UK business bank account for Swedish residents

Can you open a UK business bank account for Swedish residents who has a UK registered Limited company that offers online marketing services to  companies in the UK?

It is possible to open a UK business bank account for Swedish residents, however the options available may not extend to any of the mainstream banks like Barclays, HSBC, Lloyds or Natwest.

The key requirement if trading in the UK is to obtain a UK business account that offers a GBP sort code & account number, as this will allow you to collect local GBP payments.

If you open an account outside of the UK then there will almost certainly be additional transaction charges to process your payment, which will either cost you or your clients more every time a payment is made.

So if the mainstream banks will not accept a resident from Sweden, what other options will be available?

The good news is that there are some FCA regulated (https://www.fca.org.uk/) online business account providers who will accept an application from a Swedish resident providing all the necessary identification and proof of business can be provided.

There would no UK visit required and most applications can be submitted and approved within a few days, meaning you can start transacting almost straight away.

Depending on what option would work best for you will depend on the facilities available, but generally you can expect full Internet and mobile banking (so you can manage your account 24/7) with some options offering a full multi-currency option (so GBP, USD & Euro accounts) plus a debit or bank card.

The other thing any bank or banking provider will need to consider is the type of business activity, as some may not accept certain types of businesses considered high risk, however in this instance, as the business activity would be classified as low-risk, then there will certainly be options available.

For more information on what types of business accounts would be available for Swedish residents, please contact us on +44 20 32 86 39 29, email admin@extradirect.com or Apply Here