How to open a bank account in the UK
This story was written by Jiawang Liu.
The United Kingdom, a paramount center of global economy, magnetizes a multitude of individuals who aspire to study, work, and reside within its vibrant cities. A quintessential step in this journey involves opening a local bank account in the UK. This article delineates a step-by-step guide on how to seamlessly open a personal bank account in the UK.
UK Banking Landscape
The UK boasts a robust banking sector, housing nearly 350 banks as per Wise. Prominent high-street banks include HSBC, Santander, Barclays, Lloyds, and NatWest, while Monzo stands out as a notable online personal bank.
Essential Documentation:
Irrespective of your status, certain documents are indispensable when opening a personal bank account:
Identity Verification: Valid Passport, Driving License, or Identity Card (for EU citizens) as well as Biometric residency permit (BRP card)
Proof of Address: Utility Bill, Tenancy Agreement, etc.
Age Verification: Must be over 18 years old.
Credit Check: Requirements may vary based on the bank and type of account.
Specific Requirements Based on Residency Status
UK Nationals or Permanent Residents
Basic documentation along with additional tax and utility documents
Students:
Admission confirmation letter from a university
Valid Student Visa
Secondary ID such as a Student ID
Many UK banks offer specialized accounts for international students, necessitating proof of student status through university letters and student IDs.
Non-Residents:
Consider using a bank in your home country that has correspondent banking relationships in the UK.
Furnish three months’ worth of utility bills.
Opening an account with a bank that operates in both your home country and the UK could facilitate a smoother process, leveraging existing credit and personal information.
Bank-Specific Guidance:
HSBC, Santander, and Others: Direct links to various personal bank account pages, including student accounts and different levels of accounts, can be found on their respective websites.
Understanding the Fee Structure
Maintenance Fee
ATM Withdrawal Fee
Transfer Fee
Fees predominantly apply to ATM withdrawals and interbank transfers, but they may vary based on the specific bank and the type of personal account held.
Tips for Monzo
First, you need to download the Monzo APP, and do a selfie video for identification. Finally, activate your Monzo card once it arrives. Usually, it’ll arrive within a couple of days.
Conclusion:
Opening a personal bank account in the UK is a streamlined process, provided that the necessary documentation and eligibility criteria are meticulously adhered to. Tailoring your approach based on your residency status and choosing a bank that aligns with your needs will pave the way for a hassle-free banking experience in the UK.
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