What are the requirements for opening a UK bank account? If your bank has a relationship with a UK bank, you can easily open a UK bank account. But it’s worth mentioning that some of the accounts attract monthly fees and can be costly to maintain. Some UK banks allow non-residents to open international accounts from their home countries, and you can do so before moving. Currency exchange rates keep fluctuating and cards often have high transaction fees. While it’s possible to manage your finances with an overseas account-using a credit or debit card-it’s very costly. You’re not legally required to have a UK bank account, but it can help you make financial transactions or apply for a mortgage. Whether you’re in England, Scotland, Wales, or Northern Ireland, this guide will help you to identify the best banks and bank accounts. The Financial Conduct Authority regulates the UK’s banking sector. The country is among the world’s top financial centers with expertise in housing financing, corporate banking, and investment banking. There are 315 banks across the UK, and settling for a single one can be a challenge. If you’ve recently moved to the UK (or if you’re planning an upcoming move), opening a bank account will help you to keep your money safe and manage your finances. While opening a local bank account may not sound as exciting, it’s a crucial part of the process-and one that you should take care of as early as possible. Moving to a new country is an exciting experience.
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