Opening a bank account in your country can be pretty straightforward. However, if you want to open a bank account in a country you weren’t born in, you may find it more complicated.

Opening a bank account will be different in various countries around the world. If you’re moving overseas to the UK, you must know how to open a UK bank account.

In this article, you’ll learn all about opening a bank account in the UK, the pros and cons, and you’ll find what documents you’ll need to prepare your bank account before you arrive in the UK.

Table of Contents:

• The Different Types of UK Bank Accounts
• The Benefits of Opening a UK Bank Account as a Non-Resident
• Where Can You Open a UK Bank Account as a Non-Resident
• What Do You Need to Open a UK Bank Account
• How to Open a UK Bank Account
• How to Choose the Right UK Bank Account
• 6 UK Bank Accounts for a Non-UK Resident
• 1. Wise
• 2. Revolut
• 3. Barclays
• 4. HSBC
• 5. NatWest
• 6. Lloyds Bank
• Tips on Switching Banking From Australia to the UK
• The Verdict
• FAQs

The Different Types of UK Bank Accounts 🇬🇧️

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Looking for the right bank account in a country that’s not home can be difficult. Not all financial services are the same across the world. To help you move overseas, we’ve compiled a list of the main types of bank accounts you can apply for from a UK bank or financial institution.

The three types of bank accounts are as follows:

• Current account: Your everyday bank account that your salary is paid into, and all your bills are removed. You’ll get a debit card with a current account; most come with an overdraft option. Some accounts charge a fee, but not all. Some current accounts come with rewards schemes like cash back on spending.
• Basic banking accounts: This account comes with essential banking services. You can use it much like a current account, but it’s for people with a low income or a bad credit history. These accounts are limited and don’t have an overdraft option.
• Savings account: Most UK banks offer savings accounts. There are different savings accounts like ISAs, low-interest and high-interest accounts. The idea is to put inside to accrue interest on your savings.

The main account you should be looking to open is a current one. Once you’re comfortable with your chosen UK bank, you can start looking into making the most of your savings with a UK savings account.

The Benefits of Opening a UK Bank Account as a Non-Resident 👀️

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Spending in a foreign country can get expensive, but it’s not a massive problem if you just stop by for a holiday. If you plan to relocate to the UK, it may get expensive. Consider opening a UK bank account online. Before you move over, we’ve compiled a list of the pros and cons of opening a UK account.

Pros ✔️

• Immediate access to your money: Opening a UK bank account before you leave Australia will allow quick access when you arrive in the UK. You can transfer money across and spend it as you need it.
• Low domestic service fees: If you’re using a UK bank account to make any purchase in the UK, there are usually low or no fees.
• Professional advantage: If your UK bank account is ready before you arrive in the UK, you’ll have it ready for your next employer, so there will be minimum delays in getting paid.
• You don’t need a credit history: You can open a bank account without a good credit score. You only need a positive credit history if you plan to apply for any line of credit.
• Easier to pay bills: If you start a mobile phone contract, pay energy bills, or have a UK gym membership, you will need a local bank account to pay for them. It will also be easier to rent a property if you can cover the costs from a local account.

Cons ✖️

• Money transfer fee: A fee may be involved when transferring money from your Australian bank account to a UK one.
• You will need a UK address: If you’ve not sorted out your living situation for moving to the UK, you may find it difficult to open a bank account as most UK banks require proof of address.
• High initial deposit amount: Most UK banks will require you to deposit money into the account to open it. Depending on the bank, you can expect to deposit from £50,000 to £250,000.

Where Can You Open a UK Bank Account as a Non-Resident?

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There are three main routes to open a UK bank account. Your best bet is opening one online to ensure it’s ready for your move.

