How to open a business bank account in the UK as a non-resident

The number of US-owned local businesses and employees in the UK have grown almost every year since 1997. US-owned local business units accounted for 1% of all local business units in the UK in 2019.¹

You’re not legally required to have a specific business bank account if you operate a company in the UK. However, you’ll find it swiftly becomes necessary in order to keep your personal and business finances seperate.

Luckily there are plenty of banking options, and the process is fairly simple. Here’s how to open a business bank account in the UK as a non-resident.

Can I open a UK business bank account as a non-resident?

UK residency isn't legally required to open a business bank account. Banks, however, are wary about working with non-residents because of the extra administration and possible exposure to fraud.

If at least one resident director lives in the UK, you'll find that more banks are able to work with you.

If you don't have any company directors resident in the UK, then an international business bank account is your best option. However, this can come with a steep minimum deposit so it won’t suit everyone.

Your options for opening a UK business account as a non-resident typically fall into three categories:

1. Traditional UK banks with international business services - Some major banks like HSBC and Barclays offer international business accounts, though they often require substantial minimum deposits and may require in-person appointments.

2. Online financial institutions and EMIs (Electronic Money Institutions) - Digital providers like Wise Business offer UK account details to non-residents that can be set up entirely online.

3. Banking through an existing corporate relationship - If your business already banks with a global institution in your home country, they may facilitate setting up a UK account through their international network.

The path of least resistance is typically through digital providers, which offer quick setup, transparent fees, and features specifically designed for international businesses.

Can I open a business bank account in the UK with a foreign corporate entity?

It’s difficult to open a bank account in the UK for a foreign corporate entity. If you already bank with a large global institution in your home country, you may find that they can help you set up an account with their UK business.

HSBC has a reputation for being willing to help smaller international businesses, but accounts would be offered on a case by case basis.

A stress-free solution to getting UK business account details is to open a Wise Business account. With Wise Business you can get UK account details, such as a UK account number, sort code, and IBAN code, even as a US citizen. This means your UK customers can start paying you like a local straight away. You can also make international payments with ease at the mid-market rate, all from one account!

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Wise Business account

What types of corporate entities are there in the UK?

The business bank accounts open to you will depend to an extent on the structure and size of your company.

Corporate entities legally accepted in the UK are:²

• Sole Trader
• Limited Company
• Business Partnership

There are also legal structures specifically designed for non-profit and social enterprises.

It’s worth noting that the fine detail about business structures varies across the different countries of the UK. Business partnership liabilities, for example, are split differently in England compared with Scotland. If you’re registering a business in the UK, make sure you know the law in the region you’re working in.

Process for opening a business bank account for non UK residents

The process for opening a UK business bank account as a non-resident involves several key steps and specific documentation requirements:

Step 1: Prepare Your Documentation

For company directors and beneficial owners:

• Government-issued photo ID (passport is preferred for international verification)
• Proof of personal address from your country of residence (recent utility bill, bank statement, or tax document dated within the last 3 months)
• If documents are not in English, notarized translations are typically required

For your business:

• Certificate of incorporation or equivalent from your country
• Articles of association or company bylaws
• Proof of business address
• Business plan or company overview explaining your need for a UK bank account
• Companies House registration (if you have a UK-registered entity)
• Estimated annual turnover and source of funds documentation

Step 2: Research and Select the Right Provider

• Traditional banks (HSBC, Barclays) may require in-person meetings or significant minimum deposits
• Digital providers (Wise Business, Revolut Business) often offer fully online applications

Step 3: Complete Enhanced Due Diligence

Non-resident applications typically undergo more stringent verification:

• Be prepared for additional questions about your business activities in the UK
• You may need to demonstrate legitimate business reasons for needing a UK account
• Some banks will conduct video interviews with company directors

Step 4: Account Approval and Setup

• Traditional banks may take 4-6 weeks to approve international business accounts
• Digital alternatives often provide account details within 1-3 business days
• Initial deposits may be required to activate the account

Step 5: Account Management

• Set up online banking access
• Order payment cards if needed
• Configure account permissions for team members

Remember that requirements vary significantly between providers, so always check their specific non-resident policies before beginning your application.

Opening a UK Business Account from Abroad

Opening a UK business bank account from abroad is possible through several routes, though each comes with its own requirements and limitations:

Opening a UK Account from the US

Traditional Bank Options:

• HSBC offers international business accounts that can sometimes be opened remotely, though directors may need to travel to the UK for a final verification meeting. Their Global Business Account specifically caters to US businesses expanding to the UK.
• Barclays International Banking provides cross-border business services but typically requires at least one in-person meeting to complete verification.

Digital Solutions:

• Wise Business allows US-based businesses to open accounts with UK details completely online, with no need to travel to the UK. The verification process can be completed remotely, and you'll receive a UK account number and sort code.
• Revolut Business offers UK accounts to US businesses with no need for UK residency, though some verification steps may require more documentation than for UK residents.

