Harvsted have provided account solutions for some of the most high risk industries for well over a decade, with CBD companies now benefiting from our expertise in supporting ambitious, high growth businesses where their high risk categorisation is limiting their options.
Where opening a bank account has become a 5 minute job for most consumers and businesses, your requirements make it anything but in the majority of cases. Our CBD friendly bank partners provide suitable solutions, across multicurrency IBANs, Faster Payments, SEPA and Swift, that ensure you're able to trade sooner than any other CBD bank provider in the industry.
A huge amount of time can be lost looking for the right bank account for a CBD business, so taking the advice of account professionals will save not only time but money, where some KYC/AML checks can also require up front fees.
If you're a UK based Cannabidiol business, then finding a suitable bank account is simple with Harvsted. Faster Payments allows for fast payment transactions between UK accounts, meaning you can send and receive funds just as you can for non-CBD and personal accounts through traditional banks.
Securing your CBD bank account is only the first step to trading as more often than not, your primary business will be done online. Payment processors, such as PayPal and Stripe, provide web platforms with the ability to take card payments from customers and pay directly to the merchants business account.
This process requires the processors to take money on your behalf, meaning they're extremely strict on what they want to accept payments for - as you can imagine. This is where the fastest and cheapest option for them is to prevent any transactions they deem high risk - CBD is considered high risk!
Once Harvsted have a bank account for CBD for you, we will then have to secure you a suitable payment processor so you can get to market as soon as possible. There are various reasons why processors and banks have issues with businesses operating within Cannabidiol industries, some of which we explore in our FAQ below.
When a bank deals with what they deem high risk accounts, they take extra care with their compliance and this will undoubtedly have an impact on the time for approval, so bear this in mind for your business. If you need to be trading sooner than it will take to secure your account, talk with us at Harvsted on how we can help.
The compliance department at any bank is there to ensure the bank is not going to fall foul of their regulators, so expect them to be thorough when looking at you and your company. Many documents will be required, such as company formation certificates, passports and in some cases original documents will be required rather than copies.
This entire process can be long and is only made longer by not being fully prepared. Always work with a CBD accountant to get this right and get to market sooner.
This is just as important as knowing what banks will provide a bank account to a cannabidiol company - there is no need to waste time applying to them.
We have spent many years working with hundreds of banks across gaming, esports, cryptocurrency friendly banks and CBD - all high risk and all with the same problems in banking and payment processing.
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