Also, make sure you ask for printed material on each of their accounts so you can compare your options clearly later.Ĭheck accessibility: Ask each bank you compare about their network of ATMs in most cases if you use an ATM which is owned by your bank, your withdrawals will be fee free. This will also help you formulate questions to ask as you visit each bank. Furthermore, before you go searching for a new bank, do some research online to find out which banks offer the types of accounts which will suit you. Also look for a bank with branches close to your home or office, so that you can easily go in to make deposits and ask questions. While it can be tempting to simply opt for a familiar name in the sea of unfamiliar faces in a new country, you do need to spend the time comparing the banks and their accounts. Similarly, if you are immigrating to study, ask your university if they have any information or partnerships.Ĭompare banks: Some of the names of the banks in the UK may be familiar because they have international branches in your country. Therefore, use the following steps to help you easily apply for a UK savings account:Īsk for assistance: If you are immigrating for work, ask your employer if they can offer you any assistance in opening a savings account, because if they employ a large number of non-UK workers, they may have established a relationship with a local bank, and this will act as a reference for you to reduce your risk. What’s more, opening a local bank account will make it easier to access your money without worrying about international transaction fees, and in most cases, you will need a local bank account where your employer can deposit your wages if you are immigrating to the UK for work. Thus for the purpose of building credit, it does pay to compare the local financial institutions and do what you have to in order to open a simple savings account onshore. For one, it means that you arrive in the UK with no credit history, and will, therefore, be viewed by most banks as a risk. On the other hand, RND status also comes with its own drawbacks. This means that you are able to base your UK bank accounts offshore and that you can take advantage of tax benefits if your account is held in the Isle of Man, or Jersey. If you do decide you want to open an international bank account before you leave, choose a financial institution with a branch in both your home country and in the UK, and make a time to meet and discuss your options and needs with a member from your local branch.Īs a non-UK citizen living in the UK (but who has the intention of ultimately returning home), you are classified as an RND, or Resident Non-Domiciled. However, by opening an international account before you leave, you simply need to provide a certified copy of your passport and one document that acts as proof of your address. If you were to try and open a bank account upon your arrival in the UK, you would need to provide several forms of identification. This will allow you to manage your finances in both the UK and at home, and will eliminate the need to carry large wads of cash around upon arrival. You can make the conversion less stressful by opening an international bank account before you move. While the UK is a part of the European Union, the island continues to use the British pound sterling as its currency, so regardless of where you’re immigrating from, you are going to have to convert your money into British pounds and pence. At the same time you may need to learn new ways of managing and using your money while you are living in the UK, which is why this guide covers everything from converting your currency, to retiring in your new home country. If you are immigrating to the UK to live and work, you will be learning a lot of new day-to-day tasks: you may be driving on the other side of the road, speaking another language and, certainly, walking unfamiliar streets.
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