Opening a Bank Account in the UK
Did you know that opening a bank account in the UK is now easy? And you can actually get it started before you leave home!
Without one though, you cannot get paid and pay for things.
All you need is proof of identification like your passport and proof of address. This applies to both online and in-branch applications.
If you are just about to arrive or just arrived in the UK, chances are you don’t have documents like lease agreements or utility bills.
In this guide, we will show you how to open a bank account easily no matter what your circumstances.
Your UK Banking Options
Option 1
Open a Bank Account from Anywhere - Designed for High Net Worth Individuals
Hassle Factor: Medium
Cost Factor: High
Option 2
Get an Account before you leave home
(Not a real bank account but does a lot of the same things)
Hassle Factor: Low
Cost Factor: Low
Option 3
Get a High Street when you arrive
(For working travellers or expats moving to the UK who want a fully operational bank account)
Hassle Factor: Very Low
Cost Factor: Medium
Which option is best for you?
Your best option depends on your personal situation.
If you’re a high-net-worth individual (typically over $1M, as defined by the bank), offshore services provided by major UK banks might be the best choice, making Option 1 your go-to.
For working travelers, expats, or immigrants moving to the UK, Option 2 is the simplest and most hassle-free. You can open an account with services like Wise or Revolut, which allow you to get paid in the UK using a local account number and pay for things with their debit cards. For most people, we recommend Wise due to its low fees, ease of use, and excellent app. If you’re after additional features like travel insurance, airport lounges, or premium cards (with a monthly fee), then Revolut is worth considering.
However, since Wise and Revolut accounts aren’t full-fledged bank accounts, it’s a smart idea to open a UK high street bank account (Option 3) when possible. These accounts come with fewer limitations, like higher holding limits and different regulations which can have an affect on your funds. While it’s rare, Wise or Revolut accounts can occasionally be frozen/or closed for verification, but this can usually be resolved with ID. Real bank accounts generally avoid this issue altogether.
Opening a traditional bank account in the UK, though, requires proof of a residential address, which can be done with a mobile bill or a lease agreement.
Having both a high street bank account and a Wise account gives you the best of both worlds. You can manage multiple currencies easily and affordably, and connect your UK bank account to Wise, making it seamless to handle both UK funds and other currencies, like your home currency or funds for European travel.
Wise also provides virtual cards, a physical debit card, international bank details, and other handy features for those just starting out in the UK. While these services don’t completely replace a traditional UK bank account, they’re an excellent addition.
British account number and sort code
Australian account number and BSB code
European IBAN
American account number and routing number
In practice what this means is, that you get a bank account number in the UK, USA, Australia and Europe to accept payments like wages, freelance income or rent. Alternately you can pay anyone in those countries more easily too – even yourself and with much better exchange rates. To find out more check out this review of the Wise Multi Currency Account.
Explore Your UK Banking Options
Option 1:
Open a Bank Account for High Net Worth Individuals (Offshore Accounts)
Required
- A passport
- A sizable initial deposit (minimum £5,000 - 15,000)
- An established account with the same bank in your home country
Note: Every bank has different requirements. Consult with your bank
Ideal if
- You are a high net worth individual (Over $1M)
- Have funds to invest
- You're likely to use other bank services like mortgages and wealth management
Option 2:
DIY – Sort it Out
Required
- A passport
- A lease or bills in your name to a UK address
Ideal if
- You have established a lease and paid bills several weeks to a month before your arrival in the UK.
- You won’t need immediate access to a bank account after arriving in the UK
Option 3:
Purchase a Bank Account Setup Package Before You Leave Or When You Arrive.
Required
- A passport
- A valid working visa
- Costs
- Additional Services Included
These packages offer other helpful perks for newcomers to the UK, like NI number assistance, job assistance and an included UK SIM card. Read more below
Ideal if
- You want a fully functioning UK bank account with full access to online, phone and ATM services.
- You don't yet have proof of UK residency, as well as bills in your name in the UK
- You don't yet have a letter of employment
Note: Traveller companies that provide bank account services and national insurance number services usually keep the cost of these services very low. The idea is to attract your customers for the many other services they offer. Either way, we think the benefit you get from having your bank account sorted out and hassle avoided is well worth the money. Below are two companies that are well-established and highly recommended for different reasons.
Other Things to Look for in a Bank Account Setup Package
Bank account setup packages often seem to throw in everything but the kitchen sink. Some are useful, some are not.
Here are some inclusions you might find useful.
Full Access Bank Account
You’ll get set up for a UK bank account with a complete set of features, unlike the accounts you would likely have to open without assistance. This means you get features like a debit card that can be used at ATMs, rather than a cash card that cannot, as well as access to online banking.
NI Number Assistance
You can organise your NI number yourself, though you may have a tough go working your way through requisite governmental bureaucracy. With NI assistance, travellers' relocation companies will help you streamline the process.
UK SIM Card
Getting a SIM card that’s ready for use in the UK makes you ready to start your job search and contact the new friends you’ll make. These SIM cards do not come with a contract, so you can often use the handset you already have from home, though it may need to be unlocked. For the long term, you may want to shop around for a contract plan and a new handset that suits you better, but this SIM card gives you a way to be contacted and communicate as soon as you arrive and as you contact employers for potential jobs.
Arrival Meeting
The purpose of arrival meetings is to get assistance with officially opening your bank account once you arrive and to introduce you to other services each company offers. Depending on your package provider, these services may include tax services, social events, relocation services, visa services, travel services, CV writing, job assistance and others. You should know, that if you’re only interested in opening your bank account, or if you’re based outside of London, these meetings likely won’t be very useful for you.
Money Transfer Deals
International money transfer deals come with many bank account set-up packages but may vary quite a bit from one company to another. When packages say they provide ‘free’ money transfers, this means they cover the transfer’s transaction fee, which can be as high as $40 AUS or £20 when transfer your money directly through a bank.
Pro Tip: Pay attention to exchange rates. More
Before you start moving significant sums (meaning 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.
Learn more about International Money Transfers
Compare Bank Account Set-Up Packages
Here are the two largest and in our opinion best bank account setup packages in the UK right now.
Use this comparison table to decide which one is right for you.
| Service | 1st Contact: Kickstart Relocation Package | BritBound: UK Starter Relocation Package |
|---|---|---|
| Bank | Lloyds, HSBC | HSBC |
| NI number assistance | Yes | Yes |
| SIM Card | Yes (a Pay As You Go SIM card delivered to your UK address) | Yes (Standard, Micro or Nano SIM) (a Pay As You Go SIM card delivered to your UK address, additional charge for International tracked postal service) |
| Meeting in London | Optional | Yes |
| Nationalities covered | Aus, NZ, Can, South Africa, US, EU and Worldwide | Aus, NZ, Can, and EU citizens |
| Price | Get a quote | Starts at £195 |
| Requirements | Valid leave to enter and work in the UK | Valid leave to enter and work in the UK |
| Package inclusions | – NI Number Assistance – Opening an offshore bank assistance account in the Isle of Man (only for persons not moving to the UK in 4 months) – A digital Guidebook to life in the UK (including travel discounts) | – Zoom Call – Proof of Address – Mail Holding and forwarding – National Insurance Number – CV Guidance and Forwarding – UK Arrival Meeting – Ongoing Support |
| The Bottom Line (our opinion) | For those who want assistance opening a bank account but prefer to settle into life in the UK with ease. Visit the Website for more information | Value-packed and more social than the 1st Contact package. Their UK Starter relocation package offers travellers a supportive community in London. This package is best for those who want personalised, well-rounded assistance and want to jump into the London social scene. Visit the Website for more information |
Table of Contents
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