Setting a bank account in London
One of the first things necessary to do when moving to London will be to open a UK bank account, especially if you are staying in the UK for more than 6 months.
Banking rules vary from bank to bank and if you do wish to open a bank account in the UK we advise you to do some research with your bank before you arrive. Once you are in the UK we will help you open your account.
There are many banks and building societies to choose from. Some are small institutions, and others global that may even have a presence in your own country as well:
What documents do you need to open an account?
Having no credit history in the UK and no proof of address are massive hurdles to jump through before you can set up a new current account. Although most banks and building societies expect you to have a UK address before you can open a bank account, there are some specialist products that have been designed for foreign nationals, which could be an alternative if you do not meet standard account criteria. No matter which bank or building society you choose, you’ll have to provide documents for proof of ID and proof of address. You cannot use the same document for both. Your passport will suffice for proof of ID, and most people use a utility bill issued within the last three months for proof of address. However, if you’ve just landed in the UK, or perhaps you’re lodging or don’t yet have a permanent address, the proof of address document can be a little challenging. But there are ways around this, such asking your landlord/hostel owner/friend you trust if you can use their address on a temporary basis. Furthermore, ABC School of English provides a specific letter for students to support their application. If you’ve never been in the UK before, a valid option might be to open a basic bank account. This type of account allows you to receive money, pay bills by direct debit or standing order, pay in cheques and cash, withdraw money from an ATM and some also give a debit card. But most importantly, such an account doesn’t require you to have a good credit history. Most UK banks and building societies offer a basic bank account service.How do I decide which bank to open my account with?
With the amount of accounts available, each extolling their virtues, it can be a bewildering choice to know which one to open. You’ll need to decide what charges and features you want, and compare them. These might include:- Fees, charges and overdraft costs
- Interest rates on credit balances
- Incentives (such as a monthly credit of £5, or a lump sum when you first open an account)
- How you want to deal with your bank. Online, over the phone or in person.