The US dollar account will allow the UK businesses to spend directly in pounds and dollars with a single debit card
The bank’s US dollar account allows the UK businesses to spend directly in pounds. (Credit: Pixabay/Willfried Wende)
Starling Bank has introduced a new digital banking Toolkit and a US dollar account for British entrepreneurs to help them get back to business as the coronavirus lockdown restriction ease.
The bank’s US dollar account allows the UK businesses to spend directly in pounds and dollars with a single debit card.
The digital banking toolkit is rolled out to help entrepreneurs spend less time on bookkeeping and more on their business.
Starling chief executive Anne Boden said: “Small business owners are under a huge amount of strain at the moment and at Starling we’re continually looking for ways to help them get back on their feet and remain open for business.
“The new features that we’ve built for the Business Toolkit will help entrepreneurs save time and money, while at the same time allowing them to cut down on paperwork and spend more time serving their customers.”
Starling Bank’s new digital banking Toolkit and US dollar account for businesses
The new business toolkit can be added to the bank’s free business account for limited companies and sole traders for £7 ($8.74) per month, and includes advanced new tools to help small and medium-sized firms get back on track.
In addition, the toolkit allows the companies do their bookkeeping and accounting direct from their Starling online bank account, including creating, sending and tracking invoices, automating expenses, recording VAT and connecting to HMRC to submit VAT returns and scheduling payments.
The company said that its Toolkit will enable customers to calculate and submit their VAT returns using HMRC Making Tax Digital software direct from their bank account.
In addition, the toolkit will estimate the money needed for self-employment income tax, National Insurance Contributions and student loan repayments for sole traders.
Starling’s new US dollar business account enables customers who regularly carry out international transactions to hold, send and receive in US dollars from the Starling app.
The account holders are also allowed to spend directly in pounds and US dollars with a single debit card.
The new US dollar account marks the bank’s second foreign currency account after launching the euro business account in October 2019.