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.

Top 15 Best Business Bank Accounts In Singapore

Business bank accounts are essential to run your business successfully, especially if you deal in cash or receive a large sum of payments. There are various services that different banks provide for businesses, and among the most common is an account with a cheque book facility.

This allows your customers to pay you through money orders. On top of this convenience, there are also standard services such as Internet banking and SMS alerts for transactions. Choosing a suitable bank account can be challenging, especially if you do not have prior experience in business management.

To make things easier for you, we compiled a list of the best bank accounts for businesses in Singapore currently available on the market. Without much talk, could you take a look at it below?

1.    HSBC Premier Business Account

HSBC is one of the biggest banks in England and has been around for now. They have an extensive network of branches worldwide, so it is easy to find a physical branch if you need one. Their online banking platform is easy to use and has a lot of great features that make banking convenient.

The HSBC Premier Business Account is a business bank account with one of the highest interest rates in Singapore. They offer discounts on credit card fees, insurance coverage for your mobile phones and tablets, discounted cash withdrawal from other banks ATMs in Singapore, free usage of Wires and CHATS, and a lot of other features that you can take advantage of as a business.

2.    Standard Chartered Unlimited Cashback Business Account

Standard Chartered is one of the biggest banks from England that has been around for a very long time now. They have an extensive network of branches worldwide, so it is easy to find a physical branch if you need one. Their online banking platform is easy to use and has a lot of great features that make banking convenient.

The Standard Chartered Unlimited Cashback Business Account offers not just the highest interest rate in Singapore but also an unlimited cashback rebate on any debit card purchases that you make with your business account. That’s not all; they also have a strong local presence, with many branches all over Singapore.

3.    Citibank Rewards Platinum Business Account

Citibank has been around for a very long time and is one of the most prestigious banks in Singapore. Their website is easy to navigate, and their mobile app makes banking convenient from anywhere.

The Citibank Rewards Platinum Business Account is a business bank account that offers one of the highest interest rates in Singapore. Their other features are not too shabby either, with discounts on insurance coverage for your mobile phones and tablets, no ATM withdrawal fee when you use other bank’s ATMs in Singapore, free usage of Wires and CHATS services, among many other things.

4.    Maybank Business Account

Maybank is one of the biggest banks in Singapore, and they have been around for a very long time. They are known to provide quick customer support, so if you ever need assistance with your account or bank transactions, they are easy to get in touch with.

The Maybank business Account is a business bank account with one of the highest interest rates in Singapore. They also offer discounts on insurance coverage for your mobile phones and tablets free usage of Wires and CHATS services, among other great features.

5.    DBS Hot Smart Account

DBS is another very reputable and prestigious bank in Singapore with many branches spread throughout the country. Their online banking platform is easy to use, and they have a mobile app that makes banking convenient.

The DBS Hot Smart Account is a business bank account that has one of the highest interest rates in Singapore, as well as an unlimited cash rebate on any ATM withdrawal you make locally. Aside from that, they offer free usage of Wires and CHATS services and discounts on insurance coverage for your mobile phones and tablets.

6.    OCBC 360 Account

OCBC is another bank that has been around for a long time now, and they are one of the biggest banks in Singapore right now. Their online banking platform is easy to use, making managing your business finances more convenient.

The OCBC 360 Account is a business bank account that comes with one of the highest interest rates in Singapore and also has an unlimited cash rebate on any ATM withdrawal you make in Singapore. They also offer discounts on insurance coverage for your mobile phones and tablets free usage of Wires and CHATS services, among other great features.

7.    Aspire Business Platinum Account

Aspire is a bank that many people in Singapore do not know about, but if you are looking for an account with one of the highest interest rates in Singapore, this business bank account might be worth checking out.

It comes with free cash rebates on any ATM withdrawal you make locally and also offers discounts on insurance coverage for your mobile phones and tablets. Aside from that, they also have a strong local presence with many branches all over Singapore.

8.    Spenmo Business Current Account

Spenmo is another business bank account that offers one of the highest interest rates in Singapore. They also offer free cash rebates on any ATM withdrawal you make locally and discounts on insurance coverage for your mobile phones and tablets. That’s not all; they also have a strong online presence with customer service available 24/7 over the phone, as well as a mobile app that makes banking convenient from anywhere.

9.    Volopay Smart Business Account

Volopay is a business bank account that comes with an unlimited cash rebate on every ATM withdrawal you make locally. Aside from that, it offers much more than just an interest rate because they also offer free usage of Wires and CHATS services discounts on insurance coverage for your mobile phones and tablets, among many other great features.

10. Bank of China Business Account

The Bank of China is one of the biggest banks in Singapore right now, and they offer many different business bank accounts. Their online banking platform is very easy to use, making managing your finances more convenient. Additionally, their customer support is available 24/7 over the phone, so if you ever need assistance with your account or banking-related transactions, you can get them resolved in a timely manner.

