Opening a business bank account if you’re not a UK resident is likely to be more complicated than for residents but if you’re operating your business in the UK it’s well worth having one. It will make running your business easier and give you more credibility. Here’s how to choose the right one for you and what you need to know to apply for one.
Latest reviews of business accounts for non-uk residents
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The basic eligibility criteria to open a Revolut business account is that your company is registered and operates from the EEA, Switzerland Australia or the US, making it a good option for non-UK residents. You can sign up for a business account in minutes and there are no credit checks to worry about. There are 4 different pricing plans to choose from, including a basic option, and each one offers a set number of free cards, free international payments and free local payments. The account offers a wide range of benefits, including the ability to sync with accounting software such as Xero, Sage and Quickbooks, the option to use smart invoicing, as well as debit cards for all your employees, including the option to set spending limits and track expenses. In addition, you can set up multi-currency sub-accounts to receive, hold and exchange money in more than 25 currencies worldwide with no hidden fees.
Flexible account options
Mobile app with lots of good features
Ability to issue cards to all employees
Easy to apply
Freeze card if lost or stolen
Safe and secure
Free purchases
Basic account does not include many free transactions
Get an £80 voucher when you open a Tide business bank account using the code £80CASHBACK.
You can apply for a business account with Tide even if you're not based in the UK, as long as you are a director of a company registered with Companies House. Additional checks may need to be carried out before your account can be up and running, but there are no credit checks. There are 4 different pricing plans to choose from, including a free option. The most expensive plan is the most comprehensive, offering 3 expense cards for your team, cashback on card purchases, exclusive member perks, a 24/7 legal helpline, and a dedicated team of account managers. You can also integrate your account with accounting software such as Quickbooks, Xero and Sage, no matter which plan you choose, as well as automatically categorise transactions and send, pay and track invoices. There are no fees for spending on your card abroad, while cash withdrawals cost £1.
24/7 customer support
Categorised spending
FCA regulated
Quick set-up
No monthly fees
Easy to manage accounts and track payments within the app
Ability to set up direct debits and standing orders
Can receive online bank statements
No branches - all done via the web
Doesn't accept cheque deposits
No personal accounts
No international transfers or interest offered
Account fee
N/A
Bank transfers
N/A
Accounting integrations
Clear Books FreeAgent KashFlow QuickBooks Reckon One Sage Xero
HSBC has a global presence in more than 64 countries and territories, so if you're looking to open a business bank account in the UK, the HSBC Kinetic account could be worth considering. The account can be opened via the app and there's no monthly maintenance fee for the first 12 months. Users can manage direct debits, standing orders and future payments with ease, as well as gain insights on business spending with automatically categorised transactions. The app also lets you scan and deposit cheques securely, as well as make payments of up to £25,000 per day. Larger payments can be made via business telephone banking. The account can be accessed on your mobile or desktop, and there's also the option to activate, freeze and unfreeze your debit card if required. Depending on your circumstances, you may also be able to apply for an overdraft and business credit card.
Easy to apply for and manage
Arranged overdraft
Useful app features to help you track spending
No monthly fee for 12 months
Interest is charged on overdraft
Monthly maintenance fee applies after first 12 months
You don't have to be a UK resident to open a Monese business account but your company does need to be UK-registered and therefore listed on Companies House. You can then open an account with ease via the app and there's no credit check requirement. The account charges a monthly fee and can be managed via the app. It offers a whole host of benefits, including a contactless Mastercard debit card that can be used online, in-store or at ATMs anywhere in the world. You'll also be able to spend, receive and send money fast in the local currency with no extra markup fees, as well as send money to more than 30 countries. In addition, customers can pay cash into their account at any PayPoint or Post Office location, create invoices in-app and set up additional security features on their account.
