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

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The New Payset Platform Is Live!

News and announcements

Jul 23, 2024

4 min. read

James Irwin

Author

Last week, we began migrating client accounts and onboarding new clients to our new payment platform, Payset 2.0! We’re certain the new platform will dramatically improve the Payset experience for all clients. See what’s new below!

A Note to Clients: Account Details Remain the Same

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As we migrate current Payset client accounts to the new platform, we are assuring all clients that your account details will remain the same and your full transaction history will be available in the new client platform. Should your account details change, we will notify you in advance.

Here are just a few of the new features of the Payset platform:

Key Features of the New Payset

Easily add and save beneficiaries
Improved transaction tracking
Live exchange rates and margin tracking
Easily retrieve account and transaction details
Improved security
Instant in-platform client support
Support for mobile devices

Easily Add/Save Beneficiaries

The new platform makes adding and saving payment beneficiaries easier so you can keep your frequent payees organized and accessible without the need to add new bank details each time. The system will retrieve the information for you.

When you receive funds from a new counterparty, their details are automatically saved for you so you can easily send them funds.

Improved Transaction Tracking

You’ll be able to track the status of your transactions at every stage of the routing process at any time from your online dashboard.

Live Exchange Rates and Margin Tracking

Enjoy improved exchange rate transparency and track live FX rates while you are completing your conversions.

You’ll also see the FX margin displayed before you make the trade.

Easily Retrieve Account and Transaction Details

All account and transaction details are at your fingertips (access customized reporting and easily share account details with third parties to receive local and international payments).

Improved Security

We protect your funds with enhanced network security, data protection, and multi-factor authentication for all sensitive activities.

Instant In-Platform Client Support

Get instant support from our dedicated client support team through multiple channels, including a new live chat feature, all available within the platform.

Support for Mobile Devices

The new Payset platform is tailored for use (via the browser) on any mobile device for efficient account management while on the go.
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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.