Opening a UK business bank account for non-residents can be challenging, but there are clear solutions if you know where to look. If you want to start your own company in the United Kingdom and need a business bank account but do not live in the UK, you must understand your options. Most traditional banks make this process more difficult for non-UK residents, but alternative providers can make it much simpler.
- High street banks often reject non-UK residents; EMIs offer accessible digital banking with UK account details and multi-currency support.
- EMIs function like banks for payments but don’t offer lending; funds are safeguarded yet not FSCS-protected.
- Emerald24: FCA-authorised, multi-currency IBAN, SEPA/TARGET2/SWIFT, personal manager; setup from about £430, higher ongoing fees.
- Wise: low fees, fast transfers, debit card, marketplace receipts in multiple currencies, accounting integrations, and global regulation.
- Airwallex: quick global accounts, lower FX costs, GB domestic and SWIFT transfers, multi-currency cards, e-commerce links, FCA-regulated.
- Payoneer: personal and corporate use, no opening/maintenance fees, competitive FX, online onboarding, broad licensing; outbound transfers may cost up to 2%.
How to Open a Business Bank Account if You Live in the UK
If you are based in the UK and wish to open a business bank account for your limited company, the process is generally straightforward. For example, you can use our fast-track bank account referral service when registering a new company.
As you complete your online company application, our website will show you a range of banks that provide services tailored to your company type and business needs. You simply choose the bank that fits your requirements, and we will securely send your details to the selected bank on your behalf.
Options for Opening a Business Bank Account as a Non-Resident in the UK
Opening a business bank account is one of the main challenges after UK company formation for non-residents. High street banks such as Barclays or Lloyds may refuse your application or make the process very difficult if you live outside the United Kingdom. To help with this, we have partnered with several payment institutions that offer business accounts specifically for companies owned or managed by non-UK residents.
These accounts are provided by electronic money institutions (EMIs), part of the fintech sector, rather than by traditional banks. They operate in a very similar way. With an EMI business account, you will receive a UK account number, sort code, and IBAN, and you can hold, send, and receive payments in multiple currencies.
EMIs do not provide lending products such as loans or mortgages, and they are regulated differently from banks. However, they are often more flexible and accessible for overseas clients. If you require an efficient way to manage your UK company’s finances without being a UK resident, a digital banking or e-money solution can be a simple and effective choice.
Benefits of a Business Account with a Payment Institution
There are several benefits to using an e-money institution to open your business account, whether you are a foreign national, a non-UK resident, or based in the UK:
- Fast and simple account opening: You can open your account in a few minutes without having to visit a branch.
- Debit cards available: You can have a debit card linked to your account, so you can make payments in person or online.
- Efficient international money transfers: You can send and receive money quickly, often with low fees.
- Flexible account management: You can manage your account online or through a mobile app, allowing you to keep track of your finances wherever you are.
Emerald24 – FCA-Regulated Multi-Currency Business Account
Emerald24 is an FCA-regulated payment institution offering a multi-currency business account suitable for non-UK residents who wish to manage or grow their business presence in the United Kingdom. Below is an objective overview of its main features, advantages, and considerations.
- Multi-Currency IBAN Account
The account supports GBP, EUR, USD, and CNY. This enables businesses trading internationally to send and receive payments in several currencies, reducing the need for frequent currency conversions. - Access to Major Payment Systems
Payments can be made through SEPA, TARGET2, and SWIFT networks. These systems provide reliable and secure international transfers, which are essential for businesses working with clients or suppliers abroad. - Account Management Support
Each client is assigned a personal account manager. This offers a direct communication channel for resolving issues or receiving assistance with account-related matters. - Regulation and Security
Emerald24 operates under the authorisation of the Financial Conduct Authority (FCA) as an electronic money institution. Funds are safeguarded under the applicable regulations, although EMIs are not covered by the Financial Services Compensation Scheme (FSCS) in the same way as traditional banks. - Costs and Fees
Account opening starts from approximately £430 (around 500 EUR). Fees are generally higher than those of high street banks, reflecting the specialist services and accessibility for non-UK residents.
Overall, Emerald24 can be a practical choice for non-UK entrepreneurs seeking a regulated, flexible account for international business operations, although potential users should carefully consider the higher setup and service costs. You can apply for an Emerald24 business account through our website, where you will be able to contact your personal account manager quickly and easily to assist with the account opening.
Introduction to a Payment Provider
Wise Business Account
One of the best e-money institution options for non-UK residents is Wise (formerly known as TransferWise). Wise is a popular choice among small businesses and startups because it offers low fees, fast international money transfers, and flexible account management.
You can open an account with Wise in just a few minutes, without visiting a branch. You can also obtain a debit card linked to your account, which allows you to make payments easily both online and in person. You can manage your account online or through a mobile app, enabling you to keep track of your finances from anywhere.
If you apply for a Wise Business account through our website, you will be eligible for a free transfer of up to £20,000 – an offer available exclusively to Uniwide Formations customers.
Key features of Wise for e-commerce businesses:
- Cheaper than PayPal, with better exchange rates and no monthly or hidden fees.
- Receive funds from online marketplaces or PSPs without converting currencies, including GBP, USD, CAD, EUR, SGD, AUD, NZD, and TRY.
- Send or pay invoices in more than 50 currencies across over 80 countries.
- Integration with accounting tools such as Xero, QuickBooks, and FreeAgent.
- Direct Debit support.
- Wise debit card for online and in-store payments.
- Regulated by authorities in all countries where it operates, such as the FCA in the United Kingdom and FinCEN in the United States.
