Holvi Blog for Makers and Doers

Top 10 frequently asked questions about Holvi

Entrepreneurship, How to use Holvi, Tips for small businesses · 17/02/20 15:18 · Daniel McLeod

Holvi top 10 frequently asked questions

Sole traders take note – Holvi is the new player in town (town being the whole of the UK in this case). Headquartered in Helsinki, Finland, Holvi offers a new alternative to traditional ways of handling your business finances.

This is a practical article, one designed to give you insight into what Holvi is – our business account’s features and how Holvi improves on traditional banking. In short, what Holvi means when we say we go ‘beyond banking’.

To do this, we’ve answered the most commonly asked questions about Holvi.

Let’s jump right in.

 

1. Who can open a business account with Holvi?

Do you tick these boxes?

  • UK resident ☐
  • Sole trader ☐

If so, Holvi is right for you! 

In 2019 there were over 3.5 million sole traders in the UK. And the numbers are growing fast – each day, more and more talented professionals are opting to ride the self-employment wave. At Holvi, we know that working as a sole trader can often be a scary and isolating experience. That’s actually the reason we exist. We’re here to offer support through innovative financial management tools, ensuring that no sole trader ever feels alone.

Pro tip: As a sole trader, you’re operating under the simplest self-employed business structure. You can find out more info on what counts as sole trading here.

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2. What do I need to open a Holvi business account?

To open a Holvi account, you’ll need to verify your identity. We’ll ask you for the following:

  • Email address
  • Mobile number
  • Proof of identity (passport or EU ID card)
  • VAT number (if applicable)

Take note that Holvi does not accept driver’s licenses as a form of personal identification.

The next step is to verify your company. After all, this is a business account. Here’s more information on how company verification works.

 

3. How long does it take to open a Holvi business account?

Short answer: 2 to 3 working days. At Holvi, we take personal identification and security extremely seriously. To carry out the verifications steps mentioned under ‘2’ as thoroughly as possible, we need sufficient processing time.

But this is a team effort – the faster you send us your documents, the faster we can open and activate your Holvi account.

 

4. Do I get a Holvi credit card?

You’ll get the Holvi Business Mastercard®. Strictly speaking, this isn’t a credit card, though you can use it to pay and withdraw cash conveniently and securely anywhere Mastercard is accepted. At the moment, it’s not possible to deposit cash with Holvi. You can, however, transfer money into your Holvi account via bank transfer.

It’s called ‘Prepaid Mastercard’, but the Holvi card works just like a debit card. It’s directly linked to your Holvi account, so any transactions impact your balance. You won’t need to ‘load’ your card – at Holvi, your business’ financial success counts as ‘loading up’.

It’s also possible to receive multiple Holvi cards. Most UK sole traders operate alone (76% of UK small business owners have no employees). But in our effort to help all small businesses find success, you can hand out extra Holvi cards as you see fit.

Here’s more info on the Holvi Business Mastercard.

 

5. When do I get my Holvi Business Mastercard?

After successful verification, your new Holvi card will arrive in your mailbox within a few working days.

 

6. Can I create invoices with Holvi?

Of course! This is one of Holvi’s most useful features. With Holvi you can create, send and track invoices in just a few clicks. And you’ll be notified the moment an invoice is paid. It’s fast and lets you keep an eye on everything. You can find everything you’ve ever wanted to know about invoicing with Holvi here.

 

7. Does Holvi do my accounting?

While we can’t do your accounting for you, we can definitely help.

With our practical money management tools, you’ll avoid paperwork and save yourself lots of time and frustration. When you make a payment with your Holvi Business Mastercard, you’ll be prompted to snap a photo of the receipt and tag it to your transaction. This way you’ll have all the documentation you need when tax season rolls around.

Sound interesting? Find out more on expenses here.

 

8. Do I need the Holvi Mobile app?

Yes. To protect your account, we use two-factor authentication. You’ll use this to safely confirm each sign-in and outbound payment. This is how it looks in depth.

Your business stays with you wherever you go, and now your banking does too. With the Holvi app, you can keep a clear overview of cash flow (ins and outs), manage tax prep with our snap, sort and save feature for expenses, and send invoices – all on the go.

You can find some more information on the Holvi Mobile App here.

 

9. How will Brexit impact Holvi and its users?

We don’t expect Brexit to negatively impact Holvi’s regulatory status or ability to operate and grow in the UK market. The UK has the largest self-employment sector in Europe,  with over 3.5 million sole traders. Holvi sees a huge opportunity to help these sole traders who are currently underserved. We’ve done the due diligence and are ready to offer support.

For more info on Holvi and Brexit, visit our Official Brexit Q&A.

 

10. And what does it cost?

Holvi pricing is based on which plan you choose. Our Starter account comes with no monthly subscription fees and offers powerful tools to help you run your business.

Here are our pricing models.

 

To sum up

Holvi goes beyond ‘financial service provider’. We want to free you to spend energy on what’s most important to you – not finances, but your actual work. We’ve built a powerful business account with features to streamline your sole trading career. 

Still not sure if Holvi is right for you? Read our '7 reasons for sole traders to open a separate business account' to discover how Holvi has your best interests at heart.



Always curious? Sign up to Holvi’s blog for makers and doers.

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The next generation of business banking

Holvi is a business account designed and built for entrepreneurs by entrepreneurs. Holvi account has everything your business needs, in one easy to use solution. 

  • Business current account 
  • Holvi Business Mastercard
  • Easier invoicing
  • Paperless bookkeeping

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