In addition to traditional banks, payment system also allow making money transfers and performing other financial operations. Please apply for our assistance in opening an account with a UK payment system in a safe and prompt manner! You can also pick other financial institutions in foreign countries.
Cooperation with the British payment system is preferable to setting up an account with a traditional foreign bank for several reasons. These include the following ones:
- A non-resident of the country will have much less trouble when opening an account with the Payment Service Provider (PSP) rather than a traditional bank.
- All operations are performed via the Internet, that is, remotely: account opening, money transfers, bank card acquisition, etc.
- Payment systems are not obliged to follow the CRS rules. For this reason, the information about the PSP clients’ balances remains undisclosed.
A user-friendly interface, round-the-clock client support service, individual approach to every customer, a wide range of national currencies that you can use to make payments, a contactless bank card – the British payment system boasts numerous advantages indeed. Offshore Pro Group experts will be delighted to help you set up an account with the British PSP.
Quick facts about the British payment system
The payment system has been working since 2016. It has been created by 40 specialists in the fields of banking services, IT, and marketing. Each of them brought vast experience when the system was created. The company that the PSP belongs to was registered in Great Britain in December 2015.
- The British payment system has two offices: one in Riga and another one in London.
- All services are provided via the Internet.
- The British payment gateway holds a PCI DSS version 3.1 Certificate, which serves as a confirmation of its spotless reputation and high reliability. The Certificate allows making an unlimited number of bank card transactions.
- You can use your computer or your smartphone to access the banking application.
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Check the list of required documents, and get the details of the process, terms, and costs.
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British PSP services for private customers
Non-residents of Great Britain are entitled to open personal accounts with the payment system in euros, US dollars, pounds sterling, Canadian dollars, and 30 other national currencies. You can use any of these currencies to make money transfers, top up your account, and exchange one currency into another.
In addition to a current account, you can open a savings account with the British PSP or make a fixed-term deposit and earn some money on the interest.
A personal account with the British payment system
A non-resident of the UK can set up an account with the PSP remotely and make payments to any place in the world. All you need is a computer-like device and internet connection.
Customers holding accounts with the British payment system enjoy the following opportunities:
- An opportunity to make international payments in more than 30 currencies;
- Connection to SEPA Instant and Open Banking API;
- An opportunity to acquire account statements and export the transaction history to .pdf files;
- Guaranteed security of the account: a two-factor authentication system is used to log onto the account – an email message and a message to the mobile phone;
- The member area on the website is easy to use.
A personal account with the British PSP should be an especially attractive opportunity for freelancers working internationally. They can make and receive payments in various national currencies.
A current account with the British payment system
A current account is an account that you use for everyday payments. Your account with the British PSP will have an IBAN that you are going to keep until you want to close your account. The account number can always be found in the member’s area and the same goes for all other account details required for SEPA and SWIFT payments. All you have to do is enter the currency and make the payment.
Below we provide standard tariffs applied to private customers of the UK payment system.
Tariffs for locals (EU residents)
- Application processing and initial card issuance – 20 EUR.
- Account maintenance – free of charge.
- Fee for safekeeping of funds – 0%.
- Inactive account commission – 0%.
Payments
- Incoming payments – free.
- Internal transfers (within the payment system) – free.
- Topping up an account with a bank card – 3% of the transfer.
EUR transfers within the European Economic Area (EEA) (standard **):
- Up to 50,000 EUR – 0.35 EUR;
- Above 50,000 EUR – 65 EUR;
- From 300,000 EUR – 100 EUR.
If the correspondent bank or the payment recipient’s bank are outside the SEPA, an additional commission may be charged by the corresponding bank or the recipient’s bank.
EUR transfers outside EEA* (SHA) (standard **):
- Up to 50,000 EUR – 35 EUR – 100 EUR;
- From 50,000 EUR – 90 EUR – 200 EUR.
Transfers in foreign currencies* (SHA) (standard**):
USD
- Up to 50,000 EUR – 35 EUR – 100 EUR;
- From 50,000 EUR – 90 EUR – 200 EUR.
GBP
- Up to 5,000 EUR – 20 EUR;
- From 5,000 EUR – 30 EUR;
- Express transaction or a transaction outside the UK or a transaction of more than 200,000 EUR – 80 EUR.
