In general, if you are a foreign national, your best bet is to use your passport.2. And it gets expensive when you try to use them across borders. The biggest traditional banks in the UK are HSBC, Lloyds, Royal Bank of Scotland (often referred to as simply RBS), Barclays, NatWest, Santander and Nationwide. The banking industry in the UK is very competitive, and many banks have special products designed to attract specific types of customer. You’ll also need to be careful to stay in credit. However, if you want more flexibility, most of them offers the option to upgrade to fee-based accounts with higher limits and more features. To open a UK bank account, you generally need two things:1️. Most banks are likely to ask for: You'll need some photo ID (driving licence or passport) and proof of address (usually a utility bill or mortgage statement). Then, you might be required to provide 1 or 2 original documents to prove that you live where you claim to live (i.e. If you're a sole trader or freelancer, it's very similar to opening a personal account. Opening a bank account in Spain shouldn’t be such a difficult process. You just need your passport, driving licence or identity card (if you’re an EU national). If you don't have a proof of address yet, here's what TransferWise says: "You can then choose to either supply a proof of address from a standard list of documents, or to send in a selfie, in which you’re holding your proof of ID. You need to be at least 16 to open a fee-free basic bank account, although for some accounts the minimum age is 18 (for Metro Bank the minimum age is 11). If you don't have your documents with you, you can select to do this later. The banks are allowed to interpret the rules for ID as they wish, which means each will have different criteria, so it’s best to check their websites for a full list. Depending on the size of your business, there are three accounts to choose from. That said, you’ll also need to consider your personal circumstances, preferences and what you need the current account for. That way, you’ll avoid any nasty surprises. This can make your bank account expensive to open and run, especially if you still don’t have a job. Link your bank account. And in case you heard horror stories about setting up a UK bank account, don’t worry too much. HSBC’s biggest advantage is that it operates in about 64 countries around the world. The basic current account is ideal for the essential day-to-day banking. You can have a UK bank account with just a few clicks. Most banks actively target students in the hope that once you’ve graduated and start making money, you’ll stick with them. You’ll also get access to an emergency cash service, so you can withdraw money from your account using just a security code if your card is lost or stolen.⁷. It has no monthly fees and it comes with a contactless Visa debit card. Some banks will also charge a cash withdrawal fee in addition to the non-sterling transaction fee. Once you’re in the UK, you’ll have to visit a branch with your reference number, passport and proof of address in order to activate the account. What do you need? Proving your identity is simple. The bank also offers helpful student guides that can help you manage finances more efficiently. Now you can send, receive and organise your money internationally, without crazy fees or even-crazier exchange rates – just a small, fair charge when your money moves between currencies. You also get a 12-month subscription to Perlego, which gives you access to more than 400,000 academic and non-fiction eBooks.¹. Paying with your debit card is free though, including when you are abroad, which is a great perk. You might need even more proof… If you are opening a student account you’ll need a letter or ID showing where you are studying or going to be studying. More info about UK bank accounts for non-residents you will find in our blog post. This is generally a recent utility bill, rental contract, council tax bill. The one with the £0-£3M turnover is free for the first 12 months. Prior results do not guarantee a similar outcome. Prepaid cards can also often be used like a bank account. If you already have a Basic Bank Account with us, you might be able to upgrade to an account which offers lending. After opening your account online, you'll need to verify your identity through their interface. Proof of address. In most cases you will only need to produce one of the following: a current UK photo driving licence passport from the United Kingdom If you are an existing customer, you can use your existing bank card with Chip & Pin to verify your identity. Non-UK nationals from outside the European Union (EU) or Switzerland may need to provide a visa or residence permit. They allows up to £200 per month in free withdrawals in both the UK and abroad–after that you’ll be slapped with a 3% fee for each withdrawal you make until the end of the month. If you don't have a proof of address, have a look at our blog post about opening a bank account in the UK. Access to TransferWise's powerful international money transfer service right from your account balance. You can contact customer support via a live chat, where you can discuss the details of your application and ask any questions in real time. Opening a bank account is very easy, even if you have just arrived in the UK. Proof of the address in the UK. Money that if your current home is outside the EU or EEA, you’ll have to wait until you’ve secured a UK address before you can open an account. Keep in mind that local withdrawals may come with limitations or costs. Once done, here's what you'll get with a TransferWise borderless account: Let's say that you've just moved from France to the UK and you need GBP. This can take the form of a passport, drivers licence or national identity card. All the details about opening a bank account in the UK without the proof of address, you will find in our blog post. We might also need to see a proof of address, such as: a Drivers Licence, Utility bill, Bank statement or Tax document Please make sure the documents you use exactly match the information you enter in your application. This is great news. You don’t have to wait until term starts to set up your account either so once you’ve arrived in the UK it would be wise to put this near the top of your list of things to do. Who this guide is for. Unless you have a planned overdraft facility, your bank may charge large fees if you withdraw more money than you have in your account. Most of them are free for the first 18 months and include perks such as a dedicated relationship manager to help you build your business and a knowledge centre with training articles and videos.