Starling Bank launches USD account

Tuesday 7 July 2020 11:11 CET | News

UK-based Starling Bank has launched a digital banking Toolkit and a US dollar account to help British entrepreneurs get back to business.

The Business Toolkit SMEs to do their bookkeeping and accounting direct from their Starling online bank account, including creating, sending, and tracking invoices, automating expenses, and recording VAT and connecting to HMRC to submit VAT returns. SME’s can also upload bills and schedule payments to manage cash flow. It can be added to Starling’s free business account for limited companies and sole traders for almost EUR 8 a month.

The Toolkit has been in beta since January 2020 and enables customers to calculate and submit their VAT returns using HMRC Making Tax Digital software direct from their bank account. For sole traders, it will estimate the money that needs to be set aside for self-employment income tax, National Insurance Contributions, and student loan repayments.

Starling’s US dollar business account will enable customers who regularly carry out international transactions to hold, send, and receive in USD from the Starling app. This will be the bank’s second foreign currency account following the launch of the euro business account, in October 2019. The account will be available to Starling’s business customers for a EUR 6 flat monthly fee. 

More: Link

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Keywords: Starling Bank, banks, challenger bank, neobank, COVID-19, coronavirus, UK, digital banking, banking, digital, US, Business Toolkit, SMEs, online bank, invoices, payments , software, loans, National Insurance Contributions, transactions
Categories: Banking & Fintech
Countries: United Kingdom
This article is part of category

Banking & Fintech