Best Business Bank Account for Non-UK Residents

A business bank account is the best way to keep your business and personal finances separate, so it makes sense that you're looking to open a business account.

If you live in the UK, opening a business bank account is relatively easy. However, you may find it challenging if you're a non-UK resident. 

Most UK banks require the director of a business to be a legal UK resident.

Still, there are alternative options to high street banks that will power your business finances if you’re a non-resident. In this article, you'll learn all about opening a business bank account as a non-UK resident, and we've compiled a list of the best business bank accounts available.

What Is a Business Bank Account?

A business bank account is much like a personal current account but is more business-focused and has additional perks and features to help your business grow.

The main difference is that you open a bank account in your business's name. You use the account for business expenses, revenue, and anything finance-related. 

No law says you must open a business bank account in the UK. However, keeping your business and personal bank account separate is probably best, especially regarding taxes and other essential business matters.  If you're a sole trader, you could use your personal accounts, but there are additional features that come with a business account that may help your business further.

If you're not a UK resident, the best bank account for your business may be from digital providers. Some digital-only banks don't require a UK address, just valid forms of ID and for your company to be registered. Digital-only banks offer business accounts beyond a UK bank account so that you can trade in multiple currencies worldwide.

What Do You Need to Open a Business Bank Account?

To apply for a UK business account, you must register your business with Companies House.

If you're a non-UK resident, you can still register your business with Companies House, making opening a bank account much more accessible.

To register your company, you only need a UK-registered office address, which could be a friend's or family's address, or you can use a virtual office address.

The information you need for a UK business bank account may differ from the one you open elsewhere. You'll need the following information to open a business bank account:

• Business details: Business name and address. You may need to provide estimated business turnover and proof that your business has a physical presence in the UK.
• Registration number: If you're a Limited company, you'll need your Companies House registration number. You'll also need your certificate of incorporation.
• Personal information: You'll need to share your details and contact information. You must also be the company director to open a business bank account.

Pros and Cons of Opening a Business Bank Account as a Non-UK Resident

If you're not living in the UK, you may face challenges that some businesses won't.

So, we've compiled a list of the pros and cons of opening a business bank account as a non-UK resident.

Pros

✔️ Streamlining finance management: A business bank account lets you track business transactions. You can keep track of income and expenses and separate your business finances from your personal. You can access banking services such as international money transfers, overdraft facilities and merchant services.

✔️ Plenty of choices: Some digital banks offer business accounts that don't require a UK address. You may not be eligible for a bank account from high street banks, but others are available.

✔️ Digital-only bank accounts: Digital-only bank accounts allow you to operate your business finances from anywhere in the world so that you can trade internationally and locally.

✔️ UK business opportunities: Having a UK business bank account or a bank account that allows you to operate in the UK makes it easier to do business in the UK. So you can send and receive payments in the local currency.

✔️ Convenient: With digital-only banks, you don’t need to visit a branch to create an account. You can apply for an account and manage your finances from your smartphone whenever you need to/ 

Cons

❌️ Time-consuming: The application process for opening a business account may take longer for a non-UK resident than for a UK resident. You may need to provide a lot more documentation.

❌️ Most high street banks require UK residency: If you want to open a UK bank account with a high street bank, they usually ask for proof of address. You may have to look further afield than a bank account in the UK.

❌️ Not FSCS protected: Most digital-only or non-UK banks aren’t covered by the Financial Services Compensation Scheme. However, most do have their own security and policies in place to protect their customers. 

Best Business Bank Accounts for Non-UK Residents

All bank accounts from the following list accept applications from non-UK residents.

However, only company directors can open a business bank account, and your business must be registered with the UK Companies House.

1. Revolut Business Account: Making Cross-Border Transactions Effortless

• Account fee: £0
• Transfer fee: £0
• Account management: Online and app
• Requires credit checks: Not required

Visit Revolut Business

You don’t need to be a UK resident to open a business bank account with Revolut.

However, your company does need to be registered in the EEA or Switzerland. You must be a limited company to qualify for this business bank account.

Opening a business account with Revolut is relatively quick and easy, and you can benefit from easy integration with e-commerce stores and accounting software.

Save money with international payments and transfers at competitive exchange rates from 0.8% + £0.02. The Revolut business bank account allows you to conduct business in over 25 currencies, and you can access earnings within 24 hours with no deleted payout schedule.

You can track your business spending with instant notifications and accept, settle and track payments from your bank account.

With a Revolut business account, there may be ATM fees for withdrawing cash, and the account doesn't support cash or cheque deposits. You will gain local payments with details for the UK (bank account number, BACS and Faster payments), local EUR account details (SEPA), and local USD details (ACH).

2. Tide Business Bank Account: Free Money Transfers Between Tide Accounts

• Account fee: No fees for the basic business bank account
• Transfer fee: £0.20
• Account management: Online and app
• Requires credit checks: Not required

Visit Tide

The Tide Business Bank Account allows you to make free bank transfers between Tide accounts.

