There are other options to the traditional approach of establishing a UK bank account to conduct business with UK countries.
For example, you may already have an account with a large international bank that also has banking operations in the UK, and they may be able to help you establish an account in the UK. Keep in mind that, depending upon your bank, the tariffs incurred may vary based on the pounds of business being exchanged. There are also firms, based both within and outside the UK, which offer services to foreign companies looking to open UK bank accounts. Their fees and services vary widely.
Whether you work directly with a UK bank or utilize firms that act on your behalf, these approaches have different costs associated to them in terms of both time and money.
Perhaps the simplest option for individuals, freelancers, and small businesses outside the UK are global payment platforms such as Payoneer, which doesn’t involve opening a UK bank account at all.
Payoneer provides a fast payment path between buyer and seller, across borders and currencies, with relatively simple setup, entirely online – no matter where you are located. Both buyers and sellers can register themselves on the Payoneer service in a matter of hours, in some 200 countries worldwide, and be exchanging in a matter of days — for far less than the wire transfer fees or other tariffs charged by conventional banks.
Payoneer’s Global Payment Service gives users access to receiving accounts in various countries, enabling them to receive money easily from clients and companies abroad. If you’re doing business in the UK and need to receive GBP, Payoneer offers a UK receiving account which will allow you to do so easily.
The Payoneer approach provides many features and benefits, all of which mitigate the costs associated with other approaches, in terms of both time and money.
» Payoneer allows you to apply for your account on-line, negating the need for you to physically be in the UK to open an account.
» Payoneer simplifies your experience, asking for only necessary documentation and handling the entire process quickly and online.
» Payoneer provides per transaction pricing, reducing your overall cost. Compare this to the many tariffs you are likely to incur with the more traditional approaches.
» Payoneer provides a solution that is quickly established within hours, not days or weeks that it may take with more traditional approaches.