After speaking about the best business accounts for non-UK residents, this article will speak about things from an individual perspective.
This article will, therefore, answer a simple question; what are the best bank accounts, located in the UK, which are good for non-residents?
We will look at things from the perspective of ease of use, fees, security and much else.
Find the best bank accounts for non-UK residents and consider insights from the Utmost International Executive Redemption Bond Review.
My contact details are hello@adamfayed.com and WhatsApp +44-7393-450-837 if you have any questions.
The information in this article is for general guidance only. It does not constitute financial, legal, or tax advice, and is not a recommendation or solicitation to invest. Some facts may have changed since the time of writing.
Bank accounts aren’t just for those with wealth to hide – anyone can open them. Basically, the only requirement for opening an account is proof of identity (such as a driver’s license, passport, or government-issued ID).
Some banks accept other forms of identification to open an account, such as a voter registration card from another country.
If you aren’t already using a bank account to manage your finances, there are several good reasons to take this financial step:
A bank account can be a great tool for managing personal finances. Account statements can help you determine how and where you are spending your money and set you on the path to a smart savings plan. In addition, there is often interest paid from personal savings accounts, which mostly brings you free money. The interest paid means your money is working more for you.
The UK banking sector is comprised of a number of private UK banks, international banks and construction companies.
Several large banks dominate the sector, competing for market position. There are 344 banks and 52 building societies in the UK.
The UK has seen strong growth in online and mobile banking in recent years; about two thirds of the UK adult population use online banking and four in ten use mobile banking. However, physical banking remains popular and there are still around 20,000 branches in the UK.
The country’s central bank is the Bank of England, which has been state-owned since 1946. Banks in the UK are regulated by the Financial Conduct Authority (FCA).
There are several banks in the UK, each offering specific service packages, including services for expatriate residents. Major UK banks have branches on the country’s main streets and offer online and mobile services. Most banks will be open from approximately 09:00 to 17:00. The largest banks in the UK are:
While living and working in UK as a non-resident, you may need to open a bank account, which can be both saving and checking.
There are no legal barriers to opening a UK bank account as a foreign national, but each bank has its own products that come with different conditions.
Place of residence is usually more important than citizenship, this means that you can open an account if you live in the UK, regardless of your citizenship.
While opening a UK bank account, it may seem easier than a saving account, UK do not put any limits and restrictions for non-residents, it is pretty possible process, but at the same time enough challenging.
To open a UK bank account, no matter it is saving or a checking one, you need two main documents, one to verify your identity and the other to verify your address. This applies both at the branch office and online.
It’s easy to verify your identity. You just need a passport, driver’s license, or ID (if you are an EU citizen).
You will also need to verify your address by providing other documents. Each bank has its own list of documents that are accepted as proof of address. In a broad sense, these include:
But if you are interested in saving some money in the UK but you are not a resident, you may find that you have to look a little harder to find the best savings system for yourself.
But as banks and many other financial institutions strive to meet the financial needs of expatriates, international students and all other non-residents, you will soon find that there are many options for you to try. The only snag, especially in the competitive financial market, is finding the savings account and system that best suits your needs.
Here are some of the things you need to do and consider before setting up a savings account.
Very often non-residents can face such problem called ‘no proof of addresses’. Of course, if you’re new to the UK, you probably don’t have any address.
Fortunately, in recent years, banks have become more flexible about what documents they will accept as proof of address.
For example, if you are visiting the UK to study, many banks will accept a letter from your university’s admissions office confirming your address.
Many banks will also accept a letter confirming your national insurance number, or even a letter from your employer if less than three months old.
Before leaving for the UK, go to your bank and ask to change your mailing address to your UK address, but you can also do this through internet banking.
After the change of address, ask the bank to mail the bank statement to your new address and you will have a document confirming your UK address. This is all, everything is both easy and both difficult.
The largest traditional banks in the UK, that we will discuss in this article are:
Usually traditional are those banks which have real physical branches throughout the country for example, online banks, which provide a UK bank account along with a UK account.
Considering the online bank accounts, they are great if you just need to have a GBP account with UK account number and sort code, and offer debit cards as well. But if you need a bank where you can actually go to a branch, then you should consider a traditional bank.
There are many types of accounts in the UK, but a standard checking bank account is what most people want to use for their day to day use, such as paying bills and getting paid. These accounts usually come with a debit card, checkbook, and overdraft protection. Now let’s see what we found for non UK residents based on our deep researches.
HSBC has over 1,100 branches in England and Wales, but fewer in Scotland and Northern Ireland.
The biggest advantage of HSBC is that it operates in approximately 64 countries around the world. If you use HSBC in your home country, they can help you open a UK account before you come here.
A basic checking account is ideal for day-to-day banking. It has no monthly fees and comes with a Visa contactless debit card. You can also rent up to £ 300 per day. However, it is important to note that there is no contractual overdraft on the underlying account.
