FAQs

General Information

What is Ampere?

Ampere is your All-in-One Financial Service for Business. With Ampere, you can open a business account in minutes, giving you complete control of your funds from one app. We're all about simplifying your financial journey, providing hassle-free onboarding and powerful business tools. We offer the lowest exchange rates and lightning-fast transactions for secure payments.

Where does Ampere operate?

Currently, we're opening business accounts in the UK. Very soon, we'll expand our services to open business accounts for the EEA.

Who can open a business account with Ampere?

You can open an account with Ampere if you are a UK or EU based director with a UK or EEA registered enterprise (LTD, LLP, LP). You have to be a UK or EU resident to apply for a personal account, that is available to directors and shareholders of an existing client of Ampere.

How are my funds protected with Ampere?

Your funds are safeguarded by a certified financial institution under a FCA.

What do I need to open a business account?

Here's what you need:
To have a UK-registered company (LTD, LLP or LP).
Being the authorised representative of this company.
Valid ID: Passport or ID or UK driver's licence or UK Work Permit (with a validity not less than 3 months)
Valid proof of business address in the UK/EU: utility bill or bank statement (not older than 3 months).
Formal information includes full name, date of birth, address, email and ID card/passport number.

Can I manage my business account from a computer or phone?

Yes, you can manage your account easily from your phone, PC or tablet anytime and anywhere. To manage your account from the phone, download the Ampere app on Play Market or App Store.

How much does it cost to open a business account?

The price depends on the type of the account you want to open and the location of your business. For exact and detailed pricing, please visit the pricing page.

Online Business Account Opening

What information will I need for my business account application?

Here's what you need:
To have a UK-registered company (LTD, LLP or LP).
Being the authorised representative of this company.
Valid ID: Passport or ID or UK driver's licence or UK Work Permit (with a validity not less than 3 months)
Valid proof of business address in the UK/EU: utility bill or bank statement (not older than 3 months).
Formal information includes full name, date of birth, address, email and ID card/passport number.

What documents can I use to verify my trading address?

You can provide:
A scan of a commercial utility bill for gas or electricity from within the past three months that you received through the post or a commercial rental agreement.

What documents can I use to verify my identity?

The passport, driving licence or national identity card must be valid, up to date (with a validity not less than 3 months) and be signed by the holder.

Do I need to be a UK resident to apply for a business account?

You have to be a UK or EU resident.

What is required to apply for a business account in the UK?

Provide the required documentation, including ID documents, proof of address, and business verification, as well as verify the identity of the authorised representative.

Can I apply for a business bank account online in the UK?

Yes, with Ampere, it is possible to open a business account online easily and quickly with anall-in-one app. To apply, you'll need to provide the details of your business, including contact details, trading/registration addresses in the UK, and personal details, as well as verify the identity of the authorised representative.

Does a UK business need a UK business account?

There is no legal requirement for a UK company to have a business account in the UK. You can open one in your country of residence or any other country where possible. Usually, you have to get your company documents apostilled (legalised) to do so and, in some cases, visit the bank in that country.

Can I open a UK bank account online from abroad?

Yes, with Ampere, you can open a business account from most countries of the world. It is easy and fast as long as you have all the required documents.

What happens after applying for a business account?

We proceed and verify your information; if everything meets the requirements, we activate your business account instantly, and you can enjoy all the business features you need.

When will I get my account details?

Once we verify and approve your information, you immediately have full access to your account, its details and its features.

Business and Consumer Debit Cards

Can you have a debit card on a business account?

Yes, with Ampere, you will have a business debit card linked to your current business account.

What is a consumer debit card?

Debit cards access funds directly from your account, ensuring you spend exactly what you have. They facilitate spending from your account, prevent debt accumulation, impose minimal to no fees and do not entail interest charges.

What is a business debit card?

Business debit cards are linked to your business account, meaning purchases are subtracted directly from the business balance.

Why would a business use a debit card?

A business debit card can benefit businesses because it offers spending flexibility, more control over the business finances and helps keep track of the business spending needs. Use it for online payments, subscriptions, business trips, paying for business lunches, etc.

What is the difference to the consumer between using a debit card or a credit card for making a purchase?

Debit cards access funds directly from your bank account, ensuring you spend exactly what you have. Credit cards offer a line of credit a bank provides, permitting you to borrow up to a predetermined limit for purchases or cash withdrawals. Such borrowing is subject to interest rates and timeframes for the return of the amount specific for each offer.

What do you need for a business debit card?

To get started, simply apply for an Ampere business account. Right after the account is approved, we promptly send your business debit card to you.
Find more information about account opening hereor Sign up right now.

Business Loans

How do business loans work?

A business loan is a loan taken out by a business to pay for business expenses such as equipment, to cover operating expenses, or to expand into new markets. Businesses must then repay their lender according to the loan terms, which dictate the length of the loan and the interest rate.

What information do I need to provide to apply for an Ampere business loan?

We will ask you for information about your business, like your yearly revenue, how you accept payments from your customers and statements from other business accounts that you may have.

What is the repayment process?

We provide business loans that are tailored for each of our clients individually. The same goes for the repayment process. Some loan providers may want an agreed monthly fixed rate, and some may wish for a more flexible repayment from a monthly income/revenue percentage.

What happens if I miss a repayment?

As with the repayment process, this will depend on the loan and repayment process you agree on. Conditions for a missed repayment will be stated in the offer from the loan provider before you accept it.

How do I qualify for a business loan in the UK?

To qualify for an Ampere business loan, you need an Ampere business account and an active operating business in the UK.
Here are common questions about business during the application review:
Credit score: Your company's credit score will be checked via open sources, and information about your and your company's existing loans/credits/mortgages may be required.
Annual revenue: Often requires businesses to meet a minimum level of income to be considered for a loan. Thus, you will be asked to provide statements from all your business accounts related to the company.

Is a business loan considered income in the UK?

No, business loans are not generally considered business income. That's because a loan is money you have borrowed and are paying back.

Card Payment Acquiring

What is a merchant account?

A merchant account combines two tools: an online terminal that accepts customer payments online and a banking account that accumulates those accepted payments.

Is a merchant account the same as a bank account?

A bank can provide a merchant account. However, core banking features will not be provided by a merchant account or provider.

What does acquiring mean in payments?

Acquiring banks process payments for merchants. When the customer submits their payment card details, the acquirer initiates a request to authorise the payment.

What is the process of card payment acquiring?

It's the process of collecting money from the business customer's bank account and transferring it to your business banking account via a payment card system like Visa or MasterCardĀ®.

What are the benefits of card payment acquiring?

Payment acquiring is a crucial process that enables businesses to accept and process electronic payments from their customers. It offers increased sales, improved customer experience, and easier cash flow management.

What Payment Cards can I accept using an Ampere merchant account?

You can accept all Visa and Mastercard payment cards.

Can I accept payment cards that are issued outside of the UK?

Yes, you can accept Visa and Mastercard cards issued by any country.

Can I accept other currencies using the merchant account?

Yes, you can accept payments in all currencies, disregarding customers' card issue country.