• High street banks: High street banks offer a traditional bank account. There are many high street banks that you can apply to; however, as a non-resident, you will need proof of address, and usually, these accounts come with fees and high deposits. High street banks are ideal for individuals who want extensive banking from a British bank account, don’t mind fees and want to make significant investments. Most high street banks will require you to have been in the UK for a set amount of time before you can open a bank account.
• Online banks: Digital banking services are more accessible for non-UK residents, although most may still require proof of address. Online banking this way is low cost and is digital-only with no physical branches. Some digital-only financial institutions offer UK bank accounts or accounts that can be used in other countries.
• Multi-currency accounts: A multi-currency account allows you to open a UK bank account online from abroad, and most of the time, you will not need proof of address. A multi-currency account is excellent if you visit different countries frequently, as they have lower currency exchange fees than current accounts. Euro bank account is a multi-currency account, but other banks offer multi-currency accounts that allow you to use and convert multiple currencies in one account.

What Do You Need to Open a UK Bank Account? 🔎️

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When you open a bank account in the UK as a non-resident, you will need various forms of documentation. We’ve compiled a list of the documents you’ll need for the application process. Try to gather them before you apply to make the process smoother.

You will need the following documents to open a UK bank account:

• Proof of identity: A valid passport, national identity card, or driver’s license will be required to open a UK bank account. The documents will name your name and date of birth on them.
• Proof of address: You will need evidence of UK residential address. This can be a recent utility bill, any recent house or mobile phone bill, or any other documentation with the address on it. You may not need a UK address if you use a multi-currency account.
• Contact details: The bank must contact you, so you must have your contact details readily available.

How to Open a UK Bank Account

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Opening a bank account can differ between countries, so we’ve included a step-by-step how-to guide to help make opening an account in the UK more accessible.

1. Have documentation: The documents you need will vary depending on whether you’re applying for a bank account with a high-street or digital-only bank. However, regardless of the account you open, you will need proof of identity.
2. Research all the available bank accounts: Look around at all the bank account options available to you. Don’t just apply to the first available UK account you see; look at the list we’ve shared and conduct your own research. Compare all the best banks until you find the most suitable for your needs.
3. Start the application process: Apply for a bank account online. Applying online is more accessible, especially if you’ve not moved to the UK yet. The process should take a little time if you’ve got all the necessary documents ready. Depending on when you apply, the approval time can vary.
4. Opening deposit: You may need an initial deposit to open a UK bank account. So, it would be best to have this ready to deposit when your application has been accepted. Deposit amounts will vary between different banks. Additionally, other banks charge monthly fees for the account, so keep an eye out for any additional charges and always read the terms and conditions.

How to Choose the Right UK Bank Account ➡️

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There are several factors to consider when finding the most suitable bank account. UK banks are different from Australian banks, so take care when trying to see which cards will be the right option.

We’ve compiled a list of factors to consider when choosing the right bank account:

• Monthly fee: Internation and expat accounts come with a fee if you want a traditional bank account, so you must look for an account with an affordable monthly payment. High fees don’t necessarily promise high services; always compare what is on offer and see if it’s worth paying for.
• Purpose: You need to think about why you need an account. Are you looking for everyday banking needs, or are you looking for a bank that could offer you more down the line, like business accounts or savings accounts?
• International payments: The initial charge to send money from your Australian account to the local one may come with a heavy charge for international payments. If you think you’ll make more international payments in the future, consider a bank specialising in those payments.
• Currency exchange: Some specific accounts make purchases abroad much cheaper with real-time currency exchange and minimum currency fees. So, if you want to use a bank account in other countries without worrying about rising costs, look at the currency rates on offer.
• Accessibility: You want to look at how accessible the money in your account is. Can you readily make cash deposits or withdrawals whenever you need to? You should find a bank that you can access whenever you need to.
• Incentives: Incentives are a small factor to consider, but if it comes down to deciding between two different accounts, you could see if any additional features or incentives come with opening the account.
• Other fees: Some banks charge for different things, such as ATMs, international transfers, and account opening and closing fees.

6 UK Bank Accounts for a Non-UK Resident 💰️

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All of the accounts in this list are available to expats. You may need additional documentation for some, so check with the provider what you need before you apply. You can apply for all of these accounts online from Australia.

