In addition to traditional banks, payment system also allow making money transfers and performing other financial operations. Please apply for our assistance in opening an account with a UK payment system in a safe and prompt manner! You can also pick other financial institutions in foreign countries.
In today’s globalized economy, the choice of financial services can significantly impact the efficiency and convenience of managing your finances. For non-residents, cooperating with a British payment system often proves to be a more advantageous option compared to setting up an account with a traditional foreign bank. We can help you get set up with ease.
The advantages of choosing our recommended payment service provider in the UK include the following:
- A non-resident will have significantly less trouble opening an account with a Payment Service Provider (PSP) compared to a traditional bank.
- All operations are performed remotely, including account opening, money transfers, and bank card acquisition.
- Payment systems are not obliged to follow the CRS rules. For this reason, the information about the PSP clients’ balances remains undisclosed.
A user-friendly interface, round-the-clock client support service, individual approach to every customer, a wide range of national currencies for payments, and a contactless bank card – the British payment system evidently boasts numerous advantages. Not to mention the credibility and reliability of the British financial system. Our experts will be delighted to assist you in setting up an account with the British Payment Service Provider (PSP).
You have a choice in consultations. You can have a complimentary, 15-minute meeting or a paid, one-hour session with an expert. The shorter, free consultation is for you to ask some specific questions or get an overview of a service, and the longer session with an expert in offshore banking is ideal if you want to learn about options suited to your specific needs and dive deep into the process, and how we can help.
Quick facts about the British payment system
Our recommended payment system has been working since 2016. It has been created by 40 specialists in the fields of banking services, IT, and marketing. Each of them brought vast experience when the system was created.
- They have two offices, one in Riga and another in London.
- All services are provided online.
- The British payment gateway holds a PCI DSS version 3.1 Certificate, which serves as a confirmation of its spotless reputation and high reliability. The Certificate allows you to make an unlimited number of bank card transactions.
- You can access the banking application using either your computer or your smartphone.
Discuss the details with an expert
Check the list of required documents, and get the details of the process, terms, and costs.
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British PSP services for private customers
Non-residents of Great Britain are entitled to open personal accounts with the payment system in euros, US dollars, pounds sterling, Canadian dollars, and 30 other national currencies. You can use any of these currencies to make money transfers, top up your account, and exchange one currency into another.
In addition to a current account, you can open a savings account with the British PSP or make a fixed-term deposit and earn interest.
A personal account with the British payment system
If you are a non-resident of the UK, you can set up an account with the PSP remotely and make payments to any location worldwide. All you need is a computer-like device and an internet connection.
If you have an account with this PSP, you can do the following:
- Make international payments in more than 30 currencies.
- Connect to SEPA Instant and Open Banking API.
- Acquire account statements and export the transaction history to .pdf files.
- Be secure, with a two-factor authentication system for logging in.
- Easily navigate the user-friendly site.
A personal account with the British PSP is an especially attractive opportunity for freelancers working internationally. You can make and receive payments in various national currencies.
A current account with the British payment system
A current account is an account used for everyday payments. Your account with the British PSP will have an IBAN that you will keep until you decide to close your account. The account number can always be found in the member’s area, and the same goes for all other account details required for SEPA and SWIFT payments. All you have to do is enter the currency and make the payment.
Below, we provide standard tariffs applied to private customers of the UK payment system.
Fees for locals (EU residents)
- Application processing and initial card issuance: 20 EUR.
- Account maintenance: Free of charge.
- Fee for safekeeping of funds: 0%.
- Inactive account commission: 0%.
Payments
- Incoming payments: Free.
- Internal transfers (within the payment system): Free.
- Topping up an account with a bank card: 3% transfer fee.
EUR transfers within the European Economic Area (EEA) (standard **):
- Up to 50,000 EUR: 0.35 EUR;
- Above 50,000 EUR: 65 EUR;
- From 300,000 EUR: 100 EUR.
If the correspondent bank or the payment recipient’s bank is outside the SEPA, an additional commission may be charged by the corresponding bank or the recipient’s bank.
EUR transfers outside EEA* (SHA) (standard**):
- Up to 50,000 EUR: 35 -100 EUR;
- From 50,000 EUR: 90 – 200 EUR.
