UK Payment System: Quick Solution for Personal and Corporate Finances

Experience efficient banking solutions through our UK payment system, offering swift setup of personal and corporate accounts. Skip the hassle of traditional banks while enjoying the benefits of a robust financial platform.

The UK is a country with the largest banking sector in Europe and the 4th largest one in the world, so you have something to choose from. However, the banks that provide all the services you need (especially high-street ones) are too popular, so opening an account with them may be a real problem: you will have to wait for too long and pass stringent checks. This is the reason why we propose a payment system that has proven its efficiency: it has all the benefits of UK banks but you will find it much faster and easier to set up an account here.

We invite you to our portal where you can read a more detailed article on accounts with the UK payment system and make a well-informed decision. You can also book an individual session with qualified experts on our portal who will provide all the required explanations and give useful recommendations. We will analyze your situation to choose a suitable bank, neobank, or payment system for you, and we will do it for free.

We also offer turnkey services connected with accounts and companies setup with minimum effort for our customers: you will only need to collect a package of documents following our recommendations, and we will do the rest. You get a guaranteed account (company) that will not bring you any trouble in the future due to incompetent setup. In short, you can take advantage of our support in all administrative matters to pay more attention to your business.

General Details about the UK Payment System

The UK payment system we offer operates as an Electronic Money Institution and is registered in England and Wales. Each customer has a dedicated account in the UK where the funds are kept for safety purposes. This helps the organization ensure reliable protection against illegal activities, such as theft or unauthorized deductions.

Here are the opportunities provided by the UK payment system:

  • Setting up individual and corporate accounts
  • Quick and flawless transfers to any part of the world using SWIFT, SEPA, and FPS systems
  • The exchange between multiple currencies at competitive rates
  • Plastic/virtual debit cards to be issued in the near future
  • 24/7 customer support service
  • Open an account remotely wherever you are (mind the list of restricted countries)
  • Individuals will be able to use an account within 1 day, while companies will send payments within no more than 4 days
  • The payment system works with high-risk businesses and is ready to provide customized services to them
  • You will be able to use multiple banking services using a reliable online platform or a mobile app

If you need some specific services or have some particular financial needs to be catered to, please follow the above link and ask our experts any questions.

Read Also: MyAvantcard: A Comprehensive Guide to Managing Your Finances

Personal Account in Brief

Let’s look at the benefits you get by setting up a personal account with the UK payment system:

  • Really quick processing of transactions
  • Opening a multi-currency online
  • You pay nothing for opening an account
  • You will not need to worry about currency exchange: the payment system offers more than 100 currencies, and the commissions are not very high (0.6%)
  • Your account will have a unique identifier (IBAN)
  • Make local transfers easily (in the UK and throughout the European Union)
  • Smooth incoming and outgoing international transactions
  • Cards are expected to be available later this year
  • You will need a minimum package of documents: an ID document and proof of address.

As you see, you can enjoy full access to high-quality banking services within no more than 1 day!

Corporate Account: Details

The UK payment system is interested in attracting corporate customers, so it offers advantageous conditions to them:

  • There are two tariff plans poetically called Solid Rock and Sheer Cliff. As you see from the names, the first one refers to regular businesses, and the second one is applied if your company has a complex structure and is associated with high risks.
  • Your application is processed free of charge.
  • Make international payments using foreign exchange into more than 100 currencies at an affordable rate (0.6%).
  • The system can accept SEPA and BACS payments
  • Take advantage of cutting-edge data protection measures
  • And if you are worried about security, the payment system is just as secure as any high-street bank.

Please contact our specialists to find out more details.

Read also: The Growth Of Car Finance In The UK 2022

Restrictions: Countries and Business Types

The UK payment system does not work with 70 countries (contact us to find out if your country is on the list). However, if you have a residence permit (permanent residence) in another country, you will be able to open an account for yourself or your business.

We mentioned earlier that the payment system works with high-risk businesses. Here is a list of these:

  • Ventures that buy and sell real estate
  • Enterprises engaged in the oil and gas industry
  • Companies that organize events and entertainment
  • Businesses that create adult entertainment content
  • Entities that produce and distribute tobacco and associated goods
  • Enterprises that work in the extraction and mining industry
  • Companies that develop and sell video games
  • Businesses that operated in the gambling industry (with a license)

However, there are some businesses that the UK payment system will not onboard under any circumstances:

  • Businesses that deal with hypnosis, fortune-telling, or similar services
  • Companies that sell drugs, steroids, or controlled substances
  • Entities that engage people in illegal schemes that offer quick wealth
  • Organizations that participate in different crowdfunding and fundraising activities
  • Companies that trade in vaping products and electronic cigarettes
  • Undertakings that deal with illegal or forced labor
  • Organizations that provide plastic surgery, laser treatment, or similar medical services
  • Entities whose business is connected with multi-level marketing or telemarketing
  • Ventures that help recover outstanding debts
  • Units that act as government agencies or representatives

If you want to read a full list, as well as the figures behind the Solid Rock and Sheer Cliff tariffs and the list of required documents, please follow the above link to our article.

Interested in obtaining quick access to digital banking with an extensive list of services that offers really competitive fees? Get full support in opening an account from our professionals by following the above link. We are online!

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