# Privalgo: Business account > UK e-money institution for FX and international payments, with an EU company licensed in the Netherlands. A business gets a multi-currency account in its own name, with named accounts at Privalgo's partner banks and virtual IBANs, 38 currencies, forward contracts up to two years ahead and a dedicated relationship manager. Opening is free; the exchange rate is quoted per trade. Finzil profile: https://finzil.com/providers/privalgo · Provider website: https://privalgo.co.uk · Facts checked: 2026-10-23 ## Key facts - **Monthly fee:** Free - **Setup fee:** Free - **Currencies:** 38 (to buy and hold; 36 to pay out) - **Onboarding:** From 24 hours - **Provider type:** E-money institution - **IBAN:** Named accounts in your company's name and virtual IBANs - **Payment rails:** SWIFT, SEPA, SEPA Instant, Faster Payments, NPP - **Cards:** Not offered - **Safeguarding:** Segregated at Tier 1 UK banks - **Non-residents:** Accepted - **Remote opening:** Yes - **Headquarters:** United Kingdom - **Trustpilot:** 4.2 from 26 reviews (checked 2026-10-23) ## Who can apply - **Non-resident owners** (owner or director living outside the company's country): Accepted. Non-residents are accepted: Privalgo opens UK business accounts for owners who live abroad, with proof of address from their home country. - **Countries of incorporation accepted:** Not published - **Countries of incorporation refused:** Not published - **Owner residency accepted:** Not published - **Owner residency refused:** Not published - **Owner nationality refused:** Not published - **Company types accepted:** Limited companies ## Industries - **Industries served:** Import and export, Executives and finance teams, Holding companies, Financial institutions - **Prohibited industries (provider's own list):** Not published - **Permitted industries (provider's own list):** Importers and exporters; Finance teams managing multi-currency receivables; Businesses with complex group treasury structures; Businesses receiving funds on behalf of clients; PSPs, fintechs and financial institutions with high transaction volumes; Leisure and entertainment ## Licences - United Kingdom: FCA, E-money institution, Privalgo Limited, register no. 900887 (https://register.fca.org.uk/s/firm?id=0010X00004AWWTrQAP) - United Kingdom: FCA, Investment firm (cash-settled FX swaps and non-deliverable forwards), Privalgo Markets Limited, register no. 950964 (https://register.fca.org.uk/s/firm?id=0014G00002iVhyRQAS) - Netherlands: DNB, E-money institution, Privalgo B.V., register no. R196968 (https://www.dnb.nl/en/public-register/information-detail/?registerCode=WFTEG&relationNumber=R196968) Safeguarding: Privalgo is not a bank. Client money is kept separate from the firm's own money and safeguarded at Tier 1 UK banks, with an annual safeguarding audit. It is not covered by the FSCS. ## Fees Source: https://www.privalgo.co.uk/can-i-open-a-uk-business-bank-account-as-a-non-resident/ (checked 2026-10-23) ### Plans - **Business account:** Free ### Outgoing - SWIFT / international: £5–30 · From the UK, depending on the destination country - To another Privalgo account: Free · Between Privalgo accounts; instant ### Currency exchange (FX) - FX markup: Not published · Quoted per trade: a percentage that varies by currency pair and amount; the portal shows Privalgo's buy rate next to yours ### Cards - Virtual card issue: Not offered ## Opening an account 1. **Register.** Register online on Privalgo's client portal, or leave your details on the contact form. 2. **Checks.** The onboarding team and a relationship manager carry out the identity and anti-money-laundering checks. 3. **Documents.** Provide ID, proof of address, the company documents and evidence of the source of funds. 4. **Account live.** The account opens in as little as 24 hours and a relationship manager is assigned. Named accounts and virtual IBANs are arranged on request. Documents: Proof of identity: valid passport or national ID card; Proof of address: utility bill, bank statement or rental agreement from your home country; Business documentation: certificate of incorporation, memorandum and articles of association, proof of business address; Evidence of the source of funds ## Pros and cons - Pro: A multi-currency business account in your company's name, with named accounts at partner banks and virtual IBANs - Pro: Free to open, with no monthly fee - Pro: 38 currencies to buy and hold, and payments out in 36 - Pro: Forward contracts for payments up to two years ahead, and market orders that trade at your target rate - Pro: A dedicated relationship manager, who can meet you in person - Pro: Bulk payments by file upload or API, and free, instant transfers between Privalgo accounts - Pro: Licensed in the UK and the Netherlands, for UK and EU companies - Con: The exchange margin is not published: each trade is priced as a percentage that varies by currency pair and amount - Con: No fee schedule is published; SWIFT payments from the UK cost £5 to £30 depending on the destination - Con: Minimum transfer £5,000, according to its FAQ (its newer Manage page says there are no minimum transaction sizes) - Con: No cards - Con: Named accounts and virtual IBANs are arranged with the team, and the partner banks are not named - Con: No list of accepted countries, company types or refused industries is published - Con: Support in office hours only, Monday to Friday, 8am to 5:30pm ## Finzil's take (opinion) Privalgo suits a UK or EU company that pays abroad regularly and wants an account in its own name, a relationship manager and forward contracts. The exchange margin is quoted per trade and not published, and there are no cards, so get a quote on a real payment and compare it with Wise or iBanFirst. ## Alternatives - [iBanFirst](https://finzil.com/providers/ibanfirst): Payment institution · Belgium - [Ebury](https://finzil.com/providers/ebury): E-money institution · UK - [Currencies Direct](https://finzil.com/providers/currencies-direct): E-money institution · UK - [Caxton](https://finzil.com/providers/caxton): E-money institution · UK ## FAQ **Is Privalgo a bank?** No. Privalgo Limited is an e-money institution authorised by the FCA (FRN 900887). EU clients are served by Privalgo B.V., an e-money institution licensed by De Nederlandsche Bank (R196968) since 1 August 2025. Client money is safeguarded at Tier 1 UK banks and is not covered by the FSCS. **Does my company get its own account details?** Yes. Privalgo offers named accounts in your company's name with its banking partners, so your clients see your details rather than Privalgo's, and virtual IBANs. You arrange them with Privalgo's team. The partner banks are not named. **How much does Privalgo cost?** Opening and keeping the account is free. SWIFT payments from the UK cost £5 to £30 depending on the destination, and transfers between Privalgo accounts are free. On exchange, Privalgo takes a percentage of each trade that varies by currency pair and amount; no figure is published, and the portal shows Privalgo's buy rate next to yours. **Which currencies does Privalgo support?** 38 currencies to buy and hold, and 36 to pay out, including USD, EUR, GBP, AED, CNY, HKD, INR, JPY, SGD and ZAR. BRL, CNY, INR, KRW, MYR, TWD and VND have special requirements. **Can I fix an exchange rate for a future payment?** Yes. Forward contracts fix a rate today for a payment up to two years ahead, and market orders trade automatically when your target rate is reached. Privalgo Markets Limited is authorised by the FCA (FRN 950964) for cash-settled FX swaps and non-deliverable forwards. **Can non-residents open an account?** Yes. Privalgo opens UK business accounts for owners who live abroad, with proof of address from their home country, in as little as 24 hours. --- Finzil (finzil.com) is an independent directory of business accounts. No paid placement. Find providers that accept your business: https://finzil.com/find