Holvi for business banking

retalivity

Been looking for a new bank account for the business, as I am currently with AIB and an coming to the end of their 2 yr no-fees offer, and came across Holvi online and I think in an other thread in here somewhere. Has anyone any experience with it? Have downloaded the app and done all the AML/KYC pieces, and am ready to go, however before starting to swap the business to using the new account, I wanted to see if anyone has any experience with it? Its owned by BBVA and based in Finland, have a Finnish IBAN so SEPA payments etc should not be a problem.
I am a one-man operation, the only ins and outs are monthly payments from clients, and wage payments to my self and tax etc. to Revenue, so I do not have a need for a full suite of business banking options, although invoicing appears to be included in the free option from Holvi. So has anyone used it? Anything to be wary about?

https://www.holvi.com/ie/

RUDOLF289

retalivity wrote: »

Been looking for a new bank account for the business, as I am currently with AIB and an coming to the end of their 2 yr no-fees offer, and came across Holvi online and I think in an other thread in here somewhere. Has anyone any experience with it? Have downloaded the app and done all the AML/KYC pieces, and am ready to go, however before starting to swap the business to using the new account, I wanted to see if anyone has any experience with it? Its owned by BBVA and based in Finland, have a Finnish IBAN so SEPA payments etc should not be a problem.
I am a one-man operation, the only ins and outs are monthly payments from clients, and wage payments to my self and tax etc. to Revenue, so I do not have a need for a full suite of business banking options, although invoicing appears to be included in the free option from Holvi. So has anyone used it? Anything to be wary about?

https://www.holvi.com/ie/

I have recently started using Revolut for both personal and business. Sofar good experience, although it may have more features than you require. Set up was easy and quick (AIB took 3 months to set up a business account recently .... - Revolut was less than 48 hours)

I will take a look at Holvi and also N26 seem to be gaining traction. I reckon the Irish banks will come under significant pressure as a lot of small to medium sized business owners are moving their money somewhere else.

Cheers,
Rudolf289

daheff

not advising on any of the proposed options. Instead if you are changing, factor in a time when both accounts are open for a period.

if you have issued invoices, some may be unpaid when you change over.

Invoices issued after the account change should highlight changed bank details

in2dark

The main issue i would have with holvi and revolut is the fact that they are not banks.
N26 is

Im just scared about the lack of guarantee

RUDOLF289

in2dark wrote: »

The main issue i would have with holvi and revolut is the fact that they are not banks.
N26 is

Im just scared about the lack of guarantee

Not sure where you got your information from?

https://www.siliconrepublic.com/start-ups/revolut-fintech-european-banking-licence

If I may quote from the article;

The new banking licence will allow its customers to start depositing their salaries, which will be protected up to €100,000 under the European Deposit Insurance Scheme.

Also have a look at this article in the Irish Times. A bit more ambiguous, but they are licensed and you have protections under the various EU schemes

https://www.irishtimes.com/business/personal-finance/what-protections-are-in-place-for-customers-at-digital-banks-1.3847362?mode=amp

Cheers,
Rudolf 289

in2dark

RUDOLF289 wrote: »

Not sure where you got your information from?

https://www.siliconrepublic.com/start-ups/revolut-fintech-european-banking-licence

If I may quote from the article;

The new banking licence will allow its customers to start depositing their salaries, which will be protected up to €100,000 under the European Deposit Insurance Scheme.

Also have a look at this article in the Irish Times. A bit more ambiguous, but they are licensed and you have protections under the various EU schemes

https://www.irishtimes.com/business/personal-finance/what-protections-are-in-place-for-customers-at-digital-banks-1.3847362?mode=amp

Cheers,
Rudolf 289

I read otherwise here:

http://www.moneyguideireland.com/n26-compared-revolut.html


There is not guarantee for the funds in revolut. It is a prepaid card.

All banks, if you think about it, need you to transfer money in order to spend them. Revolut you just topup.

This is how i read it anyway.

By googling it further I cannot see revolut being member of the scheme. I even read on their site that they will try to become member in 2020


https://www.google.com/amp/s/blog.revolut.com/we-got-a-banking-licence/amp/


"It's worth pointing out that this scheme is not currently in place, so your current funds with Revolut remain safeguarded in accounts with a tier one UK bank, as per our obligations under the e-money regulations."

retalivity

An update from the OP.
Ive been using it a minth and a half now and its great, slick, easy to use and a marked improvement on AIB who i was with previously, with regards to transfers to 'non-irish' IBANs in the app - i.e., revolut, n26 etc.
Had no problem with relaying new IBAN to clients/creditors with the exception of my pension provider, who still dont understand sepa - sorted now. Even revenue were quick and painless.
The deposit guarantee isnt a big issue for me, the account is generally a means for payroll, money is out not long after it goes in, with the exception of tax, so there is never a big balance there anyway. They are also back by BBVA, so its not some 2bit operation that would be bigher risk, would like to think they should be ok.

sohappy

Just looking at Holvi as an alternative business banking/ accounting
,I like the way that you can send invoices and all your purchases are categorised for accounting purposes,
The only thing I'm worried about is I've read the terms and conditions and it's not covered under the banking guarantee scheme,
Anyone else here using it?

retalivity

I'm still using it, have had no problems with it at all. Havent really used the invoicing aspect of it, but I like the transaction categorization and use it when exporting to excel.
Again though, as stated in my earlier post, the deposit guarantee is not a big issue for me as I use it for mainly payroll, so rarely have much residing in it.

sohappy

I just noted that if a payment arrives in the account for multiple invoices it doesn't allow you you to Mark multiple invoices as paid ,you can only match one payment with one invoice,
that's a deal breaker for me,
Pity it looked like a smart idea for a small business operator