You have an opportunity to open a corporate account in Great Britain and use not only traditional financial services but make cryptocurrency transactions as well. Unfortunately, British banks put forward steep demands to every potential client. Far from any company can obtain service from these banks and this especially concerns foreign companies. Modern payment systems, on the contrary, are much less selective about their clients and besides, they provide a larger spectrum of most state-of-the-art financial services. Below please learn more about the advantages of establishing a corporate account with a UK payment system.
Open a corporate account in Great Britain
If you want to do successful business in the UK, in Europe, or around the globe, you need a corporate bank account. Great Britain is a perfect jurisdiction with a spotless reputation and wide perspectives. The country has the seventh largest GDP in the world and its banking system is among the five top ones.
At the same time, the UK puts exacting demands on its banks and other financial institutions. This makes the banking services in the country highly reliable and having an account in Great Britain will of course bring reputational benefits to your company. However, it is not so easy to become a British bank client.
So what can you do if opening a bank account in the UK sounds unrealistic? The best solution will be to use the services of a British PSP (Payment Service Provider). Their activities are also supervised by the British financial regulatory body but working with them is much simpler and much more effective in comparison to the banks.
The payment system that we are promoting here offers unique financial solutions that combine the traditional payment services and the blockchain technologies. This fintech company has a license for emitting electronic money and providing payment services. The cryptocurrency operations, however, are not regulated by the FCA (Financial Conduct Authority). The PSP has divisions in the USA and Canada that are registered with the local regulatory agencies.
The company was founded in 2014 and it was the first PSP in the world to issue cryptocurrency VISA debit cards. Its clients can establish a secure account “all in one” and keep both crypto and traditional currencies there. Some restrictions apply, though.
The benefits that a corporate account with the British PSP will bring to a non-resident client
The payment system provides a wide range of banking services such as deposits, payment transfers, cash withdrawals, and so on. In addition, it emits electronic money. The PSP is most popular with the EEA (European Economic Area) companies as they can obtain maximal advantages from cooperating with it. This said, most non-resident companies can establish corporate accounts with the British PSP as its requirements to the clients are rather relaxed.
What advantages does this PSP have? There are quite a number of them:
- It is the only payment system in the world that allows opening a secure cryptocurrency business account for a company. This account can be used to send, receive, and exchange crypto and fiat currencies at OTC (over the counter) and interbank exchange rates. The clients can install the software that allows easily managing their financial operations with this PSP.
- A separate cryptocurrency account can be set up with the British PSP. The client has to go through a series of authorization steps in order to access this account. This is needed for security purposes.
- The client company can perform international transactions, coded if necessary. SEPA, SWIFT, Faster Payments, ACH, and blockchain exchange are available for use.
- A single platform allows instant transfers between your crypto and fiat accounts that you have with the system.
- All internal transfers are free of charge.
- Multicurrency stablecoins are available that are pegged to fiat currencies at 1:1.
- Five exchange opportunities are integrated into the system. The services of three over the counter brokers are available as well as those of two Forex brokers. This provides for the opportunity to make multimillion-worth deals at the most attractive market prices.
- The PSP boasts the most democratic over the counter exchange system. Exchange can be performed at low rates and there is no minimum order requirement.
- Twenty-six various stablecoins are going to be available in the nearest future that will be pegged to the corresponding fiat currencies. The money in stablecoins can be deposited to separate secure accounts.
- Money can be kept in eight different cryptocurrencies and twenty traditional currencies with this payment system. Several methods of money transferring are available including crypto, ACH, SEPA, SWIFT, and debit/ cards.
- Remote access to the accounts is available. Accounts can be accessed via a mobile application or the payment system website. Remote account management can be used for purchasing and selling cryptocurrencies as well as making payments in traditional currencies.
The PSP clients can open up to eleven secured accounts in digital and fiat currencies on a single platform. The interface can be adjusted to the required account including one in BTC, ETH, XRP, AUD, HKD, JPY, GBP, and many other currencies.
The account holder receives access to the following features:
- Best exchange rates;
- Unconditional access to over the counter rates for crypto exchanges;
- Interbank rates for fiat currency exchanges;
- Trouble-free international payments in both fiat and cryptocurrencies via SEPA, SWIFT, and blockchain;
- Free transactions within the system.
Who can open a business account with the UK payment system
Any company that meets the set requirements can establish a corporate account with the British PSP. There are some restrictions, however, that you have to be aware of.
Companies registered in some jurisdictions cannot currently obtain service from the UK payment system. Service is available to most European- and some Asian-based companies (from Singapore, Hong Kong, and South Korea, for example). In certain cases, an approval from the FCA will be required to obtain services from the PSP.
