When you sign up on open.money & complete your KYC, you get your own Open online bank account. It’s a virtual account that can be used to collect payments, send payouts, load money from your other bank accounts, and much more. The money in your Open online bank account can be withdrawn anytime.

Please note - Open online bank account is NOT a replacement for a current account. The differences between an online bank account and a regular bank account are as follows -

Open online bank account

Current account

Online payment collection

Yes

Yes

Do payout to any account

Yes

Yes

Do transactions from an

offline bank branch

No

Yes

Issue cheques

No

Yes

Bank statements

No

Yes

You can do transactions, reconciliation, and accounting of these transactions - all from your Open online bank account.

If you wish to avail of additional services like generating bank statements for legal purposes or issuing cheques, we can help you get a current account. Click here to apply.



Did this answer your question?