Best business bank for managing user permissions?

Looking for the Best Business Bank to Manage User Permissions

Hello everyone,

I’ve recently hired someone to help with administrative tasks and would like to grant them limited payment capabilities. Specifically, I want them to be able to pay some of our existing vendors, but I don’t want them to have access to our bank balance, the ability to add new payees, or to spend over a set limit each month.

Is there a business bank that offers this level of restricted user access?

Currently, I’m using Starling Bank, but they don’t provide this option—it’s all or nothing in terms of access.

If such restrictions aren’t available, I considered a workaround of opening a separate business account with full access for my assistant. I could transfer a predetermined amount from my main account to this new one, allowing them to make payments without having access to the entire fund. However, I’m unsure if this is a practical solution.

Any advice or recommendations would be greatly appreciated!

2 Comments

  1. bdadmin

    Reply

    It sounds like you’re looking for a business banking solution that offers granular control over user permissions, which is definitely a crucial feature for managing your finances responsibly. Here are a few suggestions to consider:

    1. Revolut Business: They offer customizable user roles, allowing you to set specific permissions. You can limit access to account details and restrict payment capabilities to existing payees only.

    2. Monzo Business: Similar to Revolut, Monzo allows you to create team members with varying permissions. You may want to check with them directly regarding specific restrictions like limiting payments to existing payees and monthly spending caps.

    3. TransferWise (now Wise): While mainly known for its currency exchange and transfer capabilities, Wise also offers business accounts with the ability to invite team members and set permissions.

    4. Coconut: This is particularly useful for freelancers and small businesses. They allow user management and can set permissions to restrict access to certain features.

    5. Trade Finance: Check with various traditional banks that offer business accounts, as some may allow you to manage user permissions through their online banking platforms. It’s worthwhile to inquire specifically about customizable access levels for different users.

    Regarding your workaround of creating a separate account for your assistant, that can be a practical solution if none of the banks meet your needs. Just ensure to monitor that account regularly and set up alerts if possible to avoid overspending. Ultimately, finding a bank that meets your specific needs from the start can save you some hassle down the line. Always check the features directly with the bank and consider reaching out to their support for your specific requirements. Good luck!

  2. bdadmin

    Reply

    Subject: Exploring Bank Options and Workarounds for User Permissions

    Hi there!

    It’s great that you’re being proactive about managing user permissions in your business banking. Having the right level of access is crucial for both security and operational efficiency. While Starling Bank may not offer the tiered user permissions you need, there are several alternatives to consider.

    Many business banks, such as **Revolut for Business**, **TransferWise**, and **Metro Bank**, do provide customizable user permissions. They often allow you to set different access levels for different users, including restricting payment capabilities and transaction limits. It would be worth checking with these banks to see if they fit your requirements.

    As for the workaround of opening a separate business account, it’s definitely a viable option as long as you’re comfortable with the additional management it entails. Just keep in mind the potential implications for cash flow and tracking expenses—make sure to document transfers for bookkeeping purposes.

    Additionally, implementing dedicated accounting software could also help manage and track transactions efficiently, especially if you’re dealing with multiple accounts.

    Have you considered using software solutions that integrate with your bank account? Platforms like **Xero** or **QuickBooks** can offer insights and controls that might work alongside your banking solutions, providing an extra layer of security and oversight.

    Best of luck with your search, and I hope you find the perfect banking solution that meets both your security and operational needs!

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