Transfers in foreign currencies* (SHA) (standard**):
USD
- Up to 50,000 EUR: 35 – 100 EUR;
- From 50,000 EUR: 90 – 200 EUR.
GBP
- Up to 5,000 EUR: 20 EUR;
- From 5,000 EUR: 30 EUR;
- Express transaction, transaction outside the UK, or a transaction of more than 200,000 EUR: 80 EUR.
Other currencies * (SHA) (standard**):
- Up to 50,000 EUR: 35 – 00 EUR;
- From 50,000 EUR: 90 – 200 EUR.
Pay cards
- The first issued card is included in registration.
- Subsequent card or a replacement card: 25 EUR.
- Delivery of the card by priority mail: free.
- Courier delivery of the card: 25 EUR.
- Commission for changing delivery address or delivery method: 5 EUR.
- Monthly service fee: 2 EUR.
- Conversion commission (if the currency of the card does not coincide with the currency of the transaction): 3%.
- Commission on purchases: 0%.
- Cash withdrawal commission: 2% of the amount (min. 2.50 EUR).
- SMS commission (PIN code delivery): 0.50 EUR.
- Transaction confirmation documents: 10 EUR.
- Balance check in an ATM: 0.30 EUR.
Virtual cards
- First virtual card: free.
- Subsequent virtual card: 2 EUR.
- Monthly service fee: 2 EUR.
- Conversion commission: 3% of the transaction amount.
- Commission on purchases: 0%.
- Transaction confirmation documents: 10 EUR.
* Additional commissions are charged on transfers to the banks of Turkey and the UAE: 50 EUR.
**If the client chooses to use the OUR payment scheme, where the sender covers all the fees, there might be an extra charge. The exact amount of this additional fee will vary depending on the correspondent bank involved.
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British PSP tariffs for international clients (non-residents of the EU)
| Application processing and card issuance | 20,00 EUR |
| Current account maintenance (per month) | 10,00 EUR |
| Accelerated application processing | 500,00 EUR |
| Safekeeping of funds (yearly commission on average monthly amount): | |
| – Up to 100,000 EUR (or equivalent in another currency) | 0.5% of the amount |
| – Above 100,000 EUR (or equivalent in another currency) | 1.00% of the amount |
| Inactive account fee | None |
| Payments | |
| Incoming payments and internal transfers | Free |
| Topping up the account with a bank card | 3% of the amount |
| EUR transactions within the EEA: | |
| – Up to 50,000 EUR | 45 EUR |
| – Above 50,000 EUR | 65 EUR |
| – Above 300,000 EUR | 100 EUR |
| If the correspondent bank or the payment recipient’s bank is outside the SEPA, an additional commission is charged by the correspondent bank or the recipient’s bank. | |
| EUR transactions outside the EEA* (SHA): | |
| – Up to 50,000 EUR | 75 EUR — 100 EUR |
| – Above 50,000 EUR | 90 EUR — 200 EUR |
| Transfers in foreign currencies * (SHA) | |
| USD Standard ** | |
| – Up to 50,000 EUR | 75 EUR — 100 EUR |
| – Above 50,000 EUR | 90 EUR — 200 EUR |
| GBP Standard ** | |
| – Up to 5,000 EUR | 20 EUR |
| – Above 5,000 EUR | 30 EUR |
| Express transaction / outside UK / more than 200,000 EUR | 80 EUR |
| Other currencies * (SHA) Standard ** | |
| – Up to 50,000 EUR | 75 EUR — 100 EUR |
| Pay Cards | |
| Cost included in the application processing fee | |
| Issuance of the first card | |
| Subsequent card issuance | 25 EUR |
| Delivery by priority mail | Free |
| Courier delivery | 25 EUR |
| Commission for change of delivery address or delivery medium | 5 EUR |
| Other services | |
| Commission for keeping the money in the account when business relationships with the client have ended (per month) | 5% of the amount (min. 500 EUR but not more than the account balance) |
| A separate GBP account maintenance fee | 20 EUR |
| Commission on currency conversion during business hours | 0.5% of the converted amount |
| Account closure а | Free |
| Penalty for failure to submit requested documents and information in due time | 1,000 EUR |
| Account statement | 65 EUR |
| Correction/ search/ revocation/ return of a transaction ** | 75 – 200 EUR |
| Confirmation of an international transaction (SWIFT or SEPA copies can be requested) | 5 EUR |
* Additional commissions are charged on transfers to the banks of Turkey and the UAE — 50 EUR.
