If you reside in the United Kingdom and would like to open a business bank account for your limited company then it is not usually complicated. For example, you can use our fast-track bank account referral service when registering a new company.
As you fill in the online application to form your company, our website will display a selection of banks that offer services best suited for your company type and business activities. Select the bank that best suits your needs, and we will securely send your information to that bank.
Although more complex, it is still possible to open a UK business bank account for non-UK residents. Most high street banks in Great Britain, such as Barclays and Lloyds, either do not offer accounts for companies managed by non-UK residents or else they make the process very complicated. Other options are available, however, which we shall explain below.
If I do not live in the UK, what are my choices for opening a business bank account?
We have partnered with different payment institutions to give foreign directors a solution for their businesses that are registered in the United Kingdom.
To be more precise, this is not a bank account but a business account with an electronic money institution. These institutions offer similar products and services as banks but may be more flexible and accommodating for foreign nationals and/or overseas residents.
The main difference between a bank and an e-money institution is that banks offer lending products such as loans and mortgages, whereas e-money institutions do not. Banks are also subject to stricter regulations than e-money institutions.
If you are a foreign national and/or you reside outside the UK and are looking for an alternative to a bank account to manage your limited company, then you may want to consider using a payment institution.
With this solution you will get a current account and corresponding GBP sort code and account number, together with an IBAN, just like any other UK bank account. You can also hold, send and receive other currencies in and through the same account.
What are the benefits of a payment institution’s business account?
There are several advantages to using an e-money institution to set up your business account, whether you are a foreign national or non-UK resident or not:
- Fast and simple account opening: You can open your account in just a few minutes, without having to visit a branch.
- Debit cards available: You can get a debit card linked to your account, so you can easily make payments in person or online.
- Efficient international money transfers: You can send and receive money quickly and easily, with low fees.
- Flexible account management: You can manage your account online or via a mobile app, so you can keep track of your finances no matter where you are.
FCA-Regulated Multi-Currency Business Account
We are delighted to introduce an option that caters specifically for non-UK residents who want to establish a robust financial presence in the UK. Our partnership with an FCA-regulated payment institution allows us to offer a tailored financial solution for international business needs.
Tailored Account Features
Our partner institution specializes in providing multi-currency IBAN accounts, which facilitate transactions in major currencies such as GBP, EUR, USD, and CNY. This feature is particularly advantageous for businesses operating in multiple countries, as it allows for seamless cross-border transactions without incurring the currency conversion fees typically associated with standard banking operations.
Access to Major Payment Systems
Clients will gain access to significant payment networks including SEPA, TARGET2, and SWIFT, ensuring swift and secure payment transfers both within Europe and globally. This connectivity is designed to support the demanding pace and scale of international business operations, providing a reliable backbone for your financial transactions.
Dedicated Personal Account Management
To enhance your banking experience, each account is assigned a personal account manager. This dedicated professional support ensures that you have direct access to expert help and advice, letting you manage your financial operations more efficiently and with personalised attention to your business needs.
Understanding the Costs
It is important for potential clients to be aware that the specialised services provided by our partner come at a premium compared with traditional banking institutions. The account opening fee starts at £430 (approximately 500 EUR), reflecting the enhanced features and personalised services that are offered. Although these fees are higher, they are indicative of the high level of service and the bespoke financial solutions provided, which are particularly suited to companies formed by non-residents.
This partnership underscores our commitment to facilitating the global ambitions of our clients by providing them with the financial tools necessary to succeed on the international stage. For more information you can contact this payment provider via the application form on our website.
Click here to contact an FCA-Regulated business account provider in the UK.
Wise Business Account
One of the best e-money institution options available for non-UK residents is Wise (formerly known as TransferWise). Wise is a very popular choice among small businesses and startups since it offers low fees, quick and efficient international money transfers and flexible account management.
You can easily open an account with Wise in just a few minutes, without the need to visit a branch. Additionally, you can obtain a debit card linked to your account, allowing you to make payments in person or online with ease. You can manage your account online or through a mobile app, enabling you to keep track of your finances from anywhere.
If you apply for a Wise business account through our website, you will be eligible for a free up to £20,000 transfer – an offer that is exclusively available to Uniwide Formations customers.
Here are some of the great features Wise offers e-commerce businesses:
- Cheaper than PayPal, always. With better exchange rates and no monthly or hidden fees you will get more for your money every time.
- Get money from online marketplaces or PSPs without needing to convert it into other currencies, including GBP, USD, CAD, EUR, SGD, AUD, NZD and TRY.
- You can pay or send invoices in more than 50 currencies and 80 countries.
- Integration with accounting tools such as Xero, Quickbooks and Freeagent.
- Direct Debit availability.
- Wise debit card for online payments.
Wise is regulated by agencies within every country in which it operates. For example, the FCA in the UK and FinCen in the US.
Click the button below to apply for a Wise Business account.
To open your Wise Business account, simply click below. Then, on the new page that has just appeared, choose "Get started" / "Create your account".
