How to open GBP account: Your options as a cross-border business

Online business bank accounts are now offered by a range of providers, from established banks to new startups. To navigate your options, consider these key features before signing up:

1. A quick and easy way to open your account online. You shouldn’t have to visit a local bank branch, schedule appointments or deal with back-and-forth phone calls. Instead, you should be able to complete the application process entirely online, answering some questions and uploading documents. The verification process should take place via app, website or SMS, without you ever having to speak to a rep. Approval should generally take no more than 1–2 business days.
2. No need for a physical address in the UK in order to simply hold GBP. You can open a GBP account online even if you don’t have a local address or a local presence in the region. There’s no need to waste time on accounts that require you to establish a local business entity or register with national authorities.
3. A free way to collect and hold GBP – plus low, transparent fees for everything else. Make sure all fees and pricing are competitive, transparent and clearly spelled out in a way that’s easy to understand. There should be no fees to get paid in GBP, hold your funds, set up your account or keep it open.
4. Ways to manage your account online from anywhere. Look for an account that lets you view and manage your funds, and perform any transaction – transfer, withdraw, pay – from virtually anywhere in the world. Aside from specialty services (like very large transfers or currency contracts), you should be able to manage your money online 24/7, without waiting for banks to open or tellers to answer the phone.
5. Option to hold – and affordably trade in – other currencies too. If you’re an international business, you’ll likely want the option to use other currencies, too. As such, multi-currency business accounts, which enable you to hold and pay in many different currencies, could be what you’re after. When choosing a multi-currency account, though, pay attention to exchange rates and conversion fees. Carefully consider the fee structure, and seek an account with low, transparent fees for major currencies including GBP, USD, EUR, AUD, CAD and JPY.
6. Fast, affordable ways to send funds and make payments. International transfers can take up to six days with networks like SWIFT, but you may be able to speed up this process with a multi-currency account. Some accounts use local payment networks to transfer funds in less time, as well as offering other 1–2 day transfer options. These accounts can also offer more affordable options for paying suppliers, partners, employees and more – all in their preferred currency.
7. Virtual credit cards. A virtual card makes it easier to pay for expenses like SaaS software subscriptions, advertising and seller store fees. Some GBP and multi-currency accounts come with virtual cards in multiple currencies that you can use anywhere you’d pay online with a credit card. A good virtual card should come with perks, like cashback on purchases, or no FX fees. You should be able to issue multiple virtual cards too, so you can separate out different types of expenses, such as digital ads, or give them to employees.
8. Solid customer support. One of the most frustrating aspects of traditional banking is trying to contact customer support. It’s crucial to choose an account that has customer support in your language, with more availability and multiple ways to reach out (phone, email, live chat, etc.).