Tide accounts are ideal for freelancers, sole traders and limited companies. You can see and manage direct debits and set up or edit standing orders and one-off payments with a Tide Business Account.

There are multiple plans you can choose from with Tide. The free one will give you all your basic banking needs. Upgrade to the Plus, Pro or Cashback account for more features. With the Pro and Cashback accounts, transfers are unlimited with no charge.

With all Tide accounts, you can create and send invoices for free and hold up to five business accounts. You can also integrate accounting software like Sage, Xero, QuickBooks, etc.

Tide offers other business finance, such as startup and business loans, to help small and mid-size businesses grow. You can only deposit cash into your Tide account via a Post Office.

3. HSBC Kinetic Current Account: A Provider With a Presence in Over 64 Countries

• Account fee: The first month is free, then a fee of £5.50 per month
• Transfer fee: £0
• Account management: Branch, online, app and over the phone
• Requires credit checks: Yes

Visit HSBC

If you're looking for an international business account, HSBC has a presence in over 64 countries.

There are no monthly maintenance fees with the HSBC Kinetic Current Account for the first 12 months. You can apply for an overdraft with an easy in-app application process if you need extra funds.

Keep track of your cash flow with monthly breakdowns and categorised spending. You can also make mobile cheque deposits and payments of up to £25,000 per day in-app. To be eligible for this account in the UK, you need to be a sole trader or limited company, a UK tax resident and have an annual turnover of up to £2m.

When you open an HSBC Kinetic current account, you can benefit from perks to help kick start your business, such as 30% business broadband with TalkTalk Business, next-day card and contactless payments from your customers with Global Payments, discounted accounting software from Ember, and access to business insurance with Aviva.

4. Wise Business Bank Account: Payments From More Than 160 Countries

• Account fee: £0
• Transfer fee: 0.4%
• Account management: Online and app
• Requires credit checks: No

Visit Wise

You don't need to be a UK resident to use the Wise Business Account in the UK.

An international account will allow you to accept and pay in over 40 currencies across more than 160 countries worldwide, including GBP.

Wise provides non-residents with a UK business banking solution. All you need is to provide documents about yourself and your business.

With the Wise business account, you can get a debit card for yourself and cards for your employees. The account also helps with faster payments.

You can set up local account details for your business in 9 different currencies so your overseas customers can use them to pay you wherever they are at the same speed as someone in the same city. There are no hidden fees or exchange rate markups when you spend overseas staff or suppliers. 

Streamline your finances by connecting your accounting software to your Wise business account. You can connect FreeAgent, Xero, QuickBooks and more. There are no bank branches, as Wise is a digital-only bank with no credit facilities. 

5. Airwallex's Multi-Currency Business Account: Create a Local Bank Account in the UK

• Monthly fee: £0
• Transfer fee: £0
• Account management: Web app
• Requires credit checks: Not required

Visit Airwallex

With a multi-currency account for your business from Airwallex, you can create local accounts in the UK, and foreign currency accounts across the globe without even needing to be in the country.

You can convert the held balance to different currencies in just a few clicks. You can open a local bank account in 10 other countries, including the United Kingdom, New Zealand, and the United States.

View all your funds and accounts in your Airwallex wallet, convert currencies at interbank rates and manage your accounts from the Airwallex app. You can easily integrate your multi-currency account with your e-commerce store via Apps and Plugins.

You can integrate your bank account easily with online stores like Amazon and PayPal. There are no transaction fees or forex fees with this virtual bank account. 

Airwallex accounts don't support cash or cheque deposits, and there are ATM fees. If you lose your card, you can freeze and unfreeze it using the app or online banking. Your company must be Limited to be accepted for this business bank account. There are no overdraft options with this bank account.

6. Monese Business Account: Open a Business Bank Account From Anywhere in the World

• Monthly fee: £9.95
• Transfer fee: 0.5% minimum fee is £2
• Account management: App
• Requires credit checks: Not required

Visit Monese

You can open a Monese Business Account online anywhere without credit checks.

You need to be UK registered and listed on Companies House. You can manage and track your spending for your personal and company finances in one app on your smartphone.

You can use your business account to move money around like a local. You can pay using the free UK Faster Payments networks instantly. All money transfers between Monese accounts are free, no matter where you are.

You can set up direct debits and keep a close eye on your finances with balance notifications when you're running low. You can easily make your everyday business payments and set up standing orders.

You can use the app to request payments from your clients, and Monese will let you know when the money has entered your bank account. You can share your account details from the app, create invoices, and send and receive international money transfers.

Leading Business Bank Accounts for Non-UK Residents: The Verdict

Being a non-UK resident director doesn't mean you can't have a business bank account in the UK. UK business accounts are more likely to accept your account application if you're a limited business. So, once you've set up as a UK company, you can apply for a dedicated business bank account to separate your finances.

To expand your business further, consider a multi-currency account instead of just UK business bank accounts from our best list to trade globally and in the UK.

Related Guides:

• Business Accounts with No Credit Check
• Best Business Accounts with Overdrafts
• How to Open a Euro Business Account