Individual account vs. business account"
1- Individual account
Purpose: Designed for individual and non-business-related use.
Available currencies: USD, GBP, and EUR.
The USD Account is free on both Standard and Pro, and includes free ACH details.
GBP and EUR accounts cost $5.99 one-time to open on Standard, then $0.99 per month to keep open. Both are free on Pro (activation and monthly fee included). 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 require detailed justification to avoid restrictions.
2- Business account
Purpose: Exclusively for business-related transactions, including receiving payments from business entities or managing payroll.
Distinct features: Businesses are required 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.
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, is 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. On Standard, opening a EUR account costs $5.99 one-time, then $0.99 per month. On Pro, both the activation fee and the monthly fee are included. You can open one in the app under Accounts → Add account → EUR.
ℹ️ EU residents: The $5.99 opening fee is waived if your residential address on file is in an EU member state. The $0.99 monthly fee still applies on Standard; Pro subscribers pay neither.
✅ Who is excluded from EUR account fees
EU residents— the $5.99 opening fee is waived. The $0.99/month still applies on Standard.
Prior activation fee payers ($5.99 or $1.99)— per IBAN: any user who paid any activation fee for the EUR account is excluded from the $0.99 monthly fee for that specific IBAN. Opening a different IBAN currency is a new activation.
nsave Pro subscribers— both the activation fee and the monthly fee are included in your subscription.
Summary
Individual accounts are for personal use and support USD, GBP, and EUR. Business accounts are designed for company or legal-entity-related transactions. GBP and EUR accounts on Standard each carry a $5.99 activation fee and a $0.99 monthly fee; Pro subscribers pay neither. Compliance with these distinctions is necessary to avoid restrictions. If you need a business account, follow the designated onboarding process.