SAAFE forum
General Category => Questions and Answers => Topic started by: Sabrina1 on 19 May 2021, 08:44:15 pm
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Hello
I have read the topic about banks, but I want to ask what bank do you use that you can tell them you are a sex worker (escort) and they are ok with that?
is Lloyds friendly? or they will stop my account when they know I am an escort. I want to say the truth about my job and not use another description for it.
if you don't recommend Lloyds, what bank you use that they know you re an escort?
Thank you so much everyone
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You don’t need to tell the bank you’re an escort, you can go down as many different things, digital creator, masseuse, actor, freelance creative producer, and there’s many more if you Google it!
If this is for a business account they shouldn’t have any reason to question it, I have had all types of expenses come out and I don’t know what they see on their screen but they never question or flag up my X amount of money I put in the bank. Obviously lockdowns aside, you have to think smart as they may if questioned cash payments. But with things going back to normality, you shouldn’t have a problem. The main thing is declaring your tax so if I were you I’d get a financial advisor or an accountant to help with the technical side if things
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monzo they do not ask which job or a personal barclays that you can use as business. you do not need to say
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No bank or financial institution will be OK with the knowledge that you're an escort so I wouldn't ever tell them. I've heard of clients reporting escorts to their banks when they've had their bank details and they want to be vindictive. So my advice would be to use one dedicated bank account to take client payments (if at all) to minimise your risk.
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I know 1 lady ages back that was straight with the bank manager guy and told him she was a sex worker and looking to opening an account and possibly even a small loan for a car. He said thankyou for being honest but we cannot help you.
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I have a business account with Tide and when I applied I was completely honest about being an escort. They wanted proof of me having a business so I gave them my tax returns, website and details about how I work and they didn't bat an eye. I take deposits & payments for online stuff in that account so I wanted to be honest from the beginning in case a client tries to report me or whatever.
But like others have said, if you don't want the bank to know you're a sex worker you can just tell them you do whatevers on your tax return.
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Just be aware there are quite a few articles in the press at the moment about problems with the recent start up banks such as Monzo, Revolut etc. Worth looking up.
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I know 1 lady ages back that was straight with the bank manager guy and told him she was a sex worker and looking to opening an account and possibly even a small loan for a car. He said thankyou for being honest but we cannot help you.
Was that because bank policies of because the guy was a straight up on your face ass.h-ole?
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Was that because bank policies of because the guy was a straight up on your face ass.h-ole?
I am not sure i think policy. I know a escort agency who used to have all her fees deposited in her business account as there was a lot of money coming through she paid tax on it all but the bank wanted more graphic details as a lot of it used to be cash deposits and she said after it was hosting/ entertaining men at parties etc and cut a long story they closed down her bank so she had to find another bank.
I think it's the same thing as getting facility for card payments for phone payments online etc with our companies that do that in the UK won't take adult services so a lot use companies abroad or for example the very few escort agencies that take card payments use visa etc are lying about what there company is.
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Some bank staff have been fine the ones who were not, I didn't tell and did not proceed with an account.
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How are we expected to pay tax if we can’t put our money into a business account. I had no idea that banks would be funny about these things as Iv never had problems with my banks. We would get stick and more stigma for hiding it under our mattresses but then when honest escorts want to declare the dosh and pay tax we also get penalised for that too!! We can’t win!
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How are we expected to pay tax if we can’t put our money into a business account. I had no idea that banks would be funny about these things as Iv never had problems with my banks. We would get stick and more stigma for hiding it under our mattresses but then when honest escorts want to declare the dosh and pay tax we also get penalised for that too!! We can’t win!
Put it into a personal account. There's no law that says freelancers and sole traders can't do this.
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I am not sure i think policy. I know a escort agency who used to have all her fees deposited in her business account as there was a lot of money coming through she paid tax on it all but the bank wanted more graphic details as a lot of it used to be cash deposits and she said after it was hosting/ entertaining men at parties etc and cut a long story they closed down her bank so she had to find another bank.
I think it's the same thing as getting facility for card payments for phone payments online etc with our companies that do that in the UK won't take adult services so a lot use companies abroad or for example the very few escort agencies that take card payments use visa etc are lying about what there company is.
Escort agencies are pimps though and therefore criminals - the money is the proceeds of crime. Individual sex workers are not. I can well understand banks and card companies not wanting to touch the former.
