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.

Best UK Business Bank Account For International Payments part 1 – that will be the topic of today’s article.

Before introducing this article, if you are interested in our core services which are expat financial, insurance and mortgages, you can contact me here. 

The best time to consider your financial situation is when you are moving to a new country.

Introduction

Businesses that wish to accept credit or debit card payments from abroad will often need a direct bank account for sterling, one of the most widely accepted global currencies.

There are numerous international payment service providers available to help with this task. Still, businesses should always choose an appropriate account provider who can offer the best possible services. In fact, there are a number of different types of bank accounts that can be utilized, with some offering specific features that will best suit particular business needs.

For example, if the business is looking for international payments to be instantly transferred into their account in GBP, then a sterling current account would be an ideal solution. By contrast, if the business intends to carry out any foreign exchanges in order to accumulate GBP funds, then a sterling fixed-term deposit account would work better.

Businesses that require their international credit or debit card payments to be instantly converted into GBP in real-time can use any bank account types listed below with an appropriate payment service provider. Many companies choose to use a combination of different UK banking services in order to gain access to all suitable features and benefits.

International payment service providers offer a wide variety of different types of UK bank accounts in their package deals. Today, we will walk you through the best UK business bank account for international payments. Not only is that, but you’ll also know the benefits of using them. Continue reading to have a glimpse of what we’re saying.

Why Using UK Business Bank Account

There has been a sharp increase in payments going through international accounts with online payment providers such as PayPal. This is due to the ease and convenience of making these payments from anywhere at any time using a simple system.

But unlike before, there are now more options available for customers looking to make a transaction overseas. With international payments being a growing area of customer service, there have been a number of new companies set up to rival the banks.

But why would customers choose a business bank account for international payments over an online payment provider? Well, we’ve answered the questions! All you need is to continue reading to understand what we’ve got for you.

Better Exchange Rates and Competitive Fees

The fees associated with some international payment providers or card processing services can be as much as 4% of the total transaction value. This does not just depend on the company either; some card processors will have a better fee structure than others, and these charges can vary from country to country for a single business.

A business bank account for international payments is completely flexible compared to lower fees and more flexible terms. The rates a UK bank will offer to its businesses will be amongst the best available in the UK. If you have one of the larger business banking packages then you may have free international payments included within this.

Debit Card Access

One of the most convenient ways for a customer to pay is by debit card. It allows customers to not only use their own money to pay for transactions but also provides them with a record of the transaction easily for refunds and further information.

With PayPal, customers can pay with their credit card, but there is no formal debt transfer from this method, and so it does not leave the same feeling of security as paying by debit card would.

A Huge Amount of Security

When it comes to security, UK bank accounts are one of the safest ways to receive payment online. Every UK business has a secure banking sign recognized throughout the UK and abroad as a symbol of trust. This means that customers can be confident in knowing they are dealing with a legitimate company when making an international payment through a UK business bank account. 

Customers can be sure that their payments are secure and transactions will not get lost or stolen along the way either, which may happen with some online payment providers who do not have the same level of security in place.

Businesses Have Access to a Dedicated Specialist

UK banks will often provide a dedicated business specialist who will assist businesses in receiving and making international payments. This means that customers can ask questions about the service and get fast answers from someone who knows all the ins and outs of international money transfer services through UK banks.

The level of service provided is always tailored according to what you need, and you will also be able to access high-quality advice regarding future planning for your business.

Easier To Use

There are an increasing number of individuals and businesses choosing to use PayPal for making international payments. However, there is still the need to follow the steps required by this service which can often be confusing if you are not familiar with them. With a UK bank account, most have a straightforward system in place involving just a few steps to follow. 

All you need to do is check the recipient’s details, select the currency and enter the amount to pay them in. Once you have done this, all that remains is for you to hit send, and your payment will be made immediately.

A business bank account for international payments can easily be set up to do this automatically when necessary. This can be useful if you often transfer money to duplicate accounts, and it saves too much time every time.

Easier For Administration

There are different rules and regulations in place that need to be followed by companies that receive or make international payments, and these can vary depending upon the country or region where this is being done.

With a UK bank account, these rules and regulations are already known, and any businesses that have their accounts will know what is necessary as a result. This also makes it easier for those who send international payments through a business bank account as they will be able to make sure the recipient follows the appropriate steps in order to achieve this.

Better for Planning

There are many benefits to having a UK business bank account for international payments, and they all work towards making the task of receiving payment from abroad easier. One of these is that you can plan by checking how much will be taken out in fees.

This means that you can then think about arrangements such as setting up a regular payment plan which means the amount received will always be what you expect it to be.