US-registered companies will find it hard to come aboard. In addition to that, companies from sanctioned countries will not be serviced.
At the same time, the British PSP is actively expanding. To this date, they have already established presence in nearly two hundred national states. In each country, the payment system goes through the local official procedures in order to begin providing services to the citizens. Only part but not all services are currently available in many jurisdictions.
Our recommendation: If your company is registered in a country that is outside the PSP coverage, please do not despair and check the updated information often. The payment system is aggressively entering more and more new markets. We can keep you informed about the latest changes if you wish.
List of countries where the full range of the PSP services is available:
Limited services are available in more than 170 other national states. For instance, it is not possible to top up the account with the local card in many jurisdictions. But then again, such limitations are going to be lifted very fast. On the other hand, offshore-registered companies cannot become the PSP clients.
Restricted activity types
Depending on the types of your company business activity, some restrictions may apply.
For example, if the company is involved with a business activity that requires a license and the license is lacking, this company can use a limited range of services from the British PSP. There will still be enough operational space though: the company can make payments to the suppliers, receive payments from the customers, pay salaries, and so on. It will not be able, however, to make transactions that involve third parties’ funds until it acquires the license.
The PSP services cannot be used for the following purposes:
- Illegal purposes including tax fraud, money laundering, and any other types of activities that are prohibited by law;
- Debt collection;
- Avoidance of trade restrictions or acquisition of goods/ services without pay;
- Speculative commercial purposes;
- Manipulations with the price of any asset or national currency;
- Any operations that are likely to lead to complaints, payment backouts or returns, fines, or occurrence of other responsibilities in regard to the PSP, other clients, or third parties;
- Maintaining negative balance on the account in any currency;
- Harmful impact on the system through the use of computer viruses, hacker attacks, software or codes that serve to give access to the PSP informational systems;
- Violations of the set rules and procedures;
- Automatic trading, API, scanner scripts, or other methods incompatible with the normal use of the payment system;
- Persecution of the PSP employees, agents, and other users of the payment system;
- Speculative FX trade or FX arbitrage.
A corporate account with the British PSP: the conditions
A corporate account with the UK payment system will bring a number of benefits to any foreign company. The most exclusive offer that the PSP makes is the possibility to pay both in crypto and in traditional currencies. Exchange of crypto into fiat currencies (any combination) is available. Interbank and over the counter exchange rates apply while no minimum transaction amount is specified.
The company clients do not have to make any initial deposits in order to use all the financial services. The exception is the case when you top up your account with an external bankcard. Besides, there is no mandatory minimum balance that should be kept on the account.
Account and transaction currencies
Clients can freely make transactions in ten cryptocurrencies including BTC, ETH, LTC, XRP, WXT, XLM, DAI, NANO, WLO, and Waves and twenty traditional currencies including USD, EUR, GBP, SGD, AUD, JPY, HKD, CZK, MXN, CAD, CHF, and so on. You can keep up to eight different cryptocurrencies in your electronic wallets.
Types of accounts
The company corporate clients can set up and use the following types of accounts:
- Multicurrency account in traditional currencies;
- Hybrid business account that allows making payments both in crypto and in fiat currencies.
The account can be topped up with a credit/ debit card, with a bank transaction, or with crypto money.
Important: Please consult us on the currencies that the British PSP accepts and the conversion procedures.
Types of bankcards
All PSP clients are entitled to obtain plastic cards. Moreover, they can have a special type of VISA CARD. Pay cards in British pounds, US dollars, and euros are available.
By use of a contactless card, you can spend cryptocurrencies in real life wherever VISA cards are accepted. A dozen of crypto and traditional currencies will be automatically converted at the point of sale that you come to.
In order to be issued a VISA card you have to activate your account when it is opened. If you order a GBP/ EUR card, it will be added to your fiat currency account. The card will have a separate account number and you can always check the balance on this account.
The issuance and the delivery of the card is not going to cost you anything. Later on, a small monthly card maintenance commission will be charged.