As Cat says, sole traders don't need a business account and it's really just a moneymaker for the banks. I've never had one in the best part of twenty years and I've never had problems :).
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Put it into a personal account. There's no law that says freelancers and sole traders can't do this.
I do get questioned every-single-time I make an over 500 cash deposit in my personal account (in person) "where is this money coming from?". I always answer: "from my work". A few times they've gone further with their interrogation as in "so what do you do for work?" me: "I'm a massage therapist and most of my clients pay me in cash so sometimes I will put money into my personal account". They've even gone to ask me my fees for a massage and were I operate from. I even had to explain a cashier once the set up my treatment room and the types of dried flowers I had hanging on my walls! Very intrusive, specially because I never deposit large amounts of money. I believe people in this country treat self-employments like some sort of black magic.
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On the very few occasions I have been asked I simply answered 'I am paid in cash', then breeze off or take the conversation elsewhere.
How are you? works.
Are you busy/quiet?
Or talk about something else you are doing.
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monzo they do not ask which job or a personal barclays that you can use as business. you do not need to say
in monzos terms and conditions they do NOT allow adult industry workers and they proved their point very clearly to me only 4 weeks ago cancelling my business account and only 3 days ago warning me for taking payments into my personal monzo account.
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in monzos terms and conditions they do NOT allow adult industry workers and they proved their point very clearly to me only 4 weeks ago cancelling my business account and only 3 days ago warning me for taking payments into my personal monzo account.
How did they found out? Sorry just learning ;)
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How did they found out? Sorry just learning ;)
either a idiot who i blocked which is a daily thing maybe emailed them and told them or a few times despite telling the guys to put cleaning as a ref they put 'webcam' or 'vid call'
monzo only accept 1000 every 6 months to be deposited in cash, so to put escort money in you would have to put in another bank account 1st in any case and transfer it across unless escorting was only bringing in 2k a year in and you could deposit in cash.
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I do get questioned every-single-time I make an over 500 cash deposit in my personal account
This is why I pay mine in at the post office. The staff in my local branch are so disinterested in anything other than the clock I could turn up naked with 10 grand in cash and I doubt they'd notice. :)
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either a idiot who i blocked which is a daily thing maybe emailed them and told them or a few times despite telling the guys to put cleaning as a ref they put 'webcam' or 'vid call'
monzo only accept 1000 every 6 months to be deposited in cash, so to put escort money in you would have to put in another bank account 1st in any case and transfer it across unless escorting was only bringing in 2k a year in and you could deposit in cash.
Also sex work or no sex work, Monzo are getting a reputation for freezing anyone's accounts. Been several items in the media last week or so.
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Also sex work or no sex work, Monzo are getting a reputation for freezing anyone's accounts. Been several items in the media last week or so.
had my account froze and cancelled with revolut back in feb, they have bad form for doing that all the time, only bank that leaves me alone is natwest but i have been with them since 2009
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either a idiot who i blocked which is a daily thing maybe emailed them and told them or a few times despite telling the guys to put cleaning as a ref they put 'webcam' or 'vid call'
monzo only accept 1000 every 6 months to be deposited in cash, so to put escort money in you would have to put in another bank account 1st in any case and transfer it across unless escorting was only bringing in 2k a year in and you could deposit in cash.
Many businesses are now offering webcam consultations, so using that as a flag is surely going to cause problems for a lot of customers?
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This is why I pay mine in at the post office. The staff in my local branch are so disinterested in anything other than the clock I could turn up naked with 10 grand in cash and I doubt they'd notice. :)
Totally the same here. During lockdown I put a lot of bets on for a friend who only works in cash and doesn’t have a bank card and therefore couldn’t bet normally at a bookies. Guy at the post office just didn’t care. We now have more of a joke to make sure we both count it right after he almost missed £20.
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This is why I pay mine in at the post office. The staff in my local branch are so disinterested in anything other than the clock I could turn up naked with 10 grand in cash and I doubt they'd notice. :)
Haha love it!
I was told recently that saving 500 a month was a lot, maybe to a 20 something with rent/mortgage payments to make but they should surely recognise that older people without such constraints have more disposable income.
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either a idiot who i blocked which is a daily thing maybe emailed them and told them or a few times despite telling the guys to put cleaning as a ref they put 'webcam' or 'vid call'
monzo only accept 1000 every 6 months to be deposited in cash, so to put escort money in you would have to put in another bank account 1st in any case and transfer it across unless escorting was only bringing in 2k a year in and you could deposit in cash.
