Open a bank account in the United Kingdom

To facilitate the process of receiving wages, benefits, tax benefits, or pensions, opening a bank account in the UK is essential.

You can apply to open an account through various channels, including visiting a branch, making a phone call, applying online, or using the bank’s mobile application. Prepare your identity documents, and if you don’t have all required documents, take any information you have to the bank. . Banks and building societies offer various accounts based on your situation. If a standard account isn’t suitable, consider a “basic” bank account, often fee-free, suitable for receiving salaries or benefits.

For those interested in opening a business bank account in the UK, our experienced team at Regulated United Europe is ready to assist. With eight years of expertise, we leverage our extensive network to provide clients with suitable and cost-effective solutions, enhancing the efficiency of the businesses we serve.

Bank account opening in the UK

Opening a bank account and receiving payment upon arrival

UK

The choice of a suitable banking service operator and the timing of receipt of payment upon arrival.

You will need a bank account to receive wages, benefits, tax benefits or pensions. You can also use it to pay bills.

If you have recently arrived in the UK from Ukraine, you can open an account with a bank or building society in the UK.

A building society is owned by its members, so, unlike a bank, it does not need to make a profit to pay its shareholders. The resulting profit is used to maintain the operation of branches, and sometimes the building society shares it with customers.

Choosing a bank

There are many different banks and building societies in the UK. You can choose the one that suits you best.

This list includes some of the banks and building societies available in the UK. You may want to open an account with another bank not listed here. The list is given in alphabetical order.

  • Barclays UK
  • Bank of Ireland UK
  • Bank of Scotland
  • The Co-operative Bank
  • Danske Bank UK
  • First Direct
  • Halifax
  • HSBC UK
  • Lloyds Banking Group
  • Monzo (online banking only)
  • Nationwide Building Society
  • NatWest Group
  • RBS
  • Santander UK
  • Ulster Bank
  • Virgin Money

What you need to open an account

To open an account with a bank or building society, you need:

  • an email address created in your name
  • a valid phone number
  • identity documents and visa documents, which may include:
  • biometric residence permit
  • your Ukrainian passport
  • letter you received from the British government allowing you to stay in the UK
  • confirmation of your address

Confirmation of the address is usually an official letter stating your name and your current address (for example, from the government or a utility company). If you do not have a document confirming the address, some banks will allow you to bring your receiving party with you to check where you live (they will need to show your ID and a document confirming the address).

Before submitting an application, read the information on the bank’s website to find out what documents they accept.

Apply for an account opening

You can apply to open an account:

  • arriving at a bank branch or a branch of a building society (you may need to make an appointment)
  • by phone
  • online
  • in the bank’s mobile application
  • If you come to the department, you will need to take your identity documents.

If you do not have all the identity documents, take all the information you have with you to the bank or building society.

Banks and building societies should consider other ways to identify and verify their customers.

Types of accounts

Banks and building societies will tell you which accounts they can offer you depending on your situation.

Sometimes a standard account is not suitable, then you can open a “basic” bank account. The basic bank account does not charge any fees for its use. You can receive a salary or benefits for free.

Some banks and building societies allow you to directly apply for a basic bank account, while others offer basic bank accounts only to those customers who are not eligible for other accounts.

If you wish to open a business bank account in the UK, our team here at Regulated United Europe will be delighted to assist you. We have eight years of experience in helping clients to open bank accounts in Europe. We tap into our vast network of trusted partners in the European financial services industry to offer the most suitable and cost-effective solutions that improve the functioning of the businesses we serve.

How to open a business bank account in the UK

Opening a business bank account in the UK is one of the first and important steps for foreign entrepreneurs wishing to start a business in the UK. Not only is it a requirement for legitimate business activities, but it is also a critical tool for managing the company’s finances. Below are the steps required to open a business bank account in the UK.

