Holvi Business Bank Accounts

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Last updated on 09 November 2020.

Holvi Business Current Account FAQs

Who is Holvi?

Holvi is a digital banking service that was founded in 2011. It is based in the Finnish capital of Helsinki and operates in a number of European countries, launching in the UK in early 2020. Holvi was acquired by Spanish company Banco Bilbao Vizcaya Argentaria (BBVA) in 2016, but it continues to operate separately under its own brand.

Designed with freelancers and entrepreneurs in mind, Holvi uses the latest fintech innovations to create a streamlined, all-in-one payment account, with built in money management tools to help businesses with their finances.

What features does a Holvi business bank account offer?

You can use a Holvi business bank account to perform most basic functions, such as making and receiving payments, tracking cash flow, categorising transactions, filing expense claims, and creating and sending invoices. You can also save receipts digitally on the Holvi mobile app and all account holders will receive a Business Prepaid Mastercard.

The Holvi app will notify you of changes to your account- if an invoice has been paid for example- which will help users keep up-to-date with their company finances.

Do all Holvi business bank accounts come with a card?

Yes, all Holvi business accounts come with a Prepaid Mastercard. You can use this card to make purchases and withdraw money, using funds from your account, and all transactions will be automatically synced on the Holvi mobile app. Cards will be posted to you and should arrive within 10 business days.

One Business Mastercard card will be available with Holvi’s free account, or you will receive three cards with a paid account. Whichever account you choose, you can purchase additional cards for an extra monthly fee.

Who can apply for a Holvi business bank account?

Freelancers, sole-traders, and limited companies can open an account with Holvi. To apply for a Holvi business account you need to be 18 years or older. You also need to have your main residence and registered business in the UK (or any other country that Holvi operates in).

How do I apply for a Holvi business bank account?

To open a Holvi business account you can select one of their products in our comparison table. The application process is all done online, and you will need to submit the relevant information and documents to verify both your personal and business identity before being able to use your account.

How much does a Holvi business account cost?

Holvi offers different pricing plans. The most basic Starter accounts are free and allow you to perform most actions, although there may be limits and additional charges for some services and features. For a monthly fee there is a “Grower” account which offers more comprehensive features and services. For a higher fee, Holvi also offers a “Tax Bundle” to sole traders. This provides all the banking services from before, as well as an accountant to help you organise your taxes and file your Self Assessment tax return to HMRC.

Is Holvi a bank?

No, Holvi is a Payment Service Provider.

Can I apply for credit through Holvi?

Because Holvi is a payment institution and not a bank, they cannot offer credit. This means they won’t be able to provide credit cards, loans, or overdrafts, so you will always need the available funds in your account when making a payment.

Is Holvi safe?

Holvi is licensed and regulated by the Financial Supervisory Authority of Finland (FIN-FSA), the equivalent to the UK’s Financial Conduct Authority (FCA). This authorises Holvi to operate across the European Economic Area (EEA), including the UK.

Because Holvi isn’t a bank, customers’ funds are not covered by the Financial Services Compensation Scheme (FSCS). However, Holvi does place their customers’ money into segregated client accounts, separate from their company funds. This means that, in the event of insolvency, customers’ funds are protected from creditors’ claims.

Services offered by this provider may change over time. Always check Ts&Cs.