Another reason not to take bank transfers or deposits from idiots (clients)
Cash is King
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I do get questioned every-single-time I make an over 500 cash deposit in my personal account (in person) "where is this money coming from?". I always answer: "from my work". A few times they've gone further with their interrogation as in "so what do you do for work?" me: "I'm a massage therapist and most of my clients pay me in cash so sometimes I will put money into my personal account". They've even gone to ask me my fees for a massage and were I operate from. I even had to explain a cashier once the set up my treatment room and the types of dried flowers I had hanging on my walls! Very intrusive, specially because I never deposit large amounts of money. I believe people in this country treat self-employments like some sort of black magic.
That's why its best to go for a bank where you can deposit via machine and not have to go via the cashier
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in monzos terms and conditions they do NOT allow adult industry workers and they proved their point very clearly to me only 4 weeks ago cancelling my business account and only 3 days ago warning me for taking payments into my personal monzo account.
i didn t know it well i skipped that i use just as transfer way and for cam so not soooo huge amounts, barclays as main.
many using monzo for international travel
i
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Another reason not to take bank transfers or deposits from idiots (clients)
Cash is King
But a lot of us need to take deposits these days, especially thoss of us that only offer outcalls.
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But a lot of us need to take deposits these days, especially thoss of us that only offer outcalls.
I guess thats a risk you have to take then if that is how you feel safest operating.
Though I never took deposits for outcalls but neither would I travel vast distances for them either. Maybe I was just lucky but never had any problems with payment.
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I guess thats a risk you have to take then if that is how you feel safest operating.
Though I never took deposits for outcalls but neither would I travel vast distances for them either. Maybe I was just lucky but never had any problems with payment.
The nearest largest towns/cities to me are about an hour away and as it's not always possible to confirm people are where they say so deposits are a must for me.
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Another reason not to take bank transfers or deposits from idiots (clients)
Cash is King
Taking cash for webcam? ye that's not going to work
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Taking cash for webcam? ye that's not going to work
Same for phone chat.
Have had some suggest they pop the cash through letter box, that isn't going to happen.
Deposits I was fed up of new clients changing, cancelling, no showing even at short notice, and some repeat or even regulars chopping and changing or forgetting. I do still receive some cancels even after significant deposits.
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I'm depositing big amount of cash since I'm working again. I have accounts in Lloyds and metro Bank. I'm trying to open one more in different bank but all of them saying that it's impossible now as it's not an essential service. Do you guys know if it changed? Dora's anyone been able to open an account as a new customer recently?
After my problems with Revolut I avoid all online-only banks with no human customer service.
Also can anyone let me know how depositing cash on the post office looks like? Do you pay any fee for that? How much cash can you deposit at one time?
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I'm depositing big amount of cash since I'm working again. I have accounts in Lloyds and metro Bank. I'm trying to open one more in different bank but all of them saying that it's impossible now as it's not an essential service. Do you guys know if it changed? Dora's anyone been able to open an account as a new customer recently?
That's strange... I tried to open an account with Lloyds, but then backed out (because of the high fees) and they've been stalking me for ages in order to get an appointment and go in person to the bank and open the bloody account.I guess it depends on the bank, branch policies and location. Try Lloyds?
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I already have one in Lloyds and metro Bank. I tried Barclays, NatWest... They said it's not an essential service :(
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I'm depositing big amount of cash since I'm working again. I have accounts in Lloyds and metro Bank. I'm trying to open one more in different bank but all of them saying that it's impossible now as it's not an essential service. Do you guys know if it changed? Dora's anyone been able to open an account as a new customer recently?
After my problems with Revolut I avoid all online-only banks with no human customer service.
Also can anyone let me know how depositing cash on the post office looks like? Do you pay any fee for that? How much cash can you deposit at one time?
No charge for deposits to personal bank accounts with Post Office.
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I already have one in Lloyds and metro Bank. I tried Barclays, NatWest... They said it's not an essential service :(
It is a shame they use covid to refuse business. Try and open an account online with a high street bank. I did and got sent a debit card a few days later and didn't need to submit ID either.
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I already have one in Lloyds and metro Bank. I tried Barclays, NatWest... They said it's not an essential service :(
Wait about 4 weeks - all restrictions (covid) are supposed to be lifted then. So "essential service" shouldn't be quoted after that.
