Pricing that preserves your profits

Truly Financial is a fully online digital service. We do not operate physical branches, and we’ve designed everything we offer to be accessible via your Truly Financial online login.

Many traditional banks require customers to visit a branch for certain types of needs like opening an account, sending a wire transfer, transferring funds from one account to another account in the same bank, etcetera.

With Truly Financial you can do all of these from the comfort or home, with a fully online platform, and secured 2-factor login authentication.

Truly Financial is currently available to customers in the United States and Canada.

Truly Financial is being built as a global bank for businesses and would gradually be made available to customers in other countries including South America, Europe, and Asia. Please sign up for our newsletter to be kept updated as we launch into new geographies.

Note: The availability of certain services or features may vary by country. Truly Financial is a business banking service and requires that you apply for an account as an incorporated or registered business only.

Truly Financial is available to businesses located in the United States and in Canada, with certain exceptions.

Business owners and officers of the company can be U.S. or Canadian citizens and/or residents.

We can also accept U.S. / Canadian businesses owned by foreign residents. However, we cannot open accounts for business owners who are residents of (or have strong ties to) certain high-risk jurisdictions.

As a business owner or officer living outside the United States or Canada, you can apply by providing documents that establish your link to the company, and help to verify your ID which may include the following:

• A copy of your foreign passport.
• Government-issued document to prove your address. You must provide your foreign residential address and not the business address.

Additional supporting documents may be required once you have completed the ID verification using our online process.

For proof of address you may provide one of the following documents:

• Utility Bill issued by a public utility company. Private utility bills like cable tv, PO Box, etc are not accepted.
• Bank Statement
• Driver’s Licence
• Mortgage Statement

Note:
a) If you are a resident of the United States, you must provide your SSN number
b) If you are a citizen or resident of Canada, we do not ask for SIN number

Truly Financial does not perform a credit check when opening an account for your business and your credit score will not be affected.

We sometimes perform a “soft” credit check that verifies your details. A soft credit check is used by financial institutions to verify the identity of individuals and never impacts the credit score.

You can read more about the difference between soft inquiries (which do not affect your credit score) and hard credit checks (which will impact your credit score) in several reputed articles including this one by The Balance.

All incorporated or registered businesses in the United States must provide an EIN number. The EIN requirement is waived only if you are running a business as a freelancer and in that case, you must provide an SSN number.

In the situation where one of the shareholders of the company is another legal entity, Truly Financial requires you to list all the persons who are the ultimate controlling party either via shares they hold directly, or stake in the company via shares held by another legal entity.

For example, if Acme Inc is applying for a Truly Financial account, and Baron Inc holds 50% in Acme, there can be a few scenarios:

Scenario 1: Jack holds 20% in Baron. So this means John controls 10% of Acme (since Baron owns 50% of Acme). Since Jack’s indirect interest in Acme is below 25%, his name is not needed while applying.

Scenario 2: Jill holds 60% of Baron Inc which means she controls 30% of Acme via the 50% that is owned by Baron. In this case, Jill is required to be mentioned as a controlling party in Acme’s application for Truly Financial, stating that she controls 30% of the shares in Acme.

We can accept most registered companies. We are also able to open accounts for businesses registered as sole proprietors and freelancers who are doing freelancing as a business.

However, we are unable to support businesses dealing in cryptocurrencies, money services, adult content and entertainment, marijuana/cannabis/other drugs, gambling, precious metals and jewelry, charities and not-for-profits, numbered companies, collection agencies, payday lenders, shell companies, multi-level marketing, persons indicted for financial crime and more (this is not an exhaustive list).

If your business matches any of these categories or other deemed high-risk categories that we do not service, feel free to get in touch with us for clarifications before you apply.

Congrats and welcome! We’re so excited to have you on board and can’t wait for you to start empowering your business with Truly Financial!

If you are the Admin user you can now…

1. Use your Checking account to:
   – Deposit funds by sending ACH/Wire from your other bank accounts
   – Send the account details to your customers who need to pay you
   – Link your checking account with Stripe, Paypal, etc or any payment processor that receives online payments for your business
2. Send payments to your suppliers or contractors in the United States using ACH / Fedwire, send international Express Payments that are deposited directly to their account, or by international SWIFT wire transfer.
3. Add team members for SmartSpend accounts
   – Invite Team Members for corporate spending accounts
   – Assign Visa cards to them to pay for company expenses
   – Set up spending controls and lock/unlock cards at any time
4. Invite your Accountant
   – Invite your accountant as an Accountant Admin or Accountant Viewer to manage your banking and payments
5. Cash back
   – Spend on your Visa card and earn Truly Savvy points on all spends by you and your team members
   – Claim your points as cashback rewards that are credited back as money directly into your Checking account

We welcome customers who have more than one business and the process is very simple. Simply log in to your Truly Financial account and on the left panel, click on your company name. From the dropdown, choose the option “Add another business”.

You would then be prompted to start providing the company information and ownership details. Once the details are complete, we will review the application and approve eligible accounts within 2 business days.

Note: You DO NOT need to go through ID verification again if your ID is already verified for the first company, and your ID continues to be valid.

We need to verify your ID to ensure that there is a real person behind each account we open, and to prove that they are who they claim to be. This prevents someone from operating on your behalf without authorization or impersonating you to commit fraud.

At Truly Financial, we incorporate biometric technology to determine, in real-time, the person opening an account. We also use advanced document verification technology, so you don’t have to physically visit a branch or provide paper documentation.