9th September 2020

Opening A Bank Account In The UK

Opening a bank account should be top of your list if you are relocating. In the UK, foreign nationals require a bank account to be paid by most employers. The majority of employers pay their staff through PAYE, an automated system that ensures correct payment of tax and National Insurance contributions. Salaries are usually paid monthly straight into a bank account and most employers will not pay an overseas bank, so it’s important to think about your options. For more info on the practicalities of moving to the UK from South Africa, check out our other post, How To Buy A Car In England.

Can South Africans Get A UK Bank Account?

Yes! It’s worth noting that the banking industry in the UK is dominated by large institutions with high street branches in most towns. They can have stringent ID requirements for opening an account so it’s important to do your research and make sure you have the right documentation.

Several of the larger banks offer an international option for individuals planning to come to the UK to work. Barclays, Lloyds, HSBC and Natwest all offer accounts for international customers that you will be able to open before you come to the UK. However, you can expect to have to make a reasonable deposit and commit to paying a monthly fee, or depositing a certain amount each month so it may not be best option for you.

Opening A UK Bank Account Once You Arrive

Once you have proof of a  UK address, you will be able to open a current account with one of the larger banks. They all offer current accounts and you can often get extra benefits for a small monthly fee, such as being able to use your card for free abroad (useful for visiting home!) You’ll usually need two forms of official identification, one to include proof of your address. This can be tricky to obtain in the first few weeks of your stay as you may have to wait for your first utility bills or proof of National Insurance to come through the post.

Each bank has slightly different requirements for documentation, so check their website for more information.

Try:

Barclays, TSB, Lloyds, Natwest

Opening An Account Without Proof Of Address

In some circumstances, you may wish to open a basic or temporary account so that you can get paid or perform basic banking functions. The Post Office, Lloyd’s and TSB all offer simple bank accounts for foreign nationals that can be opened with just a passport. These accounts are basic and you may only get a cashcard to withdraw money from a cashpoint instead of a debit card.

What Other Banking Options Do South Africans Have?

The UK is going through a partial banking revolution, with consumers feeling more comfortable about moving away from the big, traditional banks with notoriously bad customer service and towards a new type of offer, dubbed ‘EMI’s’. Electronic Financial Institutions don’t have bricks-and-mortar premises, you do all your banking with a debit card and an app, but they do offer much of the same functionality as a traditional bank account and you usually don’t have to provide any documents. ID is taken through your phone camera and your passport or drivers license will suffice.

Try:

Monzo, First Direct, Starling, Monese