Moving Your Business to the UK? Here’s How to Pick the Best Bank Account as an Expat
So, you’ve decided to take the plunge and move your business operations to the UK. First off, congrats! London, Manchester, Edinburgh—there’s no shortage of vibrant hubs for an entrepreneur. But then comes the paperwork. Specifically, the ‘fun’ task of opening a business bank account without a lifetime of UK credit history or a permanent local address yet.
Traditionally, UK high-street banks (think Barclays, HSBC, or Lloyds) are… let’s say, picky. They love their utility bills and three years of residential history. For an expat, this can feel like a brick wall. But don’t worry—the fintech revolution has changed the game.
[IMAGE_PROMPT: A wide-angle cinematic shot of the City of London skyline at sunset, focusing on the Gherkin and Shard buildings, representing the fusion of traditional and modern finance.]
The ‘Fintech’ Heroes for Expats
If you want to get moving fast, digital-first banks are your best friends. Here are the top contenders that won’t make you jump through a hundred fiery hoops:
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1. Wise Business
Wise is basically the gold standard for anyone living an international life. If your business involves sending or receiving money in different currencies, Wise is a no-brainer. They use the real mid-market exchange rate, and you can get local account details (Sort Code, Account Number, IBAN) for the UK, Eurozone, USA, and more.
* Pros: Incredible exchange rates, easy setup, multi-currency mastery.
* Cons: Not a ‘full’ bank (no overdrafts or loans).
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2. Revolut Business
Revolut is sleek, fast, and very tech-heavy. They offer a range of plans depending on your business size. It’s great for expats because you can hold multiple currencies and manage employee spending with physical and virtual cards effortlessly.
* Pros: Great app interface, easy integration with tools like Slack and Xero.
* Cons: Monthly fees can creep up if you want the high-end features.
[IMAGE_PROMPT: A top-down lifestyle shot of a modern entrepreneur’s workspace, featuring a slim laptop, a cup of coffee with a British flag latte art, and a smartphone displaying a colorful banking dashboard.]
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3. Tide
If you have a UK-registered company but are still navigating the residency side of things, Tide is a solid shout. They are incredibly fast to set up—sometimes within minutes. They don’t charge a monthly fee for their basic plan, which is perfect for startups testing the waters.
* Pros: No monthly fees, lightning-fast application.
* Cons: Lacks the multi-currency depth of Wise or Revolut.
Can You Still Go Traditional?
Yes, but pack your patience. Banks like HSBC Kinetic or Barclays are attempting to modernize with mobile-first offerings, but they still have stricter ‘Know Your Customer’ (KYC) requirements. If you need a physical branch to walk into or a substantial business loan down the line, it might be worth the effort.
What You’ll Need to Apply
Even with the digital banks, you can’t just wing it. Have these ready:
* Proof of Identity: Your passport (and usually your BRP/Visa).
* Proof of UK Address: If you don’t have this yet, Wise or Revolut are more likely to accept international addresses for the initial setup.
* Company Details: Your Certificate of Incorporation from Companies House.
* Business Description: A clear explanation of what you actually do.
The Verdict
If you’re just landing and need to hit the ground running, Wise Business is the most flexible choice for those dealing with international clients. If you’re settled and want a tech-forward UK experience, Monzo Business (if you have residency) or Tide are fantastic options.
Don’t let the red tape stop your hustle. The UK banking scene is more accessible than ever—you just have to look beyond the old stone buildings of the high street!