Banxe for Business

How to verify a Banxe Business Account?

There are two steps to complete to verify your Business account: validation of the Company and verification of a representative of the Company. After you click on “Create a Business account”, please fill in the application form and send it to us from your account. In this application form, you will need to display the information related to your Company.  In the application, you will be asked to provide the Company details, choose the reasons for opening the account, indicate the business activity, and provide information about the main business partners, the company’s representative, beneficial owners, and governing shareholders and customers representative.  Please attach relevant documentation to your application.  To open a corporate account with Banxe, there are two payments: a fee for the document review and a fee for opening an account. Those are payable separately in two installments. Usually, verification takes one business day; after it is complete, you can use your Banxe Business account.

What documents are needed to create a Business account with Banxe?

To find out if your business is eligible to open a Business account with Banxe please fill in the application form and provide the documents requested in the form. Our team will evaluate the application and confirm your eligibility.  Here is a list of documents that you will need to provide along with the application: - Certificate of Incorporation - Register Extract of legal entities (not older than 3 months) - Articles of Association - License (for licensed businesses only) - Power of Attorney (in case the representative is not the head of the company) - Certified Directorship, including nationality and DBOB, - Certified ID for all the UBOs owning or controlling 25% or more - Documents as proof of legal address (if company’s actual address is different from the legal address) 1. Proof of registered address 2. Proof of legal address - Documents displaying a source of funds - Documents establishing a source of wealth  Usually, it takes one business day for our team to check the documents and the application and provide the final answer.

Is the Business account free?

The monthly fees for the Business Account can be checked on our pricing. However, there may be 2 payments during the onboarding procedure: a fee for application review and a fee for account opening that can be completed in two installments and depend on the scoring of the Company. You can see the detailed fees here.  If you want to know if your company is eligible to open a Banxe Business Account, here you can fill in the preliminary questionnaire, which is free of charge. Our team will review the questionnaire and provide you with details on your onboarding process and the payments.

List of Countries that can be onboarded with Banxe

Please find below the list of countries that are considered Low to Medium Risk, and that can be onboarded for the business account with Banxe.   | Country | ISO 3166-1 alpha3 | Score | | Andorra | AD | Medium | | Australia | AU | Low | | Austria | AT | Low | | Belgium | BE | Low | | Denmark | DK | Low | | Estonia (Former Estonian Soviet Socialist Republic) | EE | Medium | | Finland | FI | Low | | France | FR | Low | | Germany | DE | Low | | Greece  | GR | Low | | Hungary | HU | Medium | | Iceland | IS | Low | | Ireland | IE | Low | | Israel | IL | Medium | | Italy | IT | Low | | Latvia (Former Latvian Soviet Socialist Republic) | LV | Medium | | Liechtenstein | LI | Medium | | Lithuania (Former Lithuanian Soviet Socialist Republic) | LT | Medium | | Luxembourg | LU | Low | | Malta | MT | Medium | | Netherlands | NL | Low | | New Zealand (Aotearoa) | NL | Low | | Norway | NO | Low | | Poland | PL | Medium | | Portugal | PT | Low | | Romania | RO | Medium | | Singapore | SG | Low | | Slovakia | SK | Medium | | Slovenia | SI | Medium | | South Korea | KR | Low | | Spain | ES | Low | | Sweden  | SE | Low | | Switzerland | CH | Low | | United Kingdom (Great Britain / UK)  | GB | Low |

Adding Employees in Banxe Business Account

Banxe now offers a new feature allowing you to add employees to your account. This guide will walk you through the process of adding employees, understanding their roles, and setting their permissions.   Types of Employees You can add two types of employees:   1. Employee: - Permissions: Can view the account and download statements. 1. Accountant: - Permissions: Can make transactions. - Additional Controls: You can set a monthly spending limit and a per-transaction spending limit for accountants.   Adding an Employee Follow these steps to add an employee to your Banxe account:   1. Log in to Your Account: Ensure you are logged into your Banxe Business account. 2. Navigate to the Employees Section: Click on the Employees button on your dashboard's upper horizontal panel. . 3. Choose the Type of Employee: Select whether you want to add an Employee or an Accountant. 4. Enter Employee Details: Enter the name and email address of the employee you wish to add. 5. Set Permissions for Accountants (if applicable): If adding an accountant, specify the monthly spending limit and the per-transaction limit. 6. Send Invitation: An invite link will be sent to the provided email address. The employee will need to follow this link to join your account. 7. Employee Verification Process: Please note that all employees must pass Banxe's standard verification process before they can join your account. This process includes:   - Proof of Identity. - Proof of Address. - Selfie Identification.   Employees will not be able to access your account until they complete this verification process successfully.   1. You can add a corporate card for each employee. Please contact our Customer Support Team to see if your company is able to order cards for your employees.   Important Notes   There is no limit to the number of employees you can add to your Banxe account. Ensure that the email addresses entered are accurate to avoid any issues with the invitation process. If you have any questions or need further assistance, please contact our Customer Support Team.

How to create a business account with Banxe?

In order to create a Business account with Banxe, you need to first create a personal account in your name. After your personal account is set up, click on the menu in the upper right corner (the arrow next to your name) and choose ‘Open a business account’. You will be transferred to a page where you can download the Application Form that will need to be filled in and uploaded to create your business account. To open a corporate account with Banxe, there are two payments: a fee for the document review and a fee for opening an account. Those are payable separately in two installments. The application form will require you to enter registration data of the company, the reason for opening an account, business activity information, business partners, information about the customer representative, and information about beneficial owners and governing shareholders. Please fill in the application and upload it in the Add Documents section of the same page. Our team will review your application and get back to you with further steps.