A clearer route to a business account
Sources and regulatory status checked · Published evidence only
Worked example for a fictional company. These findings apply only to the profile below. No provider has reviewed this case or agreed to open an account.
Resolve the first option before paying.
Check Wise Business first, resolving the overseas-director and address questions before paying for account details. Keep 3S Money as the alternative if it confirms the profile and the quoted costs are acceptable. Skip Starling for this ownership and access arrangement.
This order balances a published UK setup price against a more expensive, explicitly non-resident-focused alternative. It is an order for checking and applying, not a prediction that one provider is more likely to approve.
01 · The business being assessed
- Business
- UK limited company selling project-management software to UK and EU businesses. No crypto, gambling or other regulated-sector customers in this example.
- Ownership and management
- Two individual owners, each with equal ownership; both are Spanish citizens resident in Spain. Both are directors and need account access.
- Where it operates
- A real, staffed UK trading office with address evidence; directors work from Spain. The registered address is not being used as a substitute for the trading address.
- Money flows
- Customer invoice receipts belong to the company. No holding or paying out customer funds; no cash, crypto or payment-processing service.
- Account needs
- GBP and EUR local receipts and supplier payments. About €40,000 equivalent in monthly receipts and €20,000 in outgoing payments. No borrowing, cash deposits or deposit-protection requirement.
02 · Two routes to investigate
Wise Business
Wise Payments Limited · UK electronic money institution [1]
Why this option is relevant
Wise supports limited companies and its UK pricing includes GBP and EUR domestic receipts. The genuine UK office addresses its physical-trading-address requirement. Overseas directors and owners still need confirmation for this exact setup. [2][3][5]
What still needs confirming
Confirm both Spain-resident directors can be verified and operate this UK company account. Confirm which evidence of the UK office is accepted.
Ask before paying
Our UK software company has a staffed UK office and two Spanish owners/directors resident in Spain. Both need access. We receive our own UK/EU software invoices in GBP/EUR, with no client funds or regulated-sector customers. Can you support this setup, and what address evidence is required before we pay for account details?
Costs to check
UK pricing lists a £50 setup fee and free domestic GBP/EUR receipts. Transfers and currency conversion add usage charges. Before paying, confirm when the £50 is charged and the applicable refund terms. [5]
When to proceed
First resolve the question above. If supported, provide the requested evidence and review the actual charges before enabling account details. If the director/address arrangement is unsupported, stop and use the alternative.
The acceptable use policy leaves individual acceptance to Wise. A company-type match is not a completed onboarding decision. [4]
3S Money
3S Money Club Limited · UK electronic money institution [6]
Why this option is relevant
Its software-industry page explicitly addresses non-resident owners. The published Global Standard profile is relevant to this UK company with two owners and less than €100,000 in monthly transactions. Confirm the UK contracting entity and current country conditions. [7][8][9]
What still needs confirming
Ask for written confirmation of the activity, owners, payment corridors, GBP/EUR account details and the plan offered. The non-resident help page has an older publication date.
Ask before paying
Can 3S Money Club Limited support the full profile above under Global Standard, including both Spain-resident directors and GBP/EUR local receipts? Please quote opening, monthly, FX and payment fees, the opening-fee refund conditions, and the cost of closing after three months before we pay.
Costs to check
Global Standard is listed at €100 per month, subject to eligibility. The opening fee may exceed €100, including because of non-resident owners. The schedule excludes refunds in specified circumstances and includes an early-closure charge. Obtain a case-specific quote. [9][10]
When to proceed
Use this option if Wise cannot support the arrangement or the confirmed service better meets your needs. Do not pay an opening fee until the material conditions and the full quote are clear.
Marketing support for software and non-resident owners is a reason to investigate. It does not resolve individual due diligence or guarantee continuing account access. [7][11]
03 · An application to avoid
Starling Bank · Excluded for this profile
Both owners are persons of significant control resident in Spain, and both directors needing access live outside the UK. This fails the published residency requirements. Adding one UK director would not fix the ownership condition. [12][13]
04 · Budget before committing
For planning only: at the displayed €100 monthly rate, six months of 3S Money account fees total €600, before opening, payment and FX charges. Confirm the quoted plan and early-closure terms. This is not a full cost comparison or a claim of savings. [9][10]
Request the same payment scenario from each provider: monthly receipts, number and size of transfers, currencies converted, and intended account duration. Keep GBP and EUR charges separate until an exchange rate is agreed.
05 · Your application plan
Confirm the facts that change the shortlist
Check that the trading office is genuine and evidenced, both directors need access, and all receipts are for your own software services. If any fact changes, reassess before applying.
Resolve the first option before paying
Use the Wise question above. Keep the response and check the fee terms. Move to the 3S Money enquiry if the arrangement is unsupported or the service does not meet your needs.
Prepare an accurate application
Have current company and ownership records, director identity/address evidence, a truthful product description, sample invoices and a simple flow-of-funds explanation ready. Supply documents directly to the provider; Banxta does not collect them.
Keep a record of the result
Record the option chosen, conditions confirmed, actual fees and final account decision. An unanswered enquiry is not a rejection; an enquiry accepted for review is not an opened account.
06 · Evidence you can inspect
Checked dates record when we read a source, not when the provider last changed its policy. These are evidence links, not application or referral links.
- FCA register · Wise Payments Limited
“Authorised Electronic Money Institution”
Checked · FRN 900507. Status read in the live register; authorisation does not establish customer eligibility.
- Wise · supported business types
“limited and public companies”
Checked
- Wise · trading address
“Your trading address must be a physical location.”
Checked
- Wise · UK acceptable use policy
“we reserve our right to deny our services to any customers who exceed our risk tolerance.”
Checked
- Wise · UK business pricing
“Get every Wise Business feature for one set-up fee”
Checked · UK pricing displayed £50; domestic GBP/EUR receipts listed as free. Other transaction and conversion charges depend on use.
- FCA register · 3S Money Club Limited
“Authorised Electronic Money Institution”
Checked · FRN 900918. Live firm status checked; the clone warning refers to impersonators, not this firm.
- 3S Money · software companies
“Non-resident business owners welcome”
Checked · Product marketing establishes a reason to enquire, not confirmed eligibility.
- 3S Money · non-resident businesses
“We work with directors and shareholders from over 190+ countries and territories.”
Checked · Page says last updated 11 April 2024. Re-accessed today; ask for the current country conditions rather than treating this as newly issued policy.
- 3S Money · Global Standard pricing
“Eligibility subject to status.”
Checked · Displayed €100 per month. The page describes UK/EU businesses with up to five beneficial owners and monthly transaction volumes below €100,000.
- 3S Money · opening and early closure fees
“Your account opening fee may exceed 100 EUR depending on the nature of your business.”
Checked · Live rendered fee schedule checked. Non-resident owners can increase the opening fee; refund exclusions and an early-closing charge apply.
- 3S Money · account terms
“we may stop your access to the 3S Money Client Portal on reasonable grounds”
Checked · Account access remains subject to the terms and ongoing checks.
- Starling · business eligibility
“All directors and limited partners with access to the account are residents of the United Kingdom.”
Checked · The same page separately requires all persons of significant control to be UK residents.
- FCA register · Starling Bank Limited
“Authorised”
Checked · FRN 730166. Live firm status checked. The exclusion here concerns customer eligibility, not the bank’s authorisation.
This example compares two EMI routes and one bank exclusion for a UK software company. It does not establish coverage for crypto exchanges, marketplaces handling customer funds, weapons businesses or other jurisdictions. No account-opening outcome or customer saving has been observed.