Supported in 14 different languages
Quick and easy to set up
Budget management features offered in the app and savings pot feature
Deposit cash into the accounts through post offices and paypoints (with a small fee)
Only available to businesses registered in the UK
Must have a personal monese account to get a business one
Still require a traditional account for most of your banking needs
The business account from 3s Money accepts directors and shareholders from more than 190 countries and supports payments in more than 65 currencies. This is an easy-to-use online account with access for up to 10 users and competitive foreign exchange. It offers the ability to pay local salaries and taxes, no matter where you're from, as well as send high-value payments in the UK, US and EU. However, there is a hefty monthly fee to pay and, depending on the nature of your business, you may also have to pay an onboarding fee before opening your account. Certain transactions will also attract a fee. The account can be opened completely online, with each application processed on a case-by-case basis. You'll have your own dedicated client manager to support you too.
Send and receive high-value business payments around the world
Your business does not need to be registered in the UK to qualify for a business account with Airwallex. In fact, you can create local accounts in the UK or foreign currency accounts across the globe without even needing to visit a bank branch. The account enables you to create virtual employee and expense cards for your business in just minutes, as well as track spending and set spend limits. You'll also be able to make faster, cheaper domestic and international payments and integrate your account with invoicing solutions such as Xero. You can even invite your finance team, accountant or bookkeeper to your account. What's more, there are no account set up or management fees and UK domestic transfers are also fee-free, providing they are carried out via Airwallex's payment network.
Collect, hold and send money in several currencies
Competitive foreign exchange rates
No monthly account fees
No transaction fees for card payments
Not covered by the Financial Services Compensation Scheme
Transfers can only be made to your Airwallex wallet or to a business bank account
Account fee
N/A
Bank transfers
N/A
Accounting integrations
Xero
Requires credit check
N/A
Overdraft
N/A
Expert analysis: What are your banking options as a non-resident?
Opening a business bank account is trickier as a non-UK resident but there is still a range of options to choose from. You can either go with one of the well-established big banks or a newer digital-only one. Either way, there are often monthly account fees for business bank accounts although free options are available.
HSBC's Kinetic current account is £6.50 a month, although you won't pay it for the first year, and it can be operated via a smartphone app or online. Lloyds Bank's business current account costs slightly more at £7 a month, which is also not payable for the first year. An extra benefit is that you get access to Lloyds Bank Academy with tools to help you develop your business.
The newer entrants include Tide, Monese, Revolut Business and Airwallex. You can get free accounts from Tide, Revolut and Airwallex but watch out for transaction and other charges, which could make them more expensive for your business than an account with a monthly fee, depending on your needs.
Some accounts require your business to be registered in the UK but you can open a Revolut Business account if your business is registered and has a physical presence in the EEA, Switzerland, Australia and the US too. You can also get an account with Airwallex if your business isn't UK registered.
Can you open a business bank account in the UK as a non-resident?
There are no laws or rules against it, but it’s also true that most banks will only accept applications from company directors living in the UK. They will ask for proof of address too.
This is because anti-money laundering regulations are quite strict and accepting overseas clients can be a bit of a compliance nightmare for banks.
So, you will need to shop around a bit, and perhaps try a couple of different banks before getting it right. It might also take quite a bit longer than usual while the bank carries out the necessary checks.
What options do I have?
Unfortunately, there is no straightforward list of banks that do or do not accept business account applications from non-UK residents; much depends on the business and on the bank, on a case by case basis.
But here are some options you can try:
Big UK banks. Think big brands like Barclays, Lloyds and so on. They might accept your application, but expect it to take time (maybe a few months) and quite a bit of paperwork. You might also need to visit a branch in the UK as part of the application process.
Digital providers. Digital-only banks are known to let you open a business account online without too much administration. Some only accept UK residents, while others are more flexible as they carry out all their checks online. Revolut, for example, doesn’t have being a UK resident as part of its eligibility criteria for business accounts, although your business does need to have a “physical presence” in the United Kingdom or in the rest of the EEA.
Your own bank. This is such a simple solution that it may not have crossed your mind. Does your current business bank have branches in the UK? Can it help you open an account there?
