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 alteration 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 straight out of your Revolut Enterprise account
- The elimination of additional paperwork is often required for non-Dutch IBANs.
The method of transferring clients’ accounts to the Netherlands department is predicted to start inside 2 to three months from the announcement.
Nonetheless, the precise date can be communicated shortly, says the corporate.
The corporate says, “Our workforce will contact you in case we’d like any extra info to make the transfer.”
In case you are questioning whether or not you may 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.
Nonetheless, 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 prime. Opening a brand new account took me every week — the delay was on my finish. Revolut has now taken the final hurdle in providing Dutch IBANs, which, in my expertise, makes it essentially the most smart enterprise banking choice for native startups with worldwide ambitions,” he provides.
Modifications with Department phrases
After the migration, Revolut Financial institution UAB will present fee companies by way of its Netherlands department.
The connection between clients and Revolut post-migration can be ruled by the Common Banking Circumstances (GBC) set out by the Dutch Banking Affiliation.
“These circumstances will cowl the phrases of service, and Dutch regulation can be relevant in case of any disputes, which could be addressed to the court docket of Amsterdam,” says the corporate.
If a buyer doesn’t wish to transfer to the Netherlands department, they will shut their Revolut Enterprise account earlier than the migration date, freed from cost.
Silicon Canals’ prime suggestions for banking as a startup within the Netherlands
As a startup within the Netherlands, selecting the best banking associate is essential for managing your funds effectively and successfully.
From hassle-free worldwide transactions to environmentally aware banking, there are a number of choices accessible tailor-made to the precise wants of startups.
Listed here are our prime suggestions for banking as a startup within the Netherlands:
Revolut
Revolut stands out as a superb choice for groups and e-commerce startups that have interaction in worldwide transactions incessantly. The platform gives 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 international shoppers, Clever gives an economical resolution with clear charges. Moreover, startups can profit from cashback choices, serving to them lower your expenses whereas managing their funds effectively.
Observe: Obtain a fee-free switch of as much as €500
For startups searching for the perfect on-line client financial institution, Bunq stands as a great choice. The financial institution gives conventional companies and crops ten bushes when a private account is opened to help environmental conservation.
Moneybird, in collaboration with Adyen, gives 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.
Observe: The trial interval can be prolonged for 60 days, value €60.