Best UK Business Bank Account For International Payments part 2 – Part one is here.
Best UK Business Bank Account
Do you need to transfer money from the UK to another country? If so, are you looking for the best business bank account to help you with your international payments? Whether transferring small or large amounts of money, there are a number of benefits associated with having an international business bank account.
This is why businesses across the UK use them on daily basis to help save time and money. Luckily, there are a number of different bank accounts available to the UK business market. This means that you can find an international account to suit your needs, no matter how big or small they may be!
The article will look at ten of the best international business accounts on offer to businesses in the UK today. Without further ado, let’s start!
1) HSBC Premier Business account
HSBC is one of the leading international banking groups. It has more than 1,700 offices in over 80 countries and territories worldwide. HSBC aims to help people manage their lives, helping them to balance work, family, and their financial needs.
The HSBC premier business account has a monthly fee of £25, which can be avoided if your business deposits exceed £50,000. There is a long list of free services such as faxes, stationery, and postage stamps, as well as an international payments service which includes the SWIFT network.
This makes it one of the best business bank accounts available to those who do a significant amount of international work and transactions each month that require a SWIFT transfer.
2) Metro Bank
Metrobank offers a business account with a very low monthly fee of £5 and free international payment transfers. This bank also provides an additional service for those who travel to the US, offering “no foreign transaction fees” on transactions.
The downside is that you must have a minimum monthly balance of £10,000 to qualify for this service. You can deposit funds via any UK branch, cashpoint, or online banking.
3) NatWest
Natwest offers a basic business bank account that has no monthly fee but does have transaction fees, with some services being free and others not. International payments are subject to a 1% transfer fee standard across most banks. This account does not allow you to deposit via cash payments but only transfers funds between accounts.
4) Barclays
Barclays has a very good business banking service that is free with the exception of international payments, which are subject to a 1% fee. The bank offers “instant payments”, internet banking, telephone banking, and cash deposits. There is no monthly fee, but the bank requires a minimum account balance of £1 to open it.
5) Tide
Tide is a very new bank that has been popular in the United Kingdom. It has a business account with a monthly fee of £5 that can be avoided if you deposit more than £750 each month to your business account.
Tide makes international payments for free and also offers all the services one would need from a basic business banking service such as telephone, internet, ATM, and cash deposits, as well as a debit card.
6) Lloyds Bank
Lloyds Bank offers two business accounts which both have a monthly fee of £15; however, one account has an additional fee of £5.
The good news is that the international payments are completely free with Lloyds, and if you maintain a balance in excess of £1,000, it will avoid the monthly fee. There are also many free services such as a dedicated relationship manager, a cash machine card, and a business debit card.
7) Tandem
Tandem is another new bank that offers a more personal banking service. The monthly fee for the business account is £10, which can be avoided with either a monthly balance of £2,500 or by making at least four debit transactions to other accounts.
International payments are charged at 1% with no additional fees. The account also comes with a free business debit card and access to Apple Pay, contactless cards, and Pounds Sterling cheques.
8) Santander
Santander is one of the biggest banks in the UK; it was formed through the merger of two smaller banks. The business account has a monthly fee of £10, which can be avoided after depositing £2,000 to your Santander Business current account. There is no additional fee for international payments, but there are transfer limits of £20,000 each day.
9) TSB Business Bank
There are two business accounts offered by TSB with a monthly fee of £10. The first account, the Business plus Current Account, does offer free international payments, and there is no minimum deposit needed to open it.
You can make a cash payment or a transfer from another account, but you must deposit at least £500 per month. There is also an account called the Business eSavings Account, which requires a minimum balance of £100 if you want to avoid the monthly fee. There is no charge for international payments. However, there are transfer limits.
10) Wise
Wise is a new bank that offers free international payments on any transaction made in the UK or abroad. There is no minimum balance required or monthly fee, making this an excellent business bank account.
The only downfall to Wise is there are several requirements for opening up an account, such as having to make two transfers per month, receiving two pieces of correspondence with your name on it per month, and having the ability to access the internet.
