Open a Payset account for FREE October 2-13! Here Are the Full Details

News and announcements

Sep 26, 2023

4 min. read

James Irwin

Author

Payset announces our biggest promotion yet: From October 2-13, we are waiving all account opening fees!

Considering a global payment account for your business?

This is an incredible opportunity to try Payset out for your payment needs and see why Payset is among the fastest-growing global payment services for business!

Book a Demo to Learn More

Want to learn more about what Payset can do for you before you sign up? Book a demo with one of our account experts. In a one-on-one online consultation, we’ll walk you through the features and benefits of our services and discuss how we can tailor your Payset account to meet the unique needs of your business.

Why open a Payset multi-currency account?

Send and receive payments to/from 180+ countries around the world
Make local payments in the domestic currency in 34 different countries
Make payments like a local in the UK, USA, Canada, and EU
Send, receive, and exchange up to 38 different currencies in a single account
Make fast, frictionless payments using numerous payment networks (SEPA, SWIFT, CHAPS, EFT, Faster Payments, ACH, and more)
Send/receive instant, free payments between Payset accounts
Access live rate quotes for instant conversions in 38 currencies
Rest easy knowing your transactions are secure and your funds are safeguarded in one of Europe’s leading financial institutions

The rules and guidelines of the promotion

To take advantage of the promotion, you must complete the signup process after 8 AM UK time on Monday, October 2nd, and before 4 PM UK time on Friday, October 13th.
Upon successful completion of the initial application process, you will receive a confirmation email with instructions on the next steps of the verification process. Please respond as soon as possible with the required legal compliance and KYC documentation to ensure we have as much time as possible to complete the verification process.
You must complete the entire signup process, including submission of all required documentation and verification by the compliance team before October 13th. If the signup process is incomplete, you will be charged the regular account opening fees upon completion (starting at £95).
The free account signup period applies to both personal and business accounts.
Regular monthly and transactional fees will still apply once the account is open. See our pricing page for details, or contact us.

If you have any questions about the promotion or how a Payset account works, please don’t hesitate to contact us.

Sincerely,

The Payset Team

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.