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How to Open a Bank Account in the UK as a Non-Resident

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Five questions with Payset Co-Founder Rudi Reager

News and announcements

Apr 6, 2023

4 min. read

James Irwin

Author

We’re starting a new special series that will allow you to get to know the team and vision behind Payset and get an inside look into what’s upcoming for our services. For our first installment, we interviewed Payset Co-Founder Rudi Reager.

An entrepreneur with wide-ranging e-commerce and marketing experience, Rudi Reager developed the vision for Payset after collaborating on numerous digital banking and financial technology ventures.

1. How did the idea for Payset come about? Whose idea was it?

Payset started with a payment technology our company built for a client back in 2017. When we saw it take off, we quickly realized that services offering cross-border payments were going to be explosive, and we went after our own licenses, technology, and operations.

2. And it’s been two years since Payset started? How do you think it has gone? Has the company evolved the way you envisioned it? What surprised you? What was most difficult? What has really worked out well?

Yes, Payset has been operational for 2 years (though the work started at least a year before that.) We started with a staff of 12 and have grown to 64 employees. In that time, we’ve learned so much about payments, the fintech industry, payment networks, and how money really flows around the world.

I don’t think anything was more difficult than we predicted. It just took time to position ourselves properly and gain the trust of both clients and banking partners. Being new in an industry is tough, but I think we’ve done exceptionally well. Payset’s biggest success is that we have an incredible team and loyal clients.

3. What would you say is the biggest reason for Payset’s success? What does it offer that other services don’t?

I think Payset’s success is due to a combination of our efficient development & product teams, our superb compliance, sales, operations, and onboarding teams, and our finance team led by Perry Asforis, our CEO. We’ve been super lucky to have such good personnel.

At the client end, we offer our clients a personal touch you don’t get with any of the big names in the industry, and we are committed to keeping it that way while we scale up. Our clients get to know us. I think that goes a long way.

4. A lot is happening at Payset this year, a new user platform, new banking partners, new services like debit cards, (and more). What are you most excited about? What do you think is going to improve the service most for the client?

The new user platform is by far the most exciting news at Payset. We’ve already released the first portion, which is our self-serve onboarding process, which has dramatically increased the number of new daily accounts because it’s so much easier to sign up. That’s huge for us.

When the rest of the new platform launches, it’s going to set us apart from the competition because we’re going to be able to provide financial services as they should be: secure, fast, and easy to use.

Clients are going to find an intuitive, feature-rich platform to manage their money efficiently with less need for interactions with the compliance team, which was slowing us down before.

5. What are the biggest changes you foresee in payments or in banking in general? Obviously, you think more and more businesses are going to choose services like Payset over traditional banks. Why is this? What do you predict for the coming years?

More and more businesses and individuals are already using services like Payset and will continue to do so. Banks are slow, their systems are old, and they provide limited functionality. We have a chance to join this revolution in digital payments. Everything is changing super quickly with the new financial technologies we have access to now.

We’re finding we can offer our own version of how we think payments should be done – secure, cost-effective, fast, and intuitive – all things that traditional banks are falling behind on.

If you have any questions or would like to connect with Rudi, get in touch via LinkedIn or contact Payset.

A UK multi-currency account can streamline how you manage your finances. Whether for business or personal use, a multi-currency account provides you with added freedom and flexibility and removes barriers to payments and transfer methods.

Here is everything you need to know about UK multi-currency accounts.

A Payset UK multi-currency account is a single account with which you can hold, send, and receive funds in up to 38 currencies. This allows business or personal account holders to save endless time and money on foreign exchange, and money transfers, which from a traditional bank account would be far more expensive and slow.

From your personal UK-based IBAN account, you can transfer money to bank accounts around the world as well as send and receive free and instant transfers to and from other Payset clients. You can send funds using a diverse network of payment networks, including SWIFT, SEPA, Target2, Faster Payments, CHAPS, and more.

When you exchange funds from one currency to another, there are no margins added to our exchange rates and the fees are clearly displayed before you click send. If you, for example, work with multiple currencies, make purchases in other countries, travel frequently, invest in foreign currencies, pay staff in other countries, or receive payments in other currencies, a multi-currency account can save you time, money, and work compared to a traditional bank account.

There are lots of banking institutions and financial services that will aid you in opening a multi-currency account. Often they can allow you to convert and transfer a considerable number of currencies.

Before you open a UK multi-currency account with any platform or service, make sure you have explored all of the different options available to you and have found the best type of account to suit your financial needs.

How Does a UK Multi-Currency Account Work?

A UK multi-currency account works in the same way as a standard bank account or electronic wallet. Although the services provided will change depending on where you choose to open your account and who you choose to open the account with, all multi-currency accounts should allow you to:

Withdraw money

Send and receive payments in multiple currencies internationally

Access your funds for electronic transfers

Earn interest on your account total

In the same way that fees can occur with a standard bank account you may run into additional charges with a UK multi-currency account.

You could be charged for a number of actions including; making withdrawals, account opening and closure fees, transfer fees, and more.

The frequency or amount of these charges will often vary and if you ask your banking agency they will usually be able to tell you exactly how much you will be charged and which services you will be charged for before you open your account.

Alternative Options to Consider Before Opening a UK Multi-Currency Account

There are many alternatives to opening a UK multi-currency account. For example, there are also money transfer services and online electronic wallets such as Payset that allow you to send your money in over 34 currencies without the need for a UK multi-currency account. You can start sending money across the globe or in person today using your existing bank account.

Frequently asked questions

What is a UK multi-currency account/IBAN?

Are there limits to the amount of money I can send and receive with a UK multi currency account?

Which currencies can I send and receive in my UK multi currency account?

How do I add money to my UK multi currency account?

Types of UK Multi-Currency Accounts

Multi-currency IBAN accounts
Personal multi-currency accounts
Multi-currency accounts for business
Multi-currency cash passports
Multi-currency wallets

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