Is Arro a bank?
Arro is not technically a bank. We are fully regulated by the UK Financial Conduct Authority, so we are still held to the highest standards, but we are officially a provider of electronic money service activities.
We operate entirely online – which means no need to visit a branch or wait in a queue to see an international business banking advisor – with UK-based customer service for any help you might need.
Because we were founded as an online company, we were able to build our online money management platform – the part of our website where you log in to check your account – completely from the ground up.
It is designed to be perfectly suited to the job of managing your business finances online, with regular, in-depth security audits and testing to make sure that nobody can get unauthorised access to your data.
Your Arro Business MasterCard®
With every Arro Business Account, you will also receive an Arro Business MasterCard® which is sent to your UK postal address or company trading address within a few days of opening the account.
This is a debit card that allows you to spend from your account balance wherever MasterCard® debit cards are accepted, both in person in UK shops, petrol stations and tourist attractions, and also online.
We also send your full card details to you by SMS when you open your account, which means you can start shopping online with your Business MasterCard® just by typing in these details, even before the physical card arrives in the post.
No history in the UK?
The Arro Business Account is suitable for people who have never been to the UK before and have no history of living or working here.
Because your Business MasterCard® is a debit card, we do not need to run a background credit check – we also do not offer overdrafts and loans, just a business account that allows you to manage your own money.
Our automated ID checks during the signup process can verify details from 160 different countries, all without accessing your credit file.
In addition, we do not expect you to have an existing order book or business plan – you don’t even need a company name, as you can register for an Arro Business Account as a sole trader.
A New to UK Business Account you won’t get from a bank
All of this makes the Arro Business Account very different from the New to UK business bank accounts you’ll find on the high street.
Remember, Arro is not a bank – we offer electronic money services – and this means we can give you:
- An account dashboard built by us to the highest standards.
- A business account with sort code and full Business MasterCard® debit card.
- NO credit check, NO need for a trading history, NO need for years of UK address history.
- Guaranteed approval for all applicants who meet our Fair Fit criteria.
- An account customers can pay into directly by electronic funds transfer.
- An account you can pay suppliers from by Faster Payments and Direct Debit*.
- An account you can make cash withdrawals from at most UK cash machines.
The list of benefits goes on and on, and with no black mark left on your credit file and guaranteed acceptance in 3-5 minutes (subject to Fair Fit criteria) there’s plenty of reason to apply for your Arro Business Account as soon as you arrive in the UK.
*Functionality coming soon