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International: Expatriation Expatriate - London

Bank services

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Last update: 10/11/2003

Opening a bank account is not really complicated, but it can be difficult for foreigners. You must take along with you proof of identity and proof of address (passport, driving licence, bill from a company with your address on it). You will also need a recent account statement if you hold an account with another bank or building society (or details of your bank abroad).

You can contact:

- HSBC (http://www.hsbc.co.uk)
- Abbey National (http://www.abbeynational.co.uk/)
- Royal Bank of Scotland
(http://www.royalbankofscotland.co.uk/)
- Natwest (http://www.natwest.co.uk/)
- Barclays (http://www.barclays.co.uk/)
- Lloyds TSB (http://www.lloydstsb.co.uk)

You have a difference between a Debit Card and a Credit Card (Visa or Master Card). With the first one, your money will be debited directly from your bank account; with the second one, you are debited from a specific account, that you will pay back according to your wishes and in agreement with the bank (you may get gift points for use).

You negotiate an overdraft limit with the bank. If you pass this limit, a global penalty will be applied (about �20), you will pay a penalty for every item up to the limit (about �20 per item), and of course a high interest rate (20%/year).

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Contribution

Corinna - 10/05/2004

Opening a bank account 2

Sometimes it is not that easy to get a bank account, e.g. for this you desperately need a proof of address?

Neither passport nor driving licence will be accepted, because there is no address on it. You need an official letter showing your name and your home address. This can be a utility bill or a payslip from your employer. But how to proof my address if you live in a flatshare or pay my rent "all-inclusive" and therefore do not get any bills? And mostly you need the bank account BEFORE you start work.

So how do I get this "bloody" proof? I will tell you:

* If you have got a landline in your flatshare, ask the one who owns it to add your name to the bill. This can easily be done by just a phone call to BT. Next time the bill will show both names on the address. Worked fine for me. :)) The only drawback might be that a BT bill only comes every 3 months. So you might have to wait quite a while.

* Just recently I have found out another way: As a resident you are entitled for the local elections. Go to the Council of the area where you live and fill out a form to be added to the electorial list. After a few days you will get an official letter from the council confirming that you are now on the list. And THIS letter can be used as proof of address. Easy, quick and free of charge :)

Btw: I have experienced quite the opposite of Chris (above). I had trouble getting a bank account with NatWest and NHBC. But with Barclays I had no problems at all. I immediately got the account plus a Visa Electron Debit Card plus a Visa Mastercard. (A friend of mine is with NatWest and had to wait one year before she could apply for a credit card.)

And I think it is better to go to the smaller branches rather than the big and busy ones in the city centre.

Chris Fancie - 14/06/2002

Opening a bank account

Some banks are more up to date than others. Last year, when we tried to open an account at our local Barclay's (with a bank draft for �5000, our passports, house lease, letters from old bank in Canada & employer in UK, etc) we were told that they'd have to contact, by mail, the old bank & we'd have to wait for a reply, by mail. We needed a car & appliances right away, so decided to try another bank.
The next one down the street, NatWest, opened an account, gave us a credit line & credit card applications were put through immediately, no problem.