Opening a Bank Account in the UK

Opening a Bank Account in the UK

Having a bank account in various parts of the world makes it both easier and more economical to handle transactions when conducting international transactions with the official currency of that country. Having a bank account, especially in countries with the most commonly used currencies such as the United States, Germany and the United Kingdom, will provide you with great convenience in this regard. In today's article, we will look at ways to open a bank account in the UK and talk about how you can perform these operations.

As one of the largest economies in the world and one of the countries with the highest level of prosperity, England is a country located in the center of the United Kingdom. Having sterling, one of the most frequently used currencies in international trade, and being one of the main players in global finance, is an incentive to open a bank account in this country. With some of the most private schools in the world within the United Kingdom, England is also a major attraction for a successful student life. We have studied and tried to detail the process of opening a bank account in this country for you. Let's take a look at this together.

How to Open a Bank Account in the UK

1. Finding a Bank That's Right for Your Job

One of the first and perhaps most important steps is to find the bank that can best serve your purpose. For example, if you went to the UK for your student life and want to open a bank account here, it would be more correct for you to choose banks that have previously worked with foreign students and have more experience in this regard. If you want to choose for investment and business purposes, there are several investment banks. Such examples can be reproduced, but the important thing is to be able to choose the bank that matches your own.

2. Determining the Appropriate Account Type

It is important to determine which type of account you will open not only in the UK, but also in our country. Basically, if we look at the bank, there are 4 different types of accounts that you can open an account with.

• Overdue Deposit Account
• Joint Account
• Savings Account
• Basic Bank Account

If you want to manage your short-term money, the account you will open should be an unpaid deposit account. A savings account, on the other hand, can be preferred for longer term investments and larger amounts, as the bank charges a certain amount of interest on these funds according to the amount and policies. A joint account can be preferred to direct and track your joint expenses in common places such as home, work. Apart from all this, you can also open a basic bank account.

3. Document Collection

If we go step by step, first of course there will be a process of collecting and filing a document. The required documents may differ according to the regulations of the banks, but each bank will necessarily ask you for two main documents; documents with identification and residence information. Of course, when reviewing these documents, you may also be asked to submit different documents for security reasons. You may be asked for a lease agreement including your residential address, some documents with billing information, and a bank statement with a clear indication of the rental prices. If you are a student in the UK, you will also be required to obtain a student ID.

After all these processes, you need to make an appointment with the bank. Banks operate on weekdays from 09.30 to 17.00. Some banks operate with a face-to-face appointment system, while others can request an online appointment. After the appointment you have joined with your documents, your transactions will be finished and your bank account will be ready for use.

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If we come to the costs of work, the cost of opening an account in each bank varies. Fees vary depending on the account you will open, the service you will receive and the legislation of the bank where you will receive the service. However, usually UK banks do not have monthly fees.

Opening a Bank Account Without Going to the UK
This is one of the frequently asked questions in this regard. Technically yes, it is possible to open a bank account without going to the UK. Like HSBC, famous British banks such as Barclays offer an International Account Service for users living abroad. You can open and use this account while living outside the UK and before emigrating to the UK. You can handle your transactions online and have an account with these banks.

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“What banks are there in the UK? Which UK banks can I open an account with? Questions like this are often asked.

Let's take a look at some of the banks in the UK in this part of the article.

Banks of the United Kingdom

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• Barclays: Barclays, one of the banks that can help you the most in your first time in the UK, is one of the banks to request the first application to open an account online. With close to 2000 branches in the UK and across the UK, Barclays is ranked as one of the largest banks in the country.

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• HSBC: HSBC is a highly global and large bank that operates not only in the UK and the UK, but also in different parts of the world and many countries. If you have an HSBC bank account in your country and want to open an account with this bank in the UK, the bank will provide you with a lot of convenience and facilities.
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• Lloyds: This bank may be suitable for students. The bank has special account types for newcomers and students to the UK. With more than 1,000 branches in the UK, Lloyds is one of the country's largest banks.
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• NatWest Group: NatWest Group, which has close to 1000 branches across the country, is introducing a free account application in some cases. With all this, they have special accounts for students and new investors who come to the country. Again, it can be cited as one of the largest banks in the UK.

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• If you do not reside in the country or do not have a residence permit, online banking systems can also be a solution for you. Shown as UK banks online Monzo, Revolut, Starling, Bank, LeoPay and Monese Payment institutions and banks in the UK only serve their customers through online and mobile applications.

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England is, of course, one of the countries that many people dream of and want to live in. In this article, we examined the ways, requirements and procedures for opening a bank account in the UK, introduced some types of accounts and banks. We also want to talk a little about the advantages of UPTION application. With the UPTION Mobile App, you can instantly transfer money to 176 countries 24/7.

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With UPTION, you can also send money to bank accounts located in the UK. You can transfer in Euro or in Sterling. Moreover, you only make these transfers with a transaction fee of 1 GBP.

‍This stands out as a very important and valuable feature for both the sender and the recipient side. Along with all this, you can make a request using the Request Money by Message function in the UPTION application whenever you need it in your money transfer processes abroad, and you can instantly receive the money sent to your account.

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