What are the requirements to open a bank account?
Apr 16, †Ј In order to open a UK bank account, you generally need two things: Proof of your identity. This can take the form of a passport, drivers licence or national identity card. Feb 01, †Ј You can open a bank account in the UK with some banks online. You will usually need to provide a passport/ID and proof of address for your child. If you donТt have an account at the bank yourself, you will normally have to provide a passport/ID and proof of address for yourself too.
Just arrived in the UK or planning to move soon? Whether you are moving as a student to attend university, for a new job or to look for work, you may want a local bank account in order to get yourself set up.
You open an account online in a few simple steps, get your account verified by uploading your ID and you'll be ready to receive and send money as if you had a UK High Street bank account. You can even open the account before arriving in the UK, but you'll need to verify your address before receiving Debit Card.
If you want to learn more about opening an account in the UK, how to get proof of address in the UK, and what documents count, continue reading or jump to these sections of the article directly: 1. Services that handle the process for you 4. How to get proof of address in the UK if you really need it.
By traditional, we mean banks with actual physical branches across the country versus, say, online banks which provide a UK bank account with a UK account.
Online bank accounts are great if you simply need to have an account in Pound Sterling with a UK account number and sort code, and many, such as Wise's Multi-Currency Account and Revolutalso offer debit cards. There are numerous types of accounts in the UK, but a standard current bank account is what most people want to for basic everyday use such as paying bills and receiving a salary.
These accounts generally come with a debit card, a chequebook and overdraft protection. Savings accounts yield a higher interest rate and are meant for what their how to open a bank account uk impliesЧsaving money. There are also basic accounts, which are generally on offer for people with a poor credit history. The proof of address detail is often where people moving to the UK from abroad often hit a wall.
If you want to open a bank-like UK account without proof of address, WiseMoneseRevolut and Monzo are a few online services that will set up a UK account without proof of residency.
All offer UK account numbers and sort codes as well as debits cards you can use in retailers or pay for items online. Each service has different rules, so read the detail section for each of the providers to make sure you find the best service for your needs. With a Wise Multi-Currency Account and its accompanying debit card, you'll be able to pay and get paid like a local in the UK. After opening your account online, you'll need to verify your identity through their interface.
Monese is an entirely mobile bank, enabling you to do everything from the Monese app. You can also transfer money into 15 different currencies including Euros and US Dollars at the standard mid-market exchange rate.
With Monese you can open an account in minutes with just a photo of your ID and selfie. You can open an account with Monese without an address in the UK if you live in any one of the 31 countries in the European Economic Area. Customer must order, pay for and activate the physical card before they can receive any bonus. Monzo is also a mobile bank that includes a full UK current account and debit card, with everything controlled via their app.
Paying with your debit card is free though, including when you are abroad, which is a great perk. Unlike Monese, Monzo only offers one type of account. Revolut is a digital banking alternative that enables opening a UK current account without proof of residency how to make an online order form a debit card.
You can also transfer at the standard mid-market exchange rate and hold money in over 20 currencies. They offer several types of accounts:. If merely thinking about all of the above options makes you lose your marbles, check out 1st Contact. The company has relationships with several traditional banks including Lloyds and HSBC and facilitates an introduction to the banks, enabling you to open a UK bank account without the usual proof of residency documents like a utility bill.
Banks and financial institutions, according to the Money Laundering Regulationsare required to ask for appropriate Identity Evidence when certain financial transactions take place. Source Gov. Then, you might be required to provide 1 or 2 original documents to prove that you live where you claim to live i. According to the Financial Conduct Authority FCAif you're unable to provide how to disable windows xp login prompt documents, you can ask if they accept the following documents:.
There are few companies that offer a bank account in the UK, even when you don't have a proof of address in the UK. With Monzo or Monese, you can open a UK bank account with just a few clicks. All the details about opening a bank account in the UK without the proof of addressyou will find in our blog post.
To open a bank account, you need a proof of address, which might be hard to get if you are a non-resident. The good news is that companies like Monzo or Monese offer a UK bank account without proof of address. You can have a UK bank account with just a few clicks. More info about UK bank accounts for non-residents you will find in our blog post.
Some UK banks offer bank account in Euro. However, the fees for such accounts are quite high. But we have good news - there is a possibility to open a bank account in Euro for free. Check out our blog post about opening a bank account in the What does the e stand for in shoe sizes without proof of address and get a free UK bank account in Euro.
Proof of your identity - passport, drivers license, or national identity card. In general, if you are a foreign national, your best bet is to use your passport. Proof of the address in the UK. It can be a recent utility bill, rental contract, council tax bill. Mobile phone bills are generally not accepted. If you don't have a proof of address, have a look at our blog post about opening a bank account in the UK.
UK banks ask customers to prove who they are and where they live in the UK before they open a bank account. Proof of address ensures that a bank account is not opened under a false identity. Each bank accepts different documents, but in general, you will be asked to show two official documents, e. 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.
Good news is that there are companies like Monzo or Monese which offer UK bank account even without the proof of the address. All the information about opening a bank account in how to negotiate debt settlement UK you will find in our blog post.
