So, you’ve finally done it. You’ve moved to the UK, sorted out your visa, found a place that doesn’t leak (hopefully), and now you’re ready to conquer the British market with your brilliant business idea. But then comes the dreaded part: opening a business bank account. If you’ve ever tried to open a high-street bank account as an expat, you know it can feel like trying to solve a Rubik’s cube in the dark. Between the proof of address hurdles and the ‘no UK credit history’ side-eye, it’s enough to make anyone want to go back to bed.
But don’t worry, I’ve got your back. The banking landscape in the UK has changed massively over the last decade. While the ‘Big Four’ (Barclays, HSBC, Lloyds, and NatWest) still dominate, a wave of fintech ‘challenger’ banks has made life a whole lot easier for expats and non-residents. Let’s dive into the best UK business bank accounts for expats and find the one that fits your hustle.
Why Banking is Such a Headache for Expats
Before we look at the winners, let’s talk about the ‘why’. UK banks are heavily regulated under Anti-Money Laundering (AML) and Know Your Customer (KYC) laws. For a local, providing a three-year address history is easy. For an expat who just landed at Heathrow two weeks ago? Not so much. Traditional banks often demand a UK resident director and a physical UK address, which can be a massive barrier if you’re still living in an Airbnb or a short-term rental.
1. Starling Bank: The All-Rounder Champion
If I had to pick one bank that has revolutionized the UK scene, it’s Starling. They were one of the first mobile-only banks to get a full UK banking license. This is a big deal because it means your money (up to £85,000) is protected by the Financial Services Compensation Scheme (FSCS).
Why it’s great for expats:
Starling is incredibly easy to set up. You apply via the app, and you can usually have an account running in a few days. They don’t charge monthly fees for their basic business account, which is a lifesaver when you’re just starting out. Plus, their app is intuitive, offering ‘Spaces’ to set aside tax money and easy integrations with accounting software like Xero or QuickBooks.
2. Revolut Business: The Global Powerhouse
If your business involves a lot of international transactions—maybe you’re importing goods or paying freelancers back home—Revolut is often the go-to. While technically a ‘digital money institution’ rather than a traditional bank in the UK (though they finally secured their UK bank license recently, the transition is ongoing), they are a powerhouse for expats.
Why it’s great for expats:
Multi-currency accounts are Revolut’s bread and butter. You can hold, receive, and exchange dozens of currencies at the interbank rate (the same one banks use). For an expat who still has financial ties abroad, this is gold. They also offer ‘Company Cards’ for your employees and sophisticated spend management tools.
3. Tide: The Quickest Start
Tide isn’t a bank; it’s a business financial platform that provides a bank account provided by ClearBank. Their whole vibe is speed. You can literally open an account in minutes while sitting on the Tube.
Why it’s great for expats:
Tide is very welcoming to new businesses and doesn’t require a long-winded credit check to get started. They have a free tier (though you pay for transfers), and their higher tiers offer perks like legal helplines and 24/7 phone support. If you need an IBAN and a local sort code today, Tide is your best bet.
4. Wise Business: The King of FX
You probably know Wise (formerly TransferWise) for sending money home to your parents. But their business account is a beast. Like Revolut, it’s a multi-currency account, but Wise is often praised for its transparency and slightly better rates on specific currency pairs.
Why it’s great for expats:
You get local account details for the UK, Eurozone, US, Australia, and more. This means your clients in New York can pay you via a local ACH transfer as if you were right there in Manhattan. For a digital nomad or an expat with a global client base, Wise is almost mandatory as a secondary (or even primary) account.
5. Monzo Business: The User-Experience King
Monzo is famous for its ‘hot coral’ cards and its cult-like following. Their business account follows the same philosophy: make banking feel less like a chore.
Why it’s great for expats:
If you appreciate a beautiful UI and features like ‘Tax Pots’ (where a percentage of every incoming payment is automatically moved to a savings pot for HMRC), Monzo is fantastic. They have a free ‘Lite’ version and a ‘Pro’ version for £5 a month that includes things like multi-user access and integrated invoicing. Note that Monzo can sometimes be a bit stricter with address requirements than Tide or Revolut, but it’s still miles easier than a high-street bank.
What About the Big Traditional Banks?
Can you still open an account with Barclays or HSBC? Yes, but be prepared for a marathon. You’ll likely need to book an in-person appointment, bring a mountain of paperwork (including your BRP, proof of address like a utility bill—not a mobile phone bill!—and a business plan), and wait 3 to 6 weeks for a decision.
The only reason to choose them as an expat is if you need complex lending products, physical branches to deposit cash, or if you feel safer with a 200-year-old institution. For most modern entrepreneurs, the digital-first options are simply better.
Quick Comparison Table
| Bank | Monthly Fee | FSCS Protected? | Best For |
| :— | :— | :— | :— |
| Starling | £0 | Yes | All-round ease and security |
| Revolut | £0 – £100+ | Pending | International transfers & FX |
| Tide | £0 (Pay per use) | Yes (via ClearBank) | Speed of setup |
| Wise | One-time setup fee | No (Safeguarded) | Receiving international payments |
| Monzo | £0 – £5 | Yes | UI and Tax Management |
Tips for a Smooth Application
To make sure you don’t get rejected, keep these tips in mind:
1. Get your BRP ready: Your Biometric Residence Permit is your golden ticket. Make sure it’s valid.
2. Sort your address: Even if you use a digital bank, they will need to verify where you live. If you don’t have a utility bill, a council tax letter or a UK driving license (if you’ve swapped yours) works best.
3. Register with Companies House: Most of these accounts require you to be a Limited Company. Make sure your details on Companies House match your application exactly.
4. Have a website or social presence: Banks like to see that your business is ‘real’. Even a simple LinkedIn page or a basic website can help speed up the verification process.
Final Thoughts
Starting a business in a new country is hard enough without the bank getting in your way. If you’re a newcomer, I’d personally recommend starting with Starling if you want a full bank, or Wise/Revolut if you’re doing a lot of international trade. You can always open a traditional account later once you have a few years of tax returns and a permanent home.
Welcome to the UK business community—now go get those pounds!
