Hello everyone,
I am aware that the T&Cs state that Personal shall not be used for business. I asked support about getting money from rent into my
account and they confirmed that it does bot violate the Terms.
Can anyone confirm?
Hello everyone,
I am aware that the T&Cs state that Personal shall not be used for business. I asked support about getting money from rent into my
account and they confirmed that it does bot violate the Terms.
Can anyone confirm?
Rent is usually considered personal income. Unless you’re running a business.
I see. I just don’t want to play with this because it’s like 4 properties. I don’t have a company or whatever but you know.
In that case, I wouldn’t risk it either. I would set up an account per property to keep things organised.
So, do I need a PRO account if I am going to receive money from a rental?
I dont understand why, i am not a self-employed
No according to support. It’s just that the T&Cs are quite vague. What does “doing business” constitute then? Or at what point is income from rent considered business?
Yes, that is indeed the problem. It’s similar to eBay. Income from eBay is not automatically considered commercial, but at some point it can be. That’s why I personally would not risk using a personal current account for “property management” like this. It might be fine, until it’s not. And I would consider multiple properties an indication for a more business-like endeavor compared to just one house. I would keep things separate. It just seems not worth the hassle to me.
My thoughts exactly. Will do that then.
But can that money be sent later to a personal account?
Yeah, that shouldn’t be an issue as you can verify with a bank statement.