1. Wise: Apply for a Wise Multi-Currency Account From Anywhere

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No matter where you are, you can apply for a Wise account. Wise allows you to hold money, shop online, shop in person and relieve any earnings in the UK. You can spend and withdraw 40 currencies and save up to 5x when spending money abroad. You will receive local bank details in the UK, the US, the EU, Australia, New Zealand, Singapore, Hungary, and Canada so you can spend comfortably like a local.

When you spend in 40 currency with your Wise debit card, your purchases will automatically be made with the live exchange rate. You can do everyday banking with the Wise account to pay bills, do your weekly shopping and more. Wise has no branches as it is an online banking platform service, so you must do all your banking online. You don’t need proof of UK residence; you can use your Australian home address.

2. Revolut: Transfer Without Borders With a Multi-Currency Account

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With the financial platform Revolut, you can open a personalised multi-currency account in the UK. Revolut isn’t a bank or a bank account provider, but they have multi-currency accounts.

You don’t need to provide proof of a UK address to open an account, as you can use your Australian one. You can send and receive transfers in over 25 currencies and use your Revolut card to spend in over 150 countries. You can simultaneously hold multiple currencies in your Revolut account and exchange them in real time.

There are subscription plans for a Revolut account, and there is the standard plan, too, that you don’t have to pay for and comes with basic features. You can upgrade to the Premium plan for A$9.99 or the Metal plan for A$24.99. Each plan comes with additional features and fees. Revolut offers investment options like digital currencies, stocks, and other commodities,

3. Barclays International Bank Account: Fee-Free Payments Via Digital Wallets

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Barclays offers international bank accounts to expats. You can hold current accounts in sterling, Euros and US dollars. You will get a sterling-only debit card that you can use in the UK. Barclays provides fee-free debit card payments using digital wallets if you want to use your account outside of the UK.

There are no monthly fees if your balance stays above £100,000. You must deposit £100,000 or £250,000 for relationship management services. If your account balance falls below £100,000, there will be a monthly fee of £40.

Although Barclays is known as a high street bank, you can’t access international accounts in a UK branch as the accounts are held in the Isle of Man. You can only access your account online or at an ATM. This account is only available to personal clients.

4. HSBC Global Money Account: Support 60 Currencies

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You can store up to 18 currencies in HSBC’s Global Money Account with live foreign exchange rates. With this account, you’ll get a Global Money Debit Card with a base currency of Sterling.

There are no foreign currency transaction fees for making payments in 60 support foreign currencies. You can convert currency on the go or when the rate is right for you. HSBC also offers instant-access and fixed-term savings accounts in 19 currencies.

You can open the account online before you move to the UK. To be eligible for an HSBC Global Money Account, you will need a deposit of £50,000, an annual income of £10,000 or an existing HSBC Premier customer. If you don’t meet the criteria, you must pay a monthly fee of £35. You can only manage the account using the HSBC Expat Mobile Banking app and transfers from an eligible HSBC account.

5. NatWest International Premier Select Account: No Fees for Money Transfers

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With a NatWest International Premier Select account, there are no fees for sending and receiving transfers in foreign currencies. You will get a sterling debit card, and if you make non-sterling purchases and make non-sterling cash withdrawals, there may be a transaction fee of 2.75%. If you just want to use your account in the UK, you can do it confidently with no transaction fees.

With this account, you can open a Cash Management account to hold 25 currencies and benefit from fixed-term savings pots in sterling, dollars and euros. To be eligible, you must deposit £100,000 or have an annual salary of £75,000 for the Premier Select Account. Alternatively, for the standard Select account, you will need a minimum deposit of £250,000 or an annual salary of £40,000. You can only control your account from the NatWest app.

6. Lloyds Bank Premier International Account: Free Worldwide Travel Insurance

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With the Lloyds Bank Premier International account, you can choose three currencies: Sterling, Euro and US Dollar, and you’ll get a Visa debit card for each currency. You can transfer money from your Australian bank account fee-free with international payments. With this account, you’ll get a dedicated Premier Banking Relationship Manager. There is 0% credit interest and worldwide travel insurance for you and your family.

You can gain 24/7 access your account with mobile banking, but you can’t use UK branches for this account type. To be eligible for this account, you must deposit at least £100,000, which must remain in the account for six months, or have a sole income of £100,000 and be able to save or invest £100,000 with Lloyds bank within 12 months.

