UK law provides an opportunity to open a bank account in England for both UK residents and non-residents. Thus the latter are open to more business opportunities having access to various global financial institutions.
Every individual in the UK is entitled to open a bank account. You can use it for paying for utilities, receiving salaries and doing the shopping at local retailers and online stores.
A bank account could be very useful for tourists coming to the UK on vacation.
Two types of bank account in the UK
British banks do not have strict requirements for a minimum balance or an ATM per-withdrawal limit or per-day or per-transaction wire transfer limits.
Current Account. It isdesigned for personal use for paychecks, transfers from other British banks, shopping purchases, utility payments, etc. Each bank offers individual terms and conditions depending on the financial capabilities of the client and bank policy.
Basic Bank Account. It is primarily designed for money deposits. There is a withdrawal limit set up – 200 £/day. A loan or cheque book cannot be assigned to the account.
Almost all UK financial institutions provide online banking services.
Documents you need to open a UK bank account
Individuals opening a bank account in England must submit the following documents to the bank:
To register the UK bank account a legal entity needs to provide additional documents proving the company’s operations and income:
In some cases banks may need additional documents t be provided regarding the business status of the company and personal documents of founders or employees.
Opening and dealing with an account in British banks is rather sophisticated due to the high-level UK bank security systems for personal data and funds. Taylor & Smith will make the registration procedure for you as smooth as possible.
Taylor & Smith expert team is ready to provide advice and recommendations on any matter regarding the bank choice in England, the registration process and account management.
