You can add a new bank account or update where your Settlements are paid directly in the Teya app.
If your business has multiple trading locations, you can link different bank accounts to different stores, or use a single account for all of them.
Before you start
Instant Settlements are only available with a Teya Business Account. If you want to switch your Settlements to an external bank account, you must first change your settlement frequency to Everyday or Business Day in the app.
Go to Settlements > Settlement preferences and update your settlement frequency before you change your bank details.
- If you have an active loan or cash advance with Teya, you must provide supporting documents to change your bank account.
- If your business structure has changed (for example, moving from a Sole Trader to a Limited Company), you must update your business details before adding a new bank account.
Requirements
To add a bank account, you will need the sort code, account number, and account holder name. The account must be in the same country and currency as your Teya account. The table below explains whose name the bank account must be in, depending on your business type.
| Sole Trader | You can use a bank account in your personal name or your trading name. |
| Limited Company / Organisation | The account must be in the business’s legal name (matching your Teya registration). Personal accounts are not accepted. |
How to add a new bank account
Only users with Super Admin permissions can add a new destination bank account.
- Open the Teya app and go to Explore.
- Scroll down to Settlements & Accounts.
- Tap Destination Bank.
- Select + Add New.
- Enter the sort code and account number.
Verification process
Once you submit your bank details, we verify the account to ensure Settlements are paid securely. The type of verification depends on how closely the details match the bank’s records:
- Instant verification: The account is authenticated immediately with the bank.
- Partial verification: Details match closely but not exactly. We may still attempt instant verification.
- Manual verification: If details do not match, manual checks are required.
Settlements initiated before your new account is fully verified will be paid to your previous bank account. Only future Settlements will be sent to the new account once verification is complete.
Linking a bank account to a store
If you have multiple stores or locations, you can control which bank account receives the Settlements for each one.
- Open the Teya app and go to Explore.
- Scroll down to Settlements & Accounts.
- Tap Destination Bank.
- Select the bank account you want to use.
- Tap Link stores.
- Select the store(s) you want to connect to this account and tap Confirm.
If you need to update your information before changing your bank details, or if the system indicates a manual check is required, contact Team Teya for support.