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How to open GBP account: Your options as a cross-border business
Last update: 2 Jul 2025
If you’re looking to do business in the UK, you might be facing the following challenges:
- You need a local UK business bank account to receive GBP. But opening one with a traditional bank can be time-consuming even if you have a local presence, and especially challenging if you don’t
- Converting between GBP and other currencies is hurting your margins, due to high FX fees, poor conversion rates and account maintenance fees – and those costs aren’t always very transparent
- You may need to pay suppliers and partners in local currencies, but payments can be slow, leading to delayed shipments and inventory issues, and giving you less leverage to negotiate better rates
What’s more, to open a GBP account with a local bank on the ground, you often need to register a company in the UK (with a business address). Then, you typically need to provide documentation such as a business plan, details about your company directors and notarised translations of any documents that aren’t in English. You may also need to provide proof of at least a few years of sales history in order to avoid being deemed too high risk.
In short, opening a GBP account with a traditional bank in the UK isn’t always a feasible option. But luckily there are now many ways to open a GBP account online instead.
In this article, we’ll cover what you need to know about opening a GBP account online, including:
- 8 key features to look for in a GBP account for your business
- How you can open and manage a GBP account online with WorldFirst
- How KeaBabies took their baby business global with World First
- Top alternative online GBP accounts for businesses
Ready to open a GBP account? With WorldFirst, you can submit an application in minutes. Simply visit our application portal to get started.
8 key features to look for in a GBP account for your 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:
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.).
How you can open and manage a GBP account online with WorldFirst
If you’re looking for a GBP or multi-currency account that can help you break into new markets, WorldFirst might be the right choice for you.
Through our partnerships with leading banks including Citibank, Barclays, J.P. Morgan and HSBC, we’ve processed over $300 billion in total transaction volume and served over one million customers since our founding in 2004.
WorldFirst is designed for businesses that want to scale quickly and easily into new markets around the world. With just one World Account, you can get local account details in multiple countries, so you can manage money across borders.
You can get started selling in the UK or anywhere you earn in GBP without the hassle or fees associated with traditional banks. You can also manage multiple currencies with intuitive online features and fair pricing.
Here are some more reasons to choose WorldFirst:
Open a GBP account online in minutes
Opening a World Account is incredibly simple, and the process can be completed in just minutes, entirely online. Simply:
- Visit our online registration portal. When you log in, make sure you have your mobile phone and email handy, as well as:
- The applying director’s ID (valid driving licence, ID card or passport)
- Valid ID copies for shareholders with 25% or more ownership
- Click Sign up and select your region
- Press the Create account button
- Fill in some key account details about you and your business, including:
- Estimated monthly turnover
- Registration number, address, date and type
- Operating industry
- Names, nationalities, dates of birth and residential addresses of the director(s)
- Personal information and shareholding percentages for any shareholders with 25% or more ownership
- Upload images of your qualifying documents. Besides your ID(s), you may also need other documents including:
- Declaration of Beneficial Ownership (click to download)
- Restricted Industry Certificate
- Product Certificate
- Proof of Address
- Proof of Source of Funds
- See our Account Opening Help page to learn more and ensure you have all the documents you need
And that’s it.
Once you complete the application process, you should be verified within 48 hours. For most people, the process usually takes less than 24 hours.
From there, it’s just a few more clicks to set up your GBP account, other receiving accounts and more.
With your World Account, you get local account details in GBP, so you can spend and receive money just like a local. Even if you are a local, you can start enjoying the convenience of managing all of your account features entirely online.
- Open 20+ local currency accounts and get paid like a local
- Pay suppliers, partners and staff worldwide in 100+ currencies
- Collect payments for free from 130+ marketplaces and payment gateways, including Amazon, Etsy, PayPal and Shopify
- Save with competitive exchange rates on currency conversions and transfers
- Lock in exchange rates for up to 24 months for cash flow certainty
Get paid in 20+ currencies with local receiving account details
If you’re a cross-border business, or a UK business with ambitions to scale internationally, you’ll need to handle different currencies. Without a way to hold funds in other currencies, you’ll end up paying a fortune in exchange fees. In some cases, you won’t even be able to sell on certain platforms unless you have local account details.
Your World Account lets you get paid and hold funds in 20+ currencies, including GBP, USD, CNH, AUD, JPY and AED, without a local presence or residency in any of the countries you need an account for.
We also give you local account details to use when you sign up to receive payments through different marketplaces, platforms and payment processors. That makes it easier to receive payouts online — for example, on Shopify, Etsy, or AliExpress.
With a World Account, you can easily get paid on Amazon.com in USD, Amazon.co.uk in GBP, Amazon.de in EUR and so on. We also help you save money by avoiding routing payments through expensive intermediaries.
Send cross-border payments faster, at competitive rates
With a World Account, you can quickly and easily make payments in 100+ currencies and 210+ destinations. With a few clicks, you can pay international vendors or suppliers and easily convert to your payee’s preferred currency.
Reliable same-day and next-day payments help you maintain strong supplier relationships and keep inventory flowing. You can use local payment networks to pay even faster in certain countries and regions, like Türkiye, UAE, Saudi Arabia, the EU and the US. What’s more, if your suppliers also use WorldFirst, payments are free and instant.
By the way, if you need to find new suppliers, WorldFirst can also help with that via our direct integration with 1688.com. With 1688.com, you can search, connect with and instantly pay over 10 million suppliers across 1,700 categories in CNH. 1688.com lets you discover the most affordable suppliers in China without a local sourcing agent or presence on the mainland.
