Understanding Personal and Business Accounts on nsave
nsave offers two distinct account types: personal and business accounts. Below is a comprehensive explanation of their differences, suitable uses, and important compliance guidelines.
Personal Account vs. Business Account
Personal Account
Purpose: Designed for individual and non-business-related use.
Usage Restrictions: - Personal 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 share similar transaction fees with personal accounts and do not have setup or monthly fees.
FAQs
Can I use my personal nsave account for business purposes?
No, nsave strictly prohibits using a personal account for ongoing or significant business activities. Exceptions for one-off payments exist but must adhere to compliance documentation requirements.
Can I convert a personal account to a business account?
No, personal 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 personal and business functions?
No, personal 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 personal 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.
Summary
To summarize, personal accounts are for individual use, 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.