In accordance with the requirements of the monetary and financial code, in order to proceed with opening your Qonto business account, we need to collect and verify a certain amount of information regarding:
- The business for which the account was created;
- All the people who could use it.
What can I do during account verification?
While we carry out the necessary verifications, you will still be able to access your account. However, until the actual existence of the business is confirmed, some features will be limited:
- You will be able to generate cards, but it will not be possible to receive them, use them, or see their number until we have completed the verification procedures;
If you are an employee with the Collaborator role on an account with a Team plan (Essential, Business, or Enterprise), you will not be required to confirm your identity for transfer requests, submitting expense reports, and obtaining an Instant card. You will be asked for an identity document only if you request a virtual or physical card.
Why do I need to verify my identity?
These checks are carried out for the purpose of combating money laundering, terrorism financing, and fraud in general.
How long does verification take?
Verification procedures generally last less than 24 hours, but in some specific cases they could require up to 5 business days.
During this interval, it will still be possible to receive transfers.
As soon as we have finished the verification procedures, you will receive a confirmation email of the activation of your account. Usage limits will then be automatically removed.
What is the REA code?
The REA number is a number composed of 6 digits and the code of the province/chamber of commerce that assigned it.
An example of a REA number is: RM-123456. It is an identification number that allows identifying the position of the company within the REA register.
Can I create multiple accounts?
With Qonto, each company can have only one account. To identify a company, we rely on the REA code. There cannot therefore be multiple accounts with the same REA Code.
However, thanks to the multiple accounts feature, it is possible to easily have, on the same account, different sub-accounts with dedicated IBANs, as well as specific account statements and payment methods for each of these sub-accounts.
For more information on multiple accounts, you can read the article What are multiple accounts?