Setting Up Shop: The Ultimate Guide to the Best UK Business Bank Accounts for Expats

So, you’ve made the leap. You’ve packed your bags, navigated the maze of UK visas, and now you’re ready to conquer the British market. But then you hit a brick wall: opening a business bank account. If you’ve spent any time on expat forums, you’ve probably heard the horror stories. Traditional UK banks often treat non-residents or new arrivals like they’re trying to crack an Enigma code. They want three years of UK address history, a credit score that doesn’t exist yet, and maybe your first-born child.

But don’t throw in the towel just yet! The UK is actually one of the most fintech-forward countries in the world. While the ‘Big Four’ high-street banks are still catching up with the reality of a global workforce, a new wave of digital challengers has stepped up to make business banking for expats not just possible, but actually quite pleasant. Let’s dive into the best UK business bank accounts for expats and find the one that fits your hustle.

Why Traditional Banks are a Headache for Expats

Before we look at the winners, let’s talk about the ‘why’. Most traditional UK banks (think Barclays, HSBC, Lloyds) have strict ‘Know Your Customer’ (KYC) rules. They usually require you to be a UK resident and have a solid UK credit history. If you’ve only been here for a month, you’re a ‘ghost’ in their system. This ‘Catch-22’—needing an account to live/work, but needing to have lived/worked here to get an account—is the bane of the expat existence.

Fortunately, ‘Electronic Money Institutions’ (EMIs) and digital-first banks have disrupted this. They use different verification methods, often accepting international passports and proof of right to work, making them the go-to choice for the modern expat entrepreneur.

1. Revolut Business: The Global Powerhouse

If you’re doing business across borders, Revolut Business is arguably the heavyweight champion. It’s not a traditional bank (it’s an EMI in the UK), but for most expats, that doesn’t matter. You get a UK sort code and account number, plus the ability to hold and exchange over 25 currencies.

Why it’s great for expats: You can open an account without a long UK credit history. Their app is sleek, and they offer ‘Company Cards’ for your team, which you can manage with a tap. If you’re sourcing products from overseas or paying freelancers in different countries, their interbank exchange rates will save you a fortune.

The Catch: Some traditionalists still prefer a ‘proper’ bank license, and their customer support is mostly chat-based, which can be frustrating if things go sideways.

2. Wise Business: The Fee-Slayer

Formerly TransferWise, these guys built their empire on being honest about fees. For an expat starting a UK company, Wise Business is an absolute lifesaver. It allows you to get local account details for the UK, Eurozone, US, Australia, and more—all under one roof.

Why it’s great for expats: It’s incredibly easy to set up. You don’t need to be a UK tax resident to open a Wise Business account for your UK Limited Company (though you’ll need to prove the company is legit). Their transparency is unmatched; you see exactly what you’re paying in mid-market exchange rates.

The Catch: Like Revolut, it’s an EMI, not a bank with a full UK banking license. This means your money is protected via ‘safeguarding’ rather than the Financial Services Compensation Scheme (FSCS) up to £85,000, though for many, the risk is negligible compared to the utility.

3. Tide: The Quick-Starter

Tide has become the darling of the UK startup scene. Why? Because you can literally open an account in minutes while sitting on your sofa. They focus heavily on small businesses and freelancers.

Why it’s great for expats: Tide is very friendly toward new UK residents. They offer a ‘Company Registration’ service where they’ll help you set up your Limited Company and your bank account simultaneously. It’s a one-stop shop for getting your UK business legal and liquid.

The Catch: They charge for transfers (around 20p), which can add up if you have hundreds of small transactions. Also, they don’t support international SWIFT payments as robustly as Wise or Revolut.

4. Airwallex: The Scale-Up King

If your business is a bit more established or you’re planning on high-volume international trade, Airwallex is the one to watch. They are designed for businesses that operate globally from day one.

Why it’s great for expats: They provide ‘Global Accounts’ which let you receive payments in local currencies like a local. Their integration with platforms like Shopify and Amazon is seamless. For an expat running an e-commerce empire from a London flat, it’s perfect.

The Catch: It’s a bit more ‘corporate’ than Tide or Monzo, so it might feel like overkill for a solo freelancer.

5. Monzo Business: The Fan Favorite

Monzo is the neon-coral card everyone in London seems to have. Their business account is a natural extension of their wildly popular personal app.

Why it’s great for expats: If you’ve managed to get a Monzo personal account (which is easier for expats than high-street banks), getting the business account is a breeze. Their ‘Tax Pots’ feature automatically sets aside a percentage of your income for the taxman, which is a godsend when you’re navigating the UK’s HMRC for the first time.

The Catch: You generally need to be a UK resident to apply, and they are quite selective about which industries they support.

What Documents Will You Need?

Regardless of which one you choose, keep these documents ready to speed up the process:
1. Proof of ID: A valid passport (not a driving license, usually).
2. Proof of Right to Work: Your BRP (Biometric Residence Permit) or share code.
3. Proof of Address: A utility bill or council tax statement (this is the hardest part for new expats, but digital banks are more flexible).
4. Company Details: Your Companies House registration number if you’re a Limited Company.

The Final Verdict

If you just landed and need an account yesterday to pay your first invoice? Go with Tide.

If your business involves a lot of international currency exchange or you have clients worldwide? Wise Business or Revolut Business are your best friends.

If you want a ‘full’ bank experience with a great app and you’ve already secured your UK residency? Monzo Business is a fantastic choice.

Don’t let the stuffy high-street banks kill your entrepreneurial spirit. The UK’s digital banking scene is thriving, and there’s a seat at the table for you. Grab your passport, download an app, and let’s get that business moving! You’ve got this.