An Account with a British Payment System: What Does a Freelancer Have to Know?

The number of freelancers and people working from home has been growing considerably since the start of the recent pandemic. Working remotely brings a number of important advantages because you can save time on traveling to the office and back and reduce your transportation costs. However, you have bills to pay anyway and since you seldom leave home, you would certainly benefit from the opportunity to make payments from home too.

Besides, you will probably be able to find more clients if you can offer them a comfortable way of paying for your services. If you have clients from foreign countries, you need a payment system that allows making and receiving international payments. Some such systems charge significant commissions on payments, which can be a deterring factor sometimes.

However, there are some Payment Service Providers that will offer a wide range of banking services and will not rip you off. We invite you to consider the opportunity to open an account with a reliable payment system headquartered in Great Britain. You can make all sorts of international payments if you have an account with the Payment Service Provider (PSP). These can be online payments or you can order a MasterCard from them and use it the way you use any plastic bankcard. Please read on to find out how a freelancer, a small business owner, or an international company can set up an account with the British PSP.  

The advantages of the British payment system

As new digital technologies come into being, transferring money between countries and between continents becomes simpler and safer. Modern payment systems can provide 100% payment security. With their help, you can eliminate all financial borders and use a variety of payment methods whether you are a remote worker, a self-employed individual, or the owner of a large company. Freelancers, digital nomads, and active tourists will find this opportunity especially attractive too.

The main benefits that you can gain if you open an account with the British PSP that we are advertising here include the following ones:

• Every client obtains a personal IBAN;
• You can transfer money to 150+ countries of the world;
• Payments can be made in more than 20 currencies and the exchange rates are favorable;
• You can make instant SEPA and SWIFT payments;
• You can make bulk payments all around the world and simplify your accounting and bookkeeping tasks;
• Client support is available in several national languages;
• You can trade in national currencies;
• Salary projects are available;
• Acquiring opportunities are also available;
• You can obtain a personal and a corporate MasterCard from the British PSP.

Personal and corporate account with the British PSP: tariffs and conditions

Freelancers working remotely from any country (even a sanctioned one) as well as foreign companies can gain access to the British payment system without ever visiting the UK. Clients are divided into categories and depending on the client category, different tariffs apply.

British PSP tariffs and commissions for individual and corporate clients from foreign countries (as of May 2023):

Operation	Natural persons, freelancers (non-residents of the UK)	Corporate entities (international companies)
Account opening (application processing)	9.99 EUR	1,000EUR (including card issuance fee)
Account maintenance (per month)	10.00 EUR	100 EUR
Incoming payments	Free
Euro transfers within EEA	Up to 50,000 EUR – 10 EUR From 50,000 EUR – 25 EUR From 300,000 EUR – 45 EUR	Up to 50,000 EUR – 45 EUR From 50,000 EUR – 65 EUR From 300,000 EUR – 100 EUR
Euro transfers outside EEA (please inquire about USD, GBP, etc. transfer commissions with our experts)	Up to 50,000 EUR – from 75 to 100 EUR From 50,000 EUR – from 90,00 to 200,00 EUR

Documents required for opening an account with the British payment system

The account with the payment system can be opened remotely. Client identification is performed online, and you will have to scan the application documents and send them in one of the following formats: jpg, jpeg, png, pdf, or bmp.

Documents required for opening a personal account:

• Passport;
• Proof of address.
• Documents confirming the source of income (a job agreement for freelancers).

Documents required for opening a corporate account:

• Personal documents of all company owners and directors (see above);
• Corporate documents including the Certificate of Formation/ Incorporation, company By-laws, business description, operational documents, and so on.  

A bankcard from the British PSP for international clients

We are accustomed to using plastic bankcards for making all sorts of payments. They are a convenient payment instrument indeed: most outlets and vendors will accept plastic cards these days and you can withdraw cash from an ATM if you can find one. Freelancers and small business owners will often use plastic bankcards to pay salaries to their employees, to cover their bills including travel expenses, etc.

Who can order a plastic card from the British PSP?

A private individual or a corporate entity can order a bankcard from the payment system. A virtual card can become available instantly and you can use it for making transactions right after opening an account. As far as a plastic card is concerned, it has to be delivered to you and the following tariffs will apply:

• Priority mail – 5 EUR;
• Courier delivery to any country – 35 EUR;
• Delivery to sanctioned countries – 70 EUR.

Please note that you can order both a personal and a corporate bankcard from the British PSP.

How long does it take the card to arrive?

The delivery time will depend on the delivery method that you choose:

• Courier delivery — from 3 business days;  
• Regular mail — from 5 to 12 business days.

Please note that the timeframes are only approximate.

Card tariffs and commissions

The British PSP offers a rare opportunity indeed: there is no upper limit for the card balance! You can add as much money to your bankcard as you wish. However, certain commissions are associated with using the card:

Operation	Natural person	Corporate entity
First card issuance	Free
Issuance of a second (third, etc.) card	15 EUR	50 EUR
Commission on currency conversion	3% of the transaction amount
Commission on purchases	0%
Commission on cash withdrawal	2% (min. 2.5 EUR) of the withdrawal amount
Monthly maintenance fee	2 EUR	10 EUR

You can add money to your bankcard by using your member area on the website or by transferring money from any bank account that you have.

If you would like to withdraw a large amount of cash from the card, you have to log on to the website and contact the client support. Alternatively, you can contact your personal manager.

How can you activate the card?

You have to log on to your personal area on the website to activate the card. Enter the personal area, click on the ‘pay cards’ icon, and choose the ‘activate card’ option. The system will ask you to enter 6 of the figures that are printed on your card. When you do so, the card will become active instantly.  

If your plastic card is lost or damaged, you can block it by logging on to your personal area or by contacting your personal manager.

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Why you should open an account with the British payment system

Private individuals, investors, travelers, freelancers, and business companies will find the following main advantages if they open accounts with the British PSP:

• The account allows transferring money instantly to wherever you like.
• Every account has an IBAN, which means no limits on account turnover and payment amounts. You can exchange currencies at favorable rates.
• A corporate bankcard can help you exercise fuller control over your business operations in real time. Payments for services, transactions, payment of salaries, business travel expenses – you can cover any costs with your corporate bankcard.
• You will have a personal area on the company website and a mobile application as well. You can access your account from anywhere if there is Internet connection.
• The PSP does not give out loans. All the money is kept with European banks, which guarantees 100% security of your capital.

If you would like to optimize your financial operations and keep your money on a universal account, the British payment system is the right choice for you.