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Opening an account in WeavePay payment system (England)
- Price:500 EUR
- Term:approximately 7 days
WeavePay is a British fintech platform and payment system from London, focused on international business settlements, operating under the supervision of the Financial Conduct Authority (FCA) in the United Kingdom since 2020. They have offices in London and Riga.
This is a solution for startups, small and medium-sized companies, online projects, and international businesses that work daily with currency transfers, regular payouts to partners or freelancers, or are looking for a flexible tool for managing payments without complex banking procedures.
The payment system offers personalized banking service and live customer support. Client funds are held separately in bank accounts in the United Kingdom or the EU in accordance with regulatory requirements for safeguarding client funds. Main correspondent bank: Incore Bank AG (Switzerland).
- Issuance of virtual and physical Visa cards is available.
- Multi-currency accounts are opened, supported currencies: USD, EUR, GBP, CHF.
- Direct IBAN account details are provided.
- SEPA, SWIFT, and Faster Payments transfer systems are available, more than 30 currencies with coverage in 190 countries, including payments with Ukraine.
- Cryptocurrencies are currently not supported.
- Currency conversion is available at an individual exchange rate.
- Mobile banking is under development.
- Communication with the payment system is only through personal managers, without chatbots.
- Payment system fees depend on the risk group, which is determined by the complexity of the company structure and the need for enhanced compliance.
WeavePay opens accounts for individuals only if they are UK residents. Accounts for legal entities are available for the UK and EEA regions. If the ownership structure of the company includes Ukrainian citizens, an EU residence permit is required.
They are focused on industries such as export, import, marketing, manufacturing, agriculture, legal services, and construction.
The payment system does not work and does not cooperate with industries such as gambling, cryptocurrencies, adult entertainment content, and other high-risk sectors.
They open personal and business accounts for conducting commercial activities.
The procedure for opening an account in WeavePay is fully online. First, a pre-approval is carried out, for which it is necessary to provide data about the company, directors and beneficiaries, a description of activities, website, geography and currencies of cash flows, as well as the expected monthly turnover. After approval, the full onboarding process and completion of all forms begins.
Please note that in accordance with international standards for account opening, each payment system is obliged to follow KYC procedures and will therefore require documents and data confirming identity, business, and source of wealth for identification. Also, the financial institution may, based on its internal rules, refuse cooperation without providing reasons.
To avoid such negative outcomes, consult specialized lawyers in advance regarding opening foreign accounts, and we will guide you through all the nuances of opening an account with WeavePay (England).
To open a personal account, you need:
- passport
- proof of address: bank statement or utility bill (not older than 3 months)
- proof of source of funds
To open a business account, you need:
- company incorporation documents (extract not older than 6 months)
- articles of association or power of attorney for the signatory
- documents on ownership structure and UBO
- passports of the director and beneficiaries
- proof of address of the director and UBO (not older than 3 months)
- description of the business, counterparties, and financial flows
- financial documents (statements / reports)
- contact details of the director and UBO
WeavePay may request additional documents within compliance procedures, as well as data for pre-approval: company jurisdiction, citizenship of the director/beneficiary, brief description of activities and website, country of origin and actual place of residence of key persons, geography and currencies of cash flows, expected monthly turnover.