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London-based fintech unicorn Revolut introduced on Thursday that they are going to be introducing the Dutch Worldwide Financial institution Account Quantity (IBAN) to simplify enterprise banking for its clients within the Netherlands
Round six months after introducing Dutch IBAN for private accounts, Revolut made the announcement for enterprise customers.
As soon as clients have been moved to the Revolut Financial institution UAB Netherlands department, they are going to be assigned a brand new IBAN that begins with ‘NL’, the nation code for the Netherlands.
This variation will provide:
A Dutch checking account
The power to make use of Direct Debit for funds
The comfort of paying utility suppliers and tax authorities instantly out of your Revolut Enterprise account
The elimination of additional paperwork is usually required for non-Dutch IBANs.
The method of transferring clients’ accounts to the Netherlands department is anticipated to start inside 2 to three months from the announcement.
Nevertheless, the precise date will probably be communicated shortly, says the corporate.
The corporate says, “Our workforce will contact you in case we want any further info to make the transfer.”
In case you are questioning whether or not you possibly can proceed utilizing your present IBAN, Revolut permits its clients to obtain funds utilizing their present IBAN for as much as 12 months after the migration.
Nevertheless, the corporate recommends updating all events utilizing your present IBAN with the brand new particulars as soon as the Dutch IBAN is accessible to make sure a seamless transition.
Speaking about it, our founder and CEO, Remco Janssen, says, “Open banking ought to have revolutionised and democratised the banking business. For shoppers, sure, however startups and SMEs like Silicon Canals nonetheless wrestle with the archaic methods banks do enterprise. Even within the Netherlands, it takes weeks, if not months, to open a enterprise account.”
“When Silicon Canals modified entities and wanted new accounts to pay and obtain internationally, Revolut got here out on high. Opening a brand new account took me per week — the delay was on my finish. Revolut has now taken the final hurdle in providing Dutch IBANs, which, in my expertise, makes it probably the most wise enterprise banking choice for native startups with worldwide ambitions,” he provides.
Adjustments with Department phrases
After the migration, Revolut Financial institution UAB will present cost providers by way of its Netherlands department.
The connection between clients and Revolut post-migration will probably be ruled by the Common Banking Circumstances (GBC) set out by the Dutch Banking Affiliation.
“These situations will cowl the phrases of service, and Dutch regulation will probably be relevant in case of any disputes, which may be addressed to the courtroom of Amsterdam,” says the corporate.
If a buyer doesn’t need to transfer to the Netherlands department, they’ll shut their Revolut Enterprise account earlier than the migration date, freed from cost.
Silicon Canals’ high suggestions for banking as a startup within the Netherlands
As a startup within the Netherlands, choosing the proper banking accomplice is essential for managing your funds effectively and successfully.
From hassle-free worldwide transactions to environmentally aware banking, there are a number of choices out there tailor-made to the particular wants of startups.
Listed below are our high suggestions for banking as a startup within the Netherlands:
Revolut
Revolut stands out as a wonderful choice for groups and e-commerce startups that have interaction in worldwide transactions ceaselessly. The platform provides digital workforce debit and bank cards, making it simpler to handle bills and funds throughout borders.
Clever (beforehand TransferWise), is a perfect selection for startups requiring occasional worldwide cash transfers. Whether or not it’s paying overseas or receiving funds from world shoppers, Clever supplies an economical resolution with clear charges. Moreover, startups can profit from cashback choices, serving to them get monetary savings whereas managing their funds effectively.
Notice: Obtain a fee-free switch of as much as €500
For startups in search of the very best on-line shopper financial institution, Bunq stands as a great choice. The financial institution provides conventional providers and crops ten bushes when a private account is opened to help environmental conservation.
Moneybird, in collaboration with Adyen, provides startup banking options tailor-made to their wants. From receiving on-line funds by way of invoices to accessing digital financial institution playing cards, Moneybird simplifies monetary administration for startups. Moreover, startups can profit from computerized VAT financial savings and curiosity on all accounts, enhancing their monetary stability and progress prospects.
Notice: The trial interval will probably be prolonged for 60 days, value €60.
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