Bank Account Set Up
Banking in the UK
When you arrive in the UK you will likely be in possession of at least a £1000 worth of travellers' cheques. It is best to open a bank account in which to deposit this money before it burns a hole in your pocket. Unfortunately opening a bank account in the UK is notoriously difficult.
London 1st will assist you in opening a bank account with HSBC although, since September 11, it is impossible to open a new account without personally visiting the bank and providing ALL the necessary identification.
Understanding what you will need is the first step especially since most of the paperwork, if brought from home, is relatively easy to get together.
British banking hours are usually Monday to Friday 9:30am - 3:30pm although you may be lucky and have a bank near home that opens on Saturday morning.
As a non-citizen you are exempt from British banking tax so remember to inform the bank of your status when you open your account. Although the tax percentage is negligible, every little bit saved is worthwhile.
Interest rates in the UK are exceptionally low so don't expect to squirrel away your money in a savings account and generate huge interest. Conversely though, borrowing money in the UK is relatively inexpensive because interest rates are kept to a minimum. Talk to your consultant at London 1st about maximising your earnings and how you could earn better interest rates by investing.
How Can London 1st Help?
Personal Bank Accounts
Unfortunately you are the only person who can successfully open a personal bank account in the UK. Trekking from one bank to the next without advice could result in you wasting time and feeling very despondent.
Because London 1st has a solid working relationship with HSBC on the business banking side, we can assist our clients by referring them to a member of staff at the Holborn Circus branch of HSBC who can, in turn, assist them in opening a personal bank account.
Our experience means we can assist you with completing the application forms and ensuring you have the necessary documentary evidence required. However it should be noted that there is no guarantee that the bank will open your account.
Business Bank Accounts
If you choose to contract through a Limited Company you will require a business bank account. London 1st has a working relationship with HSBC and can assist you with opening a business bank account with HSBC Holborn Circus.
With reference to the business bank account you do not need to make an appointment with the bank although you will be required to visit the bank to present yourself and have your documents certified. We suggest that you advise the bank that you are bringing in the documents to accompany the application done by London 1st on your behalf.
Once you've taken the documents to the bank please contact London 1st to inform them so that they are able to keep track of the process and prevent any unnecessary delays on opening your business bank account.
What we need?
- One form of evidence of identity such as:
Passport or Current full UK drivers licence
One form of evidence of physical address such as:
- Current Utility Bill (Electricity, Gas, Telephone - not mobile)
- Current Mortgage Statement
- Current Council Tax Bill
- UK bank statements stating your personal address
- Passport stating address (only if you've not used the passport for evidence of identity) If you have been in the UK for less than one (1) month and you don't have evidence of an address in the UK the following will suffice:
- Recent bank statements from your home country (these must be originals, printed within the last three months and must include
- Evidence of your address in your home country (if not evident on your bank statement) such as your identity document or driving license
One month of personal bank statements
- These can be copies or fax as long as they're not also being used to provide proof of address