UK Subsidiary Route:
If your business plans significant UK operations, establishing a UK subsidiary with Companies House can simplify the banking process. Services like Tide and Starling may become accessible with a UK-registered business, even if directors remain US-based.

Opening a UK Account from the EU

EU-based businesses benefit from similar financial frameworks, making UK account opening somewhat easier:

• Many EU business owners can use digital verification systems that comply with both UK and EU regulations
• EU business documents are typically accepted with minimal translation requirements
• Some traditional banks have standardized cross-border processes for EU businesses

Opening a UK Account from Asia, Middle East or Africa

Businesses from these regions may face additional verification steps:

• Document translation and notarization requirements are typically stricter
• Verification processes are often more extensive
• Consider leveraging banking relationships with global banks that operate both in your region and in the UK
• Digital alternatives often provide the most accessible route with fewer regional restrictions

Can I open a UK business bank account from the US?

If you live abroad and don’t have UK residency you'll find your options for opening a business bank account are limited.

You may be able to open an account with HSBC if your directors can all travel to the UK to meet with a bank representative and present relevant documents. Long term residency isn't necessary for some HSBC accounts, which can then be managed via mobile and internet banking from overseas.

Opening an account with a banking alternative, such as Wise Business can be an easy solution to get UK business account details as a non-citizen.

Can I open a UK business bank account online?

Most high street banks require you to present ID and documentation in person, making it difficult to open a business bank account entirely online. In many cases, you can start the application online or on the phone, but still need to present documents in branch at a later stage.

If you’re looking for an alternative to traditional banks, you can open a Wise Business account online. Wise Business offers UK details for residents and non-residents alike. No need to wait in line or book appointments.

Find out how to open a Wise Business account online.

Which UK business bank should I choose as a non-resident?

HSBC International Business Account

• Advantages: Global presence, comprehensive business services, established brand
• Requirements: Typically requires £10,000+ minimum balance, may need directors to travel to the UK
• Application Process: Initial application can be done online, but verification often requires in-person meetings
• Time to Open: 4-8 weeks for international businesses
• Best for: Businesses with significant UK operations and substantial banking requirements

Barclays International Corporate Banking

• Advantages: Extensive banking network, specialized relationship managers, comprehensive treasury services
• Requirements: Selective application process, typically requires £25,000+ minimum deposit
• Application Process: Begins online but usually requires in-person meetings
• Time to Open: 6-8 weeks
• Best for: Established businesses with high transaction volumes

Lloyds Banking Group

• Advantages: Good coverage across the UK, business specialists available
• Requirements: Annual turnover up to £1 million, requires stronger UK connections
• Application Process: More challenging for non-residents without UK presence
• Time to Open: 4-6 weeks if approved
• Best for: Businesses with existing UK operations or partnerships

Royal Bank of Scotland Group

• Advantages: Strong UK presence, international office network
• Requirements: Similar to other traditional banks, enhanced verification for non-residents
• Application Process: Can begin online but typically requires UK documentation
• Time to Open: 4-6 weeks
• Best for: Businesses with Scottish connections or operating in areas with strong RBS presence

Digital Banking Alternatives for Non-Residents

Digital banking alternatives offer the most accessible path to obtaining UK banking facilities for non-resident business owners. These providers have revolutionized international business banking with their streamlined application processes and features designed specifically for global entrepreneurs.

Wise Business

Key Features:

• UK account number and sort code for receiving payments
• Hold and exchange 40+ currencies with competitive rates
• No monthly fees (pay-as-you-go pricing model)
• Business Mastercard for expenses
• Integration with accounting software like Xero and QuickBooks
• API access for custom integrations
• Team access management

Limitations:

• Not a full bank, so no lending facilities or interest on balances
• No cash or check handling capabilities
• Card has no credit facility

Cost: No monthly fee, transparent per-transaction pricing
Application Process: 100% online, typically approved within 1-3 business days
Ideal for: E-commerce businesses, digital services providers, and freelancers who primarily need to receive payments from UK clients and pay suppliers

Open a Wise Business account online

Revolut Business

Key Features:

• UK account details
• Multi-currency accounts and exchange
• Virtual and physical cards with spend controls
• Invoice generation and tracking
• Expense management tools
• Integrated merchant acquiring
• API for developers

Limitations:

• Monthly subscription fees for most features
• Customer service can be limited
• Some features restricted to higher-tier plans

Cost: Plans from £0 (Free) to £90+ per month for advanced features
Application Process: Fully digital, typically 1-2 business days
Ideal for: Tech-focused businesses with regular international transactions and teams that need expense cards

Monese Business

Key Features:

• UK account details
• Fast online application
• No credit check required
• Mobile-first experience
• Multi-currency support
• Physical and virtual cards

Limitations:

• Transaction limits on lower-tier plans
• Fewer integrations with business tools

Cost: Plans from £9.95 to £59.95 per month
Application Process: Mobile-based, typically approved within 1-2 business days
Ideal for: Small businesses and sole traders looking for basic UK banking functionality

Most digital alternatives can be set up within 1-3 business days, compared to weeks or months with banks. They typically require standard identity verification documents (passport, proof of address) and basic company information. The entire application process can usually be completed online, making these solutions particularly convenient for non-resident business owners.

