What started out as a dream is starting to feel very much like reality. Your Esports team is rising up the rankings and you’ve moved from playing in regional tournaments to international competitions. The big leagues are in your sights, sponsors are calling, and you and your team are getting paid to play League of Legends, CS:GO, Call of Duty or another popular game.
But how will you manage the money that’s starting to roll in?
Right now, none of the major high street banks are offering a bank account which is tailored to the needs of professional and semi-professional Esports teams. And that can start to become a real headache as you progress.
Learn more: 4 ways to make money in Esports
Challenges of banking for Esports teams
With more money than ever coming into the Esports sector, successful teams stand to seriously benefit as interest in this form of entertainment grows.
However, when it comes to Esports banking, many teams are finding that regular high street bank accounts don’t quite meet their needs. This is because Esports teams work in unique ways that regular banks are not used to dealing with:
International payments are common
Whether it’s paying money to enter competitions abroad, join leagues, or receive winnings and sponsorship money, Esports is a highly internationalised sector. Unfortunately, most regular business bank accounts are not set up for these kinds of frequent international payments and you’ll face delays when receiving and sending money.
You may have salaried players in multiple jurisdictions
If your team is comprised of players in several different countries, they will typically expect to be paid in their local currency. Sending out regular monthly salaries in various currencies can be a real headache to organise with a regular high street bank.
Many high street banks are obliged to flag up any ‘unusual’ behaviour on accounts and block payments which look suspicious. If your teams are making in-game purchases or you are entering competitions in multiple countries around the world, that could raise red flags for a regular high street bank. And if that means they freeze your account while investigating, you may miss out on opportunities to enter competitions.
Did your team just win a competition in Poland? Are you claiming a runner up prize from a tournament in Norway? If so, you will face costly exchange rate fees from most regular high street business bank accounts which will eat into your hard-earned winnings.
Esports teams are a new and unusual organisational structure
Depending on how you have structured your Sports organisation - be that as an association, a company, a charity or something else - you will need to perform certain banking and accounting duties (your accountant can advise you on the best organisational structure). At present, many banks offer some kind of community/club/society account, yet these are usually aimed at small casual organisations such as a local Scouts group or youth football club – and not the needs of a professional Esports team.
As these examples show, managing the finances of an Esports team is a genuinely unique banking prospect. Until now, your only options would be to:
- Open a regular business bank account (but be stung by expensive foreign exchange fees for frequent international payments)
- Use a regular private bank account (but risk breaking rules and having the account frozen for unusual activity)
- Starting a community/club/society account (but struggle with things like paying salaries or FX)
Why a specialised Esports bank account is the solution
Xace is a specialised bank account for Esports teams. We have built an Esports bank account from the ground up which we believe meets the specific and unique needs of today’s pro and semi-pro gamers. Here are some of the features that we’ve built in:
Unlimited cross-border payments
Whether you need to pay competition entry fees, send a player their salary or receive money from a sponsor, Xace provides unlimited cross-border payments at the best exchange rates available.
A bank account for teams anywhere in Europe/UK
As long as your team was set up somewhere in Europe, Xace can provide you with a bank account, regardless of your location.
Salaries and expenses anywhere
Is your League of Legends Jungler based in Gibraltar, your Mid-Laner in Madrid and your Top Laner in Trieste? No problem – Xace lets you pay salaries by direct debit as frequently as required in multiple currencies - as well as making payments for other team expenses too.
Comes with an IBAN
An International Bank Account Number allows you to receive payment from anywhere in the world with ease. This means that your new sponsors can fund you fast, and it also makes it straightforward to receive winnings from competitions by bank transfer (no one wants to be paying in cheques!).
Several Esports competitions are now opting to pay competition winnings in cryptocurrencies. This allows winners to avoid the traditional FX costs of receiving money from abroad and also ensures transparency and trust when playing across borders. Most traditional banks take a dim view of cryptocurrency, but a Xace Esports bank account allows you to receive money from, and pay into, all the major crypto exchanges.
By choosing a bank account which is specifically designed for the needs of Esports teams, you make significant savings on foreign exchange, can easily and securely make international payments and avoid the risks of fines, delays and account freezes caused by regular banks simply not understanding the Esports industry.
A bank account for Esports
Esports are growing fast, but until now, most pro and semi-pro teams have had to make do with a banking set up which doesn’t match their unique needs and activities. And that’s where Xace’s Esports bank account helps.