When we talk about opening a corporate account, the supply is quite high. However, it is still difficult to find the option that will come to your expectations: you have to match your needs and the possibilities that the bank provides. You may need a crypto-friendly bank, or a bank that works with high-risk businesses, or one that does not charge enormous fees for wire transfers made across Europe and Asia at the same time. It may require too much effort from you, so most people just abandon the idea of finding an ideal option by themselves and turn to a specialist.
We would like to invite you to our portal called International Wealth where you will find a lot of information on the best banking options that we hand-pick for you and will be able to get qualified help. Today we are going to talk about a UK payment system. You can read a full version of the article on UK multi-currency account opening by following the link, and you are sure to find many more posts you will be interested in.
We have a team of experts who will help you set up a corporate account or an offshore company, optimize your taxes, open a branch in a foreign country, or use a nominee service to ensure your confidentiality. If you struggle with the choice of a proper jurisdiction to establish a company or open a bank account, we will help you for free. However, we also have turnkey packages that will allow you to get a certain product (like a corporate account with the UK payment system) without much hassle.
Why Payment System?
The UK has a robust banking sector – the largest in Europe and the 4th largest in the world! What is more, there are a lot of good banks there, including several high-street ones. Why opt for a payment system?
This is a good question, and we have three reasons to recommend it to our customers:
- The UK banks that will meet your expectations are usually very popular with customers, so you will need a lot of time and effort to get an account there. Why meddle with it all if you can have the same services provided by a payment system?
- UK banks tend to charge high fees for transfers outside Europe, which may result in heavy expenses if you make transfers to China, for example. The payment system does not have this fault.
- Finally, if you have a high-risk company, you have almost no chance of opening a corporate account with a reputable bank. However, the UK payment system will provide all the specific services you need!
UK Payment System: Gains
One of our focuses is to offer reliable products to our customers that meet their expectations. The UK payment system we propose is in no way our random choice: it is a renowned and respectable institution headquartered in London that additionally has offices in 5 countries, and it is officially licensed to provide a wide range of payment services.
You will benefit from the following features:
- A multi-currency account. If you need to make payments in different currencies (or expect to have this need as your business evolves), the UK payment system will serve the purpose as it offers transactions in more than 200 currencies – quite enough to choose from!
- The system offers flawless transfers to more than 170 countries.
- You will get a unique IBAN to have no limits on banking transactions.
- The UK payment system is an authorized payment intermediary for Visa/Mastercard systems, which means that you can benefit from absolutely secure payment processing.
- There are three different payment types, SWIFT, SEPA, and Target2, to ensure efficient wireless transfers worldwide.
- The payment system is high-risk-business-friendly: they know that these businesses often have specific needs, and they are ready to meet them. However, be prepared to pay slightly higher fees if you operate a high-risk company.
- The system will provide all you need for digital transactions, mass payments, and any other services you need.
- If you need a business account quickly, you are highly unlikely to find a better solution: if everything goes as planned, the account in the UK payment system will be opened within 5 business days.
If you need precise information about specific payments or possibilities, transfers to some countries, and particular services, please contact our specialists by visiting the above link. We are online!
Risk Classification and Restricted Industries
When the UK payment system onboards a company, it assigns a risk category to it and charges fees accordingly. There are three categories:
- The low-risk one includes online education services, manufacturing activities, logistics, e-commerce, and software development.
- The mid-risk category includes companies that resell digital products (skins, game keys, and so on), travel services, marketplaces, ticket purchasing services, and marketing.
- Companies that engage in FOREX, gambling, or betting, belong to the high-risk category. It should be kept in mind, though, that your high-risk business should possess a relevant license, otherwise, you will not be able to open an account with the UK payment system.
The system does not cooperate with businesses that deal with precious metals, adult content, weapons, or firearms, and nor does it service political organizations.
Countries the Payment System Does Not Cooperate With
There is a list of countries that the UK payment system does not collaborate with under any circumstances, and here are three facts to be kept in mind:
- You cannot make transfers to and from these countries using the UK payment system.
- You cannot open an account for the company based in these jurisdictions.
- If a company wants to open a corporate account with the UK payment system, it cannot designate a beneficiary that lives in them.
However, there is an exception: individuals that have a residence permit of a foreign country and live outside their country of citizenship on a permanent basis are allowed to set up an account with the payment system.
The full list of restricted countries is available in the full text of the article (please follow the link above).
If you are a busy entrepreneur who values time and knows that concentrating on the business is more important than studying administrative nuances, visit the above link to contact us and open an account in the UK payment system without much hassle on your part!