Last Updated on October, 2024
Creating a UK bank account as a non-resident, especially for US citizens, can seem like a difficult task. But don’t worry. After reading this piece, you’ll understand that it’s easy.
I’ve simplified your work by highlighting options and requirements for establishing your financial foothold in the UK. However, if you’re looking for a better and easiest OPTION, I would say to choose ‘Wise’.
Whether you’re planning a move or need an account for other reasons, I’ll help you understand the essentials step by step.
Quick Summary
Non-residents, including US citizens, can open UK bank accounts through traditional banks like Barclays, HSBC, and Lloyds or online-only providers like Wise and Revolut, which offer easier, fully online account setups without requiring a UK address.
To open a UK bank account, non-residents typically need to provide proof of identity (e.g., passport) and proof of their overseas address. Some banks may require in-person visits, while others, especially online providers, allow the process to be completed entirely online.
Various account types are available for non-residents, including international or expat accounts, digital mobile accounts, and multi-currency accounts with providers like Wise and Revolut, which offer benefits like no fees for account opening, international money transfers, and multi-currency management.
Contents
- How to Open a UK Bank Account as Non-Residents?
- What Should I Know Before Opening a Bank Account in the UK?
- Documents Needed to Open a UK Bank Account as Non-Residents
- What are the Types of Bank Accounts in the UK?
- Best UK Bank Account for Foreigners
- Benefits of Opening a Bank Account in the UK
- Can I Open a Bank Account in the UK Before Arrival?
- Can I Open a UK Bank Account Online?
- How to Open a Bank Account in the UK From US Online?
- How Long Does it Take to Open a Bank Account in the UK?
- How Much Does it Cost to Open a Bank Account in the UK?
- Conclusion
- FAQs
How to Open a UK Bank Account as Non-Residents?
This is it. US residents can open accounts with UK banks or international money transfer services, while other non-UK residents need to provide identification and proof of address.
Some banks may require in-person visits, but online-only providers like Wise and Revolut allow international account openings entirely online.
How Can a Non Resident Open a Bank Account in the UK?
A non-resident can open a bank account in the UK, but the process varies depending on the bank.
Major banks like Barclays, HSBC, and Lloyds allow non-residents to open accounts, often offering specific ‘international’ or ‘expat’ accounts. These accounts are designed for people without a permanent UK address.
To open an account, you typically need to provide proof of identity (such as a passport) and proof of your overseas address, like a utility bill. Some banks, like HSBC, even allow you to start the application online before arriving in the UK.
These accounts often come with online banking, international debit cards, and lower fees for currency exchanges. However, the exact requirements and services vary by bank, so it’s essential to check with the bank directly.
How to Get Proof of Address in the UK?
If you need to prove where you live in the UK, follow these steps:
Following these steps will help you easily obtain the proof of address you need for various purposes in the UK.
What Should I Know Before Opening a Bank Account in the UK?
TRUST ME. Having foreign currency savings accounts in the UK is relatively easy, but you need certain documents.
First, you must prove who you are with a valid ID, like a passport or driver’s license. You also need to show a recent utility bill or bank statement to prove your UK address. These requirements are the same whether you apply online or go to a bank.
Most banks want customers to be 18 or older, so opening savings and investment accounts will not be easy if you’re under 18. There are special accounts for folks from other countries, like international students or workers, but each bank has its own rules.
Some banks let you apply online, but many need you to visit a branch. If you do, it’s smart to set up an appointment and bring all your documents. Keep in mind that some banks might ask for a minimum balance or regular deposits.
However, every bank has its way of doing things, so it’s a good idea to research or ask them directly about what you need. This is especially important if you’re new to the UK or want a more flexible bank.
Documents Needed to Open a UK Bank Account as Non-Residents
So this is it. When you want to open an account with a major bank, whether in person or online, you’ll need to prove who you are and where you live.
Providing your identity is easy. You can use your passport, identity card, or driving license (if you’re from the EU).
You’ll also have to show where you live by providing a document. Each bank has its list of acceptable documents for proof of address.
But generally, they’ll accept things like:
Sometimes, banks can be flexible. For instance, If you’re studying in the UK, a letter from your university confirming your address might work.
If you’re joining a family in the UK who already bank with the same bank, a letter from them could be accepted as proof of your address.
What are the Types of Bank Accounts in the UK?
There are many. I’ll discuss each briefly so that you can understand which one will help you have an easy banking experience.
Savings Accounts permit you to put money aside for later. They give you a bit more back (interest) than a current account. Some savings accounts ask you to keep your money there for a while without touching it.
Best UK Bank Account for Foreigners
To open a savings account in the UK when you’re not in the UK can be not that easy, but you can do it online. Here are 4 OPTIONS. Such accounts are Wise, Revolut, HSBC, and Lloyds.
They all offer GBP and USD account choices. You can open an account before you even get to the UK, and you can do it online. And the BEST PART? There are no fees to open or maintain the account.
