Natwest Business Account

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Natwest Business Account Review, Exchange Rates, Fees Calculator & User Score

  • Fees and costs: Very Good
  • Transfer speed: Good
  • Safety and reliability: Very Good
  • Customer satisfaction: Good

Advantages

  • Low fees
  • WordPay integration and support
  • Free account for Startups

Disadvantages

  • Lack of help in managing your finances

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0 users wouldn’t recommend it

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What is Natwest Business Account?

Natwest is a major retail and commercial bank in the United Kingdom. They offer personal and business accounts. It’s worth noting that they were one of the first banks in britain fully supporting polish language. They offer a support for startups and small businesses, which can set up the online banking accounts for free for the first year of their operations.

How Does Natwest Business Account Work?

Apart from regular business bank accounts, Natwest can also offer you various lending options to fund and help grow your company or saving accounts and insurance to secure your business. They have also partnered with WorldPay to provide payment processing tools if you run an online store. You can make and accept payments quickly and securely using Bacs, Faster payments, CHAPS and the PayAway-IP Direct service.

Natwest Business Account Fees and Costs

There is a special offer for startups and small businesses, as they can get the first 18 months of banking for free. Later, there are different tariffs you can choose from. The basic ones, have a flat fee of around 0.70GBP for any transfer in or out of your account. The account doesn’t have any regular monthly fees, unless you have made transactions for less than 5GBP in a month. Then, you will be charged 5GBP in operational costs for maintaining your inactive account.

The fee for receiving international online payments is 1GBP per smaller transaction and 7GBP per transactions for amounts over 101GBP. The money is usually available the same or next day. Which can be useful if you have clients overseas.

Any payments ordered physically in bank’s branch generate additional fees and can cost up to 30GBP per money transfer, so it’s cheaper to handle your transactions online.

Natwest Business Account Exchange Rate

The bank uses official Visa Payment Scheme Exchange Rate for any conversions on your account.

There is also a fee of 2.75% for purchasing a foreign currency with them. If you want to withdraw a foreign currency from an ATM, it will cost you 2% of the amount.

Natwest Business Account Limits

There is no information about limits regarding business accounts. There are transfer amount limits for personal accounts only.

Natwest Business Account compared to other business accounts

Natwest is doing quite good compared to other banks or online platforms. There are better and cheaper services out there, however Natwest seems to be quite reliable and stable with their offer.

How to use Natwest Business Account?

Business API

While you can use Natwest to receive online payments, there is no official API, which you can connect to your platform for easier transaction management. However, you can set up an automatic currency conversion when the payments get to your business account for easier accounting.

When it comes to other support you can receive, there is a possibility to get WorldPay connected to your business bank account. If you want to process easier in-store payments from your customers, you can use WorldPay terminals in your shop. It allows you to take payments from credit and debit cards.

How to sign up?

It’s best to visit your local branch of Natwest or contact a bank’s representative for most recent offer and account details. WorldPay is a 3rd party company, so you can also contact them directly on how to use their services in your business and they will help you set up terminals and connect it to your business bank account.

Is Natwest Business Account safe and reliable?

The bank needs to comply with all of the financial laws and regulations. Moreover, it offers an additional protection and security measures for handling your online transactions and can help you process payments from your customers. They also provide a range of tutorials and suggestions on how to stay safe on the internet, spot potential fraud attempts and avoid getting hacked.

There are some positive Natwest Business Account reviews available online and while some customers report that it’s hard to make an appointment with the bank’s representative and there are frequent minor mistakes when handling the documentation, the overall evaluation of the services is rather good.

“Very happy with our Nat West business bank account. So easy to use their online service enabling to have instant access to the figures to ensure a small business of our size continues to function efficiently.” ~ Stephen on SmartMoneyPeople

“Just ok. We manage to get what we need, but not up to much when it comes to trying to help us better manage our financials” ~ Jane on SmartMoneyPeople

Customer Support

If you have any urgent problem you can call Natwest Customer Support directly. Most of the activities related to your account and business can be set up and changed online through the platform or even the mobile app. Therefore, you have a constant control over your account and can adjust the settings yourself. There is also a well-developed FAQ and help section, which can help you solve any initial issues or answer the basic questions on how to use some of the features.

The customers report that it’s rather easy to communicate with the technical support and they can quickly help you solve your problem.

Final Thoughts

Natwest Business Account Review

All in all, it seems like Natwest is a decent choice to handle your business finances. However, there are other banks who are better established and have experience of running accounts of big corporations. There are also other online platforms, who offer better connection to your store and cheaper international transactions, but they may not be as reliable and secure as Natwest, which is fully regulated and supervised by the government financial agencies. The design of the platform is quite good and you can manage your finances online and with their mobile app, which is a great advantage. Many customers say that they don’t experience any significant problems with the bank and have been using it for many years.

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