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Is There An Alternaive To A Bank Account?

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Looking at starting a new small business and wonder if there is a viable alternative to opening an account with an organisation other than an actual bank?

We don't need to borrow money so all we need really is a place of safe storage for our capital money and to be able to pay bills.

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Would you class a mutual building society as an alternative to a bank? Even some of the smaller ones do business accounts..they charge, but you can find accounts with no standing charge if you don't do many transactions per month.

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Looking at starting a new small business and wonder if there is a viable alternative to opening an account with an organisation other than an actual bank?

We don't need to borrow money so all we need really is a place of safe storage for our capital money and to be able to pay bills.

Security_Safe.jpg

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Security_Safe.jpg

Yeah, already thought of that. Problems are that it doesn't meet the requirements of security and you can't make and receive payments to and from companies or people unless you meet them face-to-face.

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You can buy pre-payment debit cards off the net. You'll have to research which one's the best as they charge varying levels of commission.

You have to give some identity details to activate to start with. Might be ways round this, they're probably the closest thing to off-grid after cash and allow you to pay electronically and can be used in conjunction with Paypal to stay out of the banking system to a point where you don't have an actual account anywhere.

Not particularly safe way to store large amounts and I doubt they come with any FSA guarantee.

Obviously, it'd be very, very difficult to operate a full blown non-cash-in-hand business off-grid. Which is of course what governments like.

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You can buy pre-payment debit cards off the net. You'll have to research which one's the best as they charge varying levels of commission.

You have to give some identity details to activate to start with. Might be ways round this, they're probably the closest thing to off-grid after cash and allow you to pay electronically and can be used in conjunction with Paypal to stay out of the banking system to a point where you don't have an actual account anywhere.

Not particularly safe way to store large amounts and I doubt they come with any FSA guarantee.

Obviously, it'd be very, very difficult to operate a full blown non-cash-in-hand business off-grid. Which is of course what governments like.

I bought a Prime Card from IDT Finance. Paid cash for it from a corner shop and activated it via a Freephone number using an automated system -- no identifying details required. This gives the anonymity of cash while using a debit card.

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You can buy pre-payment debit cards off the net. You'll have to research which one's the best as they charge varying levels of commission.

You have to give some identity details to activate to start with. Might be ways round this, they're probably the closest thing to off-grid after cash and allow you to pay electronically and can be used in conjunction with Paypal to stay out of the banking system to a point where you don't have an actual account anywhere.

I don't know how easy it is to move from Paypal to a prepaid card without using a bank as intermediary.

I have quite a lot of money come in via Paypal and can move money in a day to a Paypal prepaid card. Snag is the Paypal card is operated by RBS and has a £10k load limit a year. Over the last few months I loaded the Paypal card with over £8k to pay business expenses, so soon that will be redundant (I assume I can apply for another).

I tend to use prepaid cards to pay some kinds of internet advertising, especially payg type advertising like PPC as I have a bad experience using debit cards attached to my bank account for this kind of thing.

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I don't know how easy it is to move from Paypal to a prepaid card without using a bank as intermediary.

I have quite a lot of money come in via Paypal and can move money in a day to a Paypal prepaid card. Snag is the Paypal card is operated by RBS and has a £10k load limit a year. Over the last few months I loaded the Paypal card with over £8k to pay business expenses, so soon that will be redundant (I assume I can apply for another).

I tend to use prepaid cards to pay some kinds of internet advertising, especially payg type advertising like PPC as I have a bad experience using debit cards attached to my bank account for this kind of thing.

Yes, I first got on to pre-paid cards to pay for various internet services like efax, where faxes get sent to your email address, etc. I didn't like the idea of these companies using my bank credit/debit cards like a direct debit and just carrying on taking money without me being able to stop them.

I don't think it harms to have a route to paypal funds/electronic money without having to go through one of banks. The safety of funds do worry me though. We've recently taken to selling returns/closeout stock through ebay and this means Paypal can have some pretty big amounts in if you don't keep siphoning it off/spending it on crap you don't really need off ebay.

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Obviously, it'd be very, very difficult to operate a full blown non-cash-in-hand business off-grid. Which is of course what governments like.

Actually this is not the case. Currently turn over 30K Sterling a month, all off-grid.

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