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When I had to deal with my mortgage they wanted to know exactly what my earnings where. I am full time in my main divvy job and wasnt going to tell them my side job just that I could afford the repayments with additional overtime doing agency in another job.
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Taking cash for webcam? ye that's not going to work
Well obviously not. I was referring to escorting. I wouldn't trust any of them with my bank details because of all the issues others have had when going down that route.
Don't know what the answer is regarding camming or chat if it's not via something like AW.
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Also can anyone let me know how depositing cash on the post office looks like? Do you pay any fee for that? How much cash can you deposit at one time?
There's no fee, all you need to do is bring your debit card. I think the most I've paid in at once is about 3000, I'm not sure what the maximum is.
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monzo today told me that they are now taking my personal account off me after taking my business account off me in feb, joke of a bank
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Hello
I have read the topic about banks, but I want to ask what bank do you use that you can tell them you are a sex worker (escort) and they are ok with that?
is Lloyds friendly? or they will stop my account when they know I am an escort. I want to say the truth about my job and not use another description for it.
if you don't recommend Lloyds, what bank you use that they know you re an escort?
Thank you so much everyone
Not sure it's worth the hassle for a matter of principle?
It shouldn't matter but it seems in some cases it does.
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Post offices allow you to pay in and withdraw from certain banks ie HSBC and Natwest ,I'm not sure about others ,do ask. If it saves the hassle of going into the town centre banks.
I'm not sure of the maximum you can put in though.
I had told my bank that I get paid for home sitting jobs and its accumulated!
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I’m not sure if they have a limit on the amounts you cam pay in
I’m with Lloyds & Santander
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Post offices allow you to pay in and withdraw from certain banks ie HSBC and Natwest ,I'm not sure about others ,do ask. If it saves the hassle of going into the town centre banks.
I'm not sure of the maximum you can put in though.
I had told my bank that I get paid for home sitting jobs and its accumulated!
There's a long list of banks on the Post Office website.
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Just posting this for more up-to-date info, my bank has sent me a letter wanting me to open a business account as they can see I am using the account for business, they are giving me 3 months to contact them to sort it out which I intend to do this week. This has also happened to someone else I know who used them for years with no issues and has had the same letter as me.
I don't do any webcamming or only fans, I only deposit cash in large enough amounts that they have noticed somethings up. I have had a quick look on their site and they seem to want to see your website and social media, which I presume is normal these days, in the past when I opened a business account for something else none of that was required. Has anyone recently had this happen and could they PM me with a bank that would open a business account I can deposit cash in without a huge amount of questions in order to open it, the online banks are all out as they don't take cash.
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Just posting this for more up-to-date info, my bank has sent me a letter wanting me to open a business account as they can see I am using the account for business, they are giving me 3 months to contact them to sort it out which I intend to do this week. This has also happened to someone else I know who used them for years with no issues and has had the same letter as me.
I don't do any webcamming or only fans, I only deposit cash in large enough amounts that they have noticed somethings up. I have had a quick look on their site and they seem to want to see your website and social media, which I presume is normal these days, in the past when I opened a business account for something else none of that was required. Has anyone recently had this happen and could they PM me with a bank that would open a business account I can deposit cash in without a huge amount of questions in order to open it, the online banks are all out as they don't take cash.
They want you to open a business account because they want you to pay fees so they can make money off you. Will you be using any of the services that comes with having a business account? If not, I would open a personal account with another bank and move your banking to them. There is no value to you of having a business account if you aren't going to use any of the services that the fees pay for. A separate personal account for accounting purposes is more than sufficient.
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Chase bank when your signing up has lots of options to choose from when selecting your occupation......1 of them being 'adult industry' never seen that as an option before, most refreshing.
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My problem is I bank too much cash for it to look like a personal account and I have paid my tax bills through this account, which is why I think they sent me the letter wanting me to open a business one, I have only been them for 18 months, I am worried if I chop and change banks all the time it will start to look funny, and I don't want to flag anything up. I am going to try and open a business one at least then large deposits wont look odd.
Chase bank was famous for closing porn star and adult industry accounts a few years back, I would be a bit nervous using them for that reason even though it looks like they have changed their mind.
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Try metro or Barclays. These haven’t asked for any social media proof. But don’t tell them what you do.
