Opening an account with banks in Britain

Opening an account in British banks - legal assistance

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

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

Benefits of a UK or European bank account

Thanks to a personal or corporate account in a foreign bank, you will be able to save and multiply personal savings, settle with international customers and suppliers without hindrance, work with financial institutions that are not available in the post-Soviet space, and even bypass currency controls , installed in your country.

Which English or European bank you choose for these purposes, thanks to the qualified help of specialists, the implementation of your plans will be a matter of time.

Our team has been helping clients open accounts in English and European banks for many years. Our specialists are always ready to provide professional advice on all issues that interest you, because we know well what conditions must be met to open a bank account in Great Britain or Europe.

The banking system of England

Banks in Great Britain are divided into retail and private banks. Retail banks such as Royal Bank of Scotland, Barclays and Lloyds offer a wide range of services and can be difficult for foreigners to open an account. Private banks such as Coutts are aimed at individuals and are convenient for everyday payments, but may charge extra for corporate accounts.

Services at UK banks are usually cheap or free for a period. Customers are provided with free checkbooks and plastic cards, and spending can be monitored via SMS, online banking or mobile apps.

Although interest rates on deposit accounts do not exceed 2% and the income from such accounts is subject to tax, British banks remain attractive to foreigners for other reasons.

Procedure for opening a UK bank account

For a British bank to start cooperating with you, it is necessary:

• Have a personal meeting with one of the bank managers;
• Have a sufficient level of knowledge of the English language to communicate with bank employees;
• Provide documents confirming the legality of the origin of your funds;
• Provide proof of your UK residential address.

What documents are required to open an account for a private person?

In order to open a regular bank debit account in the UK and get a bank card (the simplest type of account is usually a cash account), you need to provide an identity card and a document confirming the applicant's residential address in the UK.< /p>

According to the legislation, the minimum package of documents for concluding a service contract with the bank includes:

• ID - resident card or foreign passport with British visa;
• Documents confirming your residential address in Great Britain;
• Most banks may also ask you to confirm your permanent immigration status in the country.

Confirming an address can be difficult for foreigners who have just arrived in the UK and have not yet managed to rent accommodation. The most common way to verify an address is to provide utility bills. In addition to electricity, water, gas and landline bills, proof of address can be:

• Account statement from another UK bank;
• Residential rental agreement drawn up on the letterhead of a British real estate agency (relevant for Lloyds bank);
• Letter from the National Employment Service with your social security number (proof for Barclays bank);
• A letter from the university or school confirming the student's address.

The financial institution may also request your resume, proof of address in your country of origin, and proof of income. The exact list of documents that must be submitted to open a personal account depends on the requirements of a specific bank.

Filing an application for opening an account

You can apply to open an account:

• By visiting a bank branch or building society branch (you may need to make an appointment).
• By phone.
• Online.
• Through the bank's mobile application.

If you visit the branch, you will need to bring your identification documents with you.

Legal analysis of the issue of opening an account in the banks of Great Britain

Opening a bank account in Great Britain requires compliance with a number of legal requirements and procedures. A legal analysis of the situation shows that the applicant must provide identification and proof of address, and possibly proof of immigration status. The procedure can be carried out in person at the bank, by phone, online or mobile application. A legal analysis of the situation indicates that UK law requires banks to verify the identity of customers in accordance with anti-money laundering and anti-terrorist financing laws, which includes verification of sources of income and the legality of the origin of funds. In the absence of all necessary documents, banks may consider alternative methods of identity verification. A legal audit of the situation will help ensure compliance with all requirements and avoid delays in the process. Legal audit provides a comprehensive approach to the preparation and submission of documents, which requires careful preparation on the part of the applicant.