Other currencies * (SHA) (standard**):
- Up to 50,000 EUR – 35 EUR – 100 EUR;
- From 50,000 EUR – 90 EUR – 200 EUR.
Pay cards
- The cost of the first card issuance is included in the application processing fee.
- Subsequent card or a replacement card – 25 EUR.
- Delivery of the card by priority mail is free.
- Courier delivery of the card – 25 EUR.
- Commission for change of delivery address or delivery medium – 5 EUR.
- Monthly service fee – 2 EUR.
- Conversion commission (if the currency of the card does not coincide with the currency of the transaction) – 3%.
- Commission on purchases – 0%.
- Cash withdrawal commission – 2% of the amount (min. 2.50 EUR).
- SMS commission (PIN code delivery) – 0.50 EUR.
- Transaction confirmation documents – 10 EUR.
- Balance check in an ATM – 0.30 EUR.
Virtual cards
- First virtual card – free.
- Subsequent virtual card – 2 EUR.
- Monthly service fee – 2 EUR.
- Conversion commission – 3% of the transaction amount.
- Commission on purchases – 0%.
- Transaction confirmation documents – 10 EUR.
* Additional commissions are charged on transfers to the banks of Turkey and the UAE — 50 EUR.
** If the client requests that the payment be made by the OUR scheme (the sender pays the full commission), an additional commission may be charged. The amount of the commission will depend on the correspondent bank.
British PSP tariffs for international clients (non-residents of the EU)
| Application processing and card issuance | 20,00 EUR |
| Current account maintenance (per month) | 10,00 EUR |
| Accelerated application processing | 500,00 EUR |
| Safekeeping of funds (yearly commission on average monthly amount): | |
| – Up to 100,000 EUR (or equivalent in another currency) | 0.5% of the amount |
| – Above 100,000 EUR (or equivalent in another currency) | 1.00% of the amount |
| Inactive account fee | None |
| Payments | |
| Incoming payments and internal transfers | Free |
| Topping up the account with a bank card | 3% of the amount |
| EUR transactions within the EEA: | |
| – Up to 50,000 EUR | 45 EUR |
| – Above 50,000 EUR | 65 EUR |
| – Above 300,000 EUR | 100 EUR |
| If the correspondent bank or the payment recipient’s bank is outside the SEPA, an additional commission is charged by the correspondent bank or the recipient’s bank. | |
| EUR transactions outside the EEA* (SHA): | |
| – Up to 50,000 EUR | 75 EUR — 100 EUR |
| – Above 50,000 EUR | 90 EUR — 200 EUR |
| Transfers in foreign currencies * (SHA) | |
| USD Standard ** | |
| – Up to 50,000 EUR | 75 EUR — 100 EUR |
| – Above 50,000 EUR | 90 EUR — 200 EUR |
| GBP Standard ** | |
| – Up to 5,000 EUR | 20 EUR |
| – Above 5,000 EUR | 30 EUR |
| Express transaction / outside UK / more than 200,000 EUR | 80 EUR |
| Other currencies * (SHA) Standard ** | |
| – Up to 50,000 EUR | 75 EUR — 100 EUR |
| Pay Cards | |
| Cost included in the application processing fee | |
| Issuance of the first card | |
| Subsequent card issuance | 25 EUR |
| Delivery by priority mail | Free |
| Courier delivery | 25 EUR |
| Commission for change of delivery address or delivery medium | 5 EUR |
| Other services | |
| Commission for keeping the money in the account when business relationships with the client have ended (per month) | 5% of the amount (min. 500 EUR but not more than the account balance) |
| A separate GBP account maintenance fee | 20 EUR |
| Commission on currency conversion during business hours | 0.5% of the converted amount |
| Account closure а | Free |
| Penalty for failure to submit requested documents and information in due time | 1,000 EUR |
| Account statement | 65 EUR |
| Correction/ search/ revocation/ return of a transaction ** | 75 – 200 EUR |
| Confirmation of an international transaction (SWIFT or SEPA copies can be requested) | 5 EUR |
* Additional commissions are charged on transfers to the banks of Turkey and the UAE — 50 EUR.
** If the client requests that the payment be made by the OUR scheme (the sender pays the full commission), an additional commission may be charged. The amount of the commission will depend on the correspondent bank.