11) Bank of Scotland
The Bank of Scotland business account has a monthly fee that can be waived if you deposit £1,000 or more each month to your bank account. International payments are charged 1% with no additional fees making this one of the cheapest accounts available.
The account comes with many other benefits, such as access to internet and telephone banking, a debit card, free cheques, and a wide variety of cash machines.
12) Yorkshire Bank
This business account offers a very low monthly fee of only £5, which can be waived if you deposit £750 or more each month. International payments are charged at 1% with no additional fees making this one of the cheaper accounts available, although there are transfer limits.
The bank account comes with several other benefits, including telephone banking, internet banking, paperless statements, a debit card, and no charges for telephone calls.
13) Ulster Bank
Ulster is a bank that offers two business accounts with a monthly fee of £10. The first account, the Ulster International Account, has a low transfer limit of £15,000 each day, but international payments are charged at only 1% with no additional fees. There is also a U Select account that allows you to choose from three different fee structures. There is a fee for international payments, but you can contact the bank to see if your transaction falls under one of the free categories.
14) Clydesdale Bank
The standard fee for this business account is £10, which can be waived if you deposit £1,000 or more each month. No additional international fees make this one of the cheapest business bank accounts available in the UK. The account comes with telephone and internet banking, a debit card, and no charges for paperless statements.
15) Handelsbanken
Handelsbanken is a Swedish bank that offers a business account with a 1% international payment fee. There are no additional fees or limits on this account, making it a very cheap option for businesses in the UK. The only other benefit to this bank is that it uses an app called BankID, which allows you to securely login into your internet banking quickly.
Requirements to Open Business Bank Account in the UK
If you’re an entrepreneur looking to start a business in the UK, one important aspect you will need to take care of is your Business Bank account. Opening a business bank account for your small business offers several benefits while ensuring that you meet all requirements for opening company bank accounts in the UK.
Read on below to get an insight into the five requirements which must be met to open a Business Bank account in the UK.
Be over 18 years of age
The first requirement applicable to opening a Company bank account is that you must be 18 years of age. An authorized person above 18 can act as the company representative for opening the bank account.
Have a Permanent Residential Address
The second requirement which needs to be met when opening Business Bank accounts in the UK is that the company representative must have a permanent residential address in the country, preferably within Birmingham or London. You can use any of your own home or office addresses for this purpose.
Be a Citizen of the EU
The third requirement for opening Business Bank accounts in the UK is to be a citizen of any country within the European Union. The common market and its free trade agreements have made it easy for citizens from other EU member countries to start businesses and bank accounts in England or other parts of the UK.
Have a Valid National Insurance Number (NIN)
The fourth requirement to open a Company Bank account in the UK is that you must have a valid National Insurance number. This acts as an identification proof for each and every individual living in the country. It’s mandatory to have an operational NIN when applying for bank accounts in the UK.
Have a Registered Company in the UK
The fifth and final requirement to open a Company bank account in the UK is to have a registered company. It doesn’t necessarily have to be an operating business. Still, it can be just about any legal entity recognized by the Registrar of Companies.
Frequently Asked Questions about UK Bank Account
Is a Business account hard to open?
If you want to open a business account in the UK, an address is definitely needed. However, some banks are willing to accept PO BOX numbers on top of usual home addresses. The process is quite easy if you meet all their requirements.
When do I get my debit card?
ATM machines dispense debit cards right after opening your account. Therefore it is best for you to open your account with a bank in close proximity. This way, you won’t have to wait for your card too long.
Is the PIN number for debit card unique?
PINs are not supposed to be shared between accounts of different people. However, most banks do not give you cards that already have numbers assigned, so if anyone else knows your four digit code they can withdraw money from your account if it is empty.
What is interest?
Interest is the price you pay your bank so that it keeps your money safe in savings. The more you deposit the higher rate of interest you stand to gain. Investments are made by the bank in order to provide high rates of return for their customers.
Conclusion
Every day, more people are looking to expand their businesses internationally, moving into new markets and reaching out to potential customers across the world. This is an exciting time for business owners, but also a challenging one. Nonetheless, it’s best to know the right bank to save unnecessary charges. Refer to the banks in this article to know more about UK business bank.
