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Business Rewards Account

Limits, fees, industry restrictions, and cashback eligibility 

Fees

Transaction type Fee
Monthly fees None*
Faster Payments - Incoming None
Faster Payments - Outgoing None
CHAPS - Incoming None
CHAPS - Outgoing £20 per transaction
Bulk Payment - Outgoing None
Direct Debit - Outgoing None
Direct Debit - Incoming Not available
Direct Credit - Outgoing Not available
Direct Credit - Incoming None
International transfer – Outgoing Wise transfer fee and exchange rate applies. No Allica Bank fees.
International transfer – Incoming GBP only, quoting IBAN and BIC CLRBGB22
Card payment - Domestic None
Card payment - International Foreign exchange charged at Visa exchange rate, no Allica fee
Cash withdrawal None

 

*We reserve the right to charge fees for customers who do not meet our eligibility criteria.

Please note that free Faster Payments and BACS payments are subject to a fair use policy of a maximum total of 100 outgoing payments monthly. If these fair use limits are exceeded, Allica reserves the right to charge 15p per outgoing payment above this.


Limits

Transaction type Limit
Faster Payments - Incoming None
Faster Payments - Outgoing £250,000 per transaction
CHAPS - Incoming None
CHAPS - Outgoing £1,000,000 per transaction
Bulk Payment - Outgoing Maximum 100 payments per bulk payment, FPS limits apply to individual payments within the bulk payment
Direct Debit - Outgoing None
Direct Debit - Incoming Not available
Direct Credit - Outgoing Not available
Direct Credit - Incoming None
Card payment - Domestic £50,000 per transaction
Card payment - International £50,000 per transaction
Cash withdrawal £750 per day

 International transfer - Outgoing

 £250,000 per transaction


Cashback offer

1% cashback on every card transaction.

Where the aggregate value of your monthly transactions is above £10,000, you will earn:

  • 1% cashback on the first £10,000; and
  • 1.5% cashback on any spend over £10,000, provided that any spend over £10,000 is in a separate transaction after the £10,000 threshold has already been met by previous transactions in that month.
  • Please see here for further details.

The following transactions are not eligible for cashback:

  • Account and prepaid card funding
  • Bank fees such as product fees, promotional merchandise, financial consultations and loan fees
  • Cash withdrawals
  • Cryptocurrencies
  • Debt repayments
  • Deposits
  • Gambling transactions
  • Money orders
  • Money transfers
  • Savings bonds
  • Securities — stocks, bonds, commodities and mutual funds
  • Tax payments
  • Travellers' Cheques and foreign currency 

 

Exchange Rates

At Allica, we don’t charge you any fees on top when you spend abroad on your card. This means that you get the Visa exchange rate with nothing on top.

You can find the VISA exchange rate is here. 

This can be compared to the European Central Bank rates.

Prohibited industries 

Allica Bank also maintains a list of types of corporate entities which we have prohibited from establishing a business relationship with due to the reputational damage and/or the financial crime risks they pose:

  • Adult entertainment industry
  • Animal testing
  • Firms involved with the production or development of nuclear technology, weapons or related materials
  • Embassies/consulates
  • Non-governmental organisations
  • Extractive Industries (coal, lignite, crude petroleum or natural gas)
  • Professional football clubs
  • Casinos or gambling/betting establishments, including online
  • Unlicensed production or distribution of controlled drugs and pharmaceuticals or the production or distribution of "legal highs"
  • Marijuana 
  • Dealers of precious metals and stones
  • Unregistered or unregulated charities
  • Payment Service Providers and Money Service businesses 
  • Firms that deal in crypto/digital/virtual currencies
  • Firms operating without licenses in sectors that require licenses

This list is subject to review and change in line with the risk appetite of the bank.

Restricted industries

We are open to supporting defence sector companies, subject to minimum requirements that include:

  • Being based in the United Kingdom, with 50% of turnover generated from the UK Ministry of Defence and UK-registered limited companies.
  • Providing services only to countries in NATO, EU, the Crown Dependencies, Gibraltar, Australia, or New Zealand (or to UK military bases).
  • Having appropriate licences in place to sell products overseas, such as from the Export Control Joint Unit and the Office of Financial Sanctions Implementation.
  • No provision or distribution of any type of offensive weapons (i.e. articles that are specifically designed to cause injury), or any “arms” trading. This includes but is not limited to any business involved with equipment that is designed for capital punishment, torture or other cruel, inhuman or degrading treatment or punishment.

Our current detailed policies are available on request, and are subject to change.
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