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Best Bank Account For Business In UK

Updated: Mar 7

One Bank Account for All Your Business Needs

In case you have been looking for the single best bank account for business in the UK, then keep reading. Regardless of your business nature, there is a digital bank that will save you time, nerves, and money on fees.

Dealing with banks in the UK can be a nightmare and a costly experience at the same time. Many business owners choose to look for alternatives to save their nerves, time, and eventually money.

Nowadays, the alternatives to traditional banks are digital banks called Neo Banks. These types of institutions are partnering with traditional banks around the globe in an effort to create a correspondence banking network, purchase payments and foreign exchange services in bulk, and re-sell them at a better price point to the end-clients—businesses and private individuals.

On top of that, they aim to provide the best banking and user experience by providing a technology angle, such as mass payments, API integration, a user-friendly platform, and client care (private account managers).



Bank Account For Business in UK

A digital bank, unlike a traditional bank, can provide a single bank account for businesses in the UK that is able to accommodate all payments and currency needs. It is because a digital bank is focused on one product or service while a traditional bank is diversified in its product portfolio (lending, insurance, deposits, investments, etc.). Moreover, being everywhere at the same time doesn’t give very much depth, so digital banking is able to be very well positioned in a narrow field.

What Are The Requirements To Open A Bank Account For Business In The UK?

Even the digital banks in the UK are quite strict on onboarding new business clients. Opening a bank account for a business in the UK might require a bunch of documents and various proofs. The good news is that the process is fully digitalised and an account can be opened without leaving the comfort of one's bedroom. The application is usually handled over several days until the account is fully operational.

Below is a list of documents required to open a bank account for business in the UK.

Identity document: a copy of a valid UK or EEA passport or identity card.

Residential address proof:

· less than 3 months old UK or EEA bank or credit card statement with the visible address

· Tax statement or exemption certificate

· Less than six months old utility bill (phone, internet, or other utility service)

Business documents:

· Companies house registration number

· Business description and tax information (ex. VAT number)

· Proof of funds or capital

· Identity, residence proofs, and contact details of all company directors

It is important to remember that some institutions might require more than that; it also depends on internal company policy. But usually the above-mentioned should be enough.

What Is The Best Bank Account For Business In The UK?

As promised, we are going to talk now about the best bank account for businesses in the UK. But before that, we would like to highlight the fact that there is more than one great option on the market. Ideally, a London-based payments and banking specialist is the best option for UK business owners. Whether it is international or local payments, foreign exchange, or currency risk management, local digital banks will do the best job. Reach out to us to get a list of the most reliable payment and FX specialists in the UK.

First and foremost, our banking partners are working with the top-tier banks in the world, for example, Barclays, Citi, JP Morgan, Goldman Sachs, etc. This means they are able to leverage the correspondent banking network of those banks while making payments internationally in 100+ different currencies to 170+ different countries for their clients.

Furthermore, they issue GB IBANs that can accept payments in 30+ different currencies without additional fees.And all that comes by using a single IBAN on a user-friendly online payments platform.

One of the benefits of a single bank account for all business operations is that you don’t need to explain to your stakeholders why different payments come from different accounts.

Furthermore, with our banking partners, clients are able to convert and hedge currencies on a fixed margin on the same platform. In cases of higher volumes of payments and FX, or if the business situation dictates a complex solution, the dedicated account manager and FX dealer will help find the best solution.

Last but not least, the banking technology platform of our partners allows clients to integrate via API connection and automate payment processes. Whether it is a payroll every month or supplier invoices, it is possible to automate and make mass payments while saving tonnes of man-hours. In addition, the online payments platform is easy to use, with intuitive design and transparency all over.

Our partners are able to support all industries across all verticals. They are highly experienced in helping to move funds cross-border, managing treasury, and supporting small businesses as well as big ones.

If you would like to learn more about our banking partners offerings, please reach out to us and we will set up a call with a company representative directly!

Conclusion

All in all, regardless of your business nature, the digital bank is well adapted to create value. It is easier, faster, more convenient, and cheaper to make payments and exchange currencies with today’s digital banks than traditional banks.

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