Tips on Switching Banking From Australia to the UK

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Opening a bank account for the country you’re moving to can make your life a lot easier; you can spend your money without worrying about as many fees, and if you have a local bank account, you can get help in UK time.

If you continue to use your Australian bank account in the UK, there may be currency exchange fees. If you have any banking issues, you’ll have to wait for the banks to open in Australian time, and typically, the Australian time is ahead of the UK.

Tips for switching banks from an Australian bank account to a UK bank:

• Different market regulatory bodies: In Australia, there is the Australian Competition and Consumer Commission (ACCC), and in the UK, there is the Competition and Markets Authority (CMA). Both ensure markets work. So, watch out for any differentiation in names or terms.
• Change your Australian bank account address: See if you can change your home address for your Australian bank to a UK one, and then if you get a bank statement with your new address on it, you may be able to use it as proof of address.
• Proof of identity: You can use a national insurance number or your Australian tax file number to prove who you are for your banking application.
• Check your current bank account: Check with your home bank to see if your current debit card can be used abroad and what costs you incur if you use it in the UK. Your home bank may also be able to help you open a bank account in the UK if it has a relationship with a UK bank.
• Open a bank account online: You can open a UK bank account online before you arrive. It will save you time, and the application process is relatively quick if you have all the correct documents.
• Send your debit card to your UK address: Ensure you send your new card for your UK bank account to your new UK address so it will be ready when you arrive.
• Bank transfer money: Make sure you can use your money immediately by international transfers from your Australian bank to your new UK account. Most banks offer online banking, even traditional banks, so you should be able to access your new bank details without your debit card.

Opening a Bank Account in the UK: The Verdict 💡️

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When moving to a new country, you will need access to your money. So, opening a local bank account makes sense. Having a local bank account can make earning and spending money whilst you’re in the UK easier. We advise finding and opening your UK account before you move so you can start spending immediately with no fees.

Frequently Asked Questions 📢️

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What Is the Easiest Type of Account to Open in the UK?

A multi-currency account allows you to open a UK bank account online from abroad, and most of the time, you will not need proof of address. A multi-currency account is excellent if you visit different countries frequently, as they have lower currency exchange fees than current accounts.

What Can I Use as Proof of Address for Opening UK Bank Accounts

To open a bank account in the UK, you will need proof of UK residential address. This can be a recent utility bill, any recent house or mobile phone bill, or any other documentation with the address on it. You may not need a UK address if you use a multi-currency account. Alternatively, you can change your home address for your Australian bank to a UK one, and if you get a bank statement with your new address, you can use it as proof of address.

Should I Open a UK Bank Account Before Moving From Australia?

There are several benefits to opening a local account before you make the move, and they include:

• Opening a UK bank account before you leave Australia will allow you immediate access to your money when you arrive in the UK.
• If you’re using a UK bank account to make any purchase in the UK, there are usually low or no fees.
• If your UK bank account is ready before you arrive in the UK, you’ll have it ready for your next employer, so there will be minimum delays in getting paid.

What Are the Drawbacks of Opening a New Bank Account in the UK as an Expat?

There are several drawbacks of opening a new bank account as an expat, and they include:

• A fee may be involved when transferring money from your Australian bank account to a UK one.
• If you’ve not sorted out your living situation for moving to the UK, you may find it difficult to open a bank account as most UK banks require proof of address.
• Most UK banks will require you to deposit money into the account to open it.

Can You Open a Bank Account in the UK From Overseas?

Yes, all the accounts available in the UK for overseas people allow you to apply for them online. You will likely have to control the account online if accepted, as there usually are no physical branches for expat accounts. As long as you have proof of identity and some form of address, you should be okay to open an account from overseas.

Which UK Banks Allow Non-Resident Accounts?

Various banks in the UK allow non-residents to create an account. The ones from our list include Barclays, HSBC, Lloyds Bank and NatWest. Each of these banks has accounts designed for people not from the UK but planning to move over.

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