Branchless banking and the benefits
Branchless banking has a few different names – you might hear it referred to as online-only banking or even as a ‘virtual account‘, although of course branchless bank accounts are still very real and can be used to make payments and receive money in the usual ways.
Arro Money accounts – including both the Arro Personal Account and the Arro Business Account – are not technically bank accounts, as we are regulated as an electronic money services provider instead, but again they provide you with access to many of the normal ways of managing money and making payments.
You might also like to think of them as cashless accounts – although you can make ATM withdrawals using your Arro Money cash card, you can also quite easily live without cash in today’s world, with your salary paid directly into your account, Direct Debits and standing orders for regular bills, Faster Payments for one-off transfers and your Arro MasterCard® debit card to make purchases online and in shops.
Branchless, cashless, online or virtual – whichever term you prefer to use, a branchless account like the Arro Personal Account gives you direct access to manage your money, without waiting around in long, hot bank queues on sunny days.
Account management wherever you are
Not all virtual accounts are equal, and we can only speak for the Arro Money online dashboard, which was developed in-house to a high standard and thoroughly tested to make sure it is secure.
Some other online providers use third-party platforms, and that can mean your online dashboard changes overnight when it is updated or when the third-party licence expires. Arro Money introduce new features in a seamless, intuitive way, so you know that when you log on, all your favourite account features will be right where you left them.
To make your account experience even more seamless, we have a fully responsive mobile-friendly website. So if you log on from a mobile device, a tablet, or even a netbook with a smaller display, the website will adjust to make the best use of the screen space available.
Again, all of your usual account features are still there – we just make the dashboard the ‘best fit’ for the size of the device you log in from.
That means you can log in from any compatible device, without the need to install a mobile app, and with the extra sense of security that comes from our two-factor authentication process.
Fast and easy signup process
The Arro Money application process is one of the most impressive differences compared with high street banking – where else can you get a new account up and running in as little as three minutes?
All we need from you is your name and UK address, date of birth to confirm you are over 18, and contact details so we can send you confirmation of your new account.
That really is it. For Arro Business Accounts we also ask for a few simple company details, just to make sure you are eligible.
We never access your credit history or leave any sign on there of your application with Arro; we just use online ID databases to check the information you provide, and can verify your identity down to street-level instantly so there is no delay in opening your account.
In under five minutes from a standing start, you can have a new account, log in and start moving money in and setting up payments. We even send your MasterCard® debit card details to you via SMS so you can use it for online purchases even before the physical card arrives in the post.
What about sort codes?
Don’t worry – traditionally, the six-digit sort code on a UK bank account was used to identify the parent bank and the specific branch where the account was held, and in many cases it can still do so today.
But online accounts like the Arro Personal Account and Arro Business Account still get a sort code too. We are fully regulated by the Financial Conduct Authority to provide electronic money services, even though we are not a bank.
By giving you a standard sort code to identify Arro Money, and a unique account number in the traditional format, you can accept payments via Faster Payments from bank accounts in the UK and abroad, and make payments to bank accounts via Faster Payments, Standing Orders and Direct Debit too.
We aim to make sure that you benefit from branchless banking – and although we don’t expect to need to see accountholders in person, our Support team is always here for any enquiries you might have along the way.