These days, it is important to have a bank account that you can get your salary paid into and as a place to manage your personal finances. If you are a non-resident in the UK, you might find that opening an account is not as straightforward as it could be, but there are steps to take to overcome this problem and successfully manage your money.
Non-Residents
A non-resident can be described as someone that resides in one country but has interests in another. As an example, if someone lived in the USA but wanted to start a business in the UK, they would be viewed as a non-resident of the UK. Those that are not UK citizens or residents can still open a bank account in the UK, but it can be complex and a bank has no obligation to open a bank account for you.
Requirements
Every bank has different requirements to open a UK account for non-residents, but typically it will involve a personal meeting, providing a valid passport, proof of residence and a tax certificate. This is why you need to gather all of this documentation before you start enquiring with different banks.
Banking Options
Following on from this, you will then want to spend some time researching different banks and finding one that suits your needs. There are many options here, so you may find it helpful to ask around any non-resident people that you know or look online at non-resident communities that might have advice for good banks for those that are not citizens or residents of the UK.
The big four banks in the UK are Barclays, Lloyds, HSBC and Natwest, but these are not your only options so you may want to look at a few smaller banks. You should be able to find a basic current account that has no monthly fee at most UK banks.
Other Options
In addition to a bank account, these days there are other types of accounts that can help to improve your personal finances. This includes having a prepaid debit card that is not linked to your main bank account, which is ideal for spending and gaining greater control of your personal finances. These cards are perfect for budgeting as you do not get overdrawn and you can get approved without any kind of credit check, so many non-residents find them useful when getting set up in the UK.
While opening a bank account in the UK might seem daunting for a non-resident, you should know that it is possible although it might be slightly tricker than for a resident. There are also lots of different options and alternatives to consider, so you should spend time researching your options to find the best accounts and financial products for your needs.