Depending on the total amount of transactions that you intend to perform, you can choose from three billing plans. The first month of the PSP account usage is free of charge for everybody. The following billing plans are available:
|Monthly commission||20 euros||200 euros||1,000 euros|
|Yearly commission (at a 20% discount)||200 euros||2,000 euros||10,000 euros|
|Free currency exchange limit (0.5% for over the limit exchange)||100,000 euros||1,000,000 euros||10,000,000 euros|
|Outgoing SEPA/ SWIFT payments in a fiat currency||Free of charge/ 10 euros||Free of charge||Free of charge|
|Outgoing payments in a cryptocurrency||50 euros per transaction
250 euros per day
|75 euros per transaction
350 euros per day
|100 euros per transaction
500 euros per day
|Outgoing bank transfers in cryptocurrencies||50 euros per transaction||75 euros per transaction||100 euros per transaction|
Please note: All other payment services are provided free of charge and without any limits. Please clarify the PSP tariffs for large financial operations with us. Clients whose account turnover exceeds 10 million euros, will receive individual offers on the tariffs.
Other services available to business account holders
Those clients who open business accounts with the British PSP are welcome to use additional services and bonus programs. For example, there is an “Invite a Friend” program that will bring certain bonuses to you. Please inquire about other options by placing a service request with us at firstname.lastname@example.org.
You have to keep in mind, however, that the UK payment system specialists offer no investment advice nor recommendations. A manager can tell you about the types of currencies available or about the causes of exchange rate fluctuations but this is not going to be investment advice. We recommend hiring a personal financial consultant if you want to obtain investment recommendations.
How to open a corporate account with the British PSP
You have to activate your business account with the UK payment system in order to start using it. After the activation, you will have access to the full range of services and exchange platforms.
The application for account opening is performed online. You do not have to travel to Great Britain neither do you have to provide original documents. You will have to submit notarized copies of some documents though.
Before you set about opening a corporate account with the British PSP, you have to make certain that your company is registered in a jurisdiction where the services are available. Only the person who is authorized to act on behalf of the company can set up a corporate account with the UK payment system.
We recommend that you should look at the list of restricted countries attentively. Contact us to find out if the list of covered countries has been expanded recently. Also inquire what kinds of checks you will have to go through in order to establish a corporate account with the PSP that we are advertising here. (Such as anti- money laundering checks, your clients’ procedures, etc.)
How can you open an account with the British payment system thus promoting your business? Please bear in mind that the PSP takes the legality issue very seriously. It will clamp down on any attempts to use the account for illegal or suspicious purposes. In addition to supplying the corporate documents, the applicant has to prove his or her authority to represent the company. Besides, all company beneficiaries’ personalities will have to be identified.
Services will be denied in the following cases:
- If the company or its beneficiaries are under UK Government or international sanctions;
- If an incomplete package of application documents has been submitted;
- If the payment system administration has reasonable doubts about the validity of the application documents or the legality of the sources of funds.
The procedure of opening a corporate account with the British PSP
If you want a guarantee that you can successfully set up a corporate account with the UK payment system, please use our services to find out about all the details and requirements.
- Write to us to email@example.com.
- Cover our consultation services. You can do it in many different ways as we accept payments both in fiat and in cryptocurrencies. You can also use your credit card, a bank transfer, or such payment systems as PayPal, WebMoney, Western Union, etc. The cost of this service starts at 2,999 EUR.
- Collect the full package of application documents. They have to be written in English or translated into this language otherwise. Have the documents notarized and apostilled and submit them to us for inspection.
The list of required documents for opening a corporate account with the British PSP
The UK payment system does not have a uniform list of documents that the applicant for its services needs to submit. The first thing you have to do is fill out the online application form. After that, you will receive further instructions and the exact list of documents to be submitted.
To facilitate the process of document collection below we list the typical corporate documents that will be normally required to set up a business account with the British PSP:
- Registration certificate
- Director/ shareholder register
- Company structure
- Articles and memorandum of association (or equivalent document)
- Proof of address for the business (bank statement issued within the last 90 days)
- Source(s) of funds (bank statement issued within the last 90 days)
- Source(s) of wealth (most recent company report, financial accounts/ shareholders capital injection, how the business was initially funded, etc.)
Important: Please mind that all the documents have to be written in English. If they are in a different language, they have to be translated into English and translations apostilled. We will gladly help you fill out the online application form by giving the necessary instructions. Please be aware that the PSP Compliance Department may request other documents in addition to the ones listed above.
The terms of opening a business account with the British PSP
What you have to do in order to set up a corporate account with the UK payment system is fill out the electronic application form and then collect all the required application documents. Our professional advice will greatly facilitate the performance of these tasks.
When all the documents have been submitted, the decision to open an account is made within a few days. The due diligence procedures employed by the PSP are not as strict as those in the banks are.
If you are interested in the service that we are offering, please apply for our consultations via e-mail firstname.lastname@example.org. Our extensive experience in opening accounts for our clients all around the world will maximize your chances of obtaining service from the British PSP that we have described above.