How to Set Up a UK Bank Account
If you are one of the many U.S. citizens that visit the UK regularly for work or pleasure, you may wish to set up a UK bank account. You save money on exchange rate conversions. ATM withdrawals are free. You can pay for your goods in British pounds. All UK banks are regulated by the Financial Services Authority, and must be registered. Your money is protected 100-percent up to the first GBP 50,000 (see Resources). The U.S. government does not impose any restrictions on U.S. citizens setting up a UK bank account, although if you have deposits of more than $10,000 in a UK bank account you must declare it in your annual income tax return to the Internal Revenue Services. Declare interest and dividend payments that are credited to your UK bank account.
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Instructions
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Set up a UK bank account in person, or via the mail from the U.S. This is the easiest and fastest way. Choose a bank that you are familiar with. Many large U.S banks have offices in the UK. Several large UK banks are represented in major U.S cities.
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Call the bank to check requirements to set up a UK bank account. Requirements can vary between banks. The UK has strict data protection laws. UK bank accounts can only be set up after your personal details have been verified. The minimum requirements include a valid passport, proof of address, income details (pay slips or recent bank statements). Check the deposit requirements. Some banks may require a large deposit, particularly private banks.
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Get an application pack mailed, or visit the bank in person. Ensure you have all the documents at hand. They must be originals. Complete the application in the bank or at home. Make sure the details are accurate. Mail the application, documents and deposit to the bank. Use secure mail. If visiting the bank to set up a UK bank account, hand the application, documents and deposit to the banker (your documents will be copied and returned immediately).
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Wait to receive your account details by mail. Depending on the bank, it may take a week or more. Your ID must be verified. The bank may request a credit reference. Check the account details to make certain you have everything. Bank cards and checks will be mailed separately. You will need to activate your card by calling a toll-free number. You have set up a UK bank account.
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Tips & Warnings
Don’t wait until you arrive in the UK to set up a bank account. It can be long, difficult and tiresome. Open the account in the U.S. U.S. banks with representative offices in the UK may open an account quicker. Your debit card can be used, free of charge anywhere in the UK. If you travel outside the UK charges may apply.
References
Resources
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