Similar to the UK’s vital role in global politics, many consider the country a central hub in the world of business. When you combine that with exciting academic opportunities and rich, immersive culture, it’s no surprise that residents of other countries want to open a bank account in the UK.
While some major banks do not offer such services to non-residents, many traditional and online banking services do. So, if you’re a non-resident looking for a way to open a bank account in the UK, then this guide is for you.
With a few exceptions, almost anyone can open a bank account in the UK without worrying about the physical presence or political/economic issues such as Brexit. In addition, there are no laws or regulations against non-residents having a bank account in the UK.
Still, you need to meet certain conditions to qualify. While it’s true that banks are not forbidden from offering accounts to non-residents/non-citizens, it doesn’t mean they’re obligated to do so. In other words, it’s their choice to accept you as a client or not.
Unlike a UK citizen or resident, you can’t just walk up to any bank and have them open an account under your name. Several requirements are essential and therefore common among banks:
In most cases, you have to physically visit a bank to open an account. Some banks are so strict on this rule that they require all people, even UK citizens, to personally show up at the bank. If you can’t do that for any reason, there’s an excellent solution below.
Like most banks around the world, you need to provide an ID, including a passport, in some cases.
Wherever you are in the world, you need to provide a utility bill in your name that proves your place of residence. You may also need to submit a tax residence document from your country to be eligible.
While many non-residents need to open a bank account in the UK, they choose not to do so because they think they have to come to the UK first. Luckily, there is another solution: An online money transfer company.
If you can’t physically visit the UK and still need a bank account for any reason, you can set up an account with an online remittance provider. When you open a personal or a business account, you’ll receive a UK bank account number to easily send and receive money.
A tremendous upside to these providers is they don’t require your physical presence, but you still have to provide certain personal identification documents or incorporation paperwork. Also, they’re far cheaper than all banks in the UK, and some, are significantly faster and just as secure.
There are significant advantages to opening a bank account in the UK for a person residing in another country, and no one should be denied such an opportunity. However, strict banking regulations discourage many from the whole idea.
Luckily, a reliable remittance provider like Lycaremit can help you overcome those barriers while paying significantly lower fees and saving you from considerable headaches. Therefore, don’t hesitate and contact us. We’ll be more than glad to help you on this journey.