What are the bank requirements when opening a SumUp account?
When registering a bank account with your SumUp account, please take note of the following points:
- Your bank must operate in the same currency used in the country where your SumUp account is registered.
- You can register a bank account from a different country than where you signed up, but only if it operates in the same currency as the country where you signed up.
- SumUp accepts most banks and cards (including prepaid) using IBAN. Please pay attention to the transaction limits associated with your card and bank account.
- You can only register one bank account per SumUp account.
|Business type||The bank account must be|
|Sole traders||in the name of the owner of the business.
Note: Personal bank accounts are accepted, but not recommended.
|Company||in the name of the company.*|
(partnership, charity, club/society, non-profit organisation, school, college or university)
|in the name of the entity.*|
*The business name registered with SumUp must be the same as that listed on the bank account. Every business must have a business bank account to avoid payment issues. (Meaning personal bank accounts will not be accepted.)
Why does SumUp require that a company registering with us have its own bank account, which is not linked to a personal bank account?
With this requirement, SumUp is removing the possibility of tax evasion and is ensuring that our merchants are able to operate successfully and in line with the EU Fourth Anti-Money Laundering Directive. In doing so, SumUp is upholding the international standard within the business sector.
Having a separate bank account for your company helps you to ensure that the bank transfers your money without worry because there is a much clearer understanding of where the company’s funds come from and are held.
Additionally, in practice, it’s much more difficult to trade and manage a business without a separate company bank account. Take, for example, monitoring your business’ income and expenses. It’s hard to have an accurate view of these (which is needed to properly maintain your business finances) when they are tangled in with your personal transactions and expenses. You can reduce your legal liability by ensuring your business has a separate bank account.