Should I open a personal or a business account?

Choose the account type that matches who owns the money and how it will be used.

Personal accounts

A personal account is for an individual managing their own money. Personal services cover own-name funding and own-name withdrawals: money comes from, and goes to, accounts in your legal name. A personal account is not a general service for receiving from or paying other people.

Business accounts

A business account is for a company and is verified through business verification, including the people who own or control it. A verified business account can manage the business's own funds. Third-party services, such as collecting from customers or paying suppliers, are separate services that are enabled only after a further review of the business, the payment type and the route.

Choosing correctly

Do not use a personal account for business activity or on behalf of someone else. If you are unsure which account type fits, contact support before applying. Changing account type later may require a new application and verification.