ANNA business account: International Payments

ANNA stands for Absolutely No Nonsense Admin. ANNA accounts have been created for sole traders and owners of limited companies, and aim to help busy professionals reduce the amount of admin they need to do. ANNA will create, send and chase up invoices, as well as giving you online access to your funds and a linked debit card. In fact, a linked debit card which makes a noise like a cat when it’s used. Because - as ANNA say - why not?

You’ll need to think carefully about what you need from a business account now - and in the future - to get the right one for you. At present, for example, ANNA accounts cannot be used to send or receive international payments. This may hold you back if you work with customers or clients overseas, or have international suppliers you need to pay.If you want to send or receive international payments - you may want to consider an account from a specialist in international payments such as Wise Business.

To help you figure out which account may work best for you, this ANNA business account guide will provide an overview of the key account features, and introduce an alternative to help with international payments.

How to make international payments?

If you’re considering getting an ANNA account, you might be wondering how to make international payments once you’re up and running. Unfortunately at this time, it’s not possible to make international payments from an ANNA account. You also won’t be able to receive funds into your account from an overseas source, as there is no IBAN for the account.

You will be able to access your money while you’re overseas, by using your debit card to spend directly in shops and restaurants, or withdraw money from local ATMs as you travel. More on that in a moment.

However, If you’re a business owner dealing with suppliers based abroad, or an ecommerce entrepreneur that wants to reach a global customer base, this may cause you a problem. It’s also inconvenient if you’re a freelancer, as it’ll mean you can’t take payment from overseas clients.

If this sounds like you, you might want to consider an alternative, like the Transferwise borderless account. More on that - and how it can save you time and money while you grow your business - below.

Wise can save you money on international payments

When you’re researching the best business account for your needs, check out the Transferwise borderless account for business for a multi-currency account that lets you send and spend money overseas simply.

You’ll get local bank details for the UK, US, Australia, New Zealand, the euro area and 5 more currencies, which means you can receive payments from these major regions. Hold the money in your account in any of over 40 different currencies, and switch between them whenever you need to, using the real exchange rate with no markup, and for just a low transparent fee.

Wise Business is designed to offer extra perks to busy professionals. Spend less time on your admin, and more on investing in growing your business.

ANNA business account features

Before you choose an account for your business, you’ll need to think about how you want to use the account now and as your business evolves. Considering the types of transactions you want to make, how you prefer to interact with customer support, and what fees you’re willing to pay for extra convenience and service is key to finding the right option for you.

It’s well worth weighing up several different account options when you’re searching for the right one for you. Here are a few things to consider when you’re looking at the products available from ANNA:

Pros

• Set up your account in minutes, online.
• Get help with your invoicing, including chasing late payments.
• Linked debit card - which makes a noise like a cat when used - is available for simple business spending.¹
• Initial opening offer which includes no monthly fee for the first 3 months. After that you can choose between accounts which cost £5 or £11 a month to operate.

Cons

• You won’t be able to accept international payments from customers or clients, or send money overseas to pay suppliers or staff.
• There are various account tiers which come with different limits - you’ll need to apply to move to the tier that suits you depending on your spending patterns.
• If you take the limited company account option, your fee changes based on your monthly turnover, so you’ll pay a higher charge as you grow - make sure you’re clear on the details so there are no surprises.²
• No API available to users, just yet.³

ANNA card abroad

With your ANNA card you’ll be able to make international ATM withdrawals, and spend directly with merchants when you’re overseas.At present there is no foreign transaction fee to pay for this service - although you’ll need to pay your monthly account fees of £11 of course.⁴ It’s worth remembering that terms and conditions change from time to time, so check for the latest information online before you begin using your ANNA card overseas, in case there have been changes to the policy.⁵

When you spend abroad using your ANNA card, the cost of your purchases will be converted back into pounds using the MasterCard exchange rate. You’ll be able to find this online. However, it’s worth knowing that the rate you’ll get is the one which is live when your purchase is processed - often hours or even a full day after the transaction is made. In effect this means you won’t be sure what rate is used until after it’s all done and dusted.

If you’d rather lock in an exchange rate, you can get a linked debit MasterCard for your Wise borderless account. Top up your account in pounds, and switch to the currency you need using the mid-market rate for just a low transparent fee. This means you know exactly how much foreign currency you have to spend, and exactly what it’s cost you - in advance. You can then use the card to spend with merchants overseas with no extra fees and no surprises.

ANNA takes a different approach to supporting businesses, compared to the traditional UK high street banks. Innovative and quirky features may suit modern business owners and entrepreneurs. However, it’s well worth considering how you’ll manage if you need to make or receive payments from overseas. Even if you don’t currently have an international customer or supply base, getting an account from the outset which can support global growth makes sense for many business owners. Check out how the Transferwise borderless account for business could help your enterprise grow and reach a bigger audience by enabling simple low cost overseas transactions.

Sources used:

Sources checked: 26-August 2019.