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 2
    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
    #1
  2. Chris Ashdown

    Chris Ashdown UKBF Legend Free Member

    11,004 2,238
    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
    #2
  3. Mediayarn

    Mediayarn UKBF Newcomer Free Member

    3 2
    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
    #3
  4. Mr D

    Mr D UKBF Legend Free Member

    18,283 2,102
    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
    #4
  5. Ray272

    Ray272 UKBF Regular Free Member

    197 27
    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
    #5
  6. Mediayarn

    Mediayarn UKBF Newcomer Free Member

    3 2
    Thanks so much for your replies!
     
    Posted: Aug 14, 2019 By: Mediayarn Member since: Aug 12, 2019
    #6
  7. Shani365

    Shani365 UKBF Newcomer Free Member

    2 0
    try transferwise borderless or revolut
     
    Posted: Oct 28, 2019 By: Shani365 Member since: Oct 28, 2019
    #7
  8. Venturex Partners

    Venturex Partners UKBF Newcomer Free Member

    6 0
    Hi Mediayarn,

    we're a FinTech that specialise in providing SMEs with payment solutions to send & receive currency to beneficiaries (clients, suppliers etc) around the world. U.K. regulated service; we can have your account open in under 48 hours.

    Your clients in France can send Euros directly to your online E-Wallet, where you are free to exchange into your desired currency at rates far better than you will receive at a bank (we typically will save you between 2-5%). You can then withdraw this currency directly to your own bank account.

    Hope that helps!
    James
     
    Posted: Nov 11, 2019 By: Venturex Partners Member since: Nov 11, 2019
    #8
  9. gpietersz

    gpietersz UKBF Enthusiast Full Member

    552 109
    I use Transferwise for USD payments. Clients get what looks like US bank account, so a US transfer for them. I convert to GBP within Transferwise and transfer to my bank account.
     
    Posted: Nov 11, 2019 By: gpietersz Member since: Sep 10, 2019
    #9
  10. Andrewmattias

    Andrewmattias UKBF Newcomer Free Member

    4 0
    I had used transferwise and they closed my account and since months I still did not get my money back. They stopped responding emails after two or three general generated emails. Looking online I found out that they keep posting reviews on trustpilot and it seems the only place where they try to keep up with the bad reviews, by actually replying customers. If you had been in this situation leave a low review so others can see and check trustpilot to see the horror stories of other people. Your bad review will make a difference.
     
    Posted: Nov 21, 2019 By: Andrewmattias Member since: Nov 21, 2019
    #10
  11. gpietersz

    gpietersz UKBF Enthusiast Full Member

    552 109
    @Andrewmattias you seem to have joined UKBF purely to complain about Transferwise.

    Five posts with the same complaint and nothing else?

    If its been months I assume you have complained to the financial ombudsman or taken them to court. How did that go?
     
    Posted: Nov 21, 2019 By: gpietersz Member since: Sep 10, 2019
    #11
  12. WorkingFromHome35

    WorkingFromHome35 UKBF Contributor Full Member

    33 3
    I use Transferwise and Revolut both have been brilliant and are much cheaper and more flexible than the other options.
     
    Posted: Nov 21, 2019 By: WorkingFromHome35 Member since: Aug 15, 2019
    #12