Payment Accounts (Payment Institution Accounts)


IMPORTANT ! Please, read carefully ALL OF THE below details before applying to avoid disappointment. This product is eligible for our **Money Back Guarantee** and you will be fully refunded if your application is rejected. 

 

Most clients will not be asked to visit our office for identification purposes and payment account application can be done by post or e-mail, however we will require you to send us certified copies of your documents listed further below before account application can be considered.


 

What is a Payment Account (PA) and what is the difference between a PA and a Bank Account:


A Payment Account is an account provided by a Payment Institution - a financial organisation that holds a valid license issued by the Financial Conduct Authority in the UK. Payment Institutions provide private and business accounts, enable you to receive and send payments worldwide (SWIFT), exchange currency and enable you to check your account details, statement and transactions via an online platform.

 

One of the major differences between a Payment Institution and a Bank is that Payment Institution cannot lend you money or offer deposit accounts. The account opening procedure is much faster and straightforward for a Payment Account.

 

Another major difference is that your company name would be stated in the "payment reference" field rather than "account name" field (see example below).

 

Payment Account offers additional benefits, including extra confidentiality, moderate transaction charges, a fast account opening procedure and an online facility to make international payments.


Existing clients..


Apply for Payment Account Online

(business or private)


Package Price

250 GBP


Apply for UK Company with

Payment Account



Package Price

134.99 GBP

more details here



Who can apply:

 

Residents and citizens of most countries, including USA as well as companies of most jurisdictions, including EU, USA and classic "offshore" countries. Some exclusions apply and you will be fully refunded if we're not able to proceed with your application based on your location and/or business description.

 

This package is specially designed for non UK residents, who need a business payment account opened as soon as possible, but are unable to travel to the UK.

 

Where would your money be kept:

 

A Payment Institution is not a bank, however all of the funds you send to your account would actually be kept at an EU based bank. Below is an example of how payment details for your new account would look like:

 

Account name: CURRENCY MTS

Bank name: BNP PARIBAS

Bank Address: FRANCE

IBAN: BE00000000000000

Payment ref: YOUR COMPANY NAME LTD


*** Please, note that the above is only an example of the format and does not represent the actual bank details.

 

Who will have an access to company payment account:


Typically the company director becomes a signatory of a payment account, however you can instruct us to include any additional signatories to it. Any additional signatories must also supply required identification documents as listed below.

 

What documents will be required from you:


  • One valid photo ID (EU ID card or passport) copy certified by either Lawyer, Bank Manager, or Chartered Accountant
  • Two proofs of residential address not older than 3 months (i.e. utility bill or bank statement) copy certified by either Lawyer, Bank Manager or Chartered Accountant;
  • Account Questionnaire and CV of beneficiary (we will send form);
  • Account Opening Forms (we fill them out, you only verify, sign and return);
  • Copies of company documents (for business account);

NOTE: if you're not able to supply ALL OF THE ABOVE documents, particularly proofs of RESIDENTIAL* address, please, do not apply as your application will be rejected. If in doubt, please, contact us first.

 

*proof of residential address can be any of the following documents and must contain your name and residential address: gas bill, electricity bill, landline (not mobile) phone bill, landline broadband internet bill, annual property tax bill, private bank account statement (1st page with address only), social security bill. If you're not sure about a certain document, please, send us a copy by e-mail for verification before you apply.

 

Current success rate: 95% of applications that we have accepted.

 

Money Back Guarantee: if, after submitting all requested documents, your account application is rejected by the payment institution, we will refund you the account application fee in full.

 

Key advantages of Payment Account:


  • Suitable for most non UK residents with clear business idea/plan/description
  • Can be set up remotely with identification process being completed without the need to travel
  • Free UK correspondence address included in the first year
  • Provides additional confidentiality as opposed to many bank accounts
  • Favourable exchange rates and fixed transaction charges
  • Fast payments, usually within 24 hours**
  • UK Payment Account usually takes up to 5 working days to open***
  • Payment Account can be in any major currency or multiple currencies according to your needs

**depending on currency, destination, time sent

***from when fully completed account application and supporting documentation is received


Legal details:


TCPay ™ is a trademark of Trade Consulting Ltd. Company registered in England and Wales. Registration number: 06074543 Registration address: 35 Ivor Place, London NW1 6EA, UK

 

Service provided by Currency Matters Ltd, registered with the Financial Conduct Authority(FCA) as an Authorised Payment Institution under the Payment Services Regulations 2012, FCA Registration No: 537841 and also with HM Revenue and Customs as a Money Service Business (MSB) under the Money Laundering Regulations 2007, MLR Registration No: 12140232. In the USA we are registered as a MSB under the Bank Secrecy Act with the Financial Crimes Enforcement Network (FinCEN), Registration Number 31000023679279 Company Registration No: 4461030.