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

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Onboard a Global Payments Solution in 10 Minutes With Payset

News and announcements

May 6, 2025

4 min. read

James Irwin

Author

Time is money — and at Payset, we respect both. With our foolproof onboarding process, you can apply for your account in less than 10 minutes, and our team of Paysetters will get you ready to transact in under 48 hours.

We know that busy companies need to find a reliable global payments solution with minimal time and effort, and we’re here to make it happen. Plus, our team of Paysetters provides expert support every step of the way.

Here’s how easy it is to open an account.

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Apply in Just 10 Minutes

At Payset, we use automated know-your-customer (KYC) verification to reduce the need for manual checks. This helps us quickly verify applicant identities, streamlining the most time-consuming part of the application process, meaning that you can complete our onboarding in about 10 minutes.

Once you submit your application, we can approve most accounts and have you up and running within 48 hours.

See more about our application process here.

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The Documentation Requirements

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Our streamlined onboarding process is not only fast, it also requires only minimal documentation when you sign up.

If you’re a business user, you’ll need to provide (1) a proof of address, (2) bank statements, (3) business incorporation documents, and (4) identity verification documents for key members of your company.

If you’re an individual, you’ll need to submit (1) a government-issued ID, (2) power of attorney documents, and (3) a “selfie” photo via a link we provide.

See this page for details about required documentation.

For companies of certain risk-levels, to prevent fraud and adhere to AML laws, we may ask for additional documents following your initial application, when you transact with a new counterparty, and when you move funds to or from an external account. This is an essential way we keep Payset client accounts secure.

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Rest Easy With Regional Compliance

Every region has different KYC and regulatory obligations, and Payset’s global reach means that we can help you make payments to/from almost anywhere in the world.

We support payments to over 180 countries and our compliance team keeps up to date with the latest regulatory changes around the globe.

This means that you can confidently make Payset a key part of your overall compliance strategy as you work to meet global standards.

See our permitted jurisdictions page to find out if Payset supports payments to/from the regions where you do business.

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Enjoy Low Monthly and Transactional Fees

With Payset, you’ll pay affordable monthly fees and per-transaction fees.

See our pricing page for more details and other costs.

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Get Expert Support

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Our dedicated support team is available five days a week to assist with onboarding. Visit this page to see our working hours and contact us.

We can walk you through the registration process, help you find the right documentation, and answer any other questions you might have. You can also talk to our sales team for pricing details and demos — just open a request.

If you’d like more information to determine if Payset is right for you, visit our extensive help center for FAQs or contact us with specific queries.

Fast onboarding, strong regional compliance, expert support, and competitive service fees — all available in under ten minutes.

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.