If you’re serious about wealth creation, building your business, international investment or travel, then you should definitely consider the benefits of opening a UK bank account—here’s why.
- Access To Specialist Expertise
- Quick and Easy Access to Your Money 24/7
- Risk Diversification
- Benefit From Foreign Exchange Services
- You Can Trade in Foreign Currencies
Keep reading to find out more about these incredible benefits as well as how you can grow your business internationally with foreign banking!
5 Reasons You Should Open A UK Bank Account As A South African
Opening a UK bank account comes with a host of benefits for business owners and high Networth individuals, so let’s take a deeper look!
1. Access To Specialist Expertise
International banks have advanced expertise when it comes to assisting customers from around the world, and this includes advice on how to best manage funds regardless of where in the world you are situated.
They are also able to provide advice on the best offshore investment opportunities and additional benefits of banking overseas which you may not be able to access through traditional banking, and this includes how you can save money through taxes and other avenues.
For example, did you know that that the UK corporate tax is 19% and South Africa’s corporate tax is 30%?
2. Quick and Easy Access to Your Money 24/7
Since UK bank accounts and other overseas banks are trained to be as efficient as possible, you can be rest-assured that you have quick and convenient access to your funds 24/7, 365 days a year.
This enables you to meet any financial obligations and access to professional advice at the click of a finger, which is exactly what entrepreneurs and professionals require for seamless business.
Everything is completely digital, meaning that you don’t need to be there physically to enjoy all the benefits and more (there’s no need to visit your bank down the road)!
3. Risk Diversification
Another benefit of investing your capital in a UK bank account is that you can diversify your risks and reap the rewards of positive economical changes outside of your country.
The option to invest in international money markets diversifies your risk, so you don’t have to worry about losing everything if one market rapidly declines.
Choosing to open a UK bank account shows that you are serious about your money. Since South Africa has such a volatile economy, protecting your hard-earned money in a UK bank account is certainly a smart idea for both your business and your family.
4. Benefit From Foreign Exchange Services
Since each country has their own set of banking laws and regulations, it can become a major hassle trying to transact with so many variables at play.
Making the decision to keep your money in a central foreign account allows you to use one banker for all your banking needs and avoid the nightmare of opening multiple accounts or trying to transfer money through bank accounts that have many financial laws and volatile exchange rates.
Another important point to remember is that it can become very expensive transferring money abroad, so opening a UK bank account, for example, can eliminate this stress.
It’s also generally costly to transfer money abroad, which is why it makes sense to have flexible, quick and easy access to foreign exchange when you need it.
5. You Can Trade in Foreign Currencies
Last, but certainly not least, is the fact that you can trade in foreign currencies with a UK bank account. As a South African business owner, this is absolutely crucial if you want to scale your business with an international target market.
Having a multicurrency account means that you can transact quickly and efficiently with minimal costs if the accounts are within the same bank.
For example, if you are a South African business owner you’ve probably already noticed how difficult it can be to transact internationally with a single payment gateway such as Ozow, Payfast, and Paygate.
In fact, not only is it difficult—it’s actually impossible.
Unfortunately, South African payment gateways only allow local transactions, meaning that attempting to sell your product or services internationally is a nightmare.
Payment Gateways such as Stripe do allow you to do this, but the problem is that South Africa has stringent banking regulations and international payment gateways, meaning they will not integrate with South African banks.
What Is Stripe and How Can it Benefit Your Business?
First things first, let’s take a closer look at how Stripe works so that you can understand the benefits better.
Essentially, Stripe works by providing a convenient, reliable payment infrastructure through a single, developer-friendly API. So, what exactly does this mean?
Stripe takes charge of the process whereby the customer provides their card information and receives confirmation that the payment has been made. Stripe has simplified this process and made this very simple for individuals and large companies to make and manage their payments.
Stripe enables you to transact in international currencies, meaning that you can grow your business by marketing your products and services around the world!
In a nutshell, here’s how Stripe can assist your business:
- Fully-integrated system of payments products
- Advanced security system and customization options
- Powerful and easy-to-use API
- Reasonably priced with volume discounts for businesses
- Technology-first approach to payments and finance
So, how can you enjoy these benefits while operating your business from South Africa? While it’s not easy, there are some loopholes you can jump through to make this happen!
But first, let’s talk about what happens if your UK bank account is denied.
What Happens if My UK Bank Account Request is Denied?
Unfortunately, there have been incidences where your UK bank account application may be denied and this can be extremely frustrating for South African business owners looking to advance.
In reality, your application for a UK bank account can be denied for a variety of reasons, but the most common ones are a criminal record and incorrect information pertaining to your ID or proof of address. That said, there are ways you can dispute this and receive professional advice on how to ensure this process is carried out successfully.
That said, if you’re struggling to open a UK bank account in any way, then why not save yourself some valuable time?
Our Secret: Revealed!
The good news is that there are ways you can ‘cheat’ the system without needing to pay someone an exorbitant fee to do it for you, and not many people know about this (in fact, it’s a very well-kept secret).
Switchpayments.co.uk offers a short yet comprehensive course that details a step-by-step on how to open a UK bank account with lower corporation tax, access to the European market, stable currency, and full use of Stripe.
You’ll get an insiders knowledge on how to register a UK company with a UK address so you can operate from South Africa seamlessly and efficiently so that you can transact with over 150 currencies and open multiple accounts.
Want to find out more? Visit Switchpayments.co.uk for everything you need to know.
Don’t let your business fall behind the rest because of your location, allow Switchpayments to help your business thrive!
