Opening a business account when trading overseas

Discussion in 'International Business' started by Mediayarn, Aug 12, 2019.

  1. Mediayarn

    Mediayarn UKBF Newcomer Free Member

    3 1
    Hi there,

    I am a design consultant who has just founded a limited company. I need to set up a business account am wondering what's a good bank to do this with. As I get paid mostly in Euros (my clients are all in France), I am thinking of creating a Foreign currency account. I have tried to get an appointment with HSBC, but their next available date is end of September. I am also open to newer banks.

    I am really new to this, have always been an employee and any guidance would be much appreciated!
    Thank you!
    Posted: Aug 12, 2019 By: Mediayarn Member since: Aug 12, 2019
  2. Chris Ashdown

    Chris Ashdown UKBF Legend Free Member

    10,431 2,109
    If that is there service go elsewhere as its crap, just walk into any local bank and ask to open a business account
    Posted: Aug 12, 2019 By: Chris Ashdown Member since: Dec 7, 2003
  3. Mediayarn

    Mediayarn UKBF Newcomer Free Member

    3 1
    Thanks. It's because of the foreign currency account I'd need an appointment, I can apply online for a basic business account.
    Does anyone have a bit more advice on which bank is recommendable, esp if I receive most of my money in Euros? Revolut, Starling, Transferwise or is it still more advisable to just go with one of the big ones? Surely some must be better than others? Any help and experience would be much appreciated!
    Last edited: Aug 12, 2019
    Posted: Aug 12, 2019 By: Mediayarn Member since: Aug 12, 2019
  4. Mr D

    Mr D UKBF Legend Free Member

    15,606 1,719
    Have you considered a currency account that then links to your bank account?

    Worldfirst for example?

    Waiting 6 weeks for an appointment at a bank - find another bank willing to give quicker appointments. This isn't a hospital gyno unit you are booking with.
    Posted: Aug 12, 2019 By: Mr D Member since: Feb 12, 2017
  5. Ray272

    Ray272 UKBF Regular Free Member

    186 25
    I use Natwest and have a USD currency account attached to my business bank. Only bank I have ever used for my own business but I previously dealt a lot with HSBC and their international receiving team were a nightmare. Maybe because HSBC were found to be involved in money laundering. I'm not sure but my experience with Natwest is very different and I've never had any issues like we had regularly with HSBC and we do much more international biz with NW.

    For a fee of £20 a month you can use a system NW call bankline. This gives you the same online visuals as your domestic account but it is set up on a different system. The £20 charge is specific to having the visuals of the currency account. I don't use it but I should but I scoffed at the £20 fee but now I need it and it makes sense to do it. At present I have to call them and they verbally tell me about payments. I cannot do anything but transfer to my GBP account but with the bankline system you can do much more just like a GBP account, I'm told.
    Posted: Aug 12, 2019 By: Ray272 Member since: Jul 5, 2017
  6. Mediayarn

    Mediayarn UKBF Newcomer Free Member

    3 1
    Thanks so much for your replies!
    Posted: Aug 14, 2019 By: Mediayarn Member since: Aug 12, 2019