The student account offers a free overdraft of £ 1000 in the first year of study. For the second year, you can request a £ 2,000 raise. The bank also offers helpful student guides to help you manage your finances more effectively.
There’s no shortage of checking account options with HSBC Bank. Here’s a look at each available account.
Direct checking
The only checking account sponsored by HSBC Direct, Direct Checking, is an online account for day-to-day banking. There is no monthly maintenance fee and only $ 1 is required to open an HSBC account. The debit card comes with a Direct Checking account as well as free use of ATMs at ATMs in the USA on the HSBC network.
Basic banking
For a simple checking account, HSBC offers Basic Banking. This account has no minimum balance requirement and has access to an HSBC debit card. The monthly maintenance fee is $ 1, and after the first eight checks or receipts for withdrawals, HSBC will charge $ 0.35 for each check / withdrawal.
There are also some other checking account options that HSBC offers such as HCBS Advance and HCBS Premier.
Pros:
Cons:
NatWest, founded in 1968, is one of the largest banks in the country with 960 branches across the UK. The bank has been part of the Royal Bank of Scotland group since 2000. In addition to personal checking accounts and banking services, NatWest offers business bank accounts and loans for small, medium and large businesses.
But if you’re just looking for a simple, straightforward, everyday checking account, NatWest might be your place. Its checking accounts can sometimes be offered as joint accounts for you and your partner to make common payments.
Accounts can have several benefits, including an organized overdraft facility, a convenient mobile banking app, and a contactless debit card.
NatWest account was rated as the highest five-star rating in 2018, a testament to the high quality of the account.
Overdrafts can be issued to all NatWest checking accounts. It is a line of credit that allows you to borrow money through your bank account.
So, if you’re a graduate and earning £ 1,000 a month – but due to an emergency, spend everything in your account – you can use your overdraft to keep buying groceries or paying bills. However, as mentioned, this is still a loan and will still need to be repaid.
Pros:
Cons:
The Royal Bank of Scotland was founded in 1727 in Edinburgh and has since merged hundreds of other banks, including NatWest, Child & Co and Drummonds. With subsidiaries in the UK, Ireland, Europe, Asia Pacific and the United States, RBS serves approximately 18.9 million customers.
The Royal Bank of Scotland offers a variety of checking accounts, including:
When sending money overseas, RBS adds margin to the mid-market rate that you see on Google or financial news sites, along with other fees. Here’s what you need to know about the amount it costs to send money via RBS.
RBS exchange rates
The applied margin will be different depending on the currency you are exchanging. That being said, RBS charges high foreign exchange margins across the board and you can expect to pay over 4.5%. Let me give you one example: when exchanging pounds sterling for euros, the margin is 4.58%.
Sending money within the UK using RBS is free of charge using Faster Payment. However, there is a £ 20 charge on CHAPS. When sending money overseas, expect to pay £ 15 online and up to £ 30 when using the phone or branch banking.
Pros:
Cons:
Nationwide offers banking products, but is not technically a bank; its deposit accounts are maintained by Axos Bank.
The Axos Bank and Nationwide partnership offers customers a variety of online options, including a high-yield savings account, an interest check account – no monthly fees – that reimburses up to $ 30 per month at ATMs, and a My Checking account that offers unlimited refunds for internal ATMs.
To qualify for this rate, you need to have direct transfers totaling at least $ 1,000 per month to your My Checking account. Otherwise, you will receive 0.40% per annum.
You can open an account with a minimum deposit of $ 100. There is no monthly fee for this account.
The Nationwide account offers an interest rate of 0.10% per annum for balances up to $ 2,500. This figure is comparable to what you find on some other checking accounts. However, the more money in your account, the more interest you will receive – up to 0.40% per annum with a balance of more than $ 25,000.
There is no monthly fee or minimum balance for this account. The Interest Check Account provides up to $ 30 monthly reimbursement for domestic ATMs – a feature that many checking accounts don’t offer. You can get paid up to two days early using direct deposit and you can ask for free starting checks when you open an account.
Advantage Checking offers tiered interest rates with some requirements. You will receive 0.45% per annum if you set up a direct deposit of at least $ 1,000 per month or if you make at least 10 POS transactions worth more than $ 3 each per month using your account debit card. You can get a highly competitive 0.90% per annum rate by meeting both of these requirements.
There are no monthly fees or minimum balance requirements with this Nationwide account. You can open an account for $ 50. There is no overdraft fee charged on the Advantage Checking account.
Nationwide charges an overdraft fee of $ 25, which is lower than some banks and banking services. This fee can be charged up to three times a day; some companies charge a higher maximum number of times they charge.
There are no fees for overdraft-protected transfers and you will not be charged for a permanent negative balance.
Pros:
Cons: