Opening a UK bank account online is a vital issue for non-UK resident business owners. It is also among the requirements to establish a UK company. For non-UK residents, setting up a UK business and opening a UK bank account may seem challenging.
In this blog post, we’ll discuss how to open an online bank account for existing and future UK companies.
Why will you need a UK bank account?
If you consider establishing a UK company, having an online bank account in the UK is required for the business flow, receiving payments, accounting transactions, and integration with payment institutions.
The UK is considered one of the most prominent financial centers by many authorities. Thus, institutions may have different processes to open a bank account. While some banks require you to be a resident and have a physical company, others enable opening a bank account with proof of address if you have permissions such as a work permit.
If your company reaches a certain turnover (£250.000), you can easily set up your company bank account at İşbank’s London branch. However, if you are not physically in the UK or do not have a residence/work permit, online banking is the best alternative to complete all the transactions.
Ways to Open an Online Bank Account Online in UK
There are a few alternatives to open an online bank account in the UK and obtain a debit card for your established or future UK company.
Among the best alternatives, the Revolut account is approved between 1 to 7 days following your application with the necessary details. You can apply via the app you can download to your mobile phone. You will also need to enter your detailed information during the application process. For the details, you may need to specify your field of activity and shoot a self-introduction video.
Offering the quickest application and completion process, Transferwise is the most preferred institution for opening a UK bank account online. If you want to apply for a Transferwise account, you need to register by entering your e-mail address and mobile phone number via its website. Then, you need to select the business account option and enter your company name so that all of your company details (Company ID, address, etc.) can be auto-filled. During the final process, you need to deposit a certain amount of money using one of the specified payment methods to activate your account. Following your deposit payment, your account will be activated between 1-3 business days. Then, you can find your account details (IBAN, Sort Code) and receive your debit card by paying £5. If you want to have a debit card, you must enter your UK address as the delivery address. Because delivering the Debit Card to Turkey is not an available option.
Monzo is one of the most preferred, used, and user-friendly alternatives to open an online bank account in the UK. However, since Monzo has recently started offering services only to those with a UK residence permit, unfortunately, opening a bank account via Monzo is not possible at the moment.
Establish Your UK Company With Workhy
With Workhy, you can start your UK business by making an application from wherever you are. Moreover, you can stay in touch with your customers and service providers via your local address in the UK by benefiting from our yearly business address service.
If you want to manage all your accounting-related processes and establish your UK company via Workhy, along with all its advantages, you can click here to discover our services.