- The UK payment system: what is it, why is it better than banks, and why should you trust it with your money?
- A personal account with the UK payment system
- Tariffs for individuals the UK payment system offers
- Documents you will need to open a personal account abroad
- Business accounts with the UK payment system
- Forbidden businesses and jurisdictions
- Documents to submit and requirements to meet to open a corporate account with the UK payment system
- Corporate tariffs in the UK payment system
- How can I open an account abroad remotely?
Do you want an easy way to handle your money while traveling, safeguard your international business assets, or discover investment options worldwide? You’ve found the solution with a personal or business account in the well-known UK payment system. The International Wealth experienced team will assist you with smooth account setup in the above system.
Enjoy quick and safe remote account opening for your personal or foreign company account. Without further delay, contact International Wealth experts for a free consultation and start your financial journey!
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The UK payment system: what is it, why is it better than banks, and why should you trust it with your money?
The UK payment system described here is a limited liability company (LTD) incorporated in England and Wales. It has been authorized and regulated by the Financial Conduct Authority (FCA) since 2020. The above system operates as an Electronic Money Institution (EMI) in line with the Second Payment Services Directive (PSD II).
To keep client funds secure, they are stored in separate accounts within the United Kingdom. This ensures protection against theft, unauthorized deductions, and other illegal activities.
Starting in 2023, the UK payment system offers services for individuals and businesses to open accounts. Exciting plans are underway, including the introduction of Visa cards and a mobile app. These additions will make it easy for users to manage their money and conduct transactions conveniently.
The UK EMI offers various services to meet your financial needs. Here’s what they include:
- opening payment accounts for individuals and businesses
- safe and convenient transfers via SEPA, SWIFT, and FPS
- currency exchange services for smooth transactions
- soon-to-be-launched plastic and virtual debit cards for added convenience
- 24/7 customer support with helpful live operators
- quick and easy remote account opening, usually within 1 day for individuals and up to 4 days for companies
- specialized services for high-risk businesses
- access to a wide range of products through a user-friendly web platform and mobile app.
International Wealth’s expertise goes far beyond opening accounts with the UK payment system. We provide professional guidance to assist you in finding the perfect account that suits your specific goals and requirements across various banks, neobanks, and payment systems.
A personal account with the UK payment system
International customers benefit greatly from foreign payment and digital banking solutions. These advantages include no need to rely on physical bank branches, access to affordable prices, and fast transaction processing. The UK payment system offers a convenient way to open multi-currency accounts online, allowing easy payments and transfers in various currencies.
An account in the UK payment system comes with several essential benefits:
- easily get an account for free
- access foreign exchange (FX) services that cover a wide range of currencies (100+), offering competitive SPOT rates (+0.6%)
- receive a unique IBAN for your account
- conveniently make local transfers within the United Kingdom and the European Union
- conduct international transactions smoothly, both incoming and outgoing.
The development of the mobile application and card integration are currently underway. They are expected to be available to customers in 2023.
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Tariffs for individuals the UK payment system offers
| Services | Restricted free subscription | Premium subscription to be introduced soon |
| Essential fees | ||
| Subscription ~ Monthly fee | FOC | EUR 9.99 |
| Annual service | FOC | FOC |
| Account opening and/or termination | FOC | FOC |
| Virtual or plastic card issue* | FOC | FOC |
| Payments | ||
| Incoming payments via SEPA and/or Faster Payments | FOC | FOC |
| Outgoing payments via SEPA and/or Faster Payments | Up to EUR 500 per month – no fee (for payments above the said maximum monthly amount: + 0.2%) | Up to EUR 2,000 per month – no fee (for payments above the said maximum monthly amount: + 0.2%) |
| Incoming SWIFT payments | 0.15% | 0.15% |
| Outgoing SWIFT (SHA) payments | EUR 15.00 | EUR 15.00 |
| Outgoing SWIFT (OUR) payments | EUR 50.00 | EUR 50.00 |
The upcoming cards * aim to reduce costs with the following benefits:
- No charges when you use the card within the United Kingdom and the European Union * for purchases made online or in physical stores.
