Incard

What it is

Incard Ltd is authorised by the FCA as an electronic money institution (firm reference number 1027309). It is not a bank.

How your money is protected

Safeguarded: Incard keeps customer funds separate from its own money, in accounts with authorised credit institutions, and doesn't lend or invest them. Funds are not protected by the FSCS.

Our e-money vs bank account guide explains what this means if a provider fails.

Who can open one

UK limited companies and LLPs, UK sole traders and freelancers registered with their local authority, and Swiss GmbH, AG and sole-trader businesses. EEA onboarding is paused until an expected restart in 2027. Public sector bodies, cooperatives, charities, foundations and trusts aren't accepted, and a long list of industries is restricted.

If you've applied to Incard before, speak to Incard directly about reapplying rather than starting again through a referral link. Incard's pricing page FAQ still says it is “available across the UK and EU”, but its eligibility article says EEA onboarding is paused, and we follow the help centre.

Restricted industries

Incard says it may refuse to open an account for businesses in these areas, and may decline other industries it doesn't consider appropriate. This includes crypto and blockchain, even if you've seen Incard marketing aimed at Web3. Our summary of Incard's current list:

• Insurance brokerage
• Fund, portfolio and collective investment management
• Financial institutions making payments for other financial institutions (nested relationships or layering)
• Trading, exchange, mining or investment in digital assets
• Cryptocurrency (trading, exchange and mining) and blockchain
• Payment services provided without authorisation
• Sexual or adult services and products
• Tobacco (including e-cigarettes) and alcohol
• Construction and chemicals
• Cannabis products and derivatives (THC, CBD, hemp)
• Military and weapons, including reproductions
• Auctions and sales of works of art
• Travel arrangement services (airlines, accommodation, ticketing agents)
• Medical devices, drugs and drug-related products and services
• Political organisations, and publishers of racist, adult, lobbying or propaganda material
• Seeds or plants
• Ponzi and pyramid schemes, multi-level marketing, get-rich-quick schemes, outbound telemarketing
• Casinos, gambling, betting, horse and dog racing
• Fortune-telling, clairvoyance and astrology
• Trading or brokerage of currencies, precious metals, gems, carbon credits or securities
• Accessibility diagnosis
• SIM cards, mobile top-ups, calling cards and VoIP providers
• Online file sharing
• Mining, oil and gas
• Goods or services likely to damage third parties' reputation, and any illegal activity

Documents to have ready

• Photo ID: UK nationals can use a driving licence or passport, Swiss nationals a national ID or passport, and everyone else a passport. A residence permit may be needed to show your right to live in the UK or Switzerland.
• Proof of authority: if you aren't a director, a document showing you can open the account for the company.
• Proof of home address: for example a utility bill, bank or credit card statement, council tax letter, mortgage statement or driving licence.
• Proof of trading address: a utility bill under three months old, a bank statement or a rental agreement. Sole traders give proof of home address instead.
• Source of funds: a bank statement, invoices to customers or payslips.
• Shareholder structure (companies only): for example a registry extract, articles of association or a confirmation statement. UK business accounts don't need a separate certificate of incorporation.

See Incard's documents article for the full list.

The application, step by step

1. Sign up

   Create a login with your email and a strong password, then verify your phone number. Incard notes it can't verify numbers from some countries.

2. Tell Incard about the business

   Choose a Business account (limited company) or Sole trader account. Give the country of incorporation, the registered and day-to-day trading addresses, your business category and the largest transaction you expect to make.

3. Tell Incard about yourself

   Add yourself as director. If you aren't a director, upload a document proving you can open the account for the company. Then enter your personal details and home address.

4. Verify your identity

   A guided ID check on your phone or computer. Turn off your browser's automatic translation for Incard's site first, because Incard warns it can break identity verification.

5. Accept the terms

   Read Incard's terms and accept them only if you agree with them.

6. Send any extra documents

   Incard usually emails a request for documents, such as proof of trading address, source of funds and shareholder structure. It may also ask for details of other directors or shareholders.

7. Wait for a decision

   Incard emails its decision. It says processing time depends on application volumes. Incard can refuse an application at its discretion, even if you meet the published criteria.

8. Choose a plan

   Once approved, choose Free, Grow or Plus. You can start on Free (£0 a month) and upgrade if your card spend justifies it.

Headline fees

Limits worth knowing

• Cashback is earned only on eligible purchases at merchants on Incard's eligible brand list. Refunds are deducted, and fees, cash withdrawals and transfers don't count.
• You can hold GBP, EUR and USD only.
• Incard's pricing page doesn't list a way to accept card payments from customers.
• The pricing page lists 3 users on Free; the Free fee schedule lists 5. Check in the app before you rely on either.
• Savings accounts are listed as coming soon.

How it compares

Our side-by-side comparisons of Incard with:

• Incard vs Revolut Business
• Incard vs Tide
• Incard vs Starling Bank
• Incard vs Wise Business
• Incard vs HSBC Small Business Banking Account

To see whether a paid plan is worth it for your spending, use the cashback vs plan calculator.