Why am I having trouble to Open a Business account for an MSB?

There are a number of different reasons why opening a business account for an MSB with a high street bank will be difficult, not least of all is the fact it is classified as a High Risk Business activity.

As such, the amount of ongoing due diligence and work involved in monitoring all the transactions that will take place often makes it more trouble than it is worth for the banks.

As they have standard pricing, it makes it completely unworkable offering a high risk business an account that would require too much monitoring to ensure they maintained all the required due diligence.

Another reason is that often a Money Service Business (MSB) is a direct competitor to a high street bank, so they would not want to allow a competitor to take potential trade away from themselves.

Finally the mainstreet banks generally have a very low risk appetite, so often only want to offer accounts to low risk companies, like consultants, contractors or regular businesses.

If a business falls into a medium or high risk category, then their application will almost certainly get declined by any of the high street banks, making it very difficult, especially for an MSB business to get an account opened.

The good news however, is that there are options available outside of the main high street banks, so with some specialist help, you wiill be able to open a business account for an MSB.

For more information or to see if we can assist you, complete our form and we will get back to you with what current options are available.

Follow the link here: Apply Here