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Frequently Asked
Questions

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General

What is SWbank?

SWbank is a financial technology company that offers bank accounts and banking services for businesses in the United States. You get access to checking accounts, virtual cards, invoicing, tax automation, and much more.

We’re building banking for the internet economy. The world as we know it is no longer the same, and changes now occur in days and months, not years. The digital revolution is here, and SWbank is at the center, supporting entrepreneurs and businesses propelling the growth of the global internet economy.

We’re fortunate to have the support of some amazing institutional investors like Accel and experienced operators.
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We are a diverse and determined team of innovators, movers, and shakers. We are passionate about enabling our customers to do their best work.

We value critical thinking, craftsmanship, obsessive curiosity, intellectual honesty, and being customer-centric. We’re located in Los Angeles but work globally.

Can I open an account if I’m not physically in the US or a US resident?

Yes, we're proud to support U.S. companies founded by people all across the globe. You can open your account right from your browser without needing to visit the U.S.

There are a few exceptions. We can't currently open accounts for individuals living in the following countries: Belarus, Burundi, Central African Republic, Cuba, the Democratic Republic of the Congo, Iran, Iraq, Lebanon, Liberia, Libya, Nicaragua, North Korea, Somalia, South Sudan, Sudan, Syria, Venezuela, Yemen, and Zimbabwe.

Do I need to have an LLC or C-Corp to use SWbank?

Nope! If you are a U.S. citizen or have a valid SSN, you can apply for an account as a sole proprietor using your SSN.

What do I need to apply for an account?

If you're applying as a sole proprietor, you'll need to provide proof of identity with your SSN. If you're applying as a U.S. C-Corp or LLC, you'll need to provide a federal EIN number, company formation documents, and proof of identity (SSN for U.S. citizens. Passport for non-U.S. citizens).

Is my account FDIC insured?

Yes. Each SWbank account is insured up to the FDIC limit of $250,000. SWbank works with FDIC-insured banks, including Blue Ridge Bank & Trust, Member FDIC, to store your deposits.

What does SWbank cost?

SWbank offers a wide variety of services for a monthly subscription. Aside from your monthly subscription cost, SWbank does not charge any banking fees and this includes: account minimums, monthly fees, overdraft fees, account fees, wire fees, etc.

There is a fee for using card funding to fund your account and since this is not a core tenet of banking, there will be a card network cost of 14.9% for each transaction."

Security & Privacy

What is my SSN used for?

We use your SSN solely to verify your identity. We do not perform any credit checks.

Where are my funds kept?

SWbank works with FDIC-insured banks, including Blue Ridge Bank & Trust, Member FDIC, to store your deposits.

Are my funds insured?

Yes, your checking accounts are insured up to the FDIC limit of $250,000.

Add Money

Where can I find my wire details?

You can find wire details for each of your accounts by clicking on the Account Details option for each account on your dashboard. The account number and routing number are the same for ACH and wire transfers.

Can I send money via ACH?

Yes, you can send money via ACH for free through your SWbank dashboard by clicking the Add Money button from your SWbank account dashboard.

Can I send wire transfers?

Yes, you can send domestic wires for free through your SWbank dashboard by going through the Move Money flow.

Can I send international wire transfers?

We do not currently support international wire transfers but plan to do so very soon. Once available, you will be able to send international wires for free.

Can I send checks?

At the moment, you are not able to send checks through SWbank but this is another service that we will offer in the near future.

Debit Card

Who is eligible for a SWbank business debit card?

Any customer approved for a SWbank account is eligible to use our cards.

How do I activate my SWbank debit card?

Click the Cards tab from the main Dashboard, then select the card you would like to activate. Next, click the More tab and select activate from the drop-down menu.

Where can I use my SWbank business debit card?

You can use your SWbank business debit card anywhere Visa is accepted (basically everywhere!).

How long does it take to get my SWbank debit card?

A new physical card typically takes 7 to 10 business days to arrive. A virtual card can be generated instantly from your dashboard.

Can I withdraw cash from ATMs?

Yes, you can withdraw cash at any ATM with no additional fees from SWbank.* You can also withdraw cash without any fees at any Allpoint ATMs.
*ATM fees may apply.

If you have other questions, please visit our Help Center to learn more about SWbank or Get Help

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Frequently Asked Questions