Getting a Bank Account

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Getting a current account here has been quite easy for us, but we have heard horror stories from some of compatriots. A current account is the English equivalent of a checking account.  A Current Account is also exceptionally important and one of the first things you want to do as you will only be able to get a phone from 1999 and you will not be able to get a flat without one.

After some discussion we decided ultimately with HSBC. The reasons we went with HSBC is because they have a minimal monthly charge on the advanced account, which does not charge you at ATM's outside of the country.  As well, if we end up moving somewhere else they will help us set up a bank account in that new country.

One of our friends actually started a bank account with Barclay's, but then had their account shut down without explanation.  Every Londoner that we have met and talked about this subject have told me that both Lloyd's and Santander are total Bollocks. Beyond these banks I have heard nothing else. 

It is also important to decide whether or not you are going to open a UK account or an offshore account. I will touch on this in a future post, however, for the time being, if you plan on being here less than three years, and know you will be travelling for work quite often, then open an offshore account. Any bank in London has offshore accounts and can help you with this.  We have decided not to open an offshore account.

To start our account we needed proof that we had intentions to be here for at least two years.  Banks around here really do not want to start an account for someone that only plans on being here for 6 months.  They also ALL told us that a credit card will be offered 3-6 months after we get here, to show that there is little risk we will just up and leave overnight after maxing one out.

Steps to a new current account:

Step 1: check out the banks, pick up some pamphlets and see who has the best Current Account for your situation.
Step 2: set up an appointment with a Personal Banker at a branch near your flat. You might be able to just walk in, but most of the time this is expected
Step 3: get your documents in order. You will need:

           Passport

           Visa

           UK Address

           Letter of Employment including verification of UK Address

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