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A bank account is a necessity for any individual or organization. It is indispensable for doing any sort of financial transaction. Especially if you are involved in the offshore business, then you will need a functioning bank account. Now, there are a lot more to UK bank account for non-residents.
Banking in the UK is a great thing. It can bring you many investment opportunities. Also, if you own a company, then a bank account might revamp your business strategy. Besides, keeping your money in the UK banks can be a bold move. Given the fact that the UK has one of the highest GDP growth rates, your money stays safe.
Also, UK banks are known for offering higher rates of interest. And, for businesses, multicurrency accounts are the best thing. So, if you have been planning to get a UK bank account for non-residents, then all you need is a trustworthy agency.
For that, Activate Global Limited is here. Read this guide and now about the important aspects of UK bank account for non-residents.
The UK is known as the world’s financial hub. And, among the important financial sectors, private banks are always there. Most of these banks are international and offer extraordinary service.
There are, at present, 344 banks in the UK. Some of these are state-owned banks. While the others are private banks. Now, a lot of these banks provide services to non-residents. And, we have listed the best among these banks that provide service to non-residents.
The major British banks where you can open a UK bank account for non-residents are –
All these banks are regulated by Financial Conduct Authority (FCA). And, you will be able to reap the benefits of simplified transactions from all of these banks. You can get in touch with us for more information.
As in any other country, UK banks also offer different types of bank accounts. Each of these types of accounts suits specific needs. So, depending on your requirement, business model, and organizational plans, you can choose a bank account.
This is the most common type of bank account that business owners choose. A current account is the best option for those who deal with some amount of money on a daily basis. Whether you need to pay bills related to your company or pay your suppliers, workers, or anything.
Current accounts can be owned by paying a little to no premium. Also, the account owner gets a debit card and is eligible to apply for a credit card too.
Often, savings accounts are known as basic accounts. However, not in the UK. You can see many UK banks that offer a basic bank account for free. It is a policy by the UK for helping those who do not have many assets. So, this might not be a suitable option for business owners.
A savings account is typically the one that people use for saving up money. Also, it can be a great option for bringing investments. Further, if you want to invest in foreign trade or stocks, then a savings account is what you need. Apart from that, any individual can get a savings bank account in the UK, even if they are non-residents.
An international account is the best thing if you want a UK bank account for non-residents. Almost all the major UK banks offer their services to non-residents. Mostly, the international accounts come with a handful of facilities.
You will get an account that you can operate remotely from overseas. Also, this account will be a multi-currency account. So, there will be no extra charges for currency transfers.
If you want a bank account with your business partner, then you can go for a joint account. In this case, both you and your business partner will be able to make transactions. This will give you and your business partner equal authority over your bank account.
Last but not the least, there is a new thing in bank accounts. It is called a digital or mobile account. In this case, you open your bank account using an online banking facility. And then, you utilize your account payables and receivables using online banking only.
A bank account is a legal thing. So, in order to open a UK bank account for non-residents, you will need to go through some verification procedures. For the verification as well as filing the application, you will need some documents. Now, there are two different sets of documents that you will have to provide.
Firstly, you will have to provide some documents for your identity verification. And then, you will have to provide some documents and information regarding your company. If you want to open a business bank account, then without the company details you can’t do so.
For your photo identity –
The documents you need to provide for your address proof –
The documents related to your company that you need to provide –
The UK banks offer several benefits. And, all these benefits are available for non-residents. So, whether you choose simple savings account for letting your money grow or a business bank account for your offshore company, having a UK bank account for non residents will bring you the following benefits.
Go through the list of benefits of owning a UK bank account for non-residents and see why it is worth investing.
Regardless of where you live, there is always some kind of political risks in funds. So, if you are an investor, you will need some kind of backup funds. Now, the best way of political risk diversification is either buying emerging market bonds or stocks or keeping your money in a safe offshore account. And, the safest choice for offshore banking is the UK.
Business can be risky. And, when things go south, your personal assets become subject to the state’s property. However, keeping your money in the UK banks will save you from that. The money that you will keep in the UK banks will stay safe even if your business suffers a loss.
The banking sector of the UK contributes to a great extent to the economy. Therefore, it is an attraction for foreign investors. And, to be able to serve the foreign investors and gain their attention, UK banks provide a higher rate of interest compared to many other countries. Therefore, with a UK bank account for non-residents, your money will grow faster than ever.
The UK has the 6th highest GDP growth rate. And, it proves that the economic growth has been stable for a long time. This is the reason why having a UK bank account for non residents can assure stable economic growth for your organization.
An important part of owning a foreign business is making and receiving payments in different currencies. And, if you have to pay for currency exchange every time you get a payment, then it will cut a huge amount of your profit.
In this regard, with a UK bank account for non-residents, you will get a multi-currency account. Therefore, you won’t have to pay the bank for currency exchange. Or you won’t have any limitations on transactions.
Apart from all these benefits we have mentioned here, you can get depositor insurance from UK banks as well. And, you will be able to enter the foreign market without any barriers. So, open a UK bank account for non-residents. Get in touch with Activate Global Limited to know more.
Activate Global Limited has the convenience of remote bank account opening for you. So, regardless of which country you are from, we can help you open a UK bank account for non-residents without any visits. The way toward creating a bank account is simple. You will be able to own a bank account in the UK just by putting in your request with us and making the payment.
Once you place your order, we will contact our partner banks. And, we will file the application on your behalf. Once the bank replies to our plea, we will proceed with the other formalities. During this time, you can contact our executives for any sort of help.
Our specialists work day and night. Also, consultancy is in every case free with Activate Global Limited. And, we have extraordinary associations with the delegates of the different banks of the UK.
You should simply submit your request from our site. In the event that you have a few questions or inquiries, you can look for help from our specialists too. We have a group of banking specialists who are consistently online to offer you help. You can contact us via any of the three mediums – phone call, live chat on the site, or email by filling the inquiry form.