Most countries in the world have their own rules and regulations when it comes to allowing a foreign national to open up a bank account, and the United Kingdom is not immune to this statement either. As with any country, before trying to open a UK bank account an individual has to be conscious of the laws regarding such an action.
First of all, to open a personal bank account in the United Kingdom an individual needs to do so in person. But before this happens it is always a good idea to choose which bank you want to work with carefully. Some banks may offer special incentives to join them, and these could all depend on your personal preferences and requirements. For example, if you are a foreigner who has entered the UK for educational reasons, the bank in question should have an incentive in place to cater to international students. Another point to consider, irrespective of whether the bank account in question is for a student or not, are facilities offered by the bank to the client. These would include debit or cash cards as well as a cheque book, internet or phone banking, and more importantly, a great interest rate for saving accounts.
Most of the major banks in the United Kingdom operate two types of account for their individual clients. These accounts are the current account and the deposit account. Current accounts are transactional accounts that are more than ideal for those people earning a regular wage or income, and are usually more sophisticated than a savings account. A current account will also let you manage your finances and transactions in a range of convenient ways. Deposit accounts are a type of saving account which has a higher rate of interest than a current account but usually has some stipulations as to depositing and withdrawing money.
Upon deciding to open a UK bank account, specific documents need to be produced to the bank. The main document and one that is required for identification purposes, is of course the passport. Employees or students would also need a letter of proof, or an offer letter from the educational institution or place of employment.
It is possible to open a UK bank account from another country for a variety of reasons - usually business related - but initial deposits are higher and the help of a company formation service may be required.
Mike Bern provides how-to advice on small business and home-based work issues. His recommendation for to-day is to visit
UK company formation and
UK bank account.
