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Opening a UK Bank Account

You may have heard that it's not as easy as one might think to open a bank account in the UK. That is true; opening an account in Australia, New Zealand, and South Africa is easier however a few tips will help you and reduce hassles.

If you think of the bank as doing you a favour by allowing you to keep your money with them, you will be a step ahead in understanding the system, and less bewildered after your UK bank encounters.

Your UK banking options:

  1. Open an Account from your home country
    [Hassle Factor = Medium] [Cost Factor = Medium to High]
  2. Purchase a 'bank account set-up' package from a travellers' company before you leave.
    [Hassle Factor = Very Low] [Cost Factor = Medium]
  3. Don’t do anything and sort it out when you get there.
    [Hassle Factor = High] [Cost Factor = Low]

1. Open an Account from your home country

Some banks enable you to open a bank account in the UK from your home country. Generally they will require you to make a sizable initial deposit in the UK account. You will also need an account established with them in your country.

2. Purchase a 'bank account set-up' package from a travellers' company before you leave home

Here are some recommended options for opening a UK bank account:

All are excellent options run by well known UK based traveler companies with offices in both the UK and Australia. They cost between $85 and $208 in Australia or €35 for all other nationalities. None require a minimum amount for a deposit and all use major high street banks.

Quick Comparison of Packages Available

  1st Contact Visa First Fastrack UK
Name of Product Kickstart Quickstart UK UK Starter Pack
Bank HSBC, Barclays or Lloyds TSB Lloyds TSB, Natwest, Barclays Lloyds TSB
NI number assistance Yes Yes Yes
SIM Card Yes
Posted to you or available for collection as soon as you arrive in the UK		 Yes
On arrival		 Yes
Posted to you before you depart
Meeting in London Yes
Phone or face-to-face information sessions are available between 8am and 5pm Monday to Friday		 Yes
Daily		 Not required
Nationalities covered Aus, NZ, Can, South Africa, US and EU Aus, NZ, Can, South Africa, US and EU Aus, NZ, Can
Price €35 or $85 AUD €35 or $85 AUD $208 AUD
*NZ/CAN price quoted on enquiry
Requirements Passport required (with your visa showing your entitlement to work in the UK) Passport required Certified copy of your passport and a recent bank statement/utility bill which shows your home address
Best for Great service + a solid product from a well established company Many nationalities covered Fully operational account before you arrive + no need to meet anyone in the UK
Other services International phone card
5 day gym pass		 International phone card Registration to umbrella company (if suitable)
Your Visa Debit card in your hands before you board the plane
To learn more and purchase Purchase 1st Contact » Purchase Visa First » Purchase Fastrack UK »

Important Considerations When Opening a UK Bank Account

Ultimately, all of the packages listed here are going to give you what you need — a UK bank account with a large UK based bank. The packages also include a number of other services that may be very useful to you (or not, depending on your situation).

In our opinion, each package is designed to provide everything you need to get started in the UK, which is great.

In addition to opening your UK Bank Account, which is essential, getting NI assistance is also very useful and is required if you are going to work in the UK.

The value of the other parts of the various packages really comes down to your personal preferences.

Tips That Will Help You Decide What You Need

Bank Account

Worth the price of admission alone.

NI Assistance

In theory you can organise your NI number yourself, but in reality it can be quite tedious to sift through the requisite governmental bureaucracy so this is actually quite a useful part of these packages.

SIM Card

The SIM Card can be very useful, especially because it helps get you started with your job search! (Remember to update your CV with your new phone number.) Longer term, you may want to shop around for a contract plan thats suits you better and a new handset, but initially just having a number for people to contact you on when you arrive is really important. Since these SIM cards do not come with a contract, you can often use your existing handset from home.

Money Transfers

Many of these packages include international money transfers. Costs to use these transfer services vary significantly. Some packages indicate that transfers are free. The ‘free’ part is the transaction cost, which can be as high as $40 or £20 if you were to transfer your money directly through a bank.

Before you start moving significant sums (more than $2000) it pays to compare the exchange rate differences offered by various transfer services because these will potentially add up to more than the transaction cost. The transfer service you choose should be a balance between convenience and cost.

International Phone Card

Phone cards can save you a lot money for international calls. In general, cards are pretty easy to pick up — shops sell them on every corner. Some of these cards have a certain amount of credit included to get you started. However, if you need to make lots of calls overseas and you can use a computer, there is no substitute for a web-based phone service like Skype, but the downside is you need to be at a computer to make calls.

Meeting

The meeting offered by many of these companies can be useful to help you get your bearings upon arrival, but if your main purpose is just to establish a bank account or if you are based outside of London it may not be that useful for you. Attending a meeting is easy, you just book in to one before or after you arrive (they are held fairly frequently). Meetings for all of the packages (except Fastrack UK which dosen't have one) are designed to:

  1. Get your bank account opened with a bank representative present; and
  2. Introduce you to some of the other services the traveler company offers. Some offer tax services, relocation services, visa services, travel servcies, CV writing, job assistance and other related services.

Requirements

Each package has slightly different requirements to conform to each bank’s rules however all of them will require your passport. In addition, Fastrack UK requires a copy of your home bank account statement or a utility bill, but considering you have full access to the account before you leave home this is understandable.

3. Don’t do anything and sort it out when you get there

Should you choose to wait until after your arrival in the UK to open a bank account, be prepared for delays and the potential for a lot of difficulties. In order to open a UK bank account, you will first need to acquire a job and a lease (with bills in your name).

It may aid the process if you were to bring a letter to the UK from your current bank branch in your home country stating how long you have been a customer and that your account is in good standing (hopefully it is!) If a letter of that type cannot be obtained, bring a recent and original banking statement ensuring that both your name and home address are shown on it.

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