How to open a bank account in the UK
Whether you are thinking of moving to the UK or have already arrived, you need at the some point a bank account. In the past, opening a bank account in the UK was very difficult if you were new to this country. However, fortunately, these days, it is a lot easier. Here is how to do it.
What documents do I need?
To open a bank account in the UK, you will need two documents, one to prove your identity and one to prove your address. This applies to both in-branch and online.
Proving your identity is simple. You only need your passport, driving license or ID card (if you are an EU citizen). You will also have to prove your address by submitting another document. Each bank has its own list of documents accepted as proof of address. In general, these documents generally include::
How to open a bank account in the UK without proof of address?
Of course. If you are new to the UK, you probably do not have any of the documents on this list.
Fortunately, in recent years banks have become a little more flexible regarding the documents they accept as proof of address:
If you are in the UK to study, for example, many banks will accept a letter from your university’s admissions office confirming your address.
Many banks also accept a letter from Job Center Plus that confirms your National Insurance number or even a letter from your employer, as long as the document is less than three months old.
There is another way. Before you leave for the UK, go to your bank and ask them to change your correspondence address to your UK address. You can also do this through online banking. Once you change your address, ask your bank to mail a bank statement to your new address, and you will receive a document proving your UK address.
If you do not have proof of a UK address and need to open an account, Wise multi-currency account is the right choice for you. You can provide proof of address from your standard list of documents and perform online verification.
Can I open a bank account before arriving in the UK?
Yes, you can. Many major UK banks also have so-called ‘international’ accounts, which are specifically designed for non-residents. So, it’s a great option if you don’t have the documents to actually prove your UK address. You can apply for an international account online. Barclays, Lloyds, HSBC and Nanwest offer international bank accounts. However, opening an offshore bank account or an international account may not be the right choice for you. Often times, you will have to make a large initial deposit and commit to paying a minimum amount of money each month. Some banks will also charge you monthly fees in addition to these requirements. This can make it expensive to open and operate your bank account, especially if you do not have a job yet. There may also be other restrictions. For example, you may not be able to close the account and switch to a better deal until a specific period has expired.
Wise multi-currency account to work without limits
Old bank accounts only work properly in one country. They only have money at one point, and it becomes expensive when you try to use it across borders. Wise Multi-currency account can solve all this. Now you can send, receive and organise money internationally, without crazy fees or even crazier exchange rates – just small, fair fees when your money moves between currencies.
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