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My problem is I bank too much cash for it to look like a personal account and I have paid my tax bills through this account, which is why I think they sent me the letter wanting me to open a business one, I have only been them for 18 months, I am worried if I chop and change banks all the time it will start to look funny, and I don't want to flag anything up. I am going to try and open a business one at least then large deposits wont look odd.
Honestly, there is no legal requirement for you to have a business bank account.
Check out this link (REMOVE THE SPACES!) - www.money saving expert.com/banking/business-bank-account/
From that link: "You don't NEED a business bank account if...You're a sole trader or freelancer, or contracting (but not through a limited company), eg, hairdresser, research interviewer, journalist, TV producer, gardener, designer, developer."
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Honestly, there is no legal requirement for you to have a business bank account.
Check out this link (REMOVE THE SPACES!) - www.money saving expert.com/banking/business-bank-account/
From that link: "You don't NEED a business bank account if...You're a sole trader or freelancer, or contracting (but not through a limited company), eg, hairdresser, research interviewer, journalist, TV producer, gardener, designer, developer."
Correct as far as I understand.
Just a note about paying in at the lost office, some banks may have limits for the amount paid in at the lost office over 6 month or 12 month period. My bank closed it's branch locally so I was a little upset to find this limit which by the way is not huge. Options are go to a branch (1 hour round trip) or pay into a business account which has a much higher limit or pay into another bank.
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I didn't think about Metro, they have a branch in a town near to me, thanks for that.
I realize I don't need a business account, but my bank are saying get a business account, or we close your personal account. I think this is happening more and more unfortunately, as I said a friend of mine had the same issue after having no problems for years with the same bank I am with. I can see this happening more and more in the next couple of years, and I don't want to chop and change banks all the time.
I don't mind paying business account fees at all, just wondering what banks ask the least questions when you open one with a high street bank. I was put off by the post office as I assume they would physically have to count all the cash in front of me, and not use a machine, the queues are terrible and it would take up a lot of my time, I also did not realize that there was a limit on how much you can pay in.
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I didn't think about Metro, they have a branch in a town near to me, thanks for that.
I realize I don't need a business account, but my bank are saying get a business account, or we close your personal account. I think this is happening more and more unfortunately, as I said a friend of mine had the same issue after having no problems for years with the same bank I am with. I can see this happening more and more in the next couple of years, and I don't want to chop and change banks all the time
I don't mind paying business account fees at all, just wondering what banks ask the least questions when you open one with a high street bank. I was put off by the post office as I assume they would physically have to count all the cash in front of me, and not use a machine, the queues are terrible and it would take up a lot of my time, I also did not realize that there was a limit on how much you can pay in.
As the only option for me to pay my cash in to my bank account now is via the Post Office I was worried about this too. I've been doing it this way for the last year or so with no issues so far but I make sure I never pay into my local PO in case anyone I know is there and reports back to the entire local community. Also as I tour every week I have about 10 different POs I pay into each month (each within a short distance of where I stay) making sure I don't go into the same one more often so that they don't recognise me as a regular.
I've gotten over feeling embarrassed watching them count my cash out and have so far never had anyone who does it ask me why I'm paying so much cash in. Hope that helps x
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The post office way of payment is much less stressful as the counter staff do not know where your money is coming from . They ask no questions or police your accounts .
I do not know the maximum you can hold in their account currently.
Unlike banks that penalise escorts for banking cash over a certain amount .
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This is why I pay mine in at the post office. The staff in my local branch are so disinterested in anything other than the clock I could turn up naked with 10 grand in cash and I doubt they'd notice. :)
The post office is the BEST place to deposit cash nowadays ( at least when they are OPEN) :-) They also take coins without complaint - unlike the bank tellers who insist on taking coins up to the bag value. :-\
The actual branches are so NOSY, it is unbelievable. I deposited cash for three days in a row at the machine at a local branch to where I worked last week and the lady standing in the reception area kept asking me where I worked that I was depositing cash three days in a row. ::)
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The post office is the BEST place to deposit cash nowadays ( at least when they are OPEN) :-) They also take coins without complaint - unlike the bank tellers who insist on taking coins up to the bag value. :-\
The actual branches are so NOSY, it is unbelievable. I deposited cash for three days in a row at the machine at a local branch to where I worked last week and the lady standing in the reception area kept asking me where I worked that I was depositing cash three days in a row. ::)
I've not had this I would think this is very individual to particular staff members who may think they are being chatty. So long as I can pay in I'm fine, very rare I'm asked.