11. ICICI Business Bank Account

Another business bank account that offers an interest rate of 2.4%, also available for online banking, is the ICICI business bank account. Their customer support is available 24/7 over the phone, so if you ever need help or assistance with your account or any other banking-related issues, you can get them resolved quickly and efficiently.

12. SBI Business Bank Account

The State Bank of India is one of the biggest banks in Singapore right now, offering many different business bank accounts. Their online banking platform is very easy to use, making managing your accounts more convenient.

Additionally, they have 24/7 customer support available over the phone, so if you ever need assistance with your account or any other banking-related transactions, you can get them resolved quickly.

13. ABN AMRO Business Banking Account

ABN AMRO is one of the oldest banks in Singapore, and they offer three different bank accounts for small businesses. Their online banking platform is easy to use, making managing your finances more convenient. They also have 24/7 customer support available over the phone, so if you ever need assistance with your account or banking-related transactions, you can get them resolved quickly and efficiently.

14. POSB Business Bank Account

POSB is a business bank account with an interest rate of 2.2%. They also offer unlimited cash rebates on any ATM withdrawal you make locally and discounts on insurance coverage for your mobile phones and tablets. That’s not all; they also have a strong online presence, with customer service available 24/7 through a mobile app that makes banking convenient from anywhere.

15. Crowdo Business Bank Account

Crowdo is a business bank account that comes with an unlimited cash rebate on every ATM withdrawal you make locally. Aside from that, it offers much more than just an interest rate because they also offer free usage of Wires and CHATS services discounts on insurance coverage for your mobile phones and tablets, among many other great features.

Requirements to Open a Business Bank Account in Singapore

Today, there are many types of business bank accounts that you can apply for. Depending on the size of your business, it will determine which type of bank account would be the best. All new businesses need to have a good banking relationship to establish credibility. Here are 5 requirements to open a business bank account in Singapore.

Company Profile and Address

All Singapore companies need to have a registered company profile. The business owner will be the director, and they need to provide their details such as NRIC number and full name for verification purposes. You will also need your company’s address and status (i.e., Pte Ltd). The bank will not open an account without these details.

Company Operating Evidence

You will need to supply the bank with evidence that you have a company operating.  You will need to submit a certified copy of your certificate of incorporation and the extract of particulars for submission. The extract must be within 3 months from the date it was certified; otherwise, this would mean an additional administrative fee for getting a new copy of the extract.

Directors’ Details

Each director needs to provide their personal information such as NRIC number and full name for verification purposes. The bank requires this to ensure no discrepancies between the directors listed on the company profile and those opening up a business account. You can check if your company is registered with ACRA here

Tax Documents

The banks require the latest Income tax documents for all directors/shareholders of the company. You can check if your company is registered with ACRA here. For shareholders, you will need to provide a copy of their latest income tax assessment notice. If you have just started your business, you can show your projected income for the year ahead.

Governing Documents

All Singapore companies are required to have governing documents. The documents include but are not limited to Memorandum & Articles of Association (M&A), copies of board resolutions, and contract/agreement between shareholders or directors. You can refer here for a guide on setting up a company in Singapore.

Frequently Asked Questions about Business Bank Account

How do I start a business account?

Firstly, you must go to the business section of your local bank or credit union and tell them that you want to open a new account for your small business. They will ask you what the purpose of the account is (i.e., to make deposits, pay bills, etc.), the name of your business (if you haven’t already thought it up), and how long you want the account to last.

What type of bank account should I use?

If your business is new or does not have a lot of cash flow yet, you will probably need a checking account. If you have a lot of expenses and your business is profitable. You will probably be better off with a savings or money market account because it pays more interest than a checking account.

What’s the cost of opening an account?

Many businesses need less than $100 to open up a small business account, and most banks charge less for a checking account than they do for a savings account. However, you need to check with your bank to see how much your monthly fee is and be charged for every transaction. If you stay below a certain number of transactions, the fees may be waived.

Who can open a business account?

If you have a D-U-N-S Number and at least three years of company financial activity, then you are eligible to open up a business account. (A D-U-N-S Number is used for all major companies and government institutions.)

What’s the best bank for a business account?

That depends on what type of service you want and how much money your company makes. If you’re looking for the most comprehensive banking service, then Chase is probably the best choice for you. However, if you just want an account to make deposits and withdrawals and don’t care about other services like check printing, then you should consider small business accounts.

Conclusion

In the fast-paced corporate world, where business is king and efficiency counts, timing can be everything. In this day and age of technology, time was not only of the essence but money too. Business owners can get better deals on their financial needs if they have a keen eye for saving opportunities while maximizing tax benefits. And the only way to do that is to open a business account. Refer to this guide to know better.