If you are moving to London, opening a bank account is one of the first steps you’ll need to take. Of course you can keep using cash or your existing credit or debit card of your home bank for most day-to-day purchases, but you need a proper local UK bank account for things like your salary account with your employer, renting a house, setting up utilities, mobile phone postpaid plan (called “pay monthly” in the UK), among others.
Fortunately, the process of opening a bank account in the UK is relatively straightforward. Here’s a handy guide to help you navigate through the ins and outs of opening a bank account in London.
- Choose Your Bank: London is home to numerous banks, ranging from traditional high street banks (HSBC, Barclays, Natwest, ..) to digital-only options (Revolut, Monzo, ..). While choosing, consider factors such as branch locations, online banking services, fees, and special offers for newcomers.
- Gather Required Documents: Before heading to the bank, make sure you have all the necessary documents to open an account. Typically, you’ll need:
- Proof of identity (passport or national ID card)
- Proof of income (payslip or employment contract)
- Proof of address (utility bill or rental agreement): This is the tricky bit – as you might not have this if you have just moved to London! But don’t worry, there are workarounds available – including getting a letter from your employer / your temporary accommodation / your educational institution / etc. We have written a separate article just for this, you can read it here.
- Pro tip: Some online banks (Revolut / Monzo / etc.) may be more flexible with the required documents – so might be worth checking them out before the high-street banks!
- Book an Appointment: While some banks allow you to walk in and open an account on the spot, others may require you to book an appointment in advance. Check the bank’s website or give them a call to schedule a convenient time.
- Visit the Bank: On the day of your appointment, head to the bank with your documents. A member of staff will guide you through the account opening process, explain the different account options available, and help you choose the best one for your needs.
- Complete the Application Form: You’ll be asked to fill out an application form with personal details such as your name, address, date of birth, and occupation. Be sure to double-check the information for accuracy before submitting the form.
- Verify Your Identity: The bank will need to verify your identity and address using the documents you provided. This may involve scanning or photocopying your ID and proof of address.
- Make an Initial Deposit: Depending on the bank and the type of account you’re opening, you may need to make an initial deposit. This can usually be done with cash, a cheque, or a bank transfer from another account.
- Receive Your Account Details: Once your account is open, the bank will provide you with your account details, including your account number and sort code. You may also receive a debit card and instructions on how to set up online banking.
- Activate Your Account: Follow the instructions provided by the bank to activate your account and set up any additional services you require, such as online banking or direct debits.
- Start Managing Your Finances: Congratulations! You’re now ready to start managing your finances in London. Keep track of your spending, set up regular savings, and explore the various banking services available to you. Note that high-street banks in the UK are quite fond of posting letters to you – so keep an eye out for a lot of post in the initial few days after setting up your bank account!
Opening a bank account in London is an essential step towards establishing yourself in the city. By following these simple steps, you can navigate the process with ease and start your new life in London on the right financial footing. Good luck!