- The UK payment system and its advantages for corporate account setup
- Businesses that the UK payment system accepts as customers
- Countries that the UK payment system does not work with
- Documents you will need to open a corporate multi-currency account in the UK payment system
- Commissions and fees that the UK payment system collects from corporate multi-currency account holders
- How can I open a corporate multi-currency account in the UK payment system?
Experience the convenience of remotely opening corporate multi-currency accounts in the renowned UK payment system. At International Wealth, we help companies operating in high-risk industries to establish connections seamlessly. The payment service provider has held an official license since 2017. It maintains a robust presence with offices in 5 countries, including their headquarters in London.
Rest assured, the process of opening a corporate multi-currency account in the UK payment system will be completed efficiently within 5 working days at max.
The UK payment system and its advantages for corporate account setup
Meet the UK payment system with a wealth of experience that serves clients on a global scale. It offers a wide array of services and opportunities. Here are some of the standout features:
- Multi-currency accounts: Manage 4 major currencies effortlessly and carry out transactions in over 200 currencies.
- Transfers to 170+ countries: Seamlessly send funds to a diverse range of countries across the globe.
- Personalized IBANs: Enjoy the benefits of your own unique IBAN for efficient and customized banking transactions.
- Authorized payment intermediary: As an authorized intermediary for Visa and Mastercard, the UK payment system ensures secure and dependable payment processing.
- Swift, SEPA, and Target2 transfers: Take advantage of fast and efficient transfers worldwide.
- Partnership with high-risk businesses: We actively seek collaborations with businesses that operate in high-risk industries, providing tailored solutions to meet their specific requirements.
- Comprehensive banking services: Access a comprehensive suite of banking services, including an e-wallet for digital transactions and a mass payout system, all in one product.
- Streamlined onboarding: The UK payment system offers a swift and streamlined onboarding experience of no longer than 5 working days.
Feel free to reach out to International Wealth consultants for more information or to get started with the UK payment system right away.
Businesses that the UK payment system accepts as customers
The UK payment system categorizes businesses into 3 levels of risk for potential collaboration:
Level 1, low-risk:
- manufacturing
- logistics
- e-commerce
- IT and software development
- online education.
Level 2, mid-risk:
- marketplaces
- resellers of digital goods (skins, game keys, etc.)
- marketing
- ticket purchasing and travel.
Level 3, high-risk:
- licensed gambling businesses
- licensed betting
- licensed FOREX.
In addition, here are the specific sectors that the UK payment system explicitly does not collaborate with:
- unregulated (non-licensed) high-risk businesses
- adult content
- precious metals
- weapons and firearms
- political organizations.
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Check the list of required documents, and get the details of the process, terms, and costs.
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Countries that the UK payment system does not work with
Based on the payment provider’s policies, there is a defined list of countries that the UK payment system refrains from collaborating. Transfers to and from these countries are not supported. Potential customers from the said states may not be designated as beneficiaries (owning more than 20%) of any company that intends to partner with the UK payment system.
The only exception is individuals listed below who hold a residency permit from a different country and permanently reside outside their country of citizenship. They have the right to collaborate with the UK payment system.
Countries that the UK payment system does not collaborate with are listed below:
- Albania
- Afghanistan
- Bahamas
- Barbados
- Belarus
- Botswana
- Ghana
- Zimbabwe
- Iraq
- Iran
- Iceland
- Yemen
- Cambodia
- Cuba
- Mauritius
- Martinique
- Mongolia
- Myanmar
- Nicaragua
- Pakistan
- Panama
- Russia
- North Korea
- Syria
- United States (transactions possible under specific conditions)
- Uganda
- Jamaica.
Documents you will need to open a corporate multi-currency account in the UK payment system
For your onboarding to be a success, please submit the required documents for the company, its directors, and beneficiaries. The documents requested should be provided as digital scans.
Here are the documents that the UK payment system expects from its potential corporate customers:
- Certificate of incorporation, apostilled and/or notarized.
- Memorandum and articles of association, apostilled and/or notarized.
- Document certifying the appointment of the company director.
- Business profile, ACRA compliance, and financial profile from Singapore’s ACRA, apostilled and/or notarized.
- Proof of the company’s legal address.
- Tax identification document.
- Ownership structure certificate with the ultimate beneficiary’s signature (for complex structures), notarized.
- Contracts with clients or suppliers (optional).
- Active website (optional).
- Bank statements for the past 6 months (optional).
- License (if required for the business).
To proceed with the application, the company’s director and shareholder shall submit the below documents:
- Passport.
- Proof of residential address, issued within the last 3 months.
To proceed, the ultimate beneficiary must submit the following documentation:
- Valid passport.
- Proof of residential address, issued within the past 3 months.
- Selfie holding their personal identification document.
- Demonstrated experience (CV or LinkedIn profile).
- Verification of their source of funds and wealth.
If you need further details regarding the specific document checklist or any additional information that the UK payment system may request, we recommend reaching out to International Wealth experts.
In the UK payment system, document review and approval typically take up to 5 business days before a decision is made regarding the account opening.
Commissions and fees that the UK payment system collects from corporate multi-currency account holders
Depending on your risk parameters, the UK payment system will charge varying fees and commissions:
| Service type | Risk levels 1 and 2 | Risk level 3 (high-risk) |
| Account opening fee | EUR 500 to EUR 1500 | EUR 2000 |
| Monthly payment | EUR 100 to EUR 200 | EUR 300 |
| Incoming transfers and payments | ||
| SEPA | 0.1%-0.2% fix EUR 2.5 | from 0.5% fix EUR 2.5 |
| SWIFT | 0.1%-0.3% fix EUR 12.5 | from 0.5% fix EUR 2.5 |
| Outgoing transfers and payments | ||
| SEPA | 0.2%-0.4% fix EUR 2.5 | from 0.5% fix EUR 17.5 |
| SWIFT | 0.2%-0.5% fix EUR 2.5 | from 0.5% fix EUR 70 |
How can I open a corporate multi-currency account in the UK payment system?
- For detailed information about the current fees and requirements of the UK payment system, please contact International Wealth experts.
- To initiate the account opening procedure within the UK payment system, a service fee of EUR 2,999 applies per corporate account. This fee encompasses the assistance you will enjoy throughout.
- Ensure that you submit all the necessary documents for verification. In the event of any missing documents or errors, International Wealth experts will ask you to make the necessary corrections to avoid potential rejections from the UK payment system.
- After the UK payment system fee has been paid, you will have to wait for its decision.
- Upon receiving a positive decision, you will obtain your account details allowing you to commence transactions.
For any further information and to schedule a consultation with International Wealth pros, please contact us at info@offshore-pro.info.
