UK Bank Account for non-UK Residents

UK Banking Solution for non-UK Residents

UK Banking Solution for non-UK Residents

New businesses need a corporate account that will allow them to operate in the UK and work with their domestic and international clients.  However, it has become increasingly difficult for non UK residents to open a bank account through the usual retail banking channels.

We have partnered with a unique payment solution providing an independent alternative to traditional business banking, offering business accounts and a range of domestic international payment methods, reducing time and hassle and supporting your business’ growth.

Their rates are attractive and offer excellent value for money and their pricing strategy is fixed and transparent with no hidden charges. Your account is easily accessible online and transaction reports can be rapidly downloaded for financial reporting and accountancy requirements. As a web-based account, this can be accessed anywhere and in any time zone worldwide.

Our partner is the only UK agency bank to hold principal membership with both Visa EU and Mastercard Europe which allows them to issue prepaid cards. They are also authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money and the provision of payment service, and also members of SWIFT and the UK Payments Council.

No face-to-face meeting is required and accounts can be opened remotely in as little as three days from receipt of the required due diligence documents.

Banking FAQs

Is this a proper bank account?

Our partner is a principal member of VISA EU and MasterCard Europe and is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 for the issuing of electronic money and the provision of payment services. They are an agency bank of HSBC.

What type of payments can I make?

  • Faster Payments
  • SEPA
  • SWIFT
  • CHAPS
NOT BACS or Direct Debits (coming soon)

What currencies are supported?

  • GBP - Pounds Sterling
  • USD - US Dollar
  • EUR - Euro
  • CAD - Canadian Dollar
  • AED – United Arab Emirates Dirhams
  • HKD – Hong Kong Dollar
  • SGD – Singapore Dollar
  • AUD – Australian Dollar
  • CHF – Swiss Franc
  • DKK – Danish Krone
  • JPY – Japanese Yen
  • NZD – New Zealand Dollar
  • NOK – Norwegian Krone
  • SEK – Swedish Krona
  • ZAR – South African Rand

Does it cost extra to open multiple currency accounts?

No, you can open multiple currency accounts at no additional cost

Is a checking account included?

No

How long does it take for the account to be set up?

Typically 3 – 5 working days. Delays can be caused by requesting additional information. First point of contact is email.

What information do I need to provide?

Varies from business to business. Typical requirements are:

Do you offer FX services?

No, not currently but it is something that should become available in the near future

Can I open a personal bank account?

No, we are only able to open accounts for businesses

How do I apply?

After completing the eligibility questions from the link above you will be given the opportunity to purchase this product. Upon the registration of your company you will be sent a link to the application form. All applications are done online, any additional information can be scanned and emailed in.

What are the next steps once I have applied?

Wait to hear back from us. We will contact you within 3 – 5 working days with a decision or requesting additional information. Usually this communication comes via email.

  • Passport
  • Utility Bill
  • Certificate or incorporation
  • Memorandum of associates
  • 6 months processing history (if applicable)

Acquiring FAQs

What methods can I use to take card payments?

  • Virtual Terminal – Used to take payments over the phone
  • Face-to-face – access the Virtual Terminal on the browser of a smartphone, tablet or laptop to take a payment face to face
  • Hosted Payment Page – Used to take payments through a website. Avoids PCI compliance requirements. Customer is redirected to our secure payment page to process the payment
  • API – Fully integrated payment page into a website

How many currencies are supported?

Same as banking

How long does it take to receive the funds?

Varies from business to business and is assessed individually per application. Cannot confirm until the application has been approved. Typically 7-14 days.

What are the charges?

Charges are based on the monthly card turnover and viewable on the website. You can upgrade your tariff at any time should your processing volumes increase. Should you process significantly less that stated in the application form you will be billed for the difference. i.e if you select processing volumes of £50k-£100k and only process £25k we will bill the difference if you were on the £10-£50k tariff.

What are days arrears?

Once you have processed a payment the funds will be cleared to use once the days arrears has elapsed.

What is a rolling reserve?

A rolling reserve is a security against the risk to high levels of chargebacks. It applies to acquiring only. It is a percentage that is taken from each transaction and held for a pre-determined amount of time (usually 6 months) and then automatically remitted back out.

How do I get my funds?

After your days arrears your funds will be transferred to your Account.

 
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