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Living in the UK, from the Netherlands

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Economy & Finance

Banks in the UK

There are lots of different banks in the UK offering lots of different services. Yet, opening an account in the UK can be challenging for expats. We provide you with an overview of the most popular banks in the UK, the services they offer and tips on how to open a bank account.

The UK Banking System

Banks in the UK specialize in different services for both personal and business purposes. Thus, not all banks in the UK may suit your needs. The different branches of the British banking system include:

The banking system is supposed to support the economy of the country and ensure a certain amount of stability. Despite the financial crisis in recent years, banks in the UK still act as employer to 0.5 million people. Banks in the UK and their financial services contribute 6.8% of the national GDP and offer banking services to 95% of the country’s population.

Top UK Banks

Although there are a lot of big and small banks in the UK offering all kinds of financial services, some of them are more popular than others. The top banks in the UK are:

This does not mean, of course, that one of these is necessarily the best choice for you. Other banks include Santander, Halifax, NatWest, and Tesco Bank. They may very well offer services and deals which are more suited to your needs. Before opening a bank account, it makes sense to “shop around” and ask your friends which banks in the UK they recommend.

Opening a Bank Account

While opening a bank account in the UK used to be a rather complicated endeavor, banks in the UK have started to ease the process for expats. The most convenient way to do it is by opening a bank account before your move. However, if you prefer to take care of it after your arrival, you should make sure to come prepared.

Once you have chosen a bank for yourself, you should make sure to make an appointment with the staff there. Find out ahead of time which forms and which types of identification you may need. It will save you a lot of time, if you have the right forms with you and don’t have to go back a second time with the right paperwork. Keep in mind that some banks may require you to deposit a start-up amount on your new account.

Opening an Account Without a UK Address

Please remember that even though the process of opening a bank account has been improved for expats, opening an account without any proof of address in the UK can be quite difficult. Luckily, some banks are offering services specifically suited for newly arrived expats. One such service is the HSBC Passport Account which only requires some form of identification and proof of a non-UK address. If this is not the bank of your choice, don’t forget that passports, birth certificates, or National Insurance Cards do not count as proof of address. Instead, try to submit one of the following:

Motor or home insurances certificates

 

We do our best to keep this article up to date. However, we cannot guarantee that the information provided is always current or complete. 

InterNations Expat Magazine