If you want to know more then go to our article: “Wise Business Account: How to Save Money on Your International Transactions“.
Airwallex Business Account
Another popular e-money institution among small businesses and startups is Airwallex. Airwallex offers fast and efficient international money transfers, flexible account management, and a wide range of features and services.
Airwallex will allow you to:
- Set up new accounts in the UK, US, AU, EU and HK quickly and easily, without any account setup or management fees. Plus, you can start collecting payments in local currency right away.
- Collect and send money around the world faster with fewer fees.
- Save over 80% on currency exchange vs high street banks.
- Pay like a local in the local currency, wherever you are. Make domestic transfers in GBP and international transfers via SWIFT.
- Issue multi-currency Visa and Mastercard debit cards quickly, complete with dedicated employee access to track spending in real time.
- Set up and link multiple accounts globally to the major e-commerce platforms, such as Amazon, to receive funds “like for like”.
- Accept card payments from your customers online.
- Create physical and virtual employee cards, as well as company cards, in just minutes, and track spending and set spending limits.
- Link your Airwallex account to accounting software, such as Xero.
- Invite your team member, for example, an accountant or bookkeeper, to access your account.
Airwallex is a great choice for businesses that want to save on currency exchange fees and receive/send money quickly and easily. They are regulated by the Financial Conduct Authority (FCA) in the UK.
You can apply for an Airwallex business account through our website.
To open your Airwallex Business account, simply click below. Then, on the new page that has just appeared, choose "Get started" / "Create your account".
Payoneer Business Account: An Overview
Payoneer is a global payment platform that offers extensive financial services, including online money transfers. Licensed across multiple jurisdictions such as the USA, UK, EU, Hong Kong, Japan, Australia and India, Payoneer operates from 21 offices with more than 1500 employees. The platform has more than 4 million users worldwide, indicating its broad acceptance and reliability in the financial services sector. Users can open accounts in multiple currencies including USD, EUR and GBP, enhancing the platform’s versatility for international transactions.
The process of opening a Payoneer account is entirely remote, streamlined through an easy registration on their website. This accessibility makes it convenient for users across the globe to leverage Payoneer’s services without the need for physical interactions or complex procedures.
Account Types and Management Features
Payoneer offers both personal and corporate accounts, catering for a wide range of needs without jurisdictional restrictions or limits on the types of business activities. Importantly, there are no caps on the amounts for incoming or outgoing payments, which allows great flexibility for business operations. The management of these accounts is conducted through an efficient online banking system, ensuring that users can handle their finances conveniently and securely.
Notably, there are no requirements to maintain a minimum average monthly balance, which is particularly beneficial for start-ups and small businesses that may not have consistent cash flows.
Fee Structure and Tariff Information
One of the most appealing aspects of the Payoneer business account is its cost-effective fee structure. There are no charges for account opening or maintenance, which reduces the financial burden on businesses. Payoneer charges no fees for incoming payments, which is an advantage for businesses receiving money from international clients.
For outgoing payments to a company’s bank account or a beneficiary, however, a fee of up to 2% may be applied. Detailed information regarding tariffs and additional charges is readily available on Payoneer’s website, ensuring transparency and helping users to make informed financial decisions.
Key Advantages of Using a Payoneer Business Account
Choosing a Payoneer business account offers several distinct benefits:
- Favourable Tariffs: The platform’s fee structure is designed to support businesses by minimising costs.
- Ease of Account Opening: Opening personal accounts is free, removing a common barrier for new users.
- Direct Payments: Businesses can receive payments directly from overseas clients, facilitating smoother international transactions.
- Competitive Exchange Rates: Payoneer offers favourable USD exchange rates when converting to national currencies, which can result in significant savings.
- Multilingual Support: Comprehensive support is available in multiple languages, enhancing user experience and accessibility.
These features make Payoneer an attractive option for businesses that are aiming to expand their operations globally or streamline existing financial processes.
To open your Payoneer Business account, simply click below. Then, on the new page that has just appeared, proceed to Sign Up.
What documents are required to open a business account?
To open a Business Account with one of our partners you will need to provide your company name, registration number and address, in addition to your personal details (name, date of birth, address, nationality, passport number). You will also need to upload some documents to verify your identity and address.
It is likely that you will need to provide more than just your business’s name, contact information and website URL. Be prepared with a description of what your business does and some form of financial projection for the future. The more information that you can provide the better your chances of being approved for a business account.
Please note that our partners may require additional documents or information from you in order to open a business account.
How long does it take to open a business account?
The time taken to open a Business Account depends on the provider that you choose. Once you have submitted your application and all the required documents it can take anywhere from a few days to a couple of weeks to be approved and have your account up and running.
Can you guarantee that I will receive a UK business account?
Although we have various options for non-resident directors, each bank or payment institution has its own policy and makes the final decision. This means that we cannot guarantee your application’s success.
If you want to open a business bank account for your limited company but do not reside in the UK, the above-mentioned options could be a good solution for you. Contact us today to find out more.
