One of the first things people usually do when they move abroad is open a bank account. After all, you need somewhere to lodge your paycheques and to access other amenities such as automatic bill payments and setting up a savings account.
However, this isn’t always a straightforward process if you’ve recently arrived in a country. So, through our blogs, you’ll find several important tips you should know before relocating and upon arrival. We’ll be exploring blog topics; guides and know-hows, to help you settle in and get ready to start a new life abroad. In this blog, we will take you through all the documents and essential aspects you would require to open a bank account in the United Kingdom.
Proof of identification
The first document the bank will ask you for is proof of identification. If you’re new to the UK, you’re generally limited to your passport. European Union citizens can also use a driver’s license or a national identity card.
Proof of address
The other document you need to show the bank is proof of your address in the UK. You have a wider choice in this case. The majority of banks accept a rental agreement, a utility statement (such as a gas or electricity bill) or a council tax bill. If you’re a student, you can ask your university to write a letter confirming your place for the forthcoming academic year. Bear in mind that all these documents have to be dated within the last 12 months (and sometimes more recently), and you must submit an original copy, not a printout from an online account.
If you can’t provide proof of your address, there are a couple of options. Firstly, if you have an account in your native country and your bank has international branches, it’s worth checking if they can help you open an account in the UK. Alternatively, you could look into applying for an international account which doesn’t require a UK address. However, you should check the criteria before you apply, as some banks insist on a minimum salary, and your eligibility may depend on what country you’ve arrived from.
When it comes to sending money home, you might want to consider looking at other channels. As we discussed in this blog post about global trends in remittance prices, banks are an expensive way to transfer money, charging an average of 11%. Xpress Money charges a global average of just 2%, making us one of the most competitive money transfer businesses in the industry.
Click here to send money today or to find out more.