UK business banking fees and charges

Before you open your business bank account in the UK as a non-redsident, it's important to read the small print carefully - especially the section on banking fees and charges.

It’s common to find monthly account handling charges and fixed fees for banking transactions. Even when these fees look small, they can build up over time.

As a US company, you may need to make international money transfers. It’s worth paying special attention to the fees applied when you move money or make direct payments between accounts that use different currencies.

Many UK banks don't offer a good deal to their customers when making international money transfers. Often they'll add a high initial ‘admin’ charge for processing the transaction, as well as steep transaction fees. These may be fixed fees or a percentage of the amount transferred.

Instead of a transparent, up-front fee, you might find that your bank’s profit is rolled into a poor exchange rate. If your bank applies an exchange rate which is worse than the mid-market rate, then you lose out as the true cost of your transfer is higher than it needs to be.

To make sure your bank isn’t taking an extra cut, you can use an online currency converter to check the actual value of your money before you transfer internationally.

💡 If you do make a transfer, you might consider using an alternative service such as Wise Business. Wise has no monthly fee and uses the mid-market exchange rate you can find on Google. Since your international transfer is made with two local transfers in each respective country, large SWIFT transfer fees are also cut out, leaving you with more money. Wise Business offers one account for over 40 currencies, and all the tools to make managing business finances easier.

Get started with Wise Business 🚀

Hidden Costs to Watch For

When comparing options, pay particular attention to these often-overlooked costs:

1. Exchange Rate Margins - Many banks advertise "no fee" or "fee-free" international transfers but make their profit by offering poor exchange rates. This hidden fee can add 2-4% to your costs.

2. Receiving Fee Structures - Some accounts charge for incoming international payments (£2-£15 per transaction).

3. Minimum Balance Requirements - Failure to maintain minimum balances can trigger monthly fees of £20-£60.

4. Inactivity Fees - Some accounts charge if there's no activity for 3-6 months.

5. Early Closure Fees - Some traditional banks charge £25-£50 if you close your account within 3-12 months.

For most non-resident businesses handling international payments regularly, the total cost difference between traditional banks and digital alternatives can be substantial—often 3-5% of transaction volumes. This makes it essential to calculate the real cost based on your specific business activity patterns rather than focusing solely on the advertised monthly fee.

Frequently Asked Questions: UK Business Banking for Non-Residents

Can a non-resident open a business account in the UK?

Yes, non-residents can legally open business bank accounts in the UK. However, most traditional banks have strict requirements, often including minimum deposits, enhanced verification, and sometimes in-person meetings. Digital alternatives like Wise Business and Revolut Business offer more accessible options for non-residents, with online applications and fewer restrictions.

Do I need a UK company to open a UK business bank account?

No, you don't legally need a UK-registered company to open a UK business bank account. However, having a UK entity (like a UK Limited Company) can make the process significantly easier with traditional banks. Foreign companies can open UK accounts, though the requirements are typically more stringent. Digital banking providers often accept foreign business entities without requiring UK registration.

What documentation do I need as a non-resident business owner?

As a non-resident business owner applying for a UK business account, you'll typically need:

• Proof of ID (passport) for all directors and significant shareholders
• Proof of address from your country of residence (utility bill, bank statement)
• Business registration documents from your home country
• Business plan or explanation of why you need a UK account
• Proof of source of funds
• Information about your business activities and expected transaction patterns

Can I open a UK business bank account online without visiting the UK?

Yes, this is possible, particularly with digital banking alternatives like Wise Business and Revolut Business, which offer fully online application processes. Some traditional banks may require at least one director to visit a UK branch in person, though HSBC and Barclays occasionally make exceptions for existing international customers.

How long does it take to open a UK business account as a non-resident?

Timeframes vary significantly:

• Traditional banks: Typically 4-8 weeks for non-resident applications
• Digital providers: Usually 1-3 business days once verification is complete
• UK subsidiary accounts: 2-4 weeks if you're establishing a new UK company

What are the fees for UK business banking as a non-resident?

Fee structures vary widely:

• Traditional banks often charge monthly account fees of £5-£50+ for international business accounts
• Many require minimum balance requirements (£10,000-£50,000 for non-resident accounts)
• Digital alternatives may have monthly subscription fees (£0-£90) or per-transaction pricing
• International transfer fees are particularly important to compare, as these can vary dramatically

Always review the full fee schedule, especially for currency conversion and international payments, which are likely to be frequent requirements for non-resident businesses.

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Sources:

1. The role of United States-owned businesses in the United Kingdom (executive summary) - GOV.UK
2. https://www.gov.uk/business-legal-structures/overview

All sources checked November, 2025.