OPENING A BANK ACCOUNT IN THE UNITED KINGDOM (ENGLAND)
The English banking system is one of the oldest on our planet, which ensures its prestige and resistance to global economic problems. In addition, all the financial institutions of the country are under strict double control of the relevant organizations. Therefore, many people wish to open a bank account in the UK to be able to make payments around the world.
SEVERAL TYPES OF ACCOUNTS ARE AVAILABLE IN ENGLISH BANKS:
current — it is intended to pay for services and goods, and a card is usually issued for it;
savings — it is used to store and accumulate money; it is usually not used as a source of passive income due to the low-interest rate;
target — can be opened for a specific purpose (for example, to pay for studies);
corporate — is used for doing business, it is possible to order a corporate card additionally.
If the account is used for other purposes, the bank may block it and impose a fine.
MAIN DOCUMENTS
To open an account with a UK bank, you need to provide the following documents:
legal confirmation of the address of residence in the country;
identity card (national or foreign passport, ID card, driver’s license).
To confirm residence in the UK, you can use:
council tax receipt;
utility bill;
housing lease agreement;
payroll or letter from the employer;
a letter from the employment center, which indicates a personal social security number.
Students can submit a letter from the educational institution confirming enrollment.
For those who already have an account in an English bank, it is enough to provide a bank statement in order to open a second one.
Individuals who have recently arrived in the UK and cannot prove residence in the UK have the option to open a neobank or payment system account.
An indispensable requirement of English banks is the legality of receiving funds.
You can confirm the legality of the activity by:
salary certificate from the employer;
accounting statements about the company’s income;
property purchase and sale contract;
other documents that justify the origin of funds.
Additionally, the bank may require:
bank statements;
papers confirming ownership;
certificate of family composition;
documents for participation in the capital (equity) of the company.
Personal presence is required for opening a bank account in the UK. If you have the necessary documents, the procedure takes up to 7 days.
Please be advised that the requirements of different banks regarding the documents to be provided when opening an account may differ. Therefore, you should first clarify the information in a particular financial institution.
It is quite difficult to open an account in England on your own. In addition, many banks are unwilling to cooperate with non-residents. Therefore, it is preferable to use the help of specialists.
COREDO experts will help you choose the right bank, prepare and execute documents. We will accompany you throughout the process until you receive your account details. By opening a bank account in the UK, you will have access to a variety of business services and expand your financial prospects.
You can confirm the legality of the activity by:
