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Opening a Bank Account

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May 12, 2021

Opening a Bank Account in UK

One of the first things you need to do when you settle in the UK is to open a bank account that eases your life in this country. Whether you decide to work here, study, or start a family, it is crucial to open a bank account so that you can manage your taxes, create your business, get your salary or transfer money across countries.

Here are the pros and cons and a step-by-step guide to open either a

 

Traditional Banks

DOCUMENTS NEEDED:

  • A valid identity card: passport, international driving license, or UK resident card
  • An address proof: a rental contract, tax bill, or a residency document. If you’re a student, many banks accept the letter of admission as well.

Once you get these documents, you can go to the bank you prefer and set up your account. Many banks in the UK have international connections (partnerships) with other banks, you can check if your bank has a connection as well from its website. This might save you some commission costs whenever you need to send money from your national bank account to the one in the UK, or vice versa.

 

HSBC

HSBC is one of the most known banks in the UK and in the world and you can find its branches anywhere. It operates in 64 countries so you might want to check up on the advantages of having an account in the UK and in your country. Also, this way you can set up your account before arriving in the UK.

For more information visit: https://www.hsbc.co.uk/

 

BARCLAYS

Barclays is a customer-focused safe bank option, and it has all the services you need. The users state that it has good communication, online and by telephone, and it has low fees. It provides 0.40% on savings and there is no minimum opening deposit. However, there is no ATM network, and they have no branch for US customers. Also, they have no checking account.

For more information visit: https://www.barclays.co.uk/

 

LLOYDS

Lloyds is the 3rd best bank in the UK and it has 3 standard account offerings:

  • Basic Account: visa debit card (no contactless), £ 500 withdrawal limit per day, no interest paid, …
  • Classic Account: contactless debit card, £ 500 withdrawal limit per day, no interest paid, checkbook upon request, …
  • Platinum Account: £ 19 maintenance fee per month, added insurance benefits, e-wallet services, …

As well as Student and Youth accounts and Club Lloyds accounts with various benefits. Lloyds is mainly chosen for its money management services and easy managing of accounts. However, it has no online advisor and some users say that the sign-up process can be annoying.

For more information visit: https://www.lloydsbank.com/

 

Online Banks

DOCUMENTS NEEDED:

  • A valid identity card: passport, international driving license, or UK resident card

Now, let’s talk about the benefits of the digital age. Especially for students or people that need an account ASAP, there are online solutions as well. These are 100% trustworthy solutions and saves you from big commissions. Also, you don’t need address proof for these ones, just a valid ID is enough.

 

MONZO

Monzo is a mobile bank that includes a UK bank account and also a debit card. However, in order to get the card, you need to submit your UK address. It has a lot of features such as:

  • Set up a spending budget
  • Free cash withdrawals abroad (up to 200 euros per month)
  • No transaction fees
  • Joint accounts

For more information visit: https://monzo.com/

 

REVOLUT

Revolut is another solution to open a bank account entirely online without proof of address. You can do so by downloading the app, enter your information and a photo of you and your passport. The standard account is free of charge, whereas the updated accounts cost starting from £ 2.99. It has great features such as:

  • Making international payments, free of charge
  • Fee-free bank transfers
  • Free ATM withdrawals up to £ 200 per month
  • Hold different currencies
  • Add device insurance and medical insurance
  • Buy cryptocurrency

For more information visit: https://www.revolut.com/

Sude
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Category: Blog, London