⁶, The bank’s Select current account is free to use and comes with a contactless visa debit card as standard. Check our comprehensive guide on how to go about it. You usually need to provide two identification documents when you open a new account: Name ID usually has to be a passport, birth certificate (or a driving licence if you are over 17) Address ID includes utility bills or bank statements and can be in a parent or guardian's name if … If you want to open a business account, there is a range of business bank accounts to choose from. Monito is a comparison website for international money transfer services. Your nationality will also play an important role. And with so many options on offer, figuring out which account best suits your needs can be tricky. Major traditional banks in the UK or Online Banks? Revolut is a digital banking alternative that enables opening a UK current account without proof of residency plus a debit card. Before you leave for the UK, go to your bank and ask them to change your correspondence address to your UK address. Do you need to pay or get paid like a local but can't open a bank account without proof of address? HSBC has more than 1100 branches around England and Wales, but a lower number in Scotland and Northern Ireland. If you're a limited company, you'll need the above, plus details of … TransferWise's new Borderless accounts solve all of this. Many banks will charge a non-sterling transaction fee, which can be as high as 2.99% per transaction. It’s also probably one of the easiest banks to open an account with if you’re new to the UK. The reason a bank requires this information is to help identify new customers, carry out necessary checks and ensure your account is opened accurately. However, opening a bank account from abroad or an international account may not be the right choice for you. This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. Opening a bank account in the USA can be difficult but with little patience you can make it happen. All offer UK account numbers and sort codes as well as debits cards you can use in retailers or to pay for items online. What ID do I need to open a bank account? There’s another hoop you’ve got to jump through if you weren’t born in the UK. , What documents do I need to open a bank account in the UK? Monito's tip is to open a TransferWise Borderless Account which gives you UK bank details (among others) to pay and get paid like a local and a Debit card to spend in multiple currencies (including GBP). It can be a recent utility bill, rental contract, council tax bill. Other country guides: How to open a bank account in the US, Canada or Australia as a non-resident. There may also be other restrictions. If you’re not using one of your bank’s ATMs, check the machine first. Barclays is one of the oldest banks in the UK; and has more than 1500 branches around the country. Check our comprehensive guide on how to go about it. If you have never opened a bank account online before, read our guide to opening a bank account … Banks usually require you to fill out an application form and undergo a credit check (unless opening a basic account) when applying. This can take the form of a passport, drivers licence or national identity card. You may also be able to do this via internet banking. It’s always a good idea to read through your bank’s terms and conditions. Many banks will also accept a letter from Jobcentre Plus confirming your National Insurance number or even a letter from your employer, as long as it’s less than three months old. What is the best UK bank account for non-residents? Check our comprehensive guide on how to go about it. Co-Founder of Monito and money transfer expert, François has been helping Monito’s users navigate the jungle of money transfer fees, bad exchange rates and tricks for the last six years. To open a bank account you usually have to fill in an application form. Taking control over your finances is just one button away. This can be a great alternative, if you’re still waiting to move to the UK, or haven’t yet got bills and other paperwork registered in your name.". Your home bank may be able to set up an account for you if it has a correspondent banking relationship with a British bank. It’s probably easier to open a bank account if you’re an EU national than when you’re from a country outside the EU. However, the biggest four UK banks are Barclays, Lloyds, HSBC and NatWest. NatWest also has excellent student and business accounts. Some banks are strict with their requirements, so opening a bank account with them will be difficult. With a borderless account, you can now:i) send EURO from your regular account to your TransferWise Euro account for freeii) convert all or part of it to GBP for a low fee (0.41% or a £4.08 to convert 1,000 EUR to GBP)iii) pay with your TransferWise Debit card, set-up direct debit with UK provider to pay your bills or make a local transfer for free (to pay rent for example)You'll also have UK bank details to share with an employer. But we have good news - there is a possibility to open a bank account in Euro for free. A business bank account could save time and money so it's worth considering. Banks must always verify who you are and where you live before they can offer you an account so you’ll need to provide: proof of identity (typically a passport, driving licence or National identity card, although banks may accept other forms of identification); In general, if you are a foreign national your best bet is to use your passport — EU national identity cards are usually accepted (though how this works after Brexit takes effect is anyone’s guess), but if you are from, say, Australia, your home drivers license may not be accepted. This applies both in-branch and online. Let’s have a look at what each of them have to offer. Opening a bank account in Canada can be difficult if you’re not a resident but not impossible. In this section, we walk you through the process. You can also withdraw up to £300 per day. People often think that opening a bank account in the UK is difficult because you need lots of documentation – for example, to prove your identity and address. It is not intended to amount to advice on which you should rely. These include 1.49% gross variable interest paid on balances up to £1,500 and £5 cash back for debit card transactions (terms and conditions apply). You will also have to provide proof of your identity including your full name, date of birth and address. This applies both in-branch and online. Unlike Monese, Monzo only offers one type of account. You can supply a proof of address from your standard list of documents and do verification online. If you bank with HSBC in your home country, they can help you set up an account in the UK before you get here. Some share dealing platforms will also require you to open a cash management account with a specific financial institution before you can start trading. Savings accounts yield a higher interest rate and are meant for what their name implies—saving money. Old-world bank accounts only work properly in one country. While Barclays, Lloyds, HSBC and NatWest are the four biggest banks in the UK, there are also other banks you can check. The account is free and comes with a contactless visa debit card as standard. More importantly, if a foreign ATM asks you which currency it should charge you in, always choose to be charged in the local currency. : Foreigners can open a traditional bank account in the UK as long as they have proof of the address, which sometimes it's hard to get. , opening a bank account in the UK without the proof of address, More info about UK bank accounts for non-residents you will find in our blog post, blog post about opening a bank account in the UK without proof of address, blog post about opening a bank account in the UK, opening a bank account in the UK you will find in our blog post. Proof of your identity. However, it’s important to note that the basic account doesn’t offer an arranged overdraft.⁴, The student account offers a free overdraft of £1000 in the first year. 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