Can I get a bank account in the U.K.?


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Hi everyone, I'm an American citizen. I would like to start putting my money in a bank account in the U.K. Just to be on the safe side of things. Will it be possible to get a bank account in the U.K.? When I deposite my checks in the account that's in USD, how does it convert over into British Pounds? ...


Banks in Westminster, CA



Answer (7):

 
Rob E

There are identity checks done for all account opening in the UK, to prevent money laundering from drugs, and for terrorist purposes. Of course, their computers typically check UK databases for identity and credit scoring etc.

There are 'global' accounts that some of the UK banks offer, in various currencies, though I assume that you want 1 that is converting your US$ into UK£. These typically do have fees.

If you manage to get accounts, Nationwide Building Society offer an account that offers FREE international withdrawals via ATM's or purchasing via a Visa Debit Card. It's called a Flexaccount, and I use it around the world, to save on various fees that the UK banks impose, usually something like £2/$4 plus a %commision fee.
http://www.nationwide.co.uk/current_acco...

There are also islands off the UK mainland that are taxfree havens, such as Gurnesey and Jersey, offering £UK accounts. The UK main banks operate from there too, as there is tons of lucrative cash washing around to be soaked up by them.
A bit of info: http://www.shelteroffshore.com/index.php...

There are 4 big' banks in the UK, fyi: LLoyds TSB, HSBC, National Westminster and Barclays. There are tons of other banks and co's that offer banking facilities too. This will help you in your research. Here are links to there offshore facilities, and you'll find their UK mainland info from these sites too:

http://www.barclays.com/internationalban...
http://www.offshore.hsbc.com/1/2/international/current-accounts?WT.ac=HBIB_1501_CA
http://www.natwestinternational.com/international.asp
http://www.lloydstsb-offshore.com/

You will probably need to make a trip to the UK to open an account with most co's to show ID etc. Many of them want to see passports/driving licenses with photo ID, as well as utility bills to prove addresses. This could be your stumbling block with many of them.

Good luck! Rob

 
charterman

You may not be able to get a bank account in the UK because the banks are scared witless on laundering money. When you go into a branch, the person you will deal with will be an automaton, knows nothing, won't ask, and thinks they have done a good job when you have walked out the door in disgust having achieved nothing.
A lot of the Polish and other east Europeans working here, use prepaid credit cards or bank cards that their salary can be paid into.
Another way is to get an English friend to open a basic bank account in their name but you run the account via the debit card.
The banks will charge you for converting your cheques ( checks to you ) and it can take 2 weeks.

 
mdw

It is certainly possible although I'm not sure what you are trying to achieve.

You can open a USD and STG account in UK and deposit money into your USD account and only transfer to STG when you are happy with rate. However, you could just as easily go to a US bank and open an STG account there.

If you opened a STG only account in UK you could pay USD cheques into that account and the bank would transfer the funds into STG at the prevailing rate once cleared. However, please bear in mind it will take quite a long time to clear the cheque as it will have to be sent back to the States for clearing there before coming back to UK.

If you are trying to hide your money from the IRS by opening an account in UK, forget it. Everything will be reported back.

 
G C

If you're in the UK, or even visiting it, just look @ what banks are there. If you're not there, get online and find which banks are there. Go to their sites accordingly and see what's best.

If you're just an American with no ties to the UK, .... their rates aren't any better than ours.

I'd rather see you in TaxFree munis, but that's just my pet project.

 
i give up

am sure you can get an account if you pass the banks credit scoring system... they like money - and there is bound to be a fee for converting your dollars to pounds - banks are greedy

 
Martyn A

Why not everyone else seems to have one.

 
Neo

go to
http://www.moneysupermarket.com
and try and apply, you have nothing to lose.