Anyone staying in the UK for a reasonable length of time will want to open a UK bank account. To visitors from many countries, the banking system in the UK can seem particularly antiquated and bureaucratic.
Opening an account isn’t as easy as many visitors expect. There are numerous rules and regulations that control banking in the UK, to avoid money laundering and identity fraud. Additionally, no bank is obligated to open a bank account, even if the applicants meet all the criteria. The good news is that there are a number of different types of options available.
For most well known banks, like Lloyds, all you may need is your passport if you come from a selected number of countries including Singapore, Japan, Hong Kong, South Africa, and Australia.
Many banks, including Barclays, will also require proof of your address in the UK. This will be a specific type of document, which will be listed on the bank’s website. Barclays will accept a statement from a non-UK bank sent to your UK address. So one thing you can do shortly after arriving is log in to your back account at home, change the address, and request a statement. Students can use their UCAS letter.
Newer banks like Tesco and Metro seem to be more open to offering accounts to recent arrivals. Less well known banks, like Santander, offer basic, online only accounts that give you a debit card, but don not require identification. A third option is to use a pre-paid card account, such as those offered by Virgin, and Card One Banking. These give you an account number, and sort code, and a card that works like a credit or debit card, but many charge a monthly fee and are interest-free.
Author: Lynley Oram.
