The number of freelancers and people working from home has been growing considerably since the start of the recent pandemic. Working remotely brings a number of important advantages because you can save time on traveling to the office and back and reduce your transportation costs. However, you have bills to pay anyway and since you seldom leave home, you would certainly benefit from the opportunity to make payments from home too.
Besides, you will probably be able to find more clients if you can offer them a comfortable way of paying for your services. If you have clients from foreign countries, you need a payment system that allows making and receiving international payments. Some such systems charge significant commissions on payments, which can be a deterring factor sometimes.
However, there are some Payment Service Providers that will offer a wide range of banking services and will not rip you off. We invite you to consider the opportunity to open an account with a reliable payment system headquartered in Great Britain. You can make all sorts of international payments if you have an account with the Payment Service Provider (PSP). These can be online payments or you can order a MasterCard from them and use it the way you use any plastic bankcard. Please read on to find out how a freelancer, a small business owner, or an international company can set up an account with the British PSP.
If you would like to open a foreign bank account in a fast and safe manner, please do not hesitate to contact us! Call us on Viber by dialing +372 5 489 53 37 or write to info@qwealthreport.com. We always respond quickly!
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with seasoned professionals on international banking and where it is best to open non-resident corporate accounts.
The advantages of the British payment system
As new digital technologies come into being, transferring money between countries and between continents becomes simpler and safer. Modern payment systems can provide 100% payment security. With their help, you can eliminate all financial borders and use a variety of payment methods whether you are a remote worker, a self-employed individual, or the owner of a large company. Freelancers, digital nomads, and active tourists will find this opportunity especially attractive too.
The main benefits that you can gain if you open an account with the British PSP that we are advertising here include the following ones:
- Every client obtains a personal IBAN;
- You can transfer money to 150+ countries of the world;
- Payments can be made in more than 20 currencies and the exchange rates are favorable;
- You can make instant SEPA and SWIFT payments;
- You can make bulk payments all around the world and simplify your accounting and bookkeeping tasks;
- Client support is available in several national languages;
- You can trade in national currencies;
- Salary projects are available;
- Acquiring opportunities are also available;
- You can obtain a personal and a corporate MasterCard from the British PSP.
If you apply for our professional assistance in the matter, you can open an account with a payment system within two days!
Personal and corporate account with the British PSP: tariffs and conditions
Freelancers working remotely from any country (even a sanctioned one) as well as foreign companies can gain access to the British payment system without ever visiting the UK. Clients are divided into categories and depending on the client category, different tariffs apply.
British PSP tariffs and commissions for individual and corporate clients from foreign countries (as of May 2023):
| Operation | Natural persons, freelancers (non-residents of the UK) | Corporate entities (international companies) |
| Account opening (application processing) | 9.99 EUR | 1,000EUR (including card issuance fee) |
| Account maintenance (per month) | 10.00 EUR | 100 EUR |
| Incoming payments | Free | |
| Euro transfers within EEA | Up to 50,000 EUR – 10 EUR From 50,000 EUR – 25 EUR From 300,000 EUR – 45 EUR | Up to 50,000 EUR – 45 EUR From 50,000 EUR – 65 EUR From 300,000 EUR – 100 EUR |
| Euro transfers outside EEA (please inquire about USD, GBP, etc. transfer commissions with our experts) | Up to 50,000 EUR – from 75 to 100 EUR From 50,000 EUR – from 90,00 to 200,00 EUR | |
Please note that a freelancer has to supply a contract (a job agreement) with an employer to be able to set up an account with the British PSP.
Documents required for opening an account with the British payment system
The account with the payment system can be opened remotely. Client identification is performed online, and you will have to scan the application documents and send them in one of the following formats: jpg, jpeg, png, pdf, or bmp.
Documents required for opening a personal account:
- Passport;
- Proof of address.
- Documents confirming the source of income (a job agreement for freelancers).
Documents required for opening a corporate account:
- Personal documents of all company owners and directors (see above);
- Corporate documents including the Certificate of Formation/ Incorporation, company By-laws, business description, operational documents, and so on.
Please apply for a personal consultation with our experts to find out what application documents have to be supplied in your particular case.
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A bankcard from the British PSP for international clients
We are accustomed to using plastic bankcards for making all sorts of payments. They are a convenient payment instrument indeed: most outlets and vendors will accept plastic cards these days and you can withdraw cash from an ATM if you can find one. Freelancers and small business owners will often use plastic bankcards to pay salaries to their employees, to cover their bills including travel expenses, etc.
Who can order a plastic card from the British PSP?
A private individual or a corporate entity can order a bankcard from the payment system. A virtual card can become available instantly and you can use it for making transactions right after opening an account. As far as a plastic card is concerned, it has to be delivered to you and the following tariffs will apply:
- Priority mail – 5 EUR;
- Courier delivery to any country – 35 EUR;
- Delivery to sanctioned countries – 70 EUR.
Please note that you can order both a personal and a corporate bankcard from the British PSP.
If you would like to obtain an anonymous UnionPay card, you are welcome to request our professional assistance in the matter.
How long does it take the card to arrive?
The delivery time will depend on the delivery method that you choose:
- Courier delivery — from 3 business days;
- Regular mail — from 5 to 12 business days.
Please note that the timeframes are only approximate.
You can order an infinite number of bankcards from the British PSP. If you order a corporate card, the name of an authorized person needs to be specified.
Card tariffs and commissions
The British PSP offers a rare opportunity indeed: there is no upper limit for the card balance! You can add as much money to your bankcard as you wish. However, certain commissions are associated with using the card:
| Operation | Natural person | Corporate entity |
| First card issuance | Free | |
| Issuance of a second (third, etc.) card | 15 EUR | 50 EUR |
| Commission on currency conversion | 3% of the transaction amount | |
| Commission on purchases | 0% | |
| Commission on cash withdrawal | 2% (min. 2.5 EUR) of the withdrawal amount | |
| Monthly maintenance fee | 2 EUR | 10 EUR |
You can add money to your bankcard by using your member area on the website or by transferring money from any bank account that you have.
If you would like to withdraw a large amount of cash from the card, you have to log on to the website and contact the client support. Alternatively, you can contact your personal manager.
How can you activate the card?
You have to log on to your personal area on the website to activate the card. Enter the personal area, click on the ‘pay cards’ icon, and choose the ‘activate card’ option. The system will ask you to enter 6 of the figures that are printed on your card. When you do so, the card will become active instantly.
If your plastic card is lost or damaged, you can block it by logging on to your personal area or by contacting your personal manager.
You are welcome to use other opportunities that British payment systems offer. Please do not hesitate to contact our specialists:
Why you should open an account with the British payment system
Private individuals, investors, travelers, freelancers, and business companies will find the following main advantages if they open accounts with the British PSP:
- The account allows transferring money instantly to wherever you like.
- Every account has an IBAN, which means no limits on account turnover and payment amounts. You can exchange currencies at favorable rates.
- A corporate bankcard can help you exercise fuller control over your business operations in real time. Payments for services, transactions, payment of salaries, business travel expenses – you can cover any costs with your corporate bankcard.
- You will have a personal area on the company website and a mobile application as well. You can access your account from anywhere if there is Internet connection.
- The PSP does not give out loans. All the money is kept with European banks, which guarantees 100% security of your capital.
If you would like to optimize your financial operations and keep your money on a universal account, the British payment system is the right choice for you.
Please write to info@qwealthreport.com and request a free consultation on setting up an account with the British payment system. We will be happy to assist you in the matter and advise on fine-tuning your account to meet all your requirements.
