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Debanking

Losing access to traditional banking facilities can make life difficult. Our range of alternative banking solutions can help you minimise risk and stay in control of your finances.
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What does debanking mean?

Also known as de-risking, debanking is when high street banks close individual or corporate accounts because they believe clients pose financial, reputational, regulatory or even legal risks. Account holders lose access to vital banking services, preventing them from holding funds and making or receiving payments.

 

Authorised and regulated by the FCA, our multi-currency accounts help clients minimise risk and stay in control if they’re at risk of debanking or have been debanked.

Why do banks close accounts?

Banks close existing accounts or decline financial services for four main reasons.

Account misuse or low use

Many banks close dormant accounts after a period of low activity or inactivity. If you haven’t used your account for months or years, you could get debanked.

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Repeated unauthorised overdrafts, bounced pre-arranged payments and signs of identity theft can also trigger offboarding, suddenly leaving you without a bank account.

Enhanced due diligence costs

Accounts held by politically exposed persons (PEPs) demand extra scrutiny. Because enhanced due diligence is an ongoing process, this can cost the bank significant money over time.

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Banks often take a risk-versus-reward approach to PEPs and sometimes offboard clients they believe are at an increased risk of bribery or vulnerable to corruption. 

Enhanced money-laundering or crime risk

Banks take notice when clients receive unexplained funds from unconnected third parties, transact with high-risk countries, or make or receive seemingly abnormal payments.

 

If banks believe that an account holder represents a greater risk of money laundering or terrorist financing, they may apply additional due diligence. Again, this can cost the bank a lot of money over time. 

Client responsiveness issues

When clients don't confirm their identities, prove where they live or clarify the nature of their businesses, banks can’t fulfil their Know Your Customer (KYC) obligations.

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Financial guidelines can change, so if you don’t provide documentation in a timely manner after receiving a request from the bank, your account could be closed. 

7-10 days

Quick account opening

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What to do after being debanked

Losing a personal or business bank account unexpectedly is both distressing and inconvenient. Here’s what to do next.
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01

Contact your bank

If you believe there's been a misunderstanding, ask to speak with your bank’s customer service team. Your bank may decide not to reopen your account: if that happens, you can make a formal complaint.

02

Complain to the Financial Ombudsman Service (FOS)

Eight weeks after filing a complaint with the bank, you can escalate your case to the FOS if you haven’t received a reply or you’re unhappy with the bank’s response.

03

Open a new account

You don’t have to wait to open a new account. One option is to choose an alternative banking provider like Interpolitan, where swift onboarding and personal service come as standard.

Take control with Interpolitan

An alternative account from Interpolitan can help you stay in control if you lose your traditional bank account or are at risk of being debanked.
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With an Interpolitan multi-currency account, you can pay partners, move money and do business in more than 160 countries.

Quick

setup

Onboard with us in 7–10 days.

Unique named IBAN

Secure cross-border transactions.

55+

currencies

Make international payments fast.

Dedicated account manager

24/7 support via phone and email.

FX
services

funds and guard against fluctuations.

The Interpolitan difference

Fintech companies
Interpolitan Money
Traditional banks
EMI
EMI
Bank Licence - FSCS
UK licencing
Unique named account
Unique named account/IBAN
Unique named account
Account type
Transact in 30+ currencies
Transact in 50+currencies
Transact in local currency
Functionality
At least 1-4 weeks
7-10 working days
Up to six months
Onboarding time
Somewhat risk tolerant
Risk tolerant - case-by-case review
Generally risk averse
Risk tolerance
Full multi-currency support
Full multi-currency support
Minimal multi-currency support
Available services
Asset and account balance requirements vary
No minimum asset and account balance
Minimum asset and account balance required
Account requirements
Heavily automated service
Personalised account management
Slow ticketing system
Customer service
Transaction limits, fees vary
Tailored FX risk management
Low support, high fees
Currency exchange
Funds held with FCA-regulated tier-one banks
Funds held with FCA-regulated tier-one banks
FSCS protected up to £85,000
Protection
Digital onboarding only 
Digital, in-person and video onboarding
Digital and in-person onboarding
Onboarding

Our partners

Our partnership opportunities can help you retain and grow your client base. 

LONDON
5th Floor, 33 Cavendish Square, London, W1G 0PW
+44 (0)20 8187 5001
info@interpolitanmoney.com

 

DUBAI 

Office 109, Level 1, Tower A,

Damac Park Towers, DIFC, Dubai, UAE

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MUMBAI 

2905 Marathon Futurex, NM Joshi Marg, 

Lower Parel, Mumbai, India 400013

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Interpolitan Money PLC is authorised and regulated by the Financial Conduct Authority (“FCA”) to issue electronic money under the Electronic Money Regulations 2011. FRN 900413. Forward contracts and associated credit facilities are not regulated by the FCA.

 

An Interpolitan Money account is not covered by the Financial Services Compensation Scheme (“FSCS”). We hold your funds in specially designated, safeguarded bank accounts, with our tier 1 banking partners, which keep your funds separated from our other assets. This means your funds are protected. Please see our FAQs for more information.

 

Interpolitan Money Plc registered office address 2 Leman Street, London, England, E1W 9US, a company incorporated under the laws of England and Wales, registration number 07666629. Interpolitan Money Canada Inc is registered as a Money Business Service (“MSB”) with the Financial Transactions and Reports Analysis Centre (“FINTRAC”). Our registration number is C100000165.

 

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