- No fees for foreign currency transactions, both online and in-store, up to approximately EUR 1,000 per month. If you go above the said threshold, a 2% fee may be applicable.
The UK payment system comes with a variety of account services and transactions in more than 10 different foreign currencies. These currencies include EUR, GBP, USD, CHF, CAD, DKK, NOK, HKD, CNY, SGD, AED, ZAR, CZK, PLN, and CNY.
Documents you will need to open a personal account abroad
For your convenience, the documents you will need to submit in this case are listed below:
- proof of identity
- proof of address in the form of a recent utility bill (issued within the past 3 months) or bank statement.
Depending on your particular case, the UK payment system may request additional documents.
Get in touch with International Wealth experts to obtain your Anonymous China UnionPay Multi-Currency Card (USD/EUR).
Business accounts with the UK payment system
The UK payment system offers attractive options and rates for corporate clients. Here are the key features:
- 2 tariff plans: one for regular businesses (Solid Rock) and one for complex businesses (Sheer Cliff)
- no application fees
- foreign exchange services for over 100 currencies with competitive rates (+0.6%)
- card services being integrated currently
- SEPA and BACS payments accepted
- unique IBAN for each account
- enhanced data protection measures
- bank-level security.
You don’t have to submit additional company registration documents if the required information is publicly accessible.
If you wish to open a settlement account for your company without any worries, whether it’s based abroad, is a sole proprietorship, a freelance business, or a corporation, feel free to get in touch with the International Wealth team of experts. They will provide full assistance throughout the entire process.
Forbidden businesses and jurisdictions
To prevent money laundering and terrorism financing, the UK payment system doesn’t offer services to companies and individuals involved in certain activities as of 2023. Here’s what the above activities include:
- selling CBD products, electronic cigarettes, and vaping essentials
- engaging in charitable organizations, donations, NGOs, and international organizations
- being involved in child pornography, prostitution, illegal labor, or forced labor
- working in debt collection or recovering overdue debts
- dealing with counterfeit goods
- participating in crowdfunding, including ICOs, IDOs, IGOs, NFTs, and other fundraising activities
- providing dating services
- dealing with defense, military, or dual-use goods
- selling drug paraphernalia
- dealing with drugs, banned substances, steroids, or controlled substances that pose risks to consumers
- acting as government representatives or government agencies
- dealing with fireworks and pyrotechnic devices
- offering fortune-telling, hypnosis, or similar services
- engaging in Ponzi schemes or other illegal schemes promising quick wealth
- operating unlicensed money transfer services
- providing medical services like plastic surgery, botox, fillers, tattoos, laser treatments, or permanent makeup
- engaging in the sale of human organs
- trading in cell phones or personal communication jammers and suppressors
- distributing malware
- dealing with mini-bonds
- engaging in a multi-level marketing (MLM)
- being affiliated with political parties
- operating telemarketing companies, and more.
FYI: Additional high-risk activities exist that the UK payment system does allow. The above service enables certain companies to efficiently manage their assets, process payments, and attract international customers by offering convenient payment options for goods and services.
Discover what high-risk businesses are eligible to open accounts in the UK payment system:
- providers of adult entertainment content
- companies in the mining and extraction industry
- licensed gambling operators within the EEA and/or the UK, such as online gambling, binary options, lotteries, and casinos
- businesses in the events and entertainment industry
- real estate ventures
- manufacturers and sellers of tobacco and related products
- video game developers and publishers
- companies in the oil and gas industry, and more.
FYI: The UK payment system has a list of 70 countries that it doesn’t serve. However, people and businesses from the said jurisdictions may still open personal and business accounts in it if they meet certain conditions. These conditions include having a valid residence permit or permanent residency in a whitelisted country.