Step 1: Choosing the right bank

The first step is to choose the bank that best suits your business needs. There are many banks in the UK offering a variety of business packages including Barclays, HSBC, Lloyds and NatWest. It is important to consider the following factors:

  • Services and commissions: research what services are included and whether they meet your business needs.
  • Technology support: evaluate the quality of mobile applications and online services.
  • Customer reviews and service levels: read reviews from other entrepreneurs and their experiences with the bank.

Step 2: Preparing the necessary documents

A number of documents will be required to open a business account, which may include:

  • Company documents: certificate of incorporation of the company, articles of association and other registration documents.
  • Personal documents: passport or other identification document for the directors and owners of the business.
  • Proof of address: for both the company and its executives.

Step 3: Application procedure

The next step is to submit an application to open an account. This can be done online, at a bank branch or, in some cases, by mail. The process may include:

  • Completing the application: usually requires details of your business and its owners.
  • Verification of documents: the bank will verify the submitted documents and may request additional information.
  • Bank assessment: your application will be assessed for compliance with the bank’s policies and anti-money laundering regulations.

Step 4: Account Activation

Once your application is approved, the bank will activate your business account. You will receive the necessary banking tools such as a cheque book, bank cards and access to online banking.

Step 5: Business account management

Once an account has been opened, it is important to manage its resources effectively. This includes:

  • Transaction monitoring: check your account regularly for unexpected transactions or unexpected charges.
  • Use of online services: actively use the tools provided by the bank to manage your finances.

Opening and managing a business account in the UK requires careful attention and an understanding of local legislation and banking regulations. Choosing the right bank and being thoroughly prepared can make the process much easier and contribute to the success of your business.

 How to open business bank account in UK for non residents

Opening a business bank account in the UK for non-residents can seem daunting due to strict banking regulations and the need to prove identity and address. However, with the right preparation and understanding of the requirements, the process can be simplified. In this article we will look at the main steps and requirements for opening a UK business account for foreign entrepreneurs.

Step 1: Choosing the right bank

Choosing a bank is a critical first step. Some UK banks are more internationally focused and may offer specialised services for non-residents. It is important to explore the following aspects:

  • International support: select banks that have experience in working with international clients.
  • Digital services: make sure the bank offers convenient online banking services, as you’ll be managing your account from outside the UK.

Step 2: Preparation of documents

You will need the following documents to open an account:

  • Company documents: certificate of incorporation (Certificate of Incorporation), documents confirming the management and ownership structure of the company (e.g. articles of association).
  • Personal documents: passports of all directors and significant shareholders and proof of their addresses.
  • Proof of business activity: contracts, invoices or business plan.

Step 3: Submitting an application

Many banks allow you to submit pre-applications online, which is convenient for non-residents. During the application process you will need to:

  • Complete the application form: provide full details of your business and its owners.
  • Send scans of documents: you may need scanned copies of all required documents.

Step 4: Verification and Approval

After submitting the application, the bank will carry out the verification procedure:

  • Document verification: confirmation of the authenticity of the documents provided.
  • Compliance check: analysing your business’ compliance with local and international legal requirements.

Step 5: Account activation and management

Once approved and the account is opened:

  • Management tools: you will have access to online banking and other tools to manage your account.
  • Account monitoring: check your account regularly and keep it secure, especially if it is managed remotely.

Conclusion: Opening a business account in the UK for non-residents requires careful preparation and understanding of local laws and banking procedures. Choosing the right bank and correctly preparing all the necessary documents greatly simplifies the process and helps to avoid possible delays or refusals.

Business bank account in UK

Opening a business account in the UK is an important step for entrepreneurs looking to establish a presence or expand their operations in one of the world’s leading business centres. With a solid financial infrastructure, diverse banking options and a favourable regulatory environment, the UK offers numerous advantages for businesses of all sizes. In this article, we look at the key aspects and procedures for opening a business account in the UK.