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Has anyone here had experience of paying cash in to Tide who I have just opened an account with?
Metro wont give me an account, and another bank that accepted me a few days back, have now sent me a big list of questions for banking cash, which I cannot answer as they want too much detail. I am concerned that despite having a perfect credit rating and being self employed and paying my taxes, I will start to have issues opening any more accounts.
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Tide used to be fine but they've changed their t&c's for adult stuff now, & they seem to close accounts if you get payments from adultwork, onlyfans etc. I've paid a bit of cash into it and it was fine but I wouldn't risk large amounts. Sorry I can't help.
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Hi,
Simply just don't use solely one bank. Split your deposits within several accounts with different banks so it will not be too much money regularly coming in to one account . Like week A use only bank A, next week bank B, third week bank C to deposit your cash. There is no limit how many accounts you can open, the more the better :) Use mostly Post Office to pay in and self service atm's.
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Just a heads up. I'm with Santander and I've had problems depositing at the Post Office the last 2 times. Last month I tried and it kept declining, eventually I got some of it in but not all. I rang the Branch and they said there shouldn't be an issue. Anyway today I had the problem again and it wouldn't take any amount at all.
I rang Santander again and the initial person I spoke to couldn't see a big issue but transferred me to Fraud. Apparently it turns out that in April the amounts you can deposit in the Post Office on most personal accounts changed and is £5000 over a 90 day period, something to do with new Visa/Mastercard rules, not individual bank rules. Apparently it's ok to deposit into an ATM and Branch but not the Post Office. She also said it's not something that is widely known by regular staff.
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Miamia, that is the best advice, and probably how I will have to move forward.
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Miamia, that is the best advice, and probably how I will have to move forward.
It is if you want to be under suspicion for money laundering, given that the use of numerous bank accounts to make individually unremarkable cash deposits that add up to a significant amount when taken together is one of the most obvious ways to do it
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I got caught out as I paid to much into the one account for too long, it's a difficult one. I think the banks are getting more suspicious of large cash deposits, as it is not normal anymore. Most people I know don't use cash anymore.
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As long as you keep records and declare all the money to HMRC that has been deposited and pay tax I don't see why it should be an issue. I don't think Barclays would know how much you deposit to your Santander or Natwest account etc. Who and why would report her for money laundering? It's not a requirement to deposit and keep all your money in one bank.
I've been using several for many years, one I use to pay rent and bills, another one to pay my tax , third is for other general things and another is only for savings. This way I can keep track of my finances easier, anyway and feel safer in case I lost my card or phone.. Also all have different online banking facilities, one is easier to use to transfer money and use their app, the other is cheaper to transfer money abroad when I need that etc.
It is if you want to be under suspicion for money laundering, given that the use of numerous bank accounts to make individually unremarkable cash deposits that add up to a significant amount when taken together is one of the most obvious ways to do it
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Also agree to keep several accounts after a dreadful experience with Lloyds some time ago, especially one for a savings cushion in case the main account gets frozen (hasn’t happened there, but we all heard of sex workers and just regular people experiencing this and it’s a nightmare).
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Also agree to keep several accounts after a dreadful experience with Lloyds some time ago, especially one for a savings cushion in case the main account gets frozen (hasn’t happened there, but we all heard of sex workers and just regular people experiencing this and it’s a nightmare).
I don't disagree with keeping several accounts and nor did my post - I have three current accounts and two savings accounts as well as ISAs, pension and so on. But I only pay my cash into one of them and the rest is done by transfer; I bank broadly the same amount every month, at the same branches and at roughly the same times of the week which also helps. It's changes in pattern that look odd, not consistancy.
Anyone who thinks that every move you make when it comes to banking isn't on record and accessible by various authorities must be absolutely barking mad - this is exactly how companies like the credit reference ones earn their money. It doesn't matter whether you (or I) are keeping everything totally legit or not in the event of investigation and the only thing affected is the result - it's still a monumental pain in the arse which is best avoided, and that means not doing things that will look deeply sus to anybody who takes an interest.
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I’ve had problems paying in cash at my bank recently. I have a current account with Santander and they have told me the maximum cash I can pay in at a cash machine within 12 rolling months is now £10,000. That’s hardly anything! Also the maximum that can be paid at a post office with my bank is also £10,000 so since I’ve gone over the limit I now have to go to the counter every time I want to pay in money. They also close at 3pm so it’s really a pain now to pay in money.
