interested to know more about this too.

I make payments regularly from HSBC business bank account, but I do it manually. How do I go about uploading a CSV payment file? Does it have to go via BACS?

We used to employ a third party to upload BACS payment files on our behalf. The problem is, whenever the total value of the payment file was over £50,000, HSBC would automatically charge £50, so I stopped doing it in the end.

Thanks for any tips.

 

[Daybooks]

Sorry to jump in, but I'd be very interested to know more about this too.

I make payments regularly from HSBC business bank account, but I do it manually. How do I go about uploading a CSV payment file? Does it have to go via BACS?

We used to employ a third party to upload BACS payment files on our behalf. The problem is, whenever the total value of the payment file was over £50,000, HSBC would automatically charge £50, so I stopped doing it in the end.

Thanks for any tips.

Both HSBC and Lloyds are on my list because they appear to have some but maybe not all of the facilities. If you use HSBC then you should be able to enquire directly.

Bulk payments allow for entering more than one payment into a list for a single authorisation. This facility may not have an import feature. The import feature will allow you to upload a file, typically comma separated variable, to the bulk payment module.

By way of example NatWest offer the facilities through their BankLine service. HSBC may offer it through a similar portal which may or may not be part of their normal facilities. Whether it goes by BACS or faster payments would depend on their offerings. That’s why I was hoping to find anyone with actual experience.

 

[neilsolaris]

Both HSBC and Lloyds are on my list because they appear to have some but maybe not all of the facilities. If you use HSBC then you should be able to enquire directly.

Bulk payments allow for entering more than one payment into a list for a single authorisation. This facility may not have an import feature. The import feature will allow you to upload a file, typically comma separated variable, to the bulk payment module.

By way of example NatWest offer the facilities through their BankLine service. HSBC may offer it through a similar portal which may or may not be part of their normal facilities. Whether it goes by BACS or faster payments would depend on their offerings. That’s why I was hoping to find anyone with actual experience.

Many thanks, I'll look into that.

 

[mahad]

Both HSBC and Lloyds are on my list because they appear to have some but maybe not all of the facilities. If you use HSBC then you should be able to enquire directly.

Bulk payments allow for entering more than one payment into a list for a single authorisation. This facility may not have an import feature. The import feature will allow you to upload a file, typically comma separated variable, to the bulk payment module.

By way of example NatWest offer the facilities through their BankLine service. HSBC may offer it through a similar portal which may or may not be part of their normal facilities. Whether it goes by BACS or faster payments would depend on their offerings. That’s why I was hoping to find anyone with actual experience.

Is this new knowledge or something you've recently learned, I though I was being helpful answering your questions, giving detailed answeres and stuff

 

[nelioneil]

RBS/natwest group can do bulk imports if you use their Bankline facility. It is probably the closest to what you want to achieve. I have used it before and it also has dual authorisation.

What I cannot remember is if it allows bulk import of non sterling currency but I am certain that option exists, especially as you are allowed to open non sterling business bank accounts. Would recommend speaking with the relevant bank and ask them, I’m sure they would only be happy to clarify

 

[Ozzy]

We use Natwest and the tools you describe, but we don't use Bank Line. As we are direct debit originators, we use external software to schedule payment runs called BACS Active, which achieves the same as Bankline plus t also allows us to collect and send direct debit payments, all with the ability to upload CSV (or use third-party API integrations).
Works really well for us, from experience with Natwest, but on the face of it as we did look at Bankline it does look like Bankline will do everything you need. We just opted for the BACS Active third party software because of the direct debit need. I would imagine this software would work with any bank.

 

[Daybooks]

We use Natwest and the tools you describe, but we don't use Bank Line. As we are direct debit originators, we use external software to schedule payment runs called BACS Active, which achieves the same as Bankline plus t also allows us to collect and send direct debit payments, all with the ability to upload CSV (or use third-party API integrations).
Works really well for us, from experience with Natwest, but on the face of it as we did look at Bankline it does look like Bankline will do everything you need. We just opted for the BACS Active third party software because of the direct debit need. I would imagine this software would work with any bank.

I believe Nat West will do the job but also looking for an alternative to them. Thanks.

 

[Rawlinson Pryde]

For international payments you may want to look into WISE, they advertise that they are a lot lower fees for international payments than your traditional banks and do bulk payments from a spreadsheet.

We haven’t used them but for sending personal money overseas to friends/family.

wise.com/gb/business/invoices

 

[Daybooks]

For international payments you may want to look into WISE, they advertise that they are a lot lower fees for international payments than your traditional banks and do bulk payments from a spreadsheet.

We haven’t used them but for sending personal money overseas to friends/family.

wise.com/gb/business/invoices

Thanks but I shall not be looking at WISE because regardless of what they advertise they are not cheaper for fees than, at least some, traditional high street banks.

 

[Paul Kelly ICHYB]

they are not cheaper for fees than, at least some, traditional high street banks.

Which fees are more?

 

[Daybooks]

Which fees are more?

As previously stated.

 

[Daybooks]

Is this new knowledge or something you've recently learned, I though I was being helpful answering your questions, giving detailed answeres and stuff

I had previously done my research so I know who are claiming what. However the purpose of my original question was to establish users actual experience of the bullet points raised. In other words I know what they claim but unless the responder has actually used it then their belief is of no more value than my own reading of their claims. Thank you for your input.

 

[TidyM]

It's not a bank but have you considered a third party app such as MIMO? They have a wallet system which allows future dated payments in GBP and some non GBP (EUR/USD I think) alongside approval processes

You can import payroll/supplier payments and pay through that.

Works with any bank