Now, can a US citizen have a bank account in the UK? Absolutely. In fact, the British banking system is open to everyone, not just residents. Of course, there are different requirements between residents and non-residents, but overall, it’s totally doable.
With these thoughts in mind, here’s what you need to know about opening a bank account in the UK.
Requirements for Residents
Residents should have no issues whatsoever with opening a bank account in the UK. Residency doesn’t mean nationality though. Therefore, it makes no difference if you’re American, British or any other nationality. As long as you have the residency, you’ll be alright.Residency can embrace more forms in the UK. For instance, those who had residency prior to Brexit were asked to apply for a pre-settled status, which was turned into a settled status after a year. The settled status is similar to residency and gives foreigners the exact same rights as the British.
Documents
As a resident of the UK, you’ll have to bring in a few documents. First, make sure you make an appointment with the bank you choose. You can’t just walk in and expect to open an account straight away. Getting an appointment may take between a week and two.You’ll be told what kind of documents to bring. A form of identification is required, such as a passport. Proof of address is also required, which is usually a bill in your name. This is one of the aspects residents struggle with, especially those renting in shared houses, where their bills are covered by landlords.
Back to IDs, if you don’t have a passport, you can also use a British driver’s license or a national ID card if you also have EU or EEA nationality. As an American, your passport is by far the best choice.
While not always a rule, some banks may ask for pay slips as well, but it depends on what kind of account you get. For current accounts, this isn’t a requirement, so you’ll be able to walk out with a new account straight away.
The card and PIN code are usually sent in separate letters over the next working days.
How to Open an Account
Here are the steps to open an account as a resident in the UK.- Research banks and their deals. Some of the top players include Barclays, HSBC, NatWest and Lloyds, but there are more options out there. Nationwide is just as attractive, not to mention Santander.
- Once you decide on a bank, you can visit in person to make an appointment or you can do it over the phone. Doing it over the phone is quicker because you don’t have to travel. You’ll also be asked for a few personal details.
- Make sure to attend the appointment a bit earlier and wait until you’re called in. Also, it’s important to ensure all your documentation is valid. For example, if you use the passport for identification, it should be valid. As for bills, they should also be recent, usually within the last three months.
- Get the account open, it should take around half an hour. Your card will be sent by post. Your PIN code will be sent in a separate letter for security. However, once you have the sort code and account number, you can use it straight away for transactions or incoming wages.
Requirements for Non-Residents
Opening an account in the UK as a non-resident is just as easy, but it requires some extra documents. Moreover, some banks offer accounts to non-residents only if they make a deposit too. Basically, you’ll need a decent amount of money to put in when opening the account.It’s important to understand that such requirements vary from one institution to another, so double check upfront.
Documents
The identification is a general requirement for banks in the UK, whether you’re a resident or a non-resident. A passport will work in all banks, as it’s an internationally recognized document. If you’ve managed to exchange your driver’s license for a British one, that counts as an ID as well.The proof of address can go in more directions. A rental agreement could do, but also a utility bill in your name if you’re in the UK. If you’re resident in another country, proof of address from that country is usually accepted too.
An additional proof of income could also be required by some banks. You’re about to make a deposit, so some banks will need to ensure your wealth comes from legal sources.
Other documents you might be asked for include:
- Visa documentation
- Social security number
How to Open an Account
The steps to open an account are simple to follow.- Make an appointment. Decide on a bank whose requirements you can meet and make an appointment if you’re in the UK.
- Some banks take online applications too. However, if something goes wrong or you can’t be verified properly, you might be asked to visit in person.
- Bringing all the required documentation and opening an account should be a matter of minutes. You’ll get the sort code and account number straight away.
- The card and PIN will come by post later, in separate letters.
Alternatives to Classic Banks
Online banks and institutions make an excellent alternative to traditional banks. For example, Monzo is one of the best rated online banks in the UK, and for some good reasons. It has good rates and is simple and straightforward.Revolut is another good alternative, since you can get a card and an account, yet you’ll require a different bank account in order to fuel your account. Wise is similar, offering access to quick and easy transactions, but also low conversion fees.
Compared to traditional banks, these online alternatives make it very simple to open accounts. They don’t have too many requirements either. You can get a virtual card you can use straight away. If you want a physical card, you’ll still have to wait for it to come by post.
