Understanding individual and business accounts on nsave
nsave offers two distinct account types: individual and business accounts. Below is a comprehensive explanation of their differences, suitable uses, and important compliance guidelines.
Individual account vs. business account
Individual account
Purpose: Designed for individual and non-business-related use.
Available currencies: Individual accounts support USD, GBP, and EUR. EUR accounts are available to all individual users for a one-time $1.99 fee — see Receiving, holding, and sending Euros with nsave.
Usage restrictions: Individual accounts can handle freelance and one-time small payments as long as they are accompanied by appropriate documentation (e.g., payment confirmation or invoice). Business payments, such as payroll or regular transactions from companies, are not supported and may lead to account issues.
Compliance requirements: For one-time, small-value business-related payments, minimal documentation may suffice. Repeated transactions, however, require detailed justification to avoid restrictions.
Business account
Purpose: Exclusively for business-related transactions, including receiving payments from business entities or managing payroll.
Distinct features: Businesses are obligated to open a separate nsave business account, which includes USD, GBP, and EUR accounts regulated in the UK and Switzerland. A business account is required for processing payments sent from or addressed to a company or legal entity. Currently, business accounts are invite-only, and interested users can join the waitlist via nsave's official resources.
Fee structure: Business accounts have their own pricing — see nsave Business Account Pricing.
FAQs
Can I use my individual nsave account for business purposes?
No, nsave strictly prohibits using an individual account for ongoing or significant business activities. Exceptions for one-off payments exist but must adhere to compliance documentation requirements.
Can I convert an individual account to a business account?
No, individual accounts cannot be converted into business accounts. You must open a business account separately after completing the required onboarding process.
Can a single account serve both individual and business functions?
No, individual and business accounts must remain distinct. Mixing the two can result in compliance issues and potential account restrictions.
What happens if I receive a payment from a company into my individual account?
Receiving payments from companies, even if addressed to your personal name, would be treated as a business transaction and is against nsave's policies. Such transactions can result in account suspension or closure.
Can individual accounts hold euros (EUR)?
Yes. EUR accounts are available to all individual users for a one-time $1.99 fee, with no minimum balance. You can open one directly in the app under Accounts → Add account → EUR.
Summary
To summarize, individual accounts are for personal use and support USD, GBP, and EUR, while business accounts are designed to manage company or legal-entity-related transactions. Compliance with these distinctions and their documentation requirements is necessary to avoid restrictions. If you need a business account, follow the designated onboarding process to secure approval for dedicated business transactions.