One Bank Account For All Your Business Needs
n case you have been looking for single best bank account for business in UK, than keep reading. Regardless of your business nature, there is a digital bank that will save your time, nerves and money on fees.
Dealing with Bank’s in UK can be a nightmare and costly experience at the same time. Many business owners choose to look for alternatives to save the nerves and time and eventually the money.
Nowadays the alternatives to traditional banks are digital banks called Neo Banks. These types of institutions are partnering with traditional banks around the globe in effort to create a correspondence banking network, purchase payments and foreign exchange services in bulk and re-sell at a better price point to the end-client – businesses and private individuals.
On top of that, they aim to provide the best banking and user experience by providing a technology angle, such as mass-payments, API integration, user friendly platform, as well as client care (private account managers).
A digital bank unlike a traditional bank can provide a single bank account for business in UK that is able to accommodate all payments and currency needs. It is because such digital bank is focused on one product or service while a traditional bank is diversified in a products portfolio (lending, insurance, deposits, investments, etc). Moreover, being everywhere at the same time doesn’t give very much of depth thus digital bank is able to be very well positioned in a narrow field.
What Are The Requirements To Open Bank Account For Business In UK?
Even the digital banks in UK are quite strict on onboarding new business clients. Opening of bank account for business in UK might require a bunch of documents and various proofs. Good news are that the process is fully digitalized and such account can be opened without leaving the comfort of ones bedroom. The application is usually handled in several days till the account is fully operational.
Below is a list of documents required to open a bank account for business in UK.
Identity document – copy of valid UK or EEA passport or identity card.
Residential address proof :
- less than 6 months old UK or EEA bank or credit card statement with the visible address
- Tax statement or exemption certificate
- Less than six months old utility bill (phone, internet or other utility service)
- Companies House registration number
- Business description and tax information (ex. VAT number)
- Proof of funds or capital
- Identity, residence proofs and contact details of all company directors
Important to remember that some institutions might require more than that, it also depends on internal company policy. But usually the above mentioned should be enough.
What Is The Best Bank Account For Business In UK?
As promised, we are going to talk now about the best bank account for business in UK. But before that, we would like to highlight the fact that there are more than one great option in the market. Ideally, a London based payments and banking specialist IFX Payments is the best option for UK business owners. Whether it is international or local payments, foreign exchange or currency risk management, IFX will do the best job and here is why.
First and foremost, IFX Payments are partnering with top tier banks in the world, for example their main banking partner is Barclays. This means IFX Payments are able to leverage the correspondence banking network that of Barclays while making payments internationally in 100+ different currencies to 120+ different countries for their clients.
On top of that, they issue GB IBAN’s that are able to receive payments in 39 different currencies without additional fees. And all that come by using a single IBAN on user friendly online payments platform.
One of the benefits of a single bank account for all business operation is that you don’t need to explain your stakeholders why different payments come from different accounts.
Furthermore, with IFX Payments clients are able to convert and hedge currencies on a fixed margin in the same platform. In case of higher volumes of payments and FX,or the business situation dictates for a complex solution – the dedicated account manager and FX dealer will help to find the best solution. This comes from a IFX background as being forex brokerage office for more than 15 years.
Last but not least, the banking technology platform of IFX allows clients to integrate via API connection and automate payment processes. Whether it is a payroll every month or supplier invoices, it is possible to automate and make mass-payments while saving tons of man-hours. In addition, the IFX online payments platform is easy to use with intuitive design and transparency all over.
IFX Payments are able to support all industries from all verticals. They are highly experienced in helping to move funds cross-border, managing treasury and supporting small businesses as well as the big ones.
All in all, regardless of your business nature the digital bank is well adapted to create value. It is easier, faster, more convenient and cheaper to make payments and exchange currencies with today’s digital banks than traditional banks.