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

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Get Set with Payset: The Way to Effortless Global Payments

News and announcements

Dec 16, 2024

4 min. read

James Irwin

Author

For small and medium-sized businesses (SMBs), managing global payments can often feel overwhelming. Nearly 80% of SMBs still rely on traditional banks for international transactions, but over half report struggles with unfair pricing, slow processing, and lack of transparency.

Payset changes the game by providing fast, reliable multi-currency accounts with a level of efficiency and support that traditional banks just don’t match. Here’s how we’re making global payments simple and seamless so you can focus on what matters: growing your business.

Cut the Hassle: Say Goodbye to Hidden Fees and Long Delays

Traditional cross-border payments come loaded with delays, unpredictable fees, and red tape. Over half of SMBs cite unfair pricing as a key pain point, with nearly as many reporting frustrating delays.

With Payset, you don’t need to worry about surprise fees. Our pricing is straightforward and transparent—competitive FX rates, no hidden charges, local payment options, low transaction fees, and free, instant payments between Payset accounts.

Payset payments are 3x faster than traditional banks and our effortless KYC process will get you started in no time.

Open your Payset account today and experience it for yourself!

Unlock Local Payment Options That Work for You

Pay like a local, no matter where your business takes you. With Payset’s domestic virtual IBANs in key territories, including the UK, EU, and US, you can streamline transactions and reduce costs on cross-border payments. Whether you’re paying staff and suppliers or managing international operations, our solutions are designed to simplify your global payments.

One client says it all: “We switched to Payset for their speed and reliable support, and it transformed our approach to international payments.”

Want to hear more success stories? View more testimonials and see how Payset is empowering businesses like yours.

Open an account in 10 Minutes or Less

Time is money, and Payset respects both. Our onboarding process is as fast as it gets—your initial account setup will be complete in under 10 minutes with our fool-proof KYC process. Our team of “Paysetters” will get your business fully verified and ready to go in no time, providing expert support tailored to your needs every step of the way.

Experience White-Glove Service, Every Time

Payset doesn’t just process transactions; we’re here to support your growth. Our Paysetters offer white-glove service and personalized guidance to help you handle every facet of your cross-border payment portfolio, no matter how complex.

We make sure every interaction is seamless and supports the success of your business. We deliver when it counts: “Payset’s team always delivers on time with impeccable service,” says a long-time client.

Secure Flexible, Faster Payments with Multi-Currency Freedom

Payset’s multi-currency accounts make sending, receiving, and holding funds in up to 34 currencies effortless. Whether you’re in travel, hospitality, event planning, or any other industry with cross-border payment needs, you’ll appreciate the speed and flexibility that Payset provides. Plus, with real-time currency exchanges across 38 currency pairs, you get competitive rates without delays.

Make Global Payments Easy. Get Started with Payset Today!

Why keep struggling with outdated payment methods? Experience the speed, transparency, and personalized support that Payset offers—get started today and see how simple global payments can be, or contact us to book a demo to see Payset’s platform in action.

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

Information contained in this publication is provided for general education and information purposes only and should not be construed as legal, tax, investment or other professional advice or recommendation, or an offer of, or solicitation for, any transactions or any other actions (or refraining therefrom); This material has been prepared without taking into account any particular recipient’s financial objectives or situation. We make no warranty, guarantee or representation, whether express or implied, as to the completeness or accuracy of the information contained herein or fitness thereof for a particular purpose; Use of images and symbols is made for illustrative purposes only and does not constitute a recommendation or advice to take or refraining from any action; Use of brand logos does not necessarily imply a contractual relationship between us and the entities owning the logos, nor does it represent an endorsement of any such entity by Pay Set Limited, or vice versa; Market information is made available to you only as a service, and we do not endorse or approve it; Any reference to past performance, predicted returns, or likelihood performance scenarios may not reflect actual future performance and certainly do not guarantee future outcomes.