One of the most frustrating things I found about moving to London was getting our bank account set up, and judging by your emails, you’re pretty annoyed by the process as well. This can be especially hectic for those of us who are constantly sending money abroad. I mean, you can’t get a bank account without a proof of address, but you can’t rent a flat without a bank account. How does this make any logical sense?
Have no fear girls, here are some tips to make the process much easier!
(1) Have you or your Husband/Boyfriend/Whomever is the main bread-winner get a letter ready from the company he is working for stating exactly how much he will be making annually and instructing the bank to please open up an account. It depends on the bank, but oftentimes this is good enough to substitute for a proof of address if you haven’t secured a flat yet.
(2) Pay £ £ £ £ for your flat/house upfront. If your landlords won’t let you rent without a bank account then offer them 6 months or so upfront to cover your lease. This will give you a proof of address, and then a bank account.
(3) Make sure to bring your passport to ANY and ALL meetings when trying to open up an account. You think they photocopied it the last time you were in? Doesn’t matter, they probably lost it.
(4) Making frequent international transfers back and forth between the UK and the USA, try LloydsTSB International, which doesn’t charge a free for international money transfers! I know a lot of people who are required to transfer some money on a daily basis, and many of them are business owners, and the same still applies. Setting up an account, for either business or personal use will work in your favor when it comes to making a money transfer to other countries.
(5) If have a bank account and are moving back to the US, but think there is even the slightest possibility that you may be back in the UK, just keep your bank account open. The Husband and I kept our account open from when we were studying abroad, so that when we made the big move, we didn’t have to deal with starting from square one.
(6) Make sure your bank has multiple ATM services so you can take out cash in an emergency. This would mean banking with places like Atlantic Union Bank, who have a variety of ATM locations nationally to support people who are making cash transacations, safety deposits and more.
Have something you want to add?! Feel free, as always, to comment below!
Thanks so much for this advice!
Another option for Americans is HSBC Premier. Normally, you need to have £50,000 sitting in your UK savings account at all times to qualify, however, if you have a US residency, you can open a US account first and then a UK account from your US account. This means you don’t have to go through the hassle of needing to prove residency. For those of you who plan to be expats and move to other countries, HSBC will always set up your country bank account from the US and make it incredibly easy. And the best part is that you can see all of our country accounts in multiple currencies online in one screen shot.
The cost is $50/month to have an account in the US but that’s it. No other fees for your UK account (or any other country accounts). It’s a little pricey but (and a *huge* but), the service is AMAZING. (One time I called customer service and unfortunately my phone dropped the call. I couldn’t believe it when they immediately called me back.) They also offer a lot of fun perks like American Airlines Five Star Service during the holidays.
Regarding the cost, if you’re transferring funds between the UK and US, normally you’ll have to pay $35 for a bank transfer so if you transfer at least a couple of times a month, it pays for itself.
I’ve been a loyal customer since 2007 and wouldn’t change it!
Agreed with the HSBC premier – I make constant transfers between the US and UK, and it works for me. Some tips from my colleagues’ experiences:
-For the best exchange rate, register with xe.com and oanda.
-When opening an account, check with your boss and see if they will allow you to list work as your address until you get a flat. A few of my colleagues did this and were able to open accounts before moving into their new London homes.
-Before you arrive in the UK, have your boss or someone with authority (HR, head of the dept, etc.) write a letter confirming your employment, how long your employment will last (go with what’s on your visa), your salary (including any benefits such as anticipated bonus, housing allowance, cost of living increase, etc.) and any other major details. Make a few copies of this. It’s handy when applying for a UK bank account, finding a flat, or even when you land at Heathrow in case customs is difficult.
Thanks for the post, it is very helpful (I wish this was up 3 years ago when I moved over)!
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NatWest also has a specific program for expats working in the UK, called Global Employee Banking, and they will work with HR departments to open accounts. When I was working there, my employer was able to open an account for me before I started and a debit card was waiting for me when I arrived.
And I agree on keeping it open. I have mine from five years ago just sitting open with a bit of money in it, just in case!
Thanks for the comment Molly!
Very good blog! Do you have any hints for aspiring writers?
I’m hoping to start my own site soon but I’m a little lost on everything.
Would you suggest starting with a free platform like WordPress
or go for a paid option? There are so many choices out there that I’m completely overwhelmed .. Any recommendations? Thanks a lot!