English bank account
An English bank account is an ordinary business account where all (daily) incoming and outgoing company transactions are carried out.
There is usually an associated Visa Debit Card, and this can be used for regular business purchases. Furthermore, all English banks have a reliable online banking facility.
A standard business current account is usually based on £ (GBP) but other currencies are sometimes available. An English business bank account uses the SWIFT system and provides you with BIC and IBAN numbers for international transactions.
1. What are the requirements for opening an English business bank account?
Unless you live and work in the UK, it is difficult to open a business bank account with a major UK bank. The director of the English company must be UK-resident, and in some cases, 2 x UK-resident directors are required. In addition to this, there are several other specific requirements, depending on your individual situation and the company structure.
2. How long does it take to open a bank account in England?
You should expect it to take several weeks, sometimes months to set up an English bank account.
3. Do I have to appear in person to open a bank account for my company in England?
No, it is not necessary but, generally, applications are made online and some banks request a video via mobile phone, where you must make a selfie and hold your passport alongside your face.
4. Is it possible to create a company bank account outside the UK?
Yes, CPIE Services collaborates with a number of overseas banks who can help with this. There are specific requirements to meet which differ from bank to bank.
5. Which English banks do you collaborate with?
CPIE Services works with several English and international banks.