Author: crosspay   |   November 16, 2021

Finance

Why open a local bank account in the UK?

While moving to a different location, we often need to look after a long list of needs that cater to us in a foreign country. At the same time, opening a local bank account should be a priority on your list. Why? Because as we settle around, we need an account for bank transactions, international transfers, for example, transferring money to your home and also for your savings. If you are a foreign national and want the best money transfer to your native country frequently, you must open a local bank account at the earliest. Before proceeding, you must ensure your money is in the right hands. Because a new expat like yourself can fall into the hands of fraudsters who can take advantage of your situation.

The UK’s banking system is one of the most diligent and sophisticated in the world. This system has thrived since the 1970’s, progressing itself in different sectors to today’s advancement. With digital developments such as online banking and payments on the horizon, its citizens will find it easier to manage their finances. One such online payment source is Crosspay, that helps you to make the best money transfers from the UK to other countries faster, easier, and safer.

Who is eligible to open a bank account in the UK?

In theory, anyone is eligible to open a local bank account in the UK, even if you are non-residential. But the decisions are made by banks to decide whether to accept you as their client or not. If your visit is for a short duration, like education, medical, or on-the-job training, then banks might follow some strict rules. Nothing to worry about. Some mobile banking services also allow you to open a local bank account in the UK.

If you are a permanent resident, then the bank will have no issues with opening an account. However, you will have to fulfil their requirements, and this might vary from one bank to another. Your physical presence is mandatory to open a local bank account. Then everything depends on what you choose, like a corporate or a personal account.

What are the documents that you will need?

As per the general rule, you will need the below-mentioned documents:

  1. Your identification card (which proves your existence and identity): It can be your national identification card (if you are an EU national), your passport, or even a driving license.
  2. Your proof of address, such as:
  • Mortgage statement or tenancy agreement.
  • Electricity bills or other utility bills.
  •  Credit card statement.
  • Tax bill or tax certificate.

If you are new to the UK, it is understandable that your address proof might become a problem, but don’t worry, you can also use:

  • A letter from the university’s admission office (if you are a student).
  • A letter from your job centre or employer (if you are a working professional, but it should be less than three months old).

Check with the bank you want to open an account for regulations before sending any of the above-mentioned documents; they might need a certified copy. Before leaving for the UK, you can ask your bank to change your correspondence address to your UK address, as this might make things simple. You can also apply for internet banking, which is a wise choice as it is the best money transfer method to other countries from the UK.

Once done, your bank will send your bank statement to your new address (or ask them to do it), and it will count as proof of your UK address.

Every year, numerous students move to the UK for education. And this year, there is a significant increase in Indian nationals. Moving to the UK as a student or a working professional is hectic, and stressful, especially because of the unfamiliarity of a foreign place. Also, receiving and sending funds is a common scenario when moving abroad, and this adds to the anxiety as nothing seems safe in an unknown environment. But do not worry, Crosspay comes to your rescue. Crosspay undeniably offers a convenient way to make the best money transfers to India and to your loved ones. If you need to send money to bank accounts in India, check how to send money to bank accounts in India.  

Also, check: How to send money to Pakistan through Crosspay?

Crosspay is the safest digital platform to transfer money internationally through convenient and affordable means. It offers a user-friendly platform via mobile application, website, or call +44 (0) 203 096 2255 and it is also simple to register and it drives your money on the go. Our competitive exchange rates and low transfer fees result in the most convenient and comfortable money transfer to your home country. Your money will reach the hands of your loved ones within a day or even minutes depending on the receiver location by using Crosspay.

Controlling money transfers controls many problems undeniably.


TAGGED: