Opening a business bank account for UK company having non UK resident directors can be very challenging as all the main high street banks will require the directors or business owners that reside within the UK. Still we do have options no matter where in the world you live. All you need is just a basic documents package for the company and applicant, the person who will manage online account to comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) international requirements.
UK banks made it pretty easy to open a business bank account for UK residents. You can literally do it online. Yet for non-residents it became nearly impossible to open a full-functional UK business bank account.
Still there are options for your UK company with non-resident directors to receive wire and card payments from your clients.
There are 2 options we found useful for ourselves:
Unfortunately, Worldcore for Business, the PSP we have recommended before failed to maintain the quality of service and functionality. Worldcore had major issues in 2017/2018 due to the contract termination with Rietumu bank, which was forced to change the business model and shrink their non-resident client base. As the result, Worldcore failed to provide any finance-related services, besides providing the wallets for BTC (Bitcoin) and ETH (Ethereum). Worldcore restarted prepaid card program in August 2018. Update: Worldcore fully terminated operation in 2019.
There are another alternative services like Skrill, Revolut for Business, and Monese UK current account, but none of them seemed to meet our needs because:
- Skrill – we found it a total disaster in terms of customer service and service itself.
- Revolut for Business – very long onboarding process, customer support is not competent in UK corporate law, types of companies etc. Eventually they would open a pooled account for you with a general IBAN with Revolut defined as a beneficiary, unless you can provide a business bank statement and electricity bill as a proof of business presence in the UK (2018). As you are reading this post it is likely you don’t have a business account.
- Monese – does not offer business accounts. Great customer service, easy ID verification, professional. But they would block your current account if they suspect you are using it as a business.
So we would definitely recommend SatchelPay and Paysera as your online banking solution.
Both above mentioned payment institutions allow you to open a business bank account for your UK company and then receive payments from your clients using Wire/ACH/SWIFT/SEPA transfers. Both providers offer you a Prepaid Mastercard and a bank account withdrawal options.
Take advantage of a multi-currency IBAN with an ability to send and receive money around the world in 25 most widely used currencies. Both SEPA and SWIFT are available.
SatchelPay prepaid card is an ideal tool to obtain instant access to your funds around the globe. Benefits include:
- Virtual cards for online shopping
- No-name cards
- Unlimited balance on the card
- Tailor-made pricing for corporate clients
- White Label solutions
- Cash back options.
Paysera is an amazing traditional business banking alternative with high daily limits and what’s more important – sending capabilities!
Once you complete KYC Questionnaire, you are eligible to open multiple settlement accounts and order your Paysera Visa Card
Paysera has joined SEPA INST in September 2018. From now on, clients of Paysera can transfer up to 15 000 EUR between the banks of 17 countries within 10 seconds, 24/7/365.
Both SatchelPay and Paysera require the full list of beneficiaries as a part of their KYC. If that’s not a problem for you – you get a stable banking solution for receiving and sending SWIFT and SEPA payments with high daily limits, as well as Payment Processing solutions for your website.
How to receive bank transfers?
Both services provide you with wiring instructions, however some transfer methods are not supported for particular currencies. With SatchelPay you can open a multi-currency unique IBAN account. You can also use this IBAN for your Paypal withdrawal (forbidden by most payment services). For wire payments we’d recommend Paysera that also provide wiring instructions upon account confirmation. Paysera issues your dedicated IBAN for SEPA transfers inside EEA.
Who would benefit using SatchelPay and Paysera services?
- UK Limited company with non-resident directors
- Cryptocurrency traders
- Mass Payout Companies
- Payroll companies
- Business consulting companies
- HR & Outsourcing companies
- International Digital Service Providers
- Many others…
|Account opening||375 EUR||FREE|
|Monthly fee/td>||35 EUR||FREE|
|SEPA||IN: Free, OUT: 3 EUR||IN/OUT at 0.35 EUR|
|SWIFT||OUT: 0.5% min 15 EUR, max 350 EUR
IN:0.2% min 10 EUR, max 100 EUR
|Mastercard/Visa annual fee||21 EUR||0 EUR|
|ATM withdrawal||2.50 EUR||1.00 EUR|
As you can see in the table above SatchelPay services are a bit expensive, but at the same time it allows much more flexibility in terms of business banking. Applying for both Paysera and Satchelpay would be a safe option!
We also provide UK Company formation + Online banking packages. We have strong relationships with all three PSPs so you normally can expect:
- Digital documents for your new company – the same or following business day
- Hardcopy apostilled documents for your new company – within 2-3 weeks
- Paysera/SatchelPay account approval – within 5 business days
- Paysera/SatchelPay debit card delivery – within 10 business days