Find out more: How to source wholesale using 1688.com outside China
Get better conversion rates and lower FX fees
Traditional banks often charge a percentage-based fee of 1–3% to convert currency, in addition to not necessarily giving you the most advantageous rate. With a GBP and multi-currency account from WorldFirst, you pay the mid-market rate, plus a markup capped at 0.6% for major currencies.
With WorldFirst, there are other ways for you to take advantage of the best exchange rates:
- Firm orders: Target a specific rate and we’ll monitor the market 24/7, then make the transfer for you when the rate hits.
- Forward contracts: Lock in a rate for up to 24 months in the future so you can budget with certainty.
- Spot contracts: Use live rates for quicker currency conversions if you need to make urgent or last-minute payments. To make a payment, simply log in to your World Account.
Whenever you set up a trade with WorldFirst, you can view your trade status online from anywhere.
Pay online more easily with virtual World Cards
When you join WorldFirst, it’s free to get a World Card — a virtual multi-currency card. With your World Card, you can pay in 15 major currencies with zero FX fees using your World Account balance. As long as you have funds in the same currency as your transaction, no FX fees apply.
Pay anywhere Mastercard is accepted, to cover operational expenses, software subscriptions, travel expenses, marketing, seller fees, logistics and more. With just one account, you can apply for up to 20 World Cards to separate out expenses and simplify accounting.
Your World Card is a safe, secure way to pay, with strong fraud prevention features like 3D Secure (3DS) protection and Address Verification System (AVS). You can manage your World Cards from anywhere, automatically freezing unauthorised transactions or cancelling cards with just a few clicks from your World Account dashboard.
Applying for a virtual World Card takes just a few seconds, and is completely free. Plus, get 1% ongoing cashback on all your monthly card purchases.
How KeaBabies took their baby business global with WorldFirst
In 2017, Jane Neo and Ivan Ong founded their award-winning baby and maternity brand, KeaBabies. They started with a baby wrap carrier, and eventually expanded into a wide range of high-quality baby products.
Based in Singapore, the company wanted to expand into markets like the US, UK and Europe. They needed a way to pay their suppliers in China, while receiving payments in GBP, USD and EUR.
With WorldFirst, KeaBabies gained access to local account details for 20+ currencies, enabling them to sell through global channels like Walmart and Amazon. They were also able to significantly lower transaction costs, retain more revenue and simplify all their global payments. And, they earned $1.8K in cashback in just one week with their World Card.
Read the full case study here: From baby steps to global strides
Top alternative online GBP accounts for businesses
Here are five other virtual accounts you can use to hold GBP and other currencies:
1. Transferra
Transferra is a digital payments platform that enables cross-border payments, and provides multi-currency accounts and virtual debit cards. Founded in 2020, the company has about 1,000 customers and handles around 5,000 transactions per month.
Transferra’s offerings include:
- Receive, hold, pay and exchange in 35+ currencies, including GBP
- Unlimited virtual Visa debit cards
- Cross-border payments to 180+ countries
- Average 48 hours to open an account
- Monthly fees starting at €50 for local UK companies; €100+ for international businesses, plus additional fees for transfers, currency exchange, card issuing, etc.
2. AirWallex
AirWallex is a financial platform that powers a range of features including multi-currency accounts and cross-border payments. Other platform capabilities include automated accounts payable services, reimbursement management and conversion-optimised checkout forms.
Airwallex accounts come with features like:
- No setup fees or minimum transaction requirements (monthly account fees range from £0–£999 per month)
- Receive payments in customers’ preferred currencies, including GBP, from 180+ countries
- Create accounts in 60+ countries including Australia, Europe (SEPA), Hong Kong SAR, Singapore and the United Kingdom
- Use GBP, USD, AUD and CAD accounts to make local direct debit payments
- Use interbank rates for currency conversions
3. Wise
Wise is a Money Service Business (MSB) that helps cross-border businesses receive and hold funds, with interest on GBP. You can use it to get UK banking details, convert currency and make transfers.
Its features include:
- Pay overseas staff and suppliers in 70+ countries
- Earn 2.62% APY in interest when you hold a GBP balance
- Get local account details for multiple currencies, including GBP
- Integrates easily with accounting tools including Xero, QuickBooks and FreeAgent
- Pay up to 1,000 people at once with batch transfers
4. Revolut Business
Revolut is a finance solution that offers global payments and multi-currency business accounts. Its business plans are fee-based, with different tiers for small, medium and enterprise companies.
Revolut users can:
- Collect and hold up to 25 currencies
- Receive incoming transfers in GBP, EUR, USD and CHF
- Get global and local account details for different countries and currencies
- Make payments to 150+ global destinations
- Integrate easily with accounting software
- Use SWIFT and BIC account details to receive funds
- Track spending with analytics tools
5. Payoneer
Payoneer is a financial platform that helps companies pay and manage employees, in multiple currencies. It also offers funding for business growth, among its large suite of services.
Companies can use Payoneer to:
- Get local account details in 9+ currencies
- Transfer earnings from 190+ countries to their preferred local bank account
- Use batch payments to pay up to 1,000 recipients at once
- Pay EU and UK VAT authorities
- Convert currency at the real-time exchange rate plus a 0.5% FX fee
- Collect payouts from marketplaces like Amazon, eBay and more
Hold GBP with WorldFirst to build your global business in the UK and beyond
If you need to open a GBP account, WorldFirst makes it easy. You don’t need UK residency or bank visits to get local account details and start receiving and holding GBP funds for free.
When you’re ready to spend, you can use your World Card to pay in GBP or 14 other currencies from your World Account balance with zero FX fees.
It’s an easy way to run your UK business, whether you’re in the country or not. Open a World Account today.
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