Documents to submit and requirements to meet to open a corporate account with the UK payment system
Here are the documents you will need to submit if you want to open an account in the UK payment system for your foreign company, sole proprietorship, or corporation:
- registry extract
- Articles of Association
- recent utility bill (issued to the company in question and dated within the last 3 months), along with a lease agreement or bank statement
- contracts with clients or suppliers
- identification document for authorized individuals, directors, and UBOs (Ultimate Beneficial Owners)
- proof of beneficiary’s or company director’s address.
It typically takes up to 5 working days to open an account for a foreign company in the UK. During this time, your information will be checked, and the account will be created.
Corporate tariffs in the UK payment system
The UK payment system has 2 pricing options for foreign companies to open and maintain accounts. The fees and transaction limits depend on how complicated the company’s structure is and what the risks associated with its activities are.
NB: Please be aware that since June 20, 2023, the cost of opening an account in the UK payment system for foreign companies under the Sheer Cliff scheme will be EUR 1,000.
| Services and transactions | UK and EU businesses with relatively simple business models (Solid Rock) | International and/or complex businesses (Sheer Cliff) |
| Account | ||
| Joining fee | FOC | FOC |
| Account setup fee | EUR 500.00 | EUR 800.00, since June 20, 2023 – EUR 1,000 |
| Monthly maintenance fee | EUR 30.00 | EUR 70.00 |
| Account termination | FOC | FOC |
| Internet banking and the app (currently being developed) | FOC | FOC |
| Monthly balance fee | 0.15% | 0.15% |
| Incoming transactions and payments | ||
| Incoming SEPA | 0.1%, with the min. fee of EUR 2.00 | 0.1%, with the min. fee of EUR 2.00 |
| Incoming SWIFT | 0.1%, with the min. fee of EUR 2.00 | 0.1%, with the min. fee of EUR 2.00 |
| Incoming Faster Payments | 0.1%, with the min. fee of GBP 2.00 | 0.1%, with the min. fee of GBP 2.00 |
| Incoming CHAPS | 0.1%, with the min. fee of GBP 20.00 | 0.1%, with the min. fee of GBP 20.00 |
| Outgoing transactions | ||
| Outgoing SEPA | 0.15%, with the min. fee of EUR 2.00 | 0.25%, with the min. fee of EUR 2.00 |
| Outgoing SWIFT (SHA) | ||
| 0–5000 | EUR 20.00 | EUR 30.00 |
| 5000–20000 | EUR 30.00 | EUR 40.00 |
| 20000–50000 | EUR 35.00 | EUR 55.00 |
| 50000–100000 | EUR 50.00 | EUR 70.00 |
| 100000+ | EUR 100.00 | EUR 120.00 |
| Outgoing SWIFT (OUR) | ||
| 0–5000 | EUR 50.00 | EUR 60.00 |
| 5000–20000 | EUR 60.00 | EUR 70.00 |
| 20000–50000 | EUR 75.00 | EUR 90.00 |
| 50000–100000 | EUR 95.00 | EUR 120.00 |
| 100000+ | EUR 135.00 | EUR 155.00 |
| Outgoing Faster Payments | 0.15%, with the min. fee of GBP 2.00 | 0.25%, with the min. fee of GBP 2.00 |
| Outgoing CHAPS | 0.15%, with the min. fee of GBP 20.00 | 0.25%, with the min. fee of GBP 20.00 |
To get the most accurate and current tariff information, please seek advice from International Wealth experts.
How can I open an account abroad remotely?
To quickly access your money from anywhere, you should take certain steps. First, choose a bank and compare its fees with those competitors offer. Then, gather all the necessary documents and open an account. If possible, use remote services, as they are prioritized in online banking. However, keep in mind that opening a foreign account may require your physical presence, and the latter can be costly and involve administrative and legal difficulties.
If you want to open an account, inter alia, with the UK payment system, without any errors, a good idea is to seek advice from International Wealth experts. We offer a wide range of banking services for you to enjoy. Alternatively, feel free to order a comprehensive package that includes an offshore company and a bank account in Europe or other parts of the world.
For more details, please contact us at +372 5 489 53 37 , +381 6911 12327 , or info@offshore-pro.info.
