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

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Happy New Year! Our Ten Proudest Accomplishments of 2022

News and announcements

Dec 29, 2022

4 min. read

James Irwin

Author

Twenty-twenty-two was an incredible year for Payset, our best yet.‍ We worked extensively to expand our services this year, welcoming many new partners and clients to the Payset family.

These are our ten proudest achievements of 2022.

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Top Ten Payset Accomplishments of 2022

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1. Our Partnership with Thought Machine

In November, we announced the launch of our new payment platform, running on core banking technology from Thought Machine, a cloud-native banking technology company based in London.

The partnership with Thought Machine will dramatically improve every aspect of our platform and our user experience, allowing us to offer enhanced Open Banking capabilities, faster transaction processing, budget management, and much more.

2. Expansion to Israel

Thanks to new fintech-friendly regulations that allow UK-based firms to operate in the country, Payset began to accept customers in Israel this October. Since then, we have seen incredible growth and promise in the region.

3. £1 Billion in Transactions

Payset achieved high transaction volumes in 2022. We moved over £1 billion through more than 200,000 client transactions. Everything is in place to help our clients move much greater amounts in the coming year.

4. We Doubled Our Team

We more than doubled Payset’s team from 23 to 57 this year. In early 2023, we will increase our workforce by an additional 70%, which will help us provide improved customer support through a new dedicated customer success team and facilitate our expansion into the EU through our new Danish EMI.

5. Licensing in Denmark

This year, Payset Group applied for an EMI license in Denmark to provide our services in the EU. The application should be finalized in the first quarter of 2023. This license will be a major step forward in Payset’s growth and expansion beyond the UK.

6. Our Partnership with Banking Circle

Payset partnered with Banking Circle, an online banking platform. This partnership allowed us to offer enhanced multi-currency accounts and currency exchange features to our customers.

7. Expanded Customer Support

Payset has introduced new ways for customers to reach out for support. We launched a multi-channel customer support system for clients (Email, Phone, Chat, and WhatsApp).

8. New Help Center

We introduced an intuitive and comprehensive new knowledge base (FAQ) for customers to get quick answers to common queries.

9. Improved Security

We are in the process of integrating a new security infrastructure to prevent fraud more effectively. We will now use A.I. and machine learning in addition to manual processes to ensure that all transactions are more thoroughly authenticated than ever before.

10. Faster Transaction Processing

We greatly improved our transaction processing capacity in 2022. We’ll make even more improvements in this area in 2023 as we rebuild our systems from the ground up.

Read on to find out more.

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What’s Next? 2023 Will Be a Breakthrough Year for Payset

Payset will be transformed in 2023 as we introduce a new fully-redesigned payments platform.

In May 2023, we will begin onboarding clients to the new system.
In June 2023, our full new client app will be available.
Also in June, we will introduce new products and services including debit cards, budget management tools, and more.

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What the New Payset platform Will Mean For You

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Our revamped platform will provide multiple improvements including:

Faster account setup
Support for a greater number of currencies
Better rates
A more extensive list of banking partners
Far superior transaction monitoring, smoother, faster transactions
New services like debit cards, budget management tools
Better customer experience and service (a new dedicated customer success team, more communication channels, including email, phone, chat, and WhatsApp, as well as Facebook, Telegram, and more)
Many automated processes, which will mean faster transactions, instant currency conversions, and more
Cloud-based services such as AWS and micro-services architecture to further improve efficiency
Artificial intelligence (AI) and machine learning to inform users of unusual account activity and prevent fraud

We hope that our existing customers will be pleased with the result of these advancements, and we look forward to inviting many new users to join Payset this coming year.

Onward and upward.

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.