Advantages of opening a business account in the UK

  1. Financial stability: The UK banking system is renowned for its stability and reliability, providing businesses with a safe environment in which to manage their finances.
  2. Access to global markets: By opening a UK business account, entrepreneurs gain access to one of the world’s most dynamic and interconnected financial markets, facilitating international transactions and trade.
  3. Wide range of banking services: British banks offer a wide range of banking services to businesses, including current accounts, savings accounts, credit facilities, trading services and specialised financial products tailored to the needs of different industries and sectors.
  4. Support for growth: Many UK banks provide specialist support and resources to help businesses grow, including access to business advisors, networking opportunities and educational programmes.

How to open a business account in the UK

  1. Choosing the right bank: The first step in opening a UK business account is to choose the right bank to suit your needs, preferences and business development goals. Consider factors such as bank charges, transaction limits, internet banking facilities and additional services offered by different banks.
  2. Preparing the necessary documents: Before you go to the bank to open an account, make sure you have all the necessary documents. Usually, identification (passport or driving licence), proof of residential address (utility receipt or rental agreement), business registration documents (certificate of incorporation, articles of association and memorandum of association) and any additional documents specific to your business structure or industry are required.
  3. Schedule an appointment: Contact your chosen bank to schedule an appointment to open a business account. Many banks offer online services to make an appointment for a convenient time.
  4. Meeting: Come to your scheduled meeting at the bank with all the necessary documents. During the meeting, a bank representative will walk you through the account opening process, discuss available account options and answer your questions.
  5. Account Activation: Once your application has been processed and approved, your business account will be activated and you will receive account details, including an account number and sort code. You can then start using your account to manage your business finances, make payments, receive funds and access banking services.

Conclusion

Opening a business account in the UK is an important step for entrepreneurs looking to build a strong financial base for their businesses. By choosing the right bank and following the necessary procedures, businesses can access a host of banking services and support tailored to their needs, allowing them to thrive and grow in the dynamic UK business space. It is advisable to conduct thorough research and seek the advice of financial advisors or legal professionals to ensure regulatory compliance and optimise banking aspects to meet business objectives.

 Personal bank account in UK

Opening a personal bank account in the UK is the first step towards a sustainable financial future and comfortable management of personal finances. The country offers a variety of banking services and options, making the process of choosing a bank and opening an account meaningful for many residents and expatriates. In this article we will look at the key aspects and procedures for opening a personal bank account in the UK.

Advantages of Opening a Personal Bank Account in the UK

  1. Financial Stability: British banks are renowned for their reliability and stability, ensuring that your funds are protected and your service is consistent.
  2. Wide Choice of Services: The UK offers a variety of banking services, including the ability to open current and savings accounts, access to credit and debit cards, online banking and more.
  3. Convenience of Use: Modern technologies and online banking make managing personal finances simple and convenient, allowing you to make transactions from anywhere in the world.
  4. Flexible Terms: UK banks offer a variety of account options with different terms and benefits, allowing you to choose the best option depending on your needs.

How to Open a Personal Bank Account in the UK

  1. Choosing a Bank: The first step is to choose the right bank. Research the offers of different banks, compare service conditions, fees, interest rates and access to services.
  2. Preparation of Documents: To open an account, you will need identification (passport or driving licence), proof of residential address (utility receipt or bank letter), and additional documents depending on the requirements of your chosen bank.
  3. Visit to the Bank: Schedule a visit to the selected bank. You will be asked to fill in an application form and provide documents for verification.
  4. Receipt of Card and Props: Once your application is approved and your documents are verified, you will receive a credit or debit card and account details that can be used for transactions.

Conclusion

Opening a personal bank account in the UK is an important step towards financial stability and convenience in managing your personal finances. By choosing the right bank and following the right procedures, you can access a wide range of banking services and improve the quality of your financial life. Remember to monitor your finances regularly and seek advice from a financial professional when necessary.

Bank account opening in the United Kingdom
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Viktoriia Korotkevich

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RUE customer support team

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