Is the Arro Personal Account a bank account?
No, it is not. But in the UK that does not matter. For decades many British people have had current accounts with non-banks, for example with building societies, and the Arro Personal Account is the online alternative for the 21st century.
It is fully regulated by the Financial Conduct Authority, and it gives you the same kinds of features you might expect from a traditional bank account:
- Send and receive money using the Arro online account dashboard.
- Get your wages paid into your account using your sort code and account number.
- Get a MasterCard® debit card to spend from your account in your own name.
- Use your cash card to withdraw your wages and other funds from an ATM cash machine.
- Set up Direct Debits (not currently available, but it’s coming soon!) online to pay bills and get discounts from some suppliers.
- Make individual online payments instantly using the UK Faster Payments service.
Most importantly of all, you can open an Arro Personal Account within three minutes, and we guarantee to accept anyone over the age of 18 with a current UK address, providing you meet our Fair Fit criteria – giving you instant access to an account that makes it easier to live and work in the UK, even as a non-resident.
Better value for non-resident workers in the UK
Arro value the contribution that non-resident workers make to the UK economy. In fact we created Arro after experiencing how difficult it was to get a bank account as new arrivals into the UK.
We also designed the Arro Personal Account to give you the best value when managing your money, as trying to live using cash only is very difficult and expensive in 21st century society.
Your Arro Personal Account instantly gives you alternatives to paying for everything in cash, such as Faster Payments and MasterCard® Debit, and this gives you access to:
- Goods and services only available online or remotely.
- Contracts (e.g. mobile phone, TV and broadband) that need regular payments.
Your wages can be paid directly into your account using the sort code and account number – which gives you access to jobs with employers who will not pay non-resident workers ‘cash in hand’.
What about Brexit?
Brexit is a complex issue and the UK, European and global economies will react to it in different ways as time goes on – with new trade deals and new opportunities for entrepreneurs and foreign workers in the UK.
Depending on the final deal between the UK and the EU, there may be changes to the free movement of overseas workers into the UK, and it is impossible to predict how the banks might react to this in terms of who they will approve as an accountholder.
The Arro Personal Account has only the most basic of eligibility and Fair Fit criteria, and we should be able to continue to accept the vast majority of applicants over the age of 18, with a temporary or permanent UK address.
Our background ID checks do not access your credit file, but use databases from 160 different countries, allowing us to continue to accept applicants from Europe and the rest of the world beyond Brexit.
You don’t need to be entering a permanent career in the UK or even work in a skilled profession – we are here for applicants of all types, from seasonal workers who just need an account for the duration of their work here, through to highly skilled professionals like doctors and engineers working on a contract or permanent basis.