If you would like to learn more, please read our article: “Wise Business Account: How to Save Money on Your International Transactions“. To apply for a Wise Business account, simply click the button below.
Open Wise Business Account
Airwallex Business Account
Another well-known e-money institution among small businesses and startups is Airwallex. It provides fast international money transfers, flexible account management, and a wide range of practical features for global businesses.
With Airwallex, you can:
- Open new accounts in the UK, US, AU, EU, and HK quickly and easily, without setup or management fees, and start collecting payments in local currencies straight away.
- Send and receive money worldwide more quickly and at lower cost than with most competing EMIs.
- Save over 80% on currency exchange compared with high street banks.
- Make domestic transfers in GBP and international transfers via SWIFT, paying in local currencies wherever you are.
- Issue multi-currency Visa and Mastercard debit cards, with individual employee access and real-time expense tracking.
- Link multiple global accounts to major e-commerce platforms such as Amazon to receive funds in matching currencies.
- Accept online card payments from customers.
- Create physical and virtual employee or company cards within minutes, track all spending, and set individual limits.
- Integrate your Airwallex account with accounting software such as Xero.
- Invite team members, such as accountants or bookkeepers, to access and manage your account securely.
Airwallex is a strong choice for businesses seeking to reduce currency exchange costs and manage international payments efficiently. It is regulated by the Financial Conduct Authority (FCA) in the United Kingdom. You can apply for an Airwallex business account through our website.
Open Airwallex Business Account
Payoneer Business Account: An Overview
Payoneer is a global payment platform providing a range of financial services, including international money transfers. Licensed in several jurisdictions such as the USA, UK, EU, Hong Kong, Japan, Australia, and India, Payoneer operates from 21 offices worldwide and serves over 4 million users. Its accounts support multiple currencies, including USD, EUR, and GBP, making it suitable for international business transactions. The entire account opening process is completed online, which makes it accessible to users worldwide without the need for in-person verification.
Main Features and Considerations:
- Unlike most other e-money platforms, Payoneer is available for both personal and corporate users, with no restrictions on business activity or jurisdiction.
- No limits on incoming or outgoing payments, providing flexibility for international trade.
- No minimum balance requirement, which benefits start-ups and smaller companies.
- Account managed fully online through a secure platform.
- No fees for account opening, maintenance, or incoming payments.
- Outgoing payments to other bank accounts may incur fees of up to 2%.
- Competitive exchange rates when converting between currencies.
- Support available in multiple languages.
- Regulated in major financial jurisdictions, ensuring compliance and reliability.
Overall, Payoneer offers a practical and cost-effective solution for businesses seeking to send and receive international payments efficiently. While it lacks traditional banking services such as lending or overdraft facilities, its flexibility, transparency, and global reach make it a strong option for companies involved in cross-border commerce. To begin your application, please click the button below.
Open Payoneer Business Account
Frequently Asked Questions
What documents are required to open a business account?
To open a Business Account with one of the supported providers, you will need to provide your company name, registration number and address, in addition to your personal details (name, date of birth, address, nationality, passport number). You will also need to upload some documents to verify your identity and address.
In most cases, you will be asked to provide more than just your business’s basic details. Prepare a clear description of your company’s activities, information about its clients or suppliers, and a short financial forecast or expected turnover. Supplying this additional information helps demonstrate the legitimacy and scope of your operations, improving your chances of approval.
You may also be required to provide proof of funds (showing the source of the money that will be used in your business account) and proof of wealth (evidence of how those funds were originally generated, such as from employment, dividends, property sales, or previous business activities). These documents are part of standard anti-money laundering checks carried out by financial institutions.
Please note that our payment partners may request additional documents or information depending on your business model, industry, or country of residence.
How long does it take to open a business account?
The time taken to open a Business Account depends on the provider that you choose. Once you have submitted your application and all the required documents it can take anywhere from a few days to a couple of weeks to be approved and have your account up and running.
Can you guarantee that I will receive a UK business account?
Although we have various options for non-resident directors, each bank or payment institution has its own policy and makes the final decision. This means that we cannot guarantee your application’s success.
What are the chances of opening a UK business account as a non‑resident?
The chances of opening a UK business account as a non-resident depend on your business profile, documentation quality, and choice of provider. High-street banks are usually cautious and may decline applications without a clear UK presence such as local operations, clients, or directors based in the country. In contrast, electronic money institutions are typically more open to non-UK residents, provided that your business is legitimate, low-risk, and properly documented.
Your approval prospects increase if your Companies House records, website, and application are consistent and supported by a strong onboarding pack that shows genuine business activity. This should include proof of identity, address, ownership, and funding sources, as well as information about your clients, suppliers, and expected payment volumes.
Conclusion: How to Ensure a Smooth Account Opening
Opening a UK business account as a non-resident depends less on where you live and more on how clearly and accurately you present your case. Prepare a concise onboarding pack that demonstrates a genuine UK business presence – such as a live website, named UK clients or suppliers, sample contracts or invoices, and a brief summary of expected payment activity (currencies, routes, and volumes). Make sure that your Companies House information, SIC code, and business description are consistent. Keep ready proof of ownership, source of funds, source of wealth, and overseas proof of address. Be prepared for identity verification, which may include a short video call.
Plan your operations as carefully as your application. Although EMIs safeguard client funds, they are not covered by the Financial Services Compensation Scheme (FSCS). Many businesses therefore maintain more than one account to spread risk and manage costs across different payment systems such as Faster Payments, SEPA, or SWIFT. Uniwide Formations can help you establish your UK company as a non-resident and assist you in finding and applying for the most suitable business account solutions.
Form a UK company quickly and easily, even if you are not a resident. Let us handle the paperwork for you.
