Open Personal Multi-Currency Accounts with UK Payment System

Assisted by International Wealth, you have the opportunity to establish a personal multi-currency account with a highly regarded payment system in the United Kingdom. Since 2017, the UK payment system has been granted an official license by the UK Financial Conduct Authority (FCA). It has established operational offices in 5 countries, with its primary headquarters in London. Offering a wide range of advantageous features, it enables fast and efficient money transfers, facilitates multi-currency functionality, and combines comprehensive banking services with the convenience of an e-wallet, all within a single product.

The remote account opening procedure is designed to provide the utmost convenience. Thanks to it, you can complete the necessary steps without visiting the financial institution in person. Typically, the process takes up to 5 business days. As a result, you will swiftly gain access to your brand-new multi-currency account.

Why choose the UK payment system?

Experience a wide range of services and features offered by an EMI (Electronic Money Institution), a regulated financial organization in the United Kingdom:

• Diversify your finances with a multi-currency account that supports 4 major currencies, granting you the convenience of making transfers to 170 countries worldwide.
• Seamlessly integrate your personal IBAN for smooth and efficient transactions, ensuring hassle-free financial operations.
• Optimize fund management with the convenience and security of an electronic wallet, providing easy access and enhanced protection.
• Enjoy the freedom of unlimited and cost-free incoming transfers through SEPA, SWIFT, and Target2, empowering you to receive funds without any restrictions.
• Experience competitive rates for outgoing international transfers, ensuring efficient and cost-effective cross-border transactions.
• Make transfers through SEPA, SWIFT, and Target2 without limitations, granting you the flexibility to conduct financial operations with ease.
• Streamline payment processes by leveraging the mass payments capability, enabling you to efficiently handle bulk payments.
• Embrace the ease and convenience of remote onboarding, allowing you to open accounts seamlessly without the need for physical presence.
• Benefit from a quick account setup, with businesses typically gaining access within 5 business days, while individuals may experience even faster setup times.
• Enjoy a hassle-free account opening process, as scanned copies of documents are generally sufficient, simplifying the documentation requirements.

The EMI in the United Kingdom offers comprehensive and efficient financial solutions, catering to the diverse needs of its valued clients.

Discuss the details with an expert

Check the list of required documents, and get the details of the process, terms, and costs.

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Limitations of the UK payment system

To ensure compliance, the UK payment system imposes certain limitations. It refrains from offering its services to specific industries or sectors, primarily targeting businesses. In certain jurisdictions, the system does not facilitate the opening of accounts for potential customers.

FYI: Regardless of whether they hold a passport issued in the listed countries, individuals have an opportunity to open an account with the UK payment system. The condition is that they hold a valid residency permit in another country. Additionally, they shall provide credible proof of permanent residency outside their country of citizenship.

The UK payment system currently neither has collaboration arrangements with the following countries nor does it service customers therefrom:

• Albania
• Afghanistan
• The 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 may be possible under certain conditions)
• Uganda
• Jamaica.

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List of documents you will need to open a multi-currency account in the United Kingdom

To complete the process, submit the required documents as scanned copies. The review period usually lasts up to 5 business days. Here’s what you will submit for the above purpose:

• valid passport
• proof of residential address, issued within the last 3 months (such as a utility bill)
• selfie holding the document.
• Additional documents may be requested, including:
  • Curriculum Vitae (CV)
  • evidence of your source of income and wealth.

Service fees within the UK payment system

Depending on the customer’s location, service fees within the UK payment system vary:

How can I open a personal multi-currency account with the UK payment system?

1. For a consultation, reach out to International Wealth experts and express your interest in opening an account in the UK payment system.
2. Pay the account opening assistance fee, which is 1999 EUR.
3. Submit scanned copies of the necessary documents. We will verify compliance and ensure that the payment system accepts them.
4. Once the acceptance is confirmed, we will initiate the process of opening a personal multi-currency account in the UK payment system.
5. The account will be opened for you within up to 5 business days.

For more information and to schedule a consultation, please reach out to International Wealth at info@offshore-pro.info.

The International Wealth expert team is here to help you open bank accounts (both remotely and through in-person visits) in different payment systems. We also offer comprehensive company registration services globally. You can find additional details on the International Wealth website or consult our experts.