International accounts. Rather than an actual UK business account, you could look at a business account that supports pounds (as well as other currencies). Many big banks offer international accounts, but the exchange rate and fees are not always the most advantageous.
Digital-only providers can be an especially good solution if your business is relatively small and does not need to deal with much cash. They’re often cheaper too, and in some cases you might be able to secure a multi-currency business account with one of them, which can be great for international trade.
How do you open a business bank account in the UK?
Traditional banks usually require you to visit a branch to open a business account, while you should be able to do everything online with a digital-only provider.
Normally, these are the basic details and documents you need to open a business account in the UK:
Your business name and address
Companies House registration number if you’re a limited company
Certificate of incorporation
Your own personal details and contact information
A form of ID
Proof of address
Estimated business turnover
Personal bank or financial statements
As you are not a UK resident, some of these may vary. For example, you might be asked to provide proof that your business has a physical presence in the UK through your office’s rental agreement or bills.
How to manage your business account from abroad
When managing your finances from overseas, a bank account with a slick mobile app and a good digital banking interface will be hugely beneficial. These days, you should really be able to do most of your banking online, from wherever you are in the world.
It’s also a good idea to ask about telephone banking and what customer service the bank provides, in case things were to go wrong.
Finally, if you have employees in the UK, consider giving one of them signatory power on the account, so they can deal with the bank in person for you if necessary.
How to compare business accounts for non-UK residents
You can find more information on UK business accounts and how to compare them on this page. However, as a non-UK resident, your options will likely be reduced and you might have to compromise on some things.
Taking this into account, these are our top 3 factors to consider before committing to a bank:
Fees and charges. Business accounts can be quite expensive, and even more so if there’s currency exchange involved. Make sure you are fully aware of how much maintaining the account and carrying out transactions will cost you.
Application process. Ask how long it’s likely to take to get your account up and running – if it’s going to be several months, it can be worth looking elsewhere first.
Managing the account online. Even if you choose a traditional bank, there is really no good excuse for poor digital services these days.
Pros and cons of opening a business account as a non-UK resident
Simplify payments and expenses. Opening a UK account will make it a great deal easier for your international business to make and receive payments in the UK.
Decent choice of banks. Your business is likely to be able to choose from a fairly wide range of banks.
Extensive paperwork. The process for opening a business account is likely to involve a fair amount of documents and form-filling.
It can take time. The application process for opening a business account as a non-UK resident may take a few months.
Bottom line
You may have to jump through some extra hoops to get a business bank account in the UK as a non-resident due to anti-money laundering rules but as long as you are able to provide all the documents the bank needs to verify your details you should be able to open one. It’s worth looking into the accounts from the digital-only challenger banks as they can have less strict requirements. Just make sure you weigh up all the fees and charges to get the best deal for your business.
Frequently asked questions
As long as your business account is with a fully licensed bank, it will be covered by the FSCS, which means that your deposits are protected up £85,000.
If you choose a digital provider that is not a fully licensed bank, make sure that it is still registered with the Financial Conduct Authority. Most will have an electronic money licence, meaning that even if they are not protected by the FSCS, your deposits will be kept in so-called “segregated” accounts that cannot be accessed by the company, even if it were to go bust.
We have a dedicated page here, where you can get more information and compare options. Keep in mind that not all of them will accept non-UK residents.
Some digital banks do offer business accounts that are almost completely fee-free; they are rare though, and expect these accounts to be pretty basic. You will likely have to pay a monthly fee if you want their most advanced features.
Yes, if you’re a small business with fewer than 50 employees and an annual turnover of less than £6.5m you can use the service, as long as the banks you’re switching from and to have signed up to it.
Occasionally some banks do offer incentives to switch to their business accounts. Visit our guide to the business bank account switching offers to see the latest ones.
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We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Valentina Cipriani was a writer at Finder UK. She wrote news, features and guides about banking and credit cards, helping people to improve their financial lives. She holds an MA in International Journalism.
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