Plus, they all let you make international money transfers for FREE. However, Revolut has different plans with varying fees, but the basic bank account is free. And if you ever want to close your account, there’s no fee for that either.
Wise GBP Bank Account
Wise is well-known for its fair exchange rates and low fees for sending money internationally. They offer a multi-currency account where you can hold money in over 40 currencies, including USD and GBP.
Receiving GBP payments is free, but there’s a fee for receiving USD wire transfers. ACH payments are also free. Each currency comes with its local bank account details, like a bank account in the UK.
You get a Wise card to spend money internationally in over 150 countries. TRUST ME. Managing your account is easy with the Wise app, where you can check your balance and do transactions.
Wise lets you transfer money to over 160 countries in more than 50 currencies. There are no minimum account amounts, monthly charges, or maintenance fees. Wise offers competitive currency conversion rates, starting from 0.43%.
You get free ATM withdrawals up to $100 per month, with a fee applied after that.
Opening a GBP account with Wise is simple:
Here’s the complete Wise review if you want to learn more about.
Revolut
Revolut offers different account plans for personal customers in the UK. There’s the standard plan with no monthly fee, PLUS £3.99 per month, PREMIUM £14.99 per month, and ultra £45 per month.
These plans come with various features like no-fee ATM withdrawals, premium customer service, and special cards. You can also open business bank accounts or junior accounts.
With Revolut, you can manage your money using an app and hold over 25 currencies in one account. You can send money internationally for FREE, except on weekends, and transfers between Revolut accounts (including business accounts) are instant.
The app has budgeting features and a reward program and lets you buy, sell, and trade cryptocurrencies and commodities.
To open a Revolut account, download the app, enter your phone number, create a passcode, and verify your identity. Then, you can top up your account and start using it. You can also add currency accounts by selecting the OPTION in the app.
Here’s the complete Revolut review if you want to learn more about.
HSBC
HSBC offers UK bank accounts for Americans moving to the UK without monthly charges. With their standard HSBC Bank Account, you can withdraw up to £300 per day from ATMs.
Using your card abroad incurs a 2.75% fee, and cash withdrawals outside the UK have an extra 2% fee (min. £1.75, max, £5).
HSBC debit cardholders get access to exclusive Home & Away offers.
To open an account:
Lloyds Account
To open an account with Lloyds Bank, you need to be 18 or older and live in the UK. You don’t have to be working to apply. You can apply for an online account or by going to a Lloyds branch, but you need to make an appointment first.
Here’s what you’ll need to provide when you apply:
To open an account online, you’ll need one of these:
If you don’t have any of those, you’ll need to bring the necessary documents (contact the bank to know more about this) to the branch to prove who you are and where you live.
Some things you can do with a Lloyds account are:
Benefits of Opening a Bank Account in the UK
Can I Open a Bank Account in the UK Before Arrival?
Listen, if you’re trying to open a bank account in the UK before you get to the UK, it can be hard. That’s because most banks want proof that you live in the UK, which you can’t really do if you’re still outside the country.
So, if you want to be ready with a British bank account before you arrive, it’s a good idea to use a special service like Wise or Revolut.
Can I Open a UK Bank Account Online?
Yes, you can create a bank account online in the UK, even if you’re not there yet. But it might be hard because not all banks allow this for people who aren’t living in the UK. Banks usually need proof of where you live and other documents, sometimes even in person.
Luckily, there are online companies like Wise and Revolut that can help. These companies are made for people who live in different countries. They make it easy to set up a UK bank account from the US without being in the UK.
Their online process is quick and simple, and you can do it from anywhere.
How to Open a Bank Account in the UK From US Online?
How Long Does it Take to Open a Bank Account in the UK?
Opening a bank account in the UK can take different amounts of time, depending on which bank you choose. Most regular bank accounts can be opened quickly, within 1 to 2 days.
But sometimes, it might take longer, up to a few weeks. It just depends on the bank or the company you’re dealing with.
How Much Does it Cost to Open a Bank Account in the UK?
Creating a bank account in the UK is usually free, especially for basic bank accounts. Online providers like Wise and Revolut let you open an account for FREE with no monthly fees.
These bank accounts are good if you need international services and flexibility. But some bank accounts might have fees. These fees can differ depending on the account type and services you want.
Basic accounts are usually FREE to open. Premium accounts with extra benefits, like credit cards or higher interest rates, might have monthly or yearly fees. Some services in your account might cost extra.
For example, sending money abroad, making transactions in foreign currencies, or using an overdraft might have fees or interest charges.
Relevant guides:
Conclusion
So, while opening a UK bank account may seem difficult, it’s entirely achievable with the right guidance. Remember, options like Wise and Revolut offer convenient online solutions, bypassing some traditional bank hurdles.
By understanding the process and available resources, you can navigate the world of UK banking with confidence.
FAQs
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