Do you need to open a corporate account? You probably know that it has never been easy: if you choose a respectable institution, it tends to be very picky and would not open an account quickly and easily. And if you choose an institution that offers easier onboarding conditions, it will not provide high-quality services or their range would be smaller than you need. The UK payment system we are going to look at in this article combines all the advantages business owners usually seek: you can open an account quite quickly and easily, the range of services is wide, and it is reliable.

If you want to read more about international banking, payment systems, corporate accounts, foreign companies, accounting, and more, welcome to our portal https://www.internationalwealth.info/en/ where you will find an extensive knowledge base of articles on these topics. You will also be able to book an initial free session with our expert to discuss your business needs. If you struggle with the choice of a jurisdiction, we will help you for free. And if you want us to help you with account opening, we will take all the administrative steps for you at a fee.

Why Payment System?

If you need a multi-currency account in Europe or in the UK, it will not be easy to open it if you are a non-resident company. You can open an account in an offshore jurisdiction, of course, where the requirements are not that tough. But if you need a European or a UK account, you will have to prove the solid reputation of your business, which may be hard sometimes. However, there is a solution: we can offer a payment system in the UK that is reliable enough and will onboard you without too much effort. 

UK Payment System Benefits

If you decide to opt for an electronic payment system in the UK rather than a regular European bank, you will get a number of advantages:

• The requirements for opening a multi-currency bank account are minimal
• Even customers from sanctioned countries can be onboarded
• High-risk businesses can open an account as well (with some exceptions)
• All your money will be kept in separate accounts opened with leading banks, and the company ensures 100{4ff670bb91f5a71bed27471ead6462c9b16f5bdce5956c8330f96255c052ee42} liquidity
• The interest rates are low

Contact our expert to recommend a payment system with a good reputation that uses top-notch financial technologies and adopts an individual approach to each customer.

Here are more specific benefits for non-resident companies that decide to open an account with the UK payment system we recommend:

• You will be notified about services via a website in English
• You can take advantage of convenient Internet banking with multiple functions
• You can use customer service in many languages
• The account opening procedure is much easier if we compare it to traditional banks
• You can make international payments quickly in the SEPA zone
• You will have multi-currency IBANs to send and receive payments
• SWIFT transfers are available
• You can make electronic payments using Target2
• You will enjoy the favorable service terms
• The payment system will provide a personal manager to help you
• The account can be accessed by multiple users
• You will get traditional support provided by consultants rather than chatbots
• The payment system has DUO Security two-factor authentication to ensure secure and uninterrupted functioning of payment services
• Payments are made on the same day beyond the UK

Sounds interesting? You can get in touch with our experts to ask any questions you may have.

Eligible Companies

If your company meets some reasonable requirements, it can open a corporate account with the UK payment system. However, there are some preferable fields:

• Importers and exporters, especially traders that use not only international trading platforms but also operate in emerging markets
• Providers of various digital services, such as digital advertisers, IT developers, and so on
• Holding companies that earn interest and returns on their global assets
• Financial institutions that manage assets, invest and distribute profits, and so on

The British payment system employees will carefully examine your documents before the account is opened (especially if you have no recommendation from a business partner who is the payment system customer). Be prepared for due diligence and checking of your regular operations and main counterparties. All KYC instruments will be applied as the payment system strictly complies with international requirements.

The company owner should be ready for an interview, which is an important part of the account opening process. If everything goes as planned, you will get a fully operational account within less than a week.

Limitations

The UK payment system we recommend does not onboard all customers. Let’s look at the limitations it imposes:

• You cannot open a corporate account in the system if your company operates in non-regulated areas, such as gambling, cryptocurrencies, forex, and so on.
• If your company is set up in certain countries, you will not be able to open an account with the payment system. Here is the list of countries: Afghanistan, Crimea, Cuba, Eritrea, Iran, Iraq, Libya, Mali, Myanmar, Nicaragua, North Korea, Palestine, Somalia, South Sudan, Syria, Venezuela, Yemen, and Zimbabwe.

Payment System Fees

The UK payment system offers advantageous transaction fees:

• Transactions are processed on the same day if they are made before the deadline, and you will not have to pay any additional fee for the speed.
• All incoming transactions come at no fee.
• Outgoing transactions come at a fee of USD 1

As for the fee payable at the start for business account registration, it is charged individually depending on the owner’s business.

Expert Assistance

If you want to open an account without much hassle, here is the procedure you can use:

• Follow the above link and book a session with our expert.
• Pay for the services using any payment method that is convenient to you (from PayPal to cryptocurrency).
• Collect the documents according to our recommendations and send them to us.
• Get access to a fully functional business account within 5 business days on average.

Don’t hesitate to talk to us by following the above link – it’s free!