Last updated April 16, Types of Bank Accounts in the UK There are numerous types of accounts in the UK, but a standard current bank account is what most people want to for basic everyday use such as paying bills and receiving a salary. This can take the form of a passport, drivers licence or national identity card. Proof of address. This is generally a recent utility bill, rental contract, council tax bill. An account to hold up to 56 currencies free and great rates to convert between them.
A multi-currency Mastercard debit card great for paying in foreign currencies without the hidden fees Access to Wise's powerful international money transfer service right from your account balance.
Open a Wise Multi-Currency Account now. Monese Monese is an entirely mobile bank, enabling you to do everything from the Monese app. They offer three types of current accounts: Simple: If you want to limit the up-front costs, go for the Simple account. Foreign currency exchange transfers incur a 0. Monzo Monzo is also a mobile bank that includes a full UK current account and debit card, with everything controlled via their app.
Revolut Revolut is a digital banking alternative that enables opening a UK current account without proof of residency plus a debit card. Pay someone to sort out all the details If merely thinking about all of the above options makes you lose your marbles, check out 1st Contact.
It includes a bank account, a UK mobile phone SIM, guides to living and working in the UK, a DIY help guide that may provide assistance obtaining a National Insurance NI number, help creating a CV, and a free international money transfer, a 5 day gym membership, accommodation assistance and how long does it take to reach moon discount vouchers.
But if you really need a proof of address How to get a proof of address in the UK Banks and financial institutions, according to the Money Laundering Regulationsare required to ask for appropriate Identity Evidence when certain financial transactions take place. What document count as a proof of identity? What document count as a proof of address?
Note that a mobile phone bill will not be accepted. Other banking guides for non residents. Which company offers a bank account in the UK if I don't have the proof of address? What is the best UK bank account for non-residents? Is it possible to have Euro bank account in the UK? What documents do I need to open a bank account in the UK? How to get a proof of address in how to open a bank account uk UK? Can a foreigner open a bank account in the UK?
Learn what digital native banks can do for you with our reviews:. Go to Monese. Read in depth review. Wise Multi-Currency Account. Go to Wise Multi-Currency Account. Go to Revolut.
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7 rows†Ј Jun 21, †Ј Unfortunately, to open a UK bank account with HSBC, youТll need to go to a . To open a bank account you usually have to fill in an application form. Often, you can do this in a branch or online, and sometimes you can also do this over the phone. You will also have to provide proof of your identity including your full name, date of birth and address. When you open your account, you can apply for an arranged overdraft. The first ?25 is interest free. Anything you borrow above that but within your arranged or unarranged overdraft limit will be charged interest at % EAR If you go over your arranged overdraft limit, youТll be charged interest at % EAR variable on any amount over the limit, up to a maximum of ?20 a month.
Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content. Choosing the right type of bank account can help make conducting finances in the UK easier. But which account you need depends on your financial and residency situation.
These accounts are designed for those without a UK address yet. In this case, you may be better off choosing a different option until you are more established in the UK. Another option you can look into is a digital bank, also known as a challenger bank. A lot of these allow you to set up a bank account with them if you can give them a copy of your passport and a UK address, with no need for proof that the address is yours. You can read more about digital banks on the Finder UK website , which will let you compare some of the most popular options.
Foreign currency accounts, also known as multi-currency accounts, let you hold several different currencies in the one account.
Quite a few global banks offer foreign currency accounts. Banks not only charge higher fees, but also add a larger margin to the exchange rate than other money transfer options. Instead, check out what your transfer could look like with one of these other money transfer services below. We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision. Learn how we maintain accuracy on our site.
While bank accounts in the UK work similarly to US accounts, the jargon used by banks is a bit different. For example, while we use checking accounts to pay for everyday purchases in the US, the UK refers to them as current accounts. If you need a bank account that holds pounds, you have options. And no matter which type of account you choose, consider using an international money transfer provider to send money to your new account so you can save on fees and exchange rates.
Rosie is a writer at Finder, specializing in international money transfers. She's constantly planning her next trip overseas and is on a mission to make personal finance easier to understand. Click here to cancel reply. Optional, only if you want us to follow up with you. Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve. While we are independent, the offers that appear on this site are from companies from which finder.
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International Money Transfers. Rosie Russell. Updated Feb 16, Learn more about how we fact check. I agree to the Privacy and Cookies Policy , finder.
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
Data updated regularly We update our data regularly, but information can change between updates. Go to site. CurrencyTransfer lets you shop around for the best exchange rate on its online marketplace. Dunbridge Financial. Dunbridge Financial offers diverse transfer options to more than countries. Within minutes. XE has fast transfers with low fees and a range of foreign currency tools.
Wise TransferWise. Within an hour. Special offers like free transfers and better exchange rates available for new customers. Remitly has quick, affordable transfers around the world, with both express and economy options. Compare up to 4 providers Clear selection. What should I watch out for? Was this content helpful to you? Thank you for your feedback!
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