Seamless payments have always been one of the most important parts of a successful business. Despite the fact that the present-day financial system seems to provide more and more opportunities for quick and efficient settlements, not all banking institutions are good for a corporate account. Some of them require too many administrative hoops to jump through or are simply too picky, some are not secure enough, and some do not provide the optimal conversion rates or the currency pairs that you may need to make quick wire transfers to your counterparties.
We at the International Wealth portal keep our fingers on the pulse of the global banking system and recommend the best solutions available, and a UK payment system is one of them. Welcome to our portal to read more about a multi-currency account in the UK. You will also find a lot of useful articles here on banking in different jurisdictions, setting up companies abroad, and other aspects of international business.
We have a team of professionals who will help you with any challenge you may have with your business. Some of our services are free: we will choose a suitable jurisdiction for your company or corporate account at no fee. We also provide turnkey packages for establishing companies, trusts, and other structures, opening different bank accounts, and so on. Book an individual session to get competent advice, ask questions, or order to open an account with the UK payment system!
Why the UK?
The UK is a strong economy characterized by political and economic stability. This is a global finance and banking center that has always attracted the attention of international companies and investors.
The banking sector in the UK is the largest one in Europe and the 4th largest across the globe. It is a highly-developed industry that relies on cutting-edge technology and is constantly driven by innovation. And if we take the aspect of cross-border lending, the UK is considered an important financial hub.
Why a Payment System?
The UK is home to large international banks where you can open an account. However, this may require much more effort than doing the same in a reputable payment system, and the functionality will be the same. This is one of the reasons why payment systems are gaining more and more popularity: they make the same mandatory checks as the banks, like AML and KYC, but it is a much faster procedure.
The second reason is that UK banks in most cases charge high fees for transfers outside Europe, which may be absolutely inconvenient if you have a couple of important partners from China, for example, and you have to make regular payments to them.
Finally, a payment system is a real blessing if you have a high-risk business. We are not talking about any unlawful operations, of course. However, such businesses as FOREX and gambling will be turned down by reputable UK banks in 99% of cases, while a payment system will accept them (though the fees will be higher).
Advantages of the UK Payment System We Offer
First of all, we should say that our team is focused on selling the services our clients will never regret, so we choose the most reputable offers. The payment system we recommend has an official license, and its offices are located in 5 countries.
Here are the main benefits of the payment system that you may take advantage of:
- A multi-currency account. You will not need to worry if you have to make a payment in an exotic currency: there are over 200 of them available in the payment system.
- You will be able to make quick transfers to more than 170 countries, which means that almost any country on the globe will be covered.
- Get a personal IBAN to carry out customized banking operations.
- The payment system we offer is an authorized Visa/Mastercard intermediary, which means that you can rely on its secure payment processing.
- Make your worldwide transfers with the help of SEPA, Target2, and SWIFT payment types.
- If you have a high-risk business that needs customized banking, the payment system is ready to cooperate.
- Do you need an e-wallet to make digital transactions? Or a mass payout system is a service you would like to use? Don’t worry: the range of services provided by the UK payment system is wide enough to cater to all your needs.
- If you need a corporate bank account quickly, the payment system we recommend is exactly what you need: it will take no more than 5 business days to get a fully-operational account.
Feel free to book a session with our experts to ask any questions about the payment system you may have. We want our clients to make well-informed decisions!
Risk Levels and Restricted Businesses
There are businesses the UK payment system will not onboard. If the services you provide are connected with political organizations, adult content, weapons/firearms, or precious metals, you will not be allowed to set up a corporate account.
All the remaining businesses are divided into 3 categories according to the level of risk:
- If you engage in logistics, online education, e-commerce, manufacturing, or software development, you will be classified as a low-risk business.
- The mid-risk category includes such business areas as marketing, travel, marketplaces, ticket purchasing, and resellers of digital products like game keys or skins.
- As for the high-risk category, it includes Forex, betting, gambling, and other similar types of business. However, it should be kept in mind that your business should have an appropriate license for this activity. Unlicensed high-risk businesses are turned down.
The category your company belongs to will determine the fees you will pay.
The UK payment system does not cooperate with certain countries, and transfers to and from them are not supported. You can see a full list by clicking on the above link to read our full text.
Do you want to open an account with the UK payment system on the first attempt? Please get in touch with our experts for help. We will give you recommendations on how to prepare the documents to get your account opened seamlessly and have no problems in the future. We will thoroughly check every detail and request any missing documents or information.Get professional assistance – we are just a click away!