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Fixed-term deposits and savings accounts
You can keep the money with the British PSP and earn some interest on it. You can do so by making a fixed-term deposit or opening a savings account.
The interest on the deposit depends on the term. The following interests are paid on deposits:
| Currency | 3 months | 6 months | 12 months | 24 months | Savings account |
| EUR | 0.01% | 1.50% | 2.40% | 2.60% | 0.81% |
| USD | 0.01% | 1.35% | 1.72% | 1.82% | — |
Make a choice:
- Fixed-term deposit with the UK payment system:
- Term of the deposit – 3, 6, 12 or 24 months.
- Minimum deposit amount – 100 euros or the equivalent in US dollars.
- The option to top up the account is not available. The account cannot be used for making payments.
- The interest is paid to the account when the term is over.
- Savings account:
- The account currency – EUR.
- The term is not defined.
- Minimum deposit amount – 100 euros.
- Maximum deposit amount – 2,000,000 евро.
- The interest is calculated daily, added monthly, and paid on request.
- The money in your savings account (all of it or part of it) has to be transferred to your current account before you can withdraw it. You have to give the PSP a notification 40 days prior to the withdrawal date.
- You can top up your savings account at any time.
Advantages that the British payment system offers to non-resident customers:
- Multilingual client support;
- Multilingual interface;
- Round-the-clock access to the account;
- Individual approach to every client.
Types of clients that the UK payment system will not take onboard
You cannot use the British PSP to buy or sell the following types of products:
- Adult materials;
- Weapons and armor;
- Pornographic materials;
- Non-licensed games of chance;
- Tobacco;
- Adult advertisement;
- Escort services;
- Multi-level marketing instruments;
- Reverse auction products;
- Lotteries, raffles, etc.
Besides, the British PSP does not provide services to citizens of the sanctioned countries, Iran and North Korea in particular. Citizens of all other countries are welcome to apply for services.
The procedure of setting up an account with the UK payment system
You have to take the following steps to open an account with the British PSP:
- Request our professional support in opening an account. Please write to info@offshore-pro.info.
- Cover the cost of our professional services. You are welcome to make a bank transfer, use your pay card or such payment systems as PayPal, Western Union, etc. We also accept payments in Bitcoin and other cryptocurrencies. The cost of the service starts at 1,999 EUR.
- Collect all the application documents and pass them on to us.
List of documents required for opening an account with the British payment system
The account can be opened remotely. All the application documents need to be scanned. The scan copies should be made in color and have no hotspots, stains, shadows, nor blurred areas.
Electronic documents can be supplied in the following formats: .jpg, .jpeg, .png, .pdf, and .bmp.
If you are opening a personal (rather than a corporate) account with the British PSP, you have to submit scans of the following documents:
- Your passport;
- A document to serve as a proof of your residential address (such as a utility bill, for example);
- A confirmation of the legality of the source of funds (for example, an agreement confirming sale of real property, a vehicle, or other assets; a bank statement; an income certificate, etc.).
You will also have to fill out an application form for account opening. We will gladly help you do it right!
Please note that the Compliance Department of the British payment system may request some additional documents.
How to prepare scanned copies of the documents
1. Take a picture or scan the document as shown in the pictures.
2. Take a picture or scan a document proving your residential address as shown in the pictures.
You can submit the following documents to prove your residence address:
- A passport page with the official statement of your residence address
- A bank statement showing your name and address
- A government-issued ID that shows your name and address
- A utility bill no older than 3 months (gas, electricity, home phone, or internet). The cell phone bill will NOT be accepted.
3. You will need to take selfies (a picture of yourself) with your passport in your hand, as shown below:
Your photo instruction:
- The passport and face must fit into the same frame, not overlapping each other
- The picture of the face and details of the document must be clear – sharp, with sufficient contrast and detail
- A good quality photo, the lighting of good quality, the plain background in one color
- The face position: head facing forward
- Head uncovered. Additional accessories are not allowed
- Natural facial expression, without distortion.
The procedure:
- Fill out the form, collect all the required documents and their scans.
- Forward them to us for verification and submission to the payment system.
- The application processing time depends on the quality of application documents. It usually takes a couple of days.
Fill out the questionnaire: Personal accounts in the UK with a British payment system
