Open a GBP Account - British Pound
The Benefits of a GBP (British Pound) Account with Mondial Change
Opening a GBP (British Pound) account is free and very quick. By opening this account via Mondial Change, you benefit from the following advantages:
- No account maintenance fees
- No transaction fees
- An account with a unique personalized IBAN
- An account opened with an accredited partner institution within the European Union
- The account can be located in different countries according to your needs (see the list below), including France or the United Kingdom
Services Available with the Opening of a GBP (British Pound) Account
- You can receive payments in GBP from around the world and allow your subsidiaries or clients based in the United Kingdom to pay you in their local currency
- You can hold your GBP (British Pound) in the account
- You can reuse your GBP (British Pound) to make payments and pay beneficiaries in GBP
- You can convert your GBP (British Pound) to any other major currency at very competitive rates
- Your GBP (British Pound) deposits can be remunerated in the form of cashback paid monthly into your GBP account
* Cashback is reserved for certain clients under conditions and is only available for accounts opened with our partner Ebury. Please contact us for more information.
Mondial Change Answers All Your Questions About GBP - British Pound Accounts
How to open a GBP (British Pound) account?
Opening an account is very simple.
- Send us your request to open a GBP account via the form on the left or through the account opening form. We will contact you to schedule a phone call to better understand your needs regarding GBP flows.
- Following this exchange, we assist you with the administrative formalities to access the services of one of our partners, selected based on your needs. We remain your sole point of contact for the entire client relationship.
- Once access to the services is validated, you can request the opening of your British Pound account and any other eligible currency. The bank details of your GBP account are generally provided within a few minutes, and you can start receiving and making payments in GBP (British Pound).
- If your business evolves and you have needs in other currencies, you can request the addition of an account in another currency at any time.
What are the fees associated with opening a GBP (British Pound) account?
Access to our services and the provision of currency accounts are completely free. Our remuneration is solely based on the exchange rate applied to your purchases/sales of British Pounds. This exchange rate is always communicated transparently before the validation of your transactions.
Is the GBP (British Pound) account a personalized bank account?
The British Pound (GBP) account for which we provide you with the details is not a bank account per se because the account-holding institution is not a bank but a partner payment institution. These accounts are labeled in your name, and the IBAN associated with the account is unique. You thus have a guarantee of segregation of your funds in the books of our partners. The security guarantees for your funds are similar to those offered by traditional banks. The account can be located in different countries according to your operational needs. Please consult the page related to opening a British Pound (GBP) account for more information.
In which countries can the GBP (British Pound) account be located?
It may be useful for your GBP (British Pound) account to be located in France or, conversely, in another country, depending on your operational needs and the location of your clients. This is why we allow great flexibility in the location of currency accounts. The GBP (British Pound) account can be located in the following countries:
- France
- United Kingdom
- Belgium
- Netherlands
- Luxembourg
- Spain
- Portugal
- Poland
- Italy
- Bulgaria
- Ireland
- Germany
- Canada
- Hong Kong
- United Arab Emirates
You can consult the updated table of possible GBP (British Pound) account locations here: account locations
Is it possible to hold GBP (British Pound) on the GBP account?
You can use this British Pound account to receive or store GBP for as long as you wish as long as your account is active. You are automatically notified by email each time a British Pound transfer is received on your GBP account. You can then freely reuse these GBP to make GBP payments to your suppliers or convert your British Pounds while benefiting from very competitive exchange rates. You have no obligation to move funds on the accounts.
How does the cashback work that remunerates funds left on the GBP (British Pound) account?
Cashback is reserved for some of our clients to remunerate them on the Sterling funds they hold with our partner Ebury. Your account manager can provide you with the cashback rate that applies to the Sterling. Cashback rates evolve notably based on changes in the central bank's interest rate of the country. The current interest rate for the Sterling is 3.75 GBP. Cashback is calculated monthly and paid every month into your account.
Is the GBP (British Pound) account compatible for receiving GBP from marketplaces like Amazon or collection systems like Paypal?
Foreign currency payment collection systems like Adyen, Stripe, Paypal, Hipay, or internal systems of marketplaces like Amazon Pay are widely used by companies conducting international transactions. These systems are efficient, but if you do not have an account in the collected foreign currency, your revenues in that currency are automatically converted into euros at a very degraded exchange rate, and even when you have a bank account in the collected currency, this account often needs to be located in the country where the sale takes place, which can be complicated with a traditional bank. Some of our partners offer currency accounts compatible with most marketplaces and collection systems.
Besides GBP (British Pound), what other currencies are available for account opening?
You can find all eligible currencies for opening a currency account by visiting this page.
Can checks, cash be deposited, or can the funds on my GBP (British Pound) account be used with a bank card?
It is not possible to deposit checks or cash into your GBP (British Pound) account. Only bank transfers are accepted for transactions on the account. No bank card can be linked to the account at the moment.
Are account statements listing all transactions in GBP (British Pound) available?
Account statements listing all operations in British Pounds are downloadable at any time from the online interface. These statements include a maximum of information on beneficiaries, the origin of funds, related exchange operations, to facilitate the work of your accounting department.
Can the GBP (British Pound) account entries be integrated into an ERP or TMS like SAP, SAGE, AGICAP, or Kyriba?
All account statements can be automatically integrated into your treasury software or ERP via MT940 files. You thus find all GBP (British Pound) movements in your software, and you do not even need to connect to our online interface to obtain the up-to-date balance of your GBP (British Pound) account. Our technical teams can also automate the processing of currency payment files provided by your TMS / ERP.