Are you a student or an expat looking to move UK for long term then you should open a bank account in the United Kingdom for your financial transaction. Setting up a UK bank account is easy and it can be done by anyone. With the right paperwork in hand and some basic understanding of banking system, anyone can quickly open an account.
United kingdom is one of the most developed country , banking systems are way forward and world class. The official currency of UK is pounds.
UK has a multi cultural population and has a proper banking system for years.
Opening a bank account in UK is most essential if you are planning to stay longer in the country as expat or a student. You need a bank account to pay utilities, rent or educational fees.
There are also other international banks which operated in UK, you can also find banks from your home country operating in UK through a mutual financial relationship with the public banks.
You can choose the type of banks according to your requirement of your transaction, some banks offer exclusive accounts for students, who can avail free debit cards and credit cards and lesser conversion charges during fee payment from your home country.
There are also online and mobile banking options which are flexible and cheaper to use, but they might not have all the facility provided by the high street banks.
Some of these online banks gives a option to open a account without a UK residency, Expats who are in freelancing services can avail this system.
It is always advisable to transfer your funds from home country to a local bank before you make any payment in UK.
The standard banking hours are Monday to Friday from 9 AM to 4 PM , some banks are also open till 6 PM to cater the clients. And all banks follow the public holidays in that region.
Before you begin the process of opening an account, you’ll need to have some documents ready and you should be 18 years old .
Once you have gathered these documents together, you’re ready to start the registration process. Some banks allows the user to open an account online and complete the verification process through a video call interview or by a personal appointment.
The type of account that you choose will depend on several factors, such as how much money you plan on depositing each month and what types of services are available from each provider. The most common type of accounts available are
Depending on your circumstances, any one of these types might be suitable for your needs.
As UK attracts large group of international students to their colleges , each banks has a student specialized accounts.
Opening a local bank account will save conversion charges and transactional charges, when you withdraw in UK from your home country.
Your local bank account will help you to pay your landlord when you rent and also required if you are planning for a part time job during your study.
Some of the best bank for international students accounts are
Once you have decided which type of account best suits your needs, it should take no more than 3-4 days for local resident and 10-15 days of non residents to be processed and approved. Before signing up for an account make sure that there is no hidden fees associated with it; many banks charge customers for services like transferring funds or making withdrawals from ATM machines – so read through their terms and conditions carefully before signing up.
