Best UK Business Bank Accounts for non-UK Residents

Ryan Patrick

• 5 min read
Best UK Business Bank Account for non-UK Residents

Over the years, the amount of UK-based companies owned by non-UK residents has been increasing rapidly. Incorporating a business as a non-UK resident is not a very complex process as long as all your documents are intact as well as the documents of all your directors and members of the business.

Some banks do not accept non-UK residents and also some investors find non-UK-based accounts as not genuine because of the emergence of fraud.

Since there is a need to create bank accounts as a business entity even if you're a non-UK resident, people have gone into research to look for more reliable and trustworthy companies that will make the company look more genuine to investors and creditors.

Having a UK business account will also aid faster transactions between your company and other bodies. Most of these banks are mainly for entrepreneurs who wish to have a business account for their company or business entity. Incorpuk can help you get your business bank account to enable you do business effectively in the UK.

In this article, we'll mention some UK bank accounts that can be used by non-UK residents for their business. Lets get started.

1. Wise

Wise was formerly known as TransferWise. It was launched in 2011 with the name TransferWise to make international transactions with lesser costs, and simple processes involved. As of today, there are over 10 million customers who make transactions of over $6 million internationally per month, saving their customers about $1.5 billion annually.

The account name is known as Wise Business.

Features of Wise

  • With Wise Business accounts, you can hold and manage money in over 55 currencies with good and fair exchange rates which allows you to convert your money and keep them for future payments.
  • Wise Business also offers the bulk payment option. With just a simple click, you can make up to 1000 payments in any currency you want. In the first hour, over 50% of the payments would have been successful. Also, you can schedule a payment on Wise for a future date.
  • Your customers or clients can pay directly to you with their currency and you can withdraw from e-commerce sites and Payment Service Providers for lesser fees in your currency.
  • All payments as well as card activities in your Wise Business account can be automatically linked to Xero, QuickBooks, or Free Agent.
  • Creation of an account is free and you can have up to 70€ before the annual charge of 0.40% annually will apply.
  • To register, you must have a registered business name and registration number with Companies House.

2. Revolut

Revolut is one of the most efficient online banking solutions for non-UK resident business owners in the UK. This was launched in 2015 as an online solution. Today, Revolut operates as a global app that can be used for money transfers and currency exchange.

Today, their customers perform over 100 million transactions monthly through their business accounts and also their accounts.

The Account name is known as the Revolut Business.

Features

  • Revolut allows you to keep, exchange, send and receive money in 28 currencies. You can also spend money in over 150 currencies with no hidden charges attached and a fair exchange rate.
  • If the payment you're making is within your plan allowance z whether it's a foreign or local payment, it is free. Also, transfers between Revolut accounts are free.
  • Revolut offers both physical and virtual company cards which you can use to track the spending of your team and also set spending limits for your team.
  • Revolut offers a free business account and a Grow account which costs £25/month and gives 24/7 customer service.
  • You can register as a company using your company's registered name or number or register as a sole trader.

3. Payoneer

Payoneer offers banking and payment solutions internationally and basically to entrepreneurs. Sellers on Amazon can use Payoneer as their payment method. Payoneer also supports Freelancers on platforms like Upwork, Fiverr and Freelancer to receive payments from clients in various currencies and withdraw them to their local bank account and currency.

The account name is Payoneer for Online Sellers

Features

  • Payoneer receives payment in EUR, USD and GBP quickly and reliably without wire fees.
  • You can easily withdraw your money on Payoneer to your local bank account without too many charges.
  • The platform or website is user friendly and you can easily monitor your transactions from the platform.
  • You can make payments and receive payments in different currencies on Payoneer
  • The annual fees for Payoneer are free but this only applies if your account is active. If your account is not active, you will need to pay an annual fee of $29.95.
  • You can register for Payoneer as an individual with a non-registered company, you can register as a company for some proprietorship, corporations or LLCs.

4. Tide

Tide is a bank with headquarters in London which provides mobile banking services targeted at small and medium-sized businesses or companies. Tide Business holds over 5% of the UK's SME banking market. They have almost 330000 member businesses and almost 400000 business accounts.

The account name is either Tide Free Business Account or Tide Plus Account

Features

  • Transactions are grouped automatically depending on the nature of the transaction and can be imported to share with others. You can easily link your transactions with Xero and QuickBooks.
  • Tide provides discounts on wellness treatments and hot desking membership plans.
  • There is an in-app support available for all Tide Plus members
  • The registration for a Ride Free Business Account is £0.00 but a £9.99 monthly fee on the Rode Plus Account.
  • Once your company is registered under Companies House and you're a director of the company, you can apply on behalf of your company. You can also apply as a sole trader, self-employed individual or freelancer.

5. Cashplus

For over 15 years of Incorporation, Cashplus has been providing banking services to over 1.6 million customers as of today. It was officially launched as a bank earlier this year.

The account name is Cashplus Business Bank Account.

Features

  • Once you have successfully registered an account online with Cashplus, your Account Number and Sort Code will be provided almost immediately to enable you to receive online payments.
  • The bank app allows its customers to get access to real-time balance information, send payments, add payees, and request and download statements anytime on any device.
  • Since Cashplus has a collaboration with the Post Office, you can use your bank if you need to deposit cash in person at any UK Post Office branch.
  • They offer up to £150,000 business cash advance to new and small businesses.
  • The annual account fee for Cashplus is £69.
  • If you're not a contractor or a freelancer, you must provide a registered business address to set up a Cashplus Business Account.

6. Starling

With headquarters in London, Starling Bank is a licensed bank that offers both personal and business banking accounts for transactions through its Banking-as-a-Service model.

The account name is Business Current Account

Features

  • Starling offers an easy-to-use business account with money management tools. There is the availability of Euro and USD business accounts where you can receive payment in any of these currencies.
  • You can contact a support agent 24/7 through email, phone, or app with almost immediate response time.
  • To send money within the UK, Starling offers a free and fast payment method either through Direct Debits, Standing Orders.
  • For each CHAPS payment, a £20 fee applies. Fees are also applied if money is sent outside the UK. But if the money received is in Sterling Pounds even if it is within or outside the UK, no fees are applicable.
  • To create an account, the directors of your company with access to the account must be UK residents.

Conclusion

It is very important to have a business account as a company although it may be stressful as a non-UK resident who owns a company in the UK. The above accounts are easier to create and manage with faster payments globally. As long as your company is registered with Companies House as a company owner, you can easily create an account with any of these banking service providers above. As a Freelancer, sole trader or small business owner, you can also create an account with some of these banking service providers online with no stress. Still have more question on best UK business bank account for non-UK residents? Kindly contact Incorpuk here for answer to your question.