Does anyone know if this is the policy with all banks, as I will probably change banks!
The staff at Santander recommended I open a business account but I don’t want to.
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I have a nat west business account never have these problems as it’s a business that takes cash in registered as an entertainer. Could be a childrens entertainer could be an actor that’s none of their business. I think as long as you dont have adultwork credits going in and oniy fans money there is no way of knowing what kind of business your running. Also if we did eventually go cash free could get a card machine for the business.
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I have a nat west business account never have these problems as it’s a business that takes cash in registered as an entertainer. Could be a childrens entertainer could be an actor that’s none of their business. I think as long as you dont have adultwork credits going in and oniy fans money there is no way of knowing what kind of business your running. Also if we did eventually go cash free could get a card machine for the business.
For some time I did have both cash and AW/OF transfers on the same account and had no issues , however to minimise any risks it’s probably better to create a new account for the online income x
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Just had a warning from Monzo not to use my account for business. Asked me to open a business account or just use that one for personal.
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Just had a warning from Monzo not to use my account for business. Asked me to open a business account or just use that one for personal.
monzo froze both my personal and business account with them, not sure how they found out but they sed they do not allow anyone to use their accounts who work in the 'adult industry'
had to wait weeks for them to unfreeze my cash so i could transfer and then they shut both accounts
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I am a sole trader and recently opened a business account with hsbc
When clients pay me by transfer I give them a reference number so they don’t put meeting or something dumber. The account is easy to open online
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Was it HSBC or HSBC kinetic?
Can I ask what kind of questions HSBC asked you, I was asked with all the high street banks how much cash I would need to bank a month, proof of insurance, qualifications for said job, location I worked from, how long I had been doing it, they wanted to look at bank statements from previous accounts, invoices from customers, my website, the list goes on and on.
The online only banks were easy to open an account with, until you tried to pay cash in, then they wanted much more info and in far more depth than I have put above.
A few years ago it was far easier to open a business account, they are far more careful about checking you out as a business now than they were in the past.
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I am a sole trader and recently opened a business account with hsbc
When clients pay me by transfer I give them a reference number so they don’t put meeting or something dumber. The account is easy to open online
I do that and they still write something dumber. Idiots. Many men don’t listen. Idiots!
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Honestly, there is no legal requirement for you to have a business bank account.
Check out this link (REMOVE THE SPACES!) - www.money saving expert.com/banking/business-bank-account/
From that link: "You don't NEED a business bank account if...You're a sole trader or freelancer, or contracting (but not through a limited company), eg, hairdresser, research interviewer, journalist, TV producer, gardener, designer, developer."
I totally second this! The bank is only pushing you to open business account so that you can pay fees.
My bank HSBC tried that with me a little while ago and I just quoted HMRC sole-trader guidance back at them -" Sole traders are NOT required to have business accounts." They haven't bothered me since!
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Yes no legal requirement to have a business bank account but your bank can still close your account once they know.
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I do that and they still write something dumber. Idiots. Many men don’t listen. Idiots!
That's because they don't give a shit as have nothing to lose themselves from it and possibly secretly hoping it will land you in hot water as begrudge having to pay.
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Mine is the Kinetic one, ah gosh I don’t remember what they asked but not much. I declare as beautician and just put that down and it was easy, didn’t have to send any documents from hrmc.
The fees to bank cash it’s terrible:( but worth if you want to take deposits or have clients paying by bank transfer as I hate to give my name out.
I have heard of wise they also offer a business account, I don’t have one yet but will get one when I feel better and this quiet time passes for me.
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Hey all :)
Does anyone have experience opening a business account and limited company for escorting work? I have my accountant to help but just wondering the best banks to get a business account, if it’s worth it and if anyone has any tips / info / benefits / disadvantages of starting limited company for work let me know x
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Hey all :)
Does anyone have experience opening a business account and limited company for escorting work? I have my accountant to help but just wondering the best banks to get a business account, if it’s worth it and if anyone has any tips / info / benefits / disadvantages of starting limited company for work let me know x
These are two different questions really - there are posts about banking above, and lots of good reasons not to try to start a limited company here (https://saafe.info/main/questions-and-answers/self-employed-escort-sole-trader-or-limited-company/) :)
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I just use different banks to spread the cash about to stop the bank trying to persuade me to open a business account which they then refuse lol. As long as you keep up with your tax all is fine as there is no legal requirement to have a business account.