** If the client chooses to use the OUR payment scheme, where the sender covers all the fees, there might be an extra charge. The exact amount of this additional fee will vary depending on the correspondent bank involved.
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Fixed-term deposits and savings accounts
You can keep the money with the British PSP and earn some interest on it. You can do so by making a fixed-term deposit or opening a savings account.
The interest on the deposit depends on the term. The following interests are paid on deposits:
| Currency | 3 months | 6 months | 12 months | 24 months | Savings account |
| EUR | 0.01% | 1.50% | 2.40% | 2.60% | 0.81% |
| USD | 0.01% | 1.35% | 1.72% | 1.82% | — |
Make a choice:
- Fixed-term deposit with the UK payment system:
- Term of the deposit: 3, 6, 12, or 24 months.
- Minimum deposit amount: 100 euros or the equivalent in US dollars.
- You cannot top up the account. The account cannot be used for making payments.
- The interest is paid to the account when the term is over.
- Savings account:
- The account currency: EUR.
- The term is not defined.
- Minimum deposit amount: 100 euros.
- Maximum deposit amount: 2,000,000 euros.
- The interest is calculated daily, added monthly, and paid on request.
- The money in your savings account (all of it or part of it) has to be transferred to your current account before you can withdraw it. You must provide the PSP with notification 40 days prior to the withdrawal date.
- You can top up your savings account at any time.
Advantages that the British payment system offers to non-resident customers:
- Multilingual client support;
- Multilingual interface;
- Round-the-clock access to the account;
- Individual approach to every client.
Types of clients that the UK payment system will not take on board
You cannot use the British PSP to buy or sell the following types of products:
- Adult materials;
- Weapons and armor;
- Pornographic materials;
- Non-licensed games of chance;
- Tobacco;
- Adult advertisement;
- Escort services;
- Multi-level marketing instruments;
- Reverse auction products;
- Lotteries, raffles, etc.
Additionally, the British PSP does not provide services to citizens of sanctioned countries, Iran and North Korea in particular. Citizens of all other countries are welcome to apply for services. Contact us to learn if you can use this service.
The procedure for setting up an account
You have to take the following steps to open an account with the British PSP:
- Request our professional support in opening an account. Please write to info@qwealthreport.com or contact us on this page.
- Cover the cost of our professional services. You are welcome to make a bank transfer, use your pay card, or payment systems as PayPal, Western Union, etc. We also accept payments in Bitcoin and other cryptocurrencies. The cost of the service starts at 1,999 EUR.
- Please collect all the application documents and submit them to us. (We will tell you what you need.)
List of required documents
The account can be opened remotely. All application documents must be scanned. The scan copies should be made in color and have no hotspots, stains, shadows, or blurred areas.
Electronic documents can be supplied in the following formats: .jpg, .jpeg, .png, .pdf, and .bmp.
If you are opening a personal (rather than a corporate) account with the British PSP, you have to submit scans of the following documents:
- Your passport;
- A document to serve as proof of your residential address (such as a utility bill, for example);
- A confirmation of the legality of the source of funds (for example, an agreement confirming sale of real property, a vehicle, or other assets; a bank statement; an income certificate, etc.).
You will also have to fill out an application form for account opening. We will gladly help you do it right!
Please note that the Compliance Department of the British payment system may request some additional documents.
Conclusion: Contact Us to Get Started
Opting for a British payment system over a traditional foreign bank account offers numerous advantages, particularly for non-residents. The streamlined process of opening an account, the convenience of managing finances remotely, and the added layer of privacy due to exemption from CRS rules make it a compelling choice. By choosing a payment system that aligns with these benefits, individuals can enjoy a more efficient and secure financial management experience.
Fill in the form below, or contact our experts, to see if this option is for you. With our expertise, we can help you enjoy a more streamlined experience. You can also contact us for a free, fifteen-minute session to get some questions answered and an overview, or a paid, one-hour session with an expert, to get in-depth information about a solution suited to your specific needs (currently 300 euros, reduced from 500 temporarily)
Fill out the questionnaire: Personal accounts in the UK with a British payment system
