Payment account option for international residents and UK expats
Your international residents and UK expats require a UK payment account or equivalent to get property finance with us. This can be a problem because opening a UK payment account as a non-resident is often difficult and slow.
Introducing our partnership with Algbra
We’ve partnered with Algbra. An FCA-authorised e-money provider whose commitment to ethical finance and community support aligns with our values as a Shariah-compliant, ethical bank. This partnership means international residents and UK expats can open an Algbra payment account as part of their property finance application, giving them the UK payment details they need – no separate banking applications, no delays.
What your customer needs to know
- Primary purpose: Payment account for their property finance payments, including finance deposit and Direct Debit payments
- Account management: Digital, app-based only through the Algbra App
- Customers will also have the option to request a digital and physical debit card.
- Consent required for data sharing with Algbra
- On joint applications, the Algbra account will be opened in the name of the person detailed on the home finance application as the “first applicant”
- They will be contacted directly by Algbra to setup the payment account.
- The payment account stays inactive until the property finance is approved
- Account becomes active automatically once the property finance offer is signed
- Direct Debits begin automatically as scheduled
- Only sterling (GBP) payments can be made to and from the Algbra account
- All payment account queries should be raised with Algbra directly
You can also download our Customer Information Guide to share full details about the Algbra account with your customers.
Important information for intermediaries
Account structure:
- The payment account is with Algbra not Gatehouse Bank. This means that any payment account queries should be sent directly to Algbra’s customer services via the app
- The account is for individual applicants only and not available to Limited Companies or other company structures
- Algbra do not offer joint accounts. For joint property finance applications, the payment account will be opened in the first applicant’s name only. Please make sure your customers are aware of this so they can decide together who should be listed as the first applicant
- Customers can close their account at any time. However, they must have a UK Bank or payment account to maintain their Direct Debit payments with us, in line with our property finance terms and conditions
Regulatory protection:
- The account is protected under the UK’s FCA e-money rules, not FSCS protected. These safeguarding rules require Algbra to keep customer money separate from their business funds. For more information, please see the FCA website
- Any personal information will be used in line with the Data Protection Act 2018, as well as ours and Algbra’s privacy notice
- Full Gatehouse Bank and Algbra Terms and Conditions must be provided to the customer
Customer requirements:
- Customers will be expected to declare their tax residency and will need to update Algbra of any changes within 30 days
- You must get explicit consent from the customer for us to share their data with Algbra
Download our Intermediary Information Guide with helpful screenshots of the application process to keep as a handy reference.
Intermediary Information Guide
A step-by-step guide to ‘How it works’ and other important information.
Customer Information Guide
A handy to guide to share and pass onto your customers.
Frequently Asked Questions
About the payment account
Is there a monthly fee?
Does my customer have to use Algbra, or can they provide a different UK account?
Opening an account
How long does it take to open an Algbra account?
Who is eligible for an Algbra account?
How will my customer know when their account is open?
Can my landlord customer use one Algbra account for multiple properties
Using the Account
What can my customer use their Algbra account for?
Can they use the account for other purposes, not just for their Gatehouse Bank Direct Debit payments?
How do they transfer money with Algbra?
Will they earn profit on money held in their Algbra account?
Support
What if my customer has questions about their Algbra payment account?
Still need help?
If you haven’t been able to find the information you need and you’d